Is Starting Your Own House Flipping Team The Perfect Shortcut To Success?

Is starting a house flipping team the easiest way to house  flipping success?

house flipping teamHow many times have you ever heard yourself say, “House flipping is hard”, or “Taking on house flipping is a huge RISK” or “the economy is tight so banks won’t lend me money”?

While house flipping is not the easiest thing to do in real estate, it isn’t really the hardest thing either.

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What Are The Real Estate Investing Success Tips For Beginners?

What are the tips for real estate investing success? They are much more useful than you think.

real estate investing successSuccess: a word that means achieving different goals to different people. To me, success is more than investing successfully in real estate; it is just plain happiness.

There’s been a lot of talk about real estate investing success and the steps everyone should take to ensure they reach their goals. What real estate gurus hardly ever talk about is the mindset you should have when reaching for your real estate goals.

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How To Flip Houses With No Money or Credit

How to flip houses with no money or credit? Learn here how to do it.

How To Flip Houses With No Money or CreditIt may seem like an almost impossible task to flip houses with very little cash. It is much easier to flip houses when you have at least a few bucks in your bank account but this does not mean that you cannot do it without the money.

It is quite simple to flip houses considering all you need is a little wit, willingness to think out of the box and an idea of where to look and start.

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Do This Now If You Want To Be A Successful House Flipper

house flipper success

If you reside in the New England area, then be sure to check out our next House Flipping School MeetUp on December 19th. This networking event will be a phenomenal opportunity for realtors, contractors and virtually anyone who is interested in the house flipping business.

As always our goal for this next MeetUp will be to connect you with the right people-perhaps even your future house flip power team members. I can speak from experience that establishing relationships with key people in this business can be difficult when just starting out.

House Flipping School MeetUps are my way of helping you overcome this hurdle.

Yet one thing is for sure. Most folks reading this post right now will not come to the MeetUp, even if it was being held right down the street from their house. The truth is that very few people are able to overcome their fears and actually take action in this industry.

Without a doubt, overcoming fear and taking action is the first and most crucial step to house flipping success.

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4 Tips for Flipping a House Without the Headaches

The Boston Red Sox won the World Series this past week, but instead of going to the celebration parade I went to a house flip I just finished up in Hanover, Massachusetts. I wanted to film some new videos for House Flipping School members because, to be completely honest, this particular house flip proved to be quite the challenge for my team and I.

Even with my time-tested and proven step-by-step house flipping system, some house flips still veer off track at times. Folks, in this business we are working and relying upon real humans to get their job done on time, and stay true to their word. This is true for contractors, real estate agents, interior decorators and anyone else who is involved in the project.

Sometimes us humans make mistakes, and things don't go as we planned. So even with a step-by-step house flipping system on my side, it is still important that I remain flexible and willing to adjust on the fly. You just have to take the good with the bad, and keep your attitude in check at all times.

So with all of this in mind, here are 4 tips for flipping a house without the headaches, that I learned as a direct result of my latest flip in Hanover, MA.

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New Additions for HFS Members

new additions

The past few weeks have been real exciting here at House Flipping School. Personally I have met a ton of new people, some who have been investing in real estate for years and others who are just thinking about getting started. It's been a real fun ride.

On October 16th we held our first ever monthly House Flipping School MeetUp. We had over 65 people show up from a variety of different backgrounds and professions. The MeetUp proved to be a great opportunity for building your team and making those connections that really help grow a business.

While at the MeetUp I was able to talk directly with many blog readers and House Flipping School members. It was nice to get out from behind the guise of the computer, and actually speak 1 on 1 with many of you.

A few HFS members even gave me some helpful recommendations on how to improve the membership side of this blog. In particular these members wanted:

  • An easier way to navigate through the dozens of educational posts here on HFS
  • Access to some "older" pieces of premium content that were available when we launched HFS over 1 year ago

I take your recommendations seriously, so last week I reached out to my website guy Ryan and explained that we needed to make some changes.

Here's what we have added so far to the HFS membership experience. This is really just the tip of the iceberg of what we have in store.
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5 Little Known Ways to Finance Your Next House Flip

This guest blog post is written by Jimmy Moncrief of realestatefinancehq.com

how to finance a house flipI’m a credit officer (read: underwriting) at a bank so I am naturally skeptical when loan officers pitch me their customers who flip houses.   However, over the years I have seen people who have literally had nothing to a million dollar net worth, purely from flipping houses.

House Flipping School does a great job on educating you how to flip - especially on how to flip houses with no money.  My skill-set isn’t house flipping, it’s financing so that is what I’m going to focus on - namely some other methods on how to finance a house flip - whether its your first or your hundred and first.

How to Finance a House Flip - Things to Consider

It is very rare for full-time real estate flippers to only do one deal at a time.   If they are doing their bookkeeping and have a strong way to stay ahead of their finances, then they should be able to juggle multiple deals. Additionally, the very successful home flippers want to do more deals because the more deals they do the more money they make.

However, there is one small caveat.  The more deals you are involved in, your company and personal cash dries-up due to all your cash being in the deals you are currently working on.  This not only causes stress in your business, but also limits you in future deals.

Lenders always want to match the maturity of the loan with the repayment strategy.  Since all flippers I know want to be in and out of the house within one year, I focused on those loan options.

I know everyone always wants the lowest interest rate.  I agree this is very important.  However, I also want you to think about the time value of money.  What do I mean by this?

If you can acquire a property 1 month faster and pay a 100 basis point (1%) premium, it’s probably worth it.  Let’s go over the math: Continue reading

How to Get Your House Flips Done on Time Using Systems

whiteboard

Let’s face it folks, flipping a house is not as easy as everyone makes it out to be. On certain days it seems as if there is a new challenge to overcome just about everywhere I look.

Managing contractors is one aspect of house flipping that can require a ton of time and energy. It is critically important to your bottom line to make sure that your contractors get the renovation completed within the time frame you set, and within the budget you develop.

I have a great acquisition manager named Bill, who for the past seven months has been locating houses for me to flip. However, Bill has recently been managing renovations as well. This is great and all, but managing renovations really takes away from the time Bill is able to devote to locating new properties to flip.

What Bill and I decided to do is develop a program so that Bill can get back to what he does best - finding houses to flip - and leave managing the rehab to a general contractor.

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