Is your real estate investing business growing at a snail’s pace? Maybe it’s because you are making some easily avoidable mistakes.
We all learn from our mistakes and in real estate, the more experience you have the more you learn and the less likely you are to make costly mistakes. Unfortunately, for some people it’s not that easy to survive in this industry because their real estate investing business is not growing as fast as they would like. If you are part of these people, then you could be making these 8 mistakes:
I chose a good week to turn off my cell phone and sit by the pool with my family. The past 7 days here in New England have been gorgeous - especially contrasted to last week when I was driving for deals in the rain. It was a good opportunity for me to "tune out" and let my house flipping team run the show.
Taking a step away can be difficult when you run your own business. Email, text messages and voicemails can be pretty challenging to escape. Even when I do turn the cell phone off, I often feel an urge to turn it back on, just to check for any new messages one last time. This is especially true now that my team and I are on the verge of flipping 3 houses per month.
Despite spending my week at home on a "stay-cation" my business kept on trucking along. We have multiple deals underway right now which I am really excited about. In this post I want to update you on one house in particular that we sold this past week, and another house that is mid-way through renovations.
To learn How To Be A Real Estate Investor, you must first learn the different types rental agreements.
In real estate, there is no universal “right way” to invest. Instead, to learn how to be a real estate investor, need to be able to change your strategy to fit the ever-changing market.
Sometimes, if the market is on a down turn, or if it is plateauing, the best option is to do a standard fix and flip. You buy, renovate, and quickly sell the property before you loose money on it.
However, if the market is on an up swing, you might consider doing a buy and hold. The idea of a buy and hold is to let the property appreciate in value over time, and then sell it at a higher price. While you are holding onto the property, you can rent it out to make up for the ongoing costs of insurance, property taxes and maintenance.
To learn how to be a real estate investor, you should know the different ways in which you can rent out a property. Below are some simple techniques you might consider trying.
Often when remodeling a home, you might be unsure as to where to allocate your budget. This House Flipping Helper will guide you on how to manage your selling points.
When a realtor is showing a property in an open house, one of the most important parts of his or her job is to highlight the selling points. This house flipping helper can teach you what exactly makes a good focal point and how you can use it to your advantage. By learning these key tips, you will be better equipped to manage your budget and create features that will help you flip your house at a higher price.
When you are remodeling and staging a property, it can often be tricky to decide what exactly you want to allocate your money toward. First and foremost you want to make the essential home repairs needed to sell the house. Maybe your property has a plumbing problem or a leaky septic tank. Maybe it needs a new roof, or new appliances in the kitchen, or perhaps a fresh coat of paint.
After you take care of these mandatory problems, however, you can move on to the next step. You can invest in aspects of the house that are really going to catch the attention of potential buyers: the selling points. By following the tips in this house flipping helper, you will be one step closer to become a bona fide flipper.
Why would anyone in their right mind EVER leave money on the table on a house flip deal?
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.
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
Make an impression on prospective buyers with these Curb Appeal Ideas.
When you flip a house, there are a number of different strategies you can use to make sure you sell in fast and earn a profit. However, one of the more overlooked tactics is using curb appeal, or making the outside of the property more attractive to prospective buyers.
This strategy is very important because the very first glimpse of the house these buyers get is usually through the photo in the real estate listing, either online or in the newspaper. More specifically, they will see only the front side of the house and the front yard. So even if the inside of the house is beautiful and state of the art, the buyers will never know.
Curb appeal is the best way to get your foot in the door, so to speak, and grab the initial interest of the buyer. Below are some important curb appeal ideas you should consider when preparing your house to be flipped.
Staging can be a very effective tool when flipping a house. Make sure you learn the important Home Staging Tips before you begin.
A common technique many people use when flipping real estate is what’s called a home staging. When you stage a home, you essentially furnish, organize and decorate a property so that it is ready to be showcased in an open house. It is a process that can be done yourself, or by hiring a professional. If you do decide to embark on this strategy alone, it is important to know a few important home staging tips.
The key to staging is to make the house feel like a home. A bare bones house with nothing in it will feel more like a prison than a place where the people can live.
When attending an open house, the prospective buyers usually have already narrowed their choices down to a few houses that fit their price range and are located in the general area where they want to leave. This means that their final choice might be led by emotion. A warm house that is full of life and energy might be what they need to make that final decision.
Remember, when the perceived value of a house increases, the faster it sells. The faster the house sells, the less money in money you will spend in maintenance and upkeep. Home Staging may be just what you need to sell your house fast.
Aside from home staging, what are some other techniques can you use to flip houses ultra fast?
There's a little thing called "curb appeal" you should probably know about.
And it's a small thing that makes a BIG difference.
Most house flippers focus their efforts only on the inside of the house and have a tendency to neglect the outside. Interior changes are very important and should not be overlooked in their importance, for sure. In many cases, to further enhance the interior, we tend to use staging to make the house appear more lived in and homey.
On a number of occasions, we've sold our house flips on the first day of putting them on the market. And a lot of this had to to with the house showing really well on the interior using staging. Really good home staging is an important aspect of selling houses quickly and it has Continue reading
With the rebirth of the real estate market, you're not alone...they came in my e-mail inbox almost every day.
It seems like the only way to get people's attention is to shout from the treetops how much money you're making. And although it probably does work (otherwise nobody would probably do it, right?), to me it just seems like overkill.
One of the things we've always tried to do it the House Flipping School is to be real and transparent. I just think that when you're real, you end up building an audience of people who actually want to learn and although they may be jaded by the latest hype, they really just want to learn how to flip houses.
And in this case of this blog, not just learning how to do ONE house flip...but learning how to do flip after flip after flip.
So for all of you who want to know the real inside scoop behind one of my most successful house flips with real numbers (not made up just to match the catchy headline)…then read Continue reading
The house flipping business hinges heavily upon time.
Shorter timelines generally equate to greater potential profits for the majority of house flipping businesses. Longer timelines typically mean less profit upon the final sale of the home.
Thus in the house flipping business, time is an important concept to keep in mind. When developing your personal house flipping business plan, be sure to make time a top priority.
Ideally the house flipper wants to minimize the amount of time it takes to flip a house, without sacrificing quality.
Remember that quality always comes first. As fellow house flippers, you and I have a responsibility to create a high quality, safe and attractive environment to live in.
Cutting corners during the rehab process can prove catastrophic to any house flipping business model. Cutting corners will always come back to nip you in the butt. If cutting corners doesn't hurt your wallet, it will most certainly hurt your house flipping business reputation.
Slash time but don't slash quality.
Here are my top 3 house flip time-saving secrets, in no particular order.