Can it be done? Absolutely. But there is no one house flipping 101 course you can take to learn it all. You need to go out and do it on your own, gain experience and learn from your mistakes. If you can shorten your learning curve and avoid the big pitfalls, consider yourself getting your house flipping 101 education through "on the job training".
Experience after all, is the greatest teacher.
Flipping Houses Takes Time to Master
If there were a house flipping 101 course like how they do it in The Matrix to immediately make you an expert in flipping homes, all us real estate investors would surely do it!
Here we are on the second floor of one of my latest renovations located in Onset, Massachusetts.
Unfortunately I forgot to mention to cameraman Ryan that today's property was not in the best of condition.Â You really had to watch your step as the top floor was loaded with dog poop and plenty of other "things" you would not want to step in.
Obviously not ideal terrain for Ryan's flip-flops!Â From now on, wearing work boots when entering a new property will be one of my top house flipping tips.
The situation on the second floor of this property was rather dire.Â Currently there are three bedrooms on the second floor.Â To access the blue bedroom you must first pass through the red bedroom which is not ideal and must be changed.
After consulting with my contractor and architect we decided to knock down the wall that is currently separating the blue and red bedroom.Â This is not a load bearing wall and I could probably knock it down with my own two hands if I wanted to.
You can accomplish twice as much in a year flipping houses using this principle.
It has been used by every hugely successful industrialist or businessperson in the past 200 years including Andrew Carnegie, Bill Gates, Warren Buffet, Henry Ford and even Steve Jobsâ€¦
Even the United States of America used this flip and grow rich principle to write the Declaration of Independence and the Constitution of the United States.
Flip and Grow Rich with Other Like Minds
When most people think about going into business for themselves, they usually think of rugged individualism, self determination and a renegade "do it my way" attitude of independence and self-sufficiency.
It is very important to rely on experts in certain situations.Â We don't always call in the experts but we do use architects and engineers on certain house flipping projects when we have to.
I decided to hire an architect to help assist with a floor plan for this particular house flip property located in Onset, MA.Â I probably did not have to use an architect for this project, however the current floor plan is a little funky and having the help of an expert will make life a lot easier down the road for my contractor and I.
Right now this home has a small bathroom that does not fit well with the overall floor plan of the home.Â There is a skinny and congested kitchen towards the back of the house that also needs some TLC.
How to Flip A House Successfully...A Brief Overview
Knowing how to flip a house successfully involves an extremely complex process of multiple steps and check offs that need to be done in a very precise order to ensure maximum execution. But don't be intimidated because the fun thing about house flipping is that [click to continue…]