It’s important to find team members that are on the same page as you. What you’ll find in this business is that so much of it is relationship building and getting to know who the players are in your area, who’s a good real estate agent, and who are the people that are making things happen. Then you can start to create relationships with these people.
This is why having a great real estate investor, money guy, and a good contractor is so important. It’s not just about sitting behind a desk and shooting out emails or putting a buyers list together with a sellers list and hoping the money comes. It’s about getting out there and doing the legwork and networking to meet people who can help you achieve your goals.
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 real estate investing business reached an entirely new level. I was flipping multiple properties and investing into longterm rentals 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. There just wasn't enough time to do both.
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.
Before I dive into this post, I wanted to let you know about the House Flipping School MeetUp my team and I are hosting this Thursday, October 23rd. This Thursday will mark the 1 year anniversary of our zero-cost, zero-pitch, all education MeetUp. It would be terrific to meet you so please swing by if you are in the New England area.
Ok, so now onto the details of this post...
House flipping is not a cheap venture; you need to invest some money. Renovating a house can cost anything from thousands of dollars to hundreds of thousands of dollars. The amount of money used in a rehab can add up very fast.
I have talked time and again about flipping houses with no money but did you know that you can buy items for under $20 dollars that will make your house flip a success?
Here’s my Top 10 list of items you can purchase for under $20, which can have a big impact on your house flip.
One of the biggest fears that new house flippers have is not being able to sell their flips. What happens if their house flips don’t sell? What do they do afterwards?
It’s a common fear among many beginners and it’s justifiable. Thankfully it is a situation you can avoid altogether if you take the necessary steps with your lenders way ahead of time. This will depend on the type of loan you have on the house, however.
Here are two situations that you may face and how to deal with them effectively.
As a real estate investor, you obviously know the drill by now; you find properties to flip, give your offer, prepare yourself psychologically to get most of them rejected and a few of them accepted. But sometimes you might just submit several offers and they all get accepted at the same time.
This can be quite a dilemma especially if you do not have the financial ability to handle all the offers at once. The bank may not be willing to lend you the money to finance all your flips, you may not have access to all the necessary funds or maybe you encountered some unexpected issues with the property.
It’s common to see a number of real estate investors get properties under contract only to later on realize that the money they thought they had can’t be used to seal the deal. As a real estate investor, when you come across such situations, they can be a really good opportunity for you.
Having said that, that real estate you consider your competitor could very well be your next partner.
One of the most satisfying parts of being a house flipper is getting your offer accepted. So how do you sell property fast without sacrificing quality?
Believe it or not, the easiest part of house flipping is selling. If you stick to all the house flipping rules and properly use the expertise of your house flipping team, you will find that this claim is actually true.
Below I have 7 tips that can help you sell property fast. As a matter of fact, you will find that selling a house is the simplest part of the house flipping process.
The most common way of finding houses to flip is through non-MLS listings but real estate agents can also be a valuable resource.
Most of the house flips that I have done especially in markets I am not familiar with have been through real estate agents. A good real estate agent who knows their market can help you snag a really good deal but first, you have to know how to work with them. Continue reading
At one point or another, in the house flipping business, you might find that your real estate deal flows are drying up.
You might begin to wonder how other real estate dealers have a constant real estate deal flow while yours has dried up or is beginning to dry up. The answer? They are obviously doing something that you are not. Most house flippers fall into a comfort zone when they begin raking in profits and business seems to be looking up.
I have been guilty of this and I realized soon enough that what I used to do a year ago, just isn’t working any more. I changed my approach and things began to look up for me. I have a list of 7 types of motivated sellers that can help you acquire property on a constant basis. Continue reading