How to Avoid Losing Money before Purchasing a House to Flip
If you are just starting out in the house flipping business, then you may be nervous about losing money, and rightfully so. However you can diminish your risk by learning what to look for before purchasing a house to flip. When you are just starting out, it is incredibly easy to overlook something small which could end up costing you hundreds if not thousands of dollars down the road.
This week's House Flipping School Member videos will show you what we look for when inspecting properties. The goal of these videos is to help you see what we see when inspecting a house before we purchase.
How To Flip Properties | Success Vs. Failure
To Learn How To Flip Properties, you must first learn the Do’s and Don’ts of the business
In the last half decade, a great number of people have started to join the dynamic field of house flipping. House flipping has the potential be an incredibly profitable industry for new investors with a lot of ambition.
However, many new investors jump into a house flipping project without realizing the full gravity of the situation. They often make rookie mistakes that they’ll regret later. As a beginner, you should try to avoid these mistakes by researching and learning as much as you can about how to flip properties.
How To Flip Properties | The Do’s And Don’ts
If you want to learn how to flip properties, it would be smart to see what problems other just like you have run into. In the following section, we pair a common mistake (don’t) with its alternative solution (do):
[3-Part Video Series] How I Made $22,500 BEFORE I Sold a House Flip…By Just Bringing Coffee
All I did was go to my local Dunkin Donuts, pick up a half-dozen coffees…deliver them to my guys and then sat back and watched.
Better yet, I did all this with my profit already IN HAND...before the project even started!
Oh and did I mention I did all this by shattering my MAO Rule as well?
All true.
Seriously crazy stuff. Continue reading
Flipping Real Estate | 4 Rookie Mistakes You Should ALWAYS Avoid
Flipping Real Estate can be a profitable venture, but mistakes can wind up being costly.
An exciting field that many young professionals are joining is process of flipping real estate. While house flipping can certainly be profitable, if done without the right know-how and guidance, you could end up in a heap of trouble, and debt, with no way out.
To avoid making these beginner’s mistakes, you must learn about the problems that others have faced. Below are four of the most common mistakes that rookies in flipping real estate make.
Getting Your Heart Set On One Property
A large part of your job as a house flipper is choosing the right house for your project. The house might be in the right area, carry no major problems and has a lot of potential. These are all great aspects, but if the seller isn’t willing to negotiate down so that the property is within your price range, you need to be willing to move on.
What Is A Short Sale? The Essential Facts You Need To Know
Short Sales are a great way to earn money fast in the house flipping world— but What Is A Short Sale?
One niche in the real estate community is the lesser-known art of a short sale. “What is a short sale?” you might ask. A short sale, in essence, is when the owner of a home sells their property to a buyer for less than the amount of money they owe the bank.
What’s great about short sales is that they benefit everyone involved. The seller’s credit rating is not affected as much as it would be if the house were to be foreclosed. Although not ideal, the perhaps unscathed credit rating will help the seller to be able to purchase a different home once his or her finances are in check.
Most importantly, the short sale benefits you as the buyer immensely. These houses are typically in a distressed state, perfect for flipping. For this reason, you should be able to negotiate with the bank to sell the house to you at a lower price. From there, all you need to do is repair, renovate, and sell at a much higher value. If you do everything correctly, you should end up with a decent profit.
Why I Accepted $10,000 LESS On a House Flip…But Made MORE Money Anyway
Why would anyone in their right mind EVER leave money on the table on a house flip deal?
Most people would think that you'd have to be certifiably insane (see our friend on the left) to take less money on anything you sell...house flip deals included.
After all, isn’t house flipping about maxing out the amount of money you can make on a deal?
It is of course. But on this house flip deal, I actually figured out a way to make more money anyway.
What was really cool is that we had FIVE offers on the property on the same day!
So thankfully I had some options, so we could be fairly picky and pick which one was the best one for us.
FIVE House Flip Offers in 1 Day...What's the Best One?
We listed the house for $219,000. And on the very first day of it being on the market, we got the following offers: Continue reading
The Secret to Finding Deals with Bandit Signs
Finding lucrative properties to renovate and sell is no easy task these days. The best houses to flip are in high demand and usually do not remain on the market for very long.
Consistently finding properties to flip is absolutely essential to my house flipping business, yet for many investors, finding deals is their #1 greatest obstacle.
One strategy for finding deals that is sometimes overlooked and scoffed at is posting bandit signs. Bandit signs are essentially posters that say something like "We Buy Houses" with a phone number at the bottom. House flippers and wholesalers use them all the time to find profitable deals.
Learn How To Sell Fast | House Flipping Tips
Holding onto a property for a long time can cost you money, so you should make sure you know How To Sell Fast.
Many people follow the old idiom, “Slow and steady wins the race” in their daily lives. While taking time to methodically contemplate and realize every detail of what you’re doing can be a useful technique in some cases, when flipping houses, quickness is often a more rewarding virtue than patience. If you understand How To Sell Fast, you can minimize your expenses and increase your profit when you flip a house.
However, before knowing How To Sell Fast, you should consider the important reasons why. Understanding the process will help you figure out when specifically is a good time to sell.
3 Simple Ways How To Flip Houses With No Money And No Credit
Just because you're short on funds and credit, doesn’t mean you can’t learn how to flip houses with no money and no credit.
House flipping and real estate in general, is a business based in risk and money. Most people believe that, in order to get into house flipping, you must already have a substantial amount of money to invest, or at the very least, decent credit so that you will be granted a loan.
They follow the old saying “you have to spend money to make money” and hold it to be the absolute truth.
While these two aspects make the process easier, it is very possible to learn how to flip houses with no money and no credit. If you have the proper motivation and instruction, you can make money without spending a dime of your own money up front.
Below are a few basic examples of easy ways to get into the business without money or credit. Continue reading
5 Offers in 48 Hours | Update on my latest flip
Today is an exciting day in my personal house flipping business. After a 30 day rehab, I listed this Massachusetts property on Saturday and since then I have received 5 offers. Seeing all your hard work come to fruition is always a really nice feeling.
Yet as with any successful and profitable house flip, this project never would have happened had I not followed a specific formula.