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My Definition of House Flipping
In order to learn how to build a reliable income from flipping houses, it makes sense to first understand exactly what the term flipping houses really means.
True, there are many definitions for the term itself, but the definition as most real estate investors know it, as well as how I will be talking about it here on House Flipping School, is as follows:
"The purchasing of a piece of real estate and quickly reselling it for profit"
In other words, when we "house flip" we make money by purchasing and briefly holding a piece of real estate or in most cases, a single-family home, for the purpose of reselling it at a higher price than whatÂ we purchased it for.
In my experience, I purchase single-family homes cheaply, quickly improve them, and then sell them at a higher price than my original cost, rehabilitation costs and finance costs.
When it comes to successfully flipping houses, one of the most critical decisions youÂ will make is buying the right property at the right price.
However it's even more important to learn how to avoid the bad deals!
House Flipping For Novices...and Veterans
It doesn't matter whether you're a novice, or aÂ real estate investor with 20 years of experience, house flipping is a process that is extremely appealing to many people who are looking for a good return on their money. As a real estate investor who specializes in flipping houses, my main goal is to find a house at an extremely affordable price through foreclosure, short sale or bank owned that's in need of significant repairs.Â I then buy it using other people's money, fix it up and sell it for a profit.
In an ideal world, the flipped house is purchased, fixed up and sold all in a matter of months. These are the most lucrative house flip dealsÂ because they have the potential to yield the greatest profit.
With house flipping, you don't even need to use your own money in the purchase of the house. An ideal scenario is where you use other people's money for the entire purchase of the property and for the entire rehabilitation cost.Â Â Â You thenÂ sell the house quickly so that your investors get their money back quickly and you take your profit quickly.
Ideally, this all happens in just a few months!
House Flipping Considerations
An extremely important part of the house flipping school program is to know exactly what your house flipping costs are going to be.
RehabilitationÂ and fix up costs are extremely important factors.Â You need to be able toÂ gauge what these costs will be with extreme precision.
Whatever you do, you don't want to buy a money pit that ends up eating away at your profits.Â IfÂ this happens you couldÂ end up puttingÂ way too muchÂ money into the house, leavingÂ little room for profitÂ and resulting in a potential loss.
What House Flipping Is NOT
Before I move onÂ with how you can get started flipping houses, it's important to set realistic expectations for yourself:
Making money flipping houses is not easy and it takes a lot of hard work
Nothing in life comes easy, let alone profiting from house flipping...or any form of real estate investing. None of the stuff I discuss here at House Flipping SchoolÂ can be accomplished byÂ pressing the "easy button" - even though there are hundreds of "real estate gurus" who may tell you differently.
Unfortunately some folks make unrealistic claims in an attempt to make money from novice real estate investors...
I will happily be theÂ first one to tell you that flipping houses is not easy!Â It takes a ton of work andÂ it takes willpower and guts to overcome your fears. Most importantly, successful house flipping requires ACTION. At House Flipping School, I'll give you as much information as I possibly can successfully get started flipping houses and investing in real estate.
But one thing I can't do is force you to take action. That one's up to you...
Making money flipping houses does not happen overnight
What I teach hereÂ at House Flipping School is NOT a get rich easy scheme or scam. In fact, before I started making any money flipping houses, and before I was able to do it as a full-time occupation, it took years of hard work to get good at it.
Of course, everything is relative and "getting rich quick" can mean making money within the first six months of starting to do what I teach here. Money can be made, that's for sure - however, it may take you a while to perfect the art of flipping houses.
There's no reason why you can't start making money house flipping in a relatively short period of time. However, that is completely up to you and it is directly correlatedÂ to how much effort you are willing to put forth.
The money is there to be made and often times it's just a matter of going out and getting it...
Making money flipping houses is NOT impossible to do
Before I got into the real estate investing business I worked in the flooring industry.Â Â I loved what I did, but I eventually reached a point where I knew it was time for a change.Â I viewed making money by house flipping as a challenge that I could realistically attain.
It wasn't until I took action and did my first couple of deals that I realized that I could make a full-time living out of it.
It's totally real. And it's totally awesome, and I want everyone who is interested in real estate investing and in house flipping specifically, to experience that kind of freedom. I get to make my own hours, be with my family and make my own business decisions. It is great.
No, it was not easy - especially at first. You may want to give up many times...IÂ can remember wanting to give up many times myself.
However, I am here to assure you that it is absolutely possible to make a full time living flipping houses.Â It's equally possible to just make some extra money on the side flipping houses.
Whatever you desire - I am living proof that it is 100% possible to flip houses full time.
The "House Flipping Formula"
When most people think of house flipping, they think of two things: buying and then selling. As oversimplified as that might be,Â buying and selling are the twoÂ most notableÂ aspects of a house flip. If you can find a propertyÂ at a low price, fix it up and then sell it for a higher price thanÂ what you have spent on it, then you have completed a successful house flip.
Unfortunately it's not quite that easy.
I created this website to teach you how to flip a house,Â as well as provideÂ you withÂ insight into the best ways to make money flipping houses.
Most importantly, I really want the information on this website to help save youÂ from "making the bad deal". Knowing which deal to walk away from is justÂ as important, if not more important, than knowing whichÂ deal toÂ move forward with.
I use a very exact and time-tested house flipping formula to help me distinguishÂ bad deals from good deals.Â I'll be the first to admit that itÂ is not perfect -Â but here's the bottom line:Â my house flipping formula has made me and my investors hundreds of thousands of dollars in profits.
The House Flipping Formula that I will discuss in House Flipping School is as follows:
How to Build Your Team
How to Locate Property
How to Analyze the Deal
How to Make Offers
How to Fund the Deal
How to Close the Deal
How to Manage the Rehab
How to Sell the Property
How to Formulate Exit Strategies
Many novice real estate investors who first start to flip houses jump right in without a whole lot of forethought. They find a house they "think" will sell for more than they buy it for. They "guesstimate" what they can rehab it for and eyeball what they thinkÂ they can probably sell it for in the open market.
This "hope and pray" strategy may work once in a while - especially in a rising market. But over the long haul it's doomed for failure. This is why we advocate a specific formula to flipping houses that is time tested and works in any market.Â The formula works whenÂ the real estate market is in decline andÂ when the realÂ estate market is on the rise. This system works regardless of economic conditions.
And this is the exact house flipping system I will teach youÂ through this blog.
The House Flipping Mindset
Lastly and most importantly, House Flipping School is about the mindset that's required in order to overcome your fears and take action. House flipping is not for everyone, and for those who have a low tolerance for fear of potentially losing money and/or failure, this blog may not be for you.
In order to succeed in real estate investingÂ and flipping houses for profit, you absolutely need to overcome your own fear of failure as well asÂ the fear of the unknown and the fear of potentially losing money. House flipping is not for those who crave security, especially at the outset.
However, once you learn the formula of howÂ to house flip, and the more successful deals you get under your belt, the more your fearsÂ will diminish.Â You will gainÂ experience and confidence which will lead you to even better deals and greater success.
Replace fear with confidence, excitement and enthusiasm â€“ bundleÂ all those fears, throw them to the side and let's knock it out of the park together!
My Newsletter and Free E-Book
As a first step I wouldÂ like to invite you to get my eBook and subscribe to my newsletter which is chock full of exclusive content that you can't find here on the blog.
Just drop your name and email address in the form above on the right and you'll get it for free.
Unlike other house flipping coaches, I don't sell anything off my e-mail list and I use it exclusively for your benefit. It's there to give you great information and to help you be as successful as you possibly can be flipping houses and investing in real estate. You can unsubscribe at any time, but I assure you that you will notÂ be disappointed by the content I send you on a regular basis.
Once again, just enter your name and e-mail below and you willÂ instantly receive your free copy of my e-book, sent directlyÂ to your inbox.
In closing, I wanted to let you know that I'm here for you-not only as a coach but also as a friend and confidant. I will do my best to respond to each and every e-mailÂ you send meÂ and I will certainly do my best to respond to any questions that you may have-whether they be on the blog or through my contact form.
You can also email me directly at: mike AT houseflippingschool.com
I'm really not all that special, I'm just a guy who has figured out a specificÂ formula of how to make money flipping houses.Â It is a proven formula that works in any real estate market.
I was once just a beginnerÂ who receivedÂ some sage advice from seasoned real estate investors. I hope to do the same for you here at House Flipping School.
Thank you so much for all your support. If you've read everything this far, I just want to say thank you and I wish you all the success in your real estate investment career flipping houses for profit.
Now letâ€™s start making money flipping houses!
See you at the top,Mike