When I launched House Flipping School back in 2012, we hit the ground running. In our first year we started a blog, produced weekly tutorial videos, ran live bootcamps and held monthly meetups.
However, in 2015 my personal house flipping business reached an entirely new level. I was flipping multiple properties each month (and earning nice profits) so I decided it would be in the best interest of my family if I focused exclusively on investing, and put teaching on the backburner for a little while.
Today I am happy to report that a lot has happened "behind the scenes" at House Flipping School in the last couple of months. In this update, you'll get a glimpse of what we're working on and what to expect in terms of new courses, programs and more.
Nobody wants to screw up their first house flip. Everyone wants to get a return on their investment and pay back money they got from family, friends, or private lenders.
The biggest fear that many first time real estate investors have is the fear of ruining a very good deal. It’s understandable and many first time investors have a hard time trying to overcome this fear.
The best way to ensure that you close your first house flip like a pro is to make sure all the details of your flip are spot on.
You shouldn’t use any type of eraser math or try to adjust the numbers to make your deal work out. The 70% rule should always be applied no matter what.
If you want to be successful in real estate investing, you need the house flip elevator pitch to fund your house flips-or so you have heard many people say.
Most house flippers think they do not need a house flip elevator pitch but in reality they do. Your mindset determines how you deliver your pitch and how you present yourself to other people.
There are plenty of ways that you can utilize the elevator pitch. You can use it to look for deals, to announce to your family that you are planning on venturing into the house flipping business or even when creating your house flipping team.
You especially have to perfect the art if you want to raise money to fund your flips.
In real estate investing, especially house flipping, almost everyone is focused on entry strategies as opposed to house flipping exit strategies.
Having solid house flipping exit strategies can be a life saver but unfortunately, they do not always guarantee that unfortunate things you hadn’t anticipated might happen. Exit strategies are simply back up plans. So if things do not go your way, you have a plan B.
The feeling and excitement of purchasing a house and rehabbing it is all too familiar. It’s an ecstatic feeling especially when you walk out of the deal with a big fat check.
You should try to figure out your house flipping exit strategy when your deal is already going south. You should have a plan even before you start working on your project. Exit plans do not just apply to house flippers; it also applies to people who buy and hold to sell when the market appreciates or for long term rental income.
You have a real estate business that is doing really well, growing at a really good pace and is doing better than expected. However, there’s only one problem, it has a horrible name. Today’s post won’t be all about investing in real estate or how to flip houses; it will be about how to name a legitimate real estate business.
Naming a legitimate real estate business is a dilemma all real estate investors face at some point in their life.
It all began when Ray Benson decided to attend one of our monthly HFS MeetUps, and liked what he was hearing.
Afterward I spoke with Ray about our bootcamps and how it could help get him started flipping houses. Ray committed to attending the bootcamp we held this past June, and was enthusiastic to learn this business.
Fast forward a couple weeks and my company has our signs up on a property we are rehabbing in Massachusetts . The sign says "We buy houses" and someone driving buy saw the sign and called us about a mobile home they were selling.
This was when I began to think that this deal would be perfect for Ray.
Every new business faces growing pains. When I first began flipping houses for a living, I dealt with and overcame many unexpected challenges.
Today, I am actively flipping 2-3 houses per month, however I still face growing pains. This past week in particular has presented 4 distinct challenges that I am working to overcome.
In this post I will share with you the challenges I am facing in my business right now, because I know you will face similar challenges as you build your house flipping business.
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.
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.
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.
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.