FREE DOWNLOAD | My Project Repair Estimate Sheet

Developing an accurate estimate of repairs is absolutely essential to flipping houses for profit. If you don't nail the repair estimates, you might miss something that will surprise you during renovation and possibly cost a lot of money.

To help you more accurately estimate renovations on your house flips, I want to share with you a document that I typically only give away to attendees of House Flipping School Bootcamps.

I don't do this often, but I really want you to have the best chance possible of a successful flip.

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How To Make A Real Estate Offer That Gets Accepted At First Glance

The real estate market today is super competitive and making a real estate offer that sellers accept at first glance is not as easy.

If you are in the business of flipping houses, then you probably know by now that the best deals go very quickly. The only way you will be able to succeed in this business is by making a real estate offer that stands out from the crowd. The goal is to make an offer that will make a seller jump at it without hesitation.

For starters, each house has a story behind it and a reason why it’s on sale. Every seller is different so you cannot use a blanket approach. Cater your offers to suit specific situations. The more information you can collect about a dealer, the better. To make things a little easier for you, here are five ways that you can make a real estate offer that sticks. Remember that not all these five points will apply to your particular situation so it’s up to you to do some digging around and find what suits you.

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An Inside Look At My House Flip In Hanover, Massachusetts

hanover

For the past 1.5 years I have been sharing videos of my house flips as part of our Education packages. Today I would like to show you some of these videos, and in particular, provide you with an inside look at a house I successfully flipped in Hanover, Massachusetts.

This Massachusetts flip was unique because we found the deal through social media. The floor plan we chose was also quite creative and the way we managed contractors was new but worked. I'll explain the details below.

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Rules For House Flipping You Should Never Think Of Breaking

At one time or another, every real estate investor has broken at least one house flipping rule. Unfortunately, breaking any rules for house flipping has never made a deal go as smoothly as expected.

rules for house flipping

image courtesy of Stuart Miles From FreeStockPhotos.Net

There are tons of rules that can real estate investors break including using eraser math, not adhering to the 70% rule or being dishonest.

We advise that you do not break any rules but the 70% rule can be broken under special circumstances.

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Working With Wholesalers Shouldn’t Be Difficult

Most real estate investors know that working with wholesalers can be a great source of potential deals. Wholesalers have been known to be a great source of very lucrative deals.

working with wholesalersUnfortunately, working with wholesales is not a walk in the park. You have to work it if you want to find killer deals. As you work with wholesalers, you will soon realize that how you deal with one wholesaler isn’t necessarily the way you deal with another.

Types Of Wholesalers

  1. Career Wholesales

These are seasoned real estate wholesalers who have been wholesaling for a long time and are seasoned real estate investors. Their primary business is wholesaling real estate and sometimes they dabble in other deals.

It’s important that you build a solid relationship with career wholesalers because they could be an excellent source of deals for you. These types of wholesalers are well financed and usually take the best deals for themselves. The bad news is that these types of wholesales are a little challenging to work with.

  1. Ladder Climber Wholesalers

This type of wholesales are either looking to get their Continue reading

How To Manage Your Contractor

If you have done any kind of real estate investing, you must have at one point considered using a contractor and as such, you probably know that trying to manage a contractor is not an easy task.

manage your contractorContractors are known to do things that are less than pleasant but the best way to flip real estate is to work with a contractor. So how exactly do you manage your contractor?

Unfortunately, contractors do not have a very good reputation. Most real estate investors consider them difficult to work with, irritable, pugnacious, irrational and volatile. The good thing is that they are very good at what they do and this is what makes them worth the trouble.

The Four Step Formula To Success And Profit With Your Contractor

There are a few things that can help you manage your contractor and make a profit.

  1. Setting A Defined Timeline

To avoid dragging your house flipping projects, ensure that you Continue reading

How To Determine Your House Flipping Financing Costs

When we go shopping, we always want to know how much something costs. So I’m not surprised when the biggest question that I receive is “what would be my house flipping financing costs?”

house flipping financing costsIt’s impossible to put an exact figure on the cost of flipping a house. House flipping comes with so many variables so it’s hard to tell how much it would cost. It can cost you anything from hundreds of dollars to thousands of dollars depending on your market, rehab costs and plenty more factors.

The ARV

First, you need to know how much the property will be worth when you are done rehabbing. Once you know the value, all other costs that come with the rehab will start to make sense. This is what is known as the ARV or the After Repair Value.

The best way to get an estimate of the ARV is to compare prices of similar properties in the same area of your target market in the past three months. Get a local realtor to help you determine the ARV faster or alternatively, you can do the research yourself by visiting websites such as Realtor.com.

Keep in mind the following things when determining ARV:

  1. Only look at sold houses and not those still on sale
  2. Only look for recently sold houses. They should have been sold within the last three to six months.
  3. If there are no recent sales then this could be a sign that perhaps properties in the area are not on demand.
  4. You can square footage to determine ARV. All you have to do is divide the sales price of property in the area by the square footage of the house. From there, use the square footage in your house and multiply it by the price of per square foot. Although this is effective, it’s not as great as doing a price comparison of the homes in the area.
  5. You can adjust the price accordingly depending on the number of bedrooms and bathrooms in the property.
  6. Factor in water views and look at other properties that have similar size lots
  7. Factor in updated features such as new baths or new roofs, heating systems, kitchens, etc then adjust your price accordingly.

A List Of Things That Determine How Much A House Flip Costs

Rehab Costs

The amount of money you will spend on rehab will depend on Continue reading

Is Foreclosure Flipping Dead?

There has been a lot of speculation about house flipping-- foreclosure flipping, to be specific. Is foreclosure flipping dead?

Well, many people have their reasons as to why the number of foreclosures are on the decline, but the truth is; foreclosure is fading for a number of reasons many people haven't thought of.

Of course, the promising economic data and the raw figures of new foreclosures may have drove foreclosure flipping to its end, but there’s a new player in town that’s killing it even more—the hedge fund. How?

Hedge funds are experimenting with Continue reading