My kids love showing me “Epic Fail” videos on YouTube. They are the most viewed videos on YouTube simply because people love seeing other people failing at something they are doing.
The videos range from wardrobe malfunctions to the Brazilian soccer goalie that kicks the ball in the opposite direction. These “Epic Fail” videos are even more popular maybe because people watch and say “thank goodness that wasn’t me”.
I received an email from someone who wanted to know how to overcome the fear of flipping houses. He wanted to know which house flipping rules you should never break.
I was tempted to refer him to the three secret steps to real estate investing success but I decided to give him the block and tackle stuff.
I still get questions such as Hey Mike, can I break the rules this one time? My usual answer is NO.
In this post I will share with you three secrets of real estate investing that you probably did not know about.
It all started a few years back when a movie called “The Secret” came out. Everyone was talking about it including Oprah. I poked fun at the movie because I thought it was a load of hogwash and had all this touchy-feely stuff from a crazy Aussie woman named Rhonda Byrne.
But then my wife decided to get me an audio book for the movie. Since I didn’t want her to keep bugging me about it, one day I decided to listen to it while working as a flooring installer.
It was a time when I was still deciding which direction my career should take. Working as a floor installer was lucrative but I wanted to pursue real estate investing because that’s where my passion was.
Listening to the audio helped me pursue my passion and I haven’t looked back ever since.
When coaching new students, the first thing I tell them is to use their minds to attract the things they want most in life. To achieve any sort of success in real life, you have to possess mind control.
Newbies in the house flipping business have no idea how important mind control is. When you ask any successful real estate investor if they knew how they were going to
succeed,
A solid cost projection is one of the most important things that you have to establish if you want your house flipping deals to succeed.
One of the biggest costs you will incur for the entire project, other than purchasing the property, would be expenses. If you become too casual in how you handle your financial projections, you will land yourself in big trouble.
Murphy’s law states that “whatever can go wrong, will go wrong.”
Murphy’s law applies not only to many areas of our lives but it also applies to house flipping. You can handle Murphy’s law by expecting, anticipating and planning.
When flipping houses, you should try as much as possible to
A solid cost projection is one of the most important things that you have to establish if you want your house flipping deals to succeed.
One of the biggest costs you will incur for the entire project, other than purchasing the property, would be expenses. If you become too casual in how you handle your financial projections, you will land yourself in big trouble.
Murphy’s law states that “whatever can go wrong, will go wrong.”
Murphy’s law applies not only to many areas of our lives but it also applies to house flipping. You can handle Murphy’s law by expecting, anticipating and planning.
When flipping houses, you should try as much as possible to accurately estimate your holding time. The longer you hold on to property, the higher your chances are of
Have you ever gotten emails from real estate investing “experts” claiming they can help you make a huge profit on one house flip?
I have and I can tell you that they are nothing but hype-filled emails. What I’m about to tell you is not hype but a fact.
I made $56, 135 in one house flip.
I too couldn’t believe it but I can tell you for sure that it’s possible to make such a huge profit and even more from one house flip.
I’m tired of gurus who over-hype their messages and claim to know the secret to reaping huge profits from real estate. I won’t dwell so much on this topic but just to be clear, I don’t usually make $56, 135 on single house flips all the time.
Typically, I make around $20-30, 000 which is not a bad figure at all. 14 months before I made my $56, 135, I’d made a profit of
I was curious about what really fuels the fear of real estate investing so I did a little survey on real estate investors.
I’ve done lots of survey and talked to lots of new investors about what prevents them from getting started investing in real estate and house flipping in particular.
So at the last few House Flipping School MeetUps, I've been asking new investors what's holding them back.
I expected that some of the answers I would get would include:
The answer I got completely took me by surprise; people actually were afraid of getting into real estate.
Do you need to be wicked smart to successfully flip houses? This is a very common question and the answers real estate beginners get can be quite confusing.
Many real estate investment beginners get into this industry knowing that it’s important to “know your numbers”.
Yes, it is important that you know your numbers because if you don’t then your house flipping career will end as soon as it starts.
When I talk about “knowing your numbers”, I don’t mean trying to understand complex mathematical formulas.
As a matter of fact, you will do just fine if you know just a little 5th grade math.
A real estate investing for beginners guide can help you make a decision as to whether you want to venture into house flipping or hold long term real estate.
There are more than 100 ways to get involved in the real estate investing business but the most common ones are long term real estate investing and house flipping.
House flipping has become very popular these days thanks to reality Television shows such as “Flip This House”.
The oldest form of real estate investing is buy and hold real estate which many people are familiar with. It still remains one of the most solid ways of earning an income considering the fact that many people have become millionaires out of it.
I admit I prefer house flipping but I also do long term real estate investing. So which of the two is better?
Who can make your house flipping project a success? Is it a project manager, a general contractor or should you do it yourself? Only one way to find out.
My day ended really terribly the other day. I took on a project I thought I could handle alone and I ended up hitting myself square in the jaw with a floor board. I didn’t break anything but I realized that there are three ways that I could rehab a house. I could either:
