Some people think that success is a smooth road to riches. But if you ask any real estate investor, they will tell you that t involves a lot of hard work and plenty of tough decisions to be made.
Successful real estate investing is not just a step by step formula that you can use to get rich; it’s a mosaic of thousands of decisions that you organize and execute to achieve your goals.
If you break down the steps to successful real estate investing, it might seem like some of them don’t contribute in any way to making money. However, these steps that do not seem to bring back monetary returns are more far-reaching than you would like to think.
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.
When you declare to the world that you are a house flipper, you should be prepared for an onslaught of criticism. There are a lot of negative connotations associated with the term “house flipping” even though you are a credible house flipper.
Banks and the government are not particularly fond of house flippers. This is because house flipping has received so much criticism it has made those who specialize in it face even bigger challenges. So is there anything you can do to maintain your reputation as a credible house flipper?
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.
After days or even weeks of searching, you finally found the perfect house for you to flip, or buy and hold. Your phone calls to owners who weren’t available, long drives to look for property, hundreds of direct mailings and your long search through MLS finally bore some fruits. This could be one of those real estate offers you have been waiting for.
To make things even better, you got an asking price that is below your Maximum Allowable Offer. The bad news is that you are not the only one who is interested in this once in a lifetime deal. There are several other real estate investors looking to acquire the same property. You present your first offer and it is quickly dismissed. It’s a bidding war and if you are not careful, you might just lose out.
So what exactly can you do to get your offer accepted?
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.
Steven Covey is a well known self-improvement guru famous for writing “7 Habits of Highly Effective People”. He gave us seven simple principles that we can use to achieve success in life and business. Is it possible to apply his principles to house flipping?
His seven core habits are applicable to house flipping but one of these habits particularly stands out; “begin with the end in mind”.
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.
There are a number of strategies that you can use to make money flipping houses but they all require you to think outside the box.
In the real estate industry you will find real estate investors, consultants, short sale realtors, wholesalers and those who do rehabs and retail. All these are different avenues for making money in real estate and the list goes on and on.
Believe it or not, people have money...and they will lend it to you - even when you are just starting how to flip houses.
In this behind the scenes video at one of our first House Flipping School Bootcamps, I reveal how I do it so you can too.