House Flip Staging Secrets Revealed!
Staging is becoming all the rage in house flipping.
We have now used it twice in the past month to sell two houses...one in one day and another in just two days.
Yes, I' m serious.
Seriously excited about staging that is...
What is "staging" you say?
Staging a house flip is when you, an interior decorator, or professional staging company comes into the home and sets up furniture and decorations. Basically, home staging companies turn empty space into a fully furnished home.
The House Flip Secret...That's No Longer A Secret
I recently began experimenting with staging and so far I have come to one conclusion. In most instances, staging a house helps sell the house quicker, which in turn saves me money. Remember, there are many holding costs associated with a house, so the quicker you sell the better.
Over the past couple of months I have been utilizing staging companies to prepare for open houses with great success. I have noticed that Continue reading
The REAL Impact of House Flipping [Infographic]
House flipping is helping us rebound from the depths of the recession.
Who would've thought?
Regardless of whether you are Democrat or Republican, one thing is for sure: flipping houses for profit not only helps the real estate investor, but it also helps thousands of people get better places to live and pumps much-needed capital back into the economy.
In fact, the impact of real estate investor and house flipper on the housing market in the past decade has been substantial. And house flipping and real estate investing have had an even larger impact over the past few years, just when our country has needed it most.
The Tremendous Impact of House Flipping on Our Economy
Our good friends over at BiggerPockets.com recently performed a survey to show exactly what the impact of house flipping and real estate investing has been over the past few years.
The Memphis Invest National Survey of Residential Real Estate Investors outlined a slew of important data points about investor intent and as a result has received a ton of national press coverage. This extensive survey, helps to Continue reading
Ready for Sale | Final Update Onset, MA Property
As usual I am very excited about how the seaside Onset house flip turned out!
If you have not yet seen the post depicting how this property was before we flipped it, I highly recommend you check it out – just click here to give it a read.
This home underwent many changes. Some changes were relatively simple and typical, while others were more challenging and complex. As is the case with most of house flips, we had some unexpected happenings that proved to be challenges. Those unexpected challenges really help keep me on my toes and overall do a good job of keeping this business exciting.
And of course, please remember that if I am capable of transforming a home like this one, then you are too.
House Flipping Massachusetts | Onset 1st Floor Walk Through
As soon as prospective buyers walk through the front door they are greeted with a fully remodeled living room full of natural light. Here is what the living room looked like just a couple of months ago.
And here is the living room now. Continue reading
Before and After | Onset Massachusetts Property
I'm really excited about how our Onset, Massachusetts house flip finished up. In less than three months we have completely transformed this house and made it into one of the most desirable properties on the block!
The front of the home when I first purchased the house back in June.
The front of the home today.
The interior of the home underwent a major renovation...
One Can’t Fail Technique to Start Flipping Houses Now
I meet many people who want to learn how to get started flipping houses fast.
They want to make their money FAST....and then retire to a beach on a remote island drinking a cold adult beverage under a palm tree.
As Timothy Ferris said in The 4-Hour Workweek
"You will reach a point when you absolutely cannot stomach another Pina Colada and that's when you realize that you actually have to start doing something meaningful with your life..."
At one point in time in my life, I thought sitting on the beach would be really cool. Until I read that passage by Ferris...and he blew it for me.
Damn 4-Hour Workweek guy...
I then realized that the DOING was actually the fun part of all this house flipping stuff.
The end result is fun for sure. I mean it is AWESOME to sell a flip in one day after putting in six months of work and walking away with a nice chunk of change...that is a gooood feeling.
But in the end, it's the process of the flip that gets me excited most.
It's the journey, Continue reading
The Lazy Man’s Way to Fix and Flip
Fix and flip, fix and flip, fix and flip, fix and flip...
When you're learning how to flip houses, you may not think that there will be a day when you'll be doing multiple house flip projects at the same time...let alone multiple flips in the same year.
But that day will come...
If you're just starting out of the house flipping business, chances are pretty good that you feel the need to domost of the rehab work yourself.
It makes sense. If you're flipping a house every 6 months or so, perhaps on a part-time basis, you may be tempted to think that the only way you can be profitable is to put in a lot of the "sweat equity" yourself.
If you don't learn how to buy houses right, get Continue reading
The #1 Secret to Flipping Houses for Profit
Image courtesy of FreeDigitalPhotos.net
Establishing accurate projections is an integral component to flipping houses for profit. If you become too confident with your projections or fail to run accurate numbers, then you risk not making a profit when the home is ultimately sold.
I really cannot overemphasize how important accurate projections are to my house flipping business, and I urge you to consider the impact that projections can have on your own house flipping business.
So without sounding too repetitive here, absolutely pay close attention to your projections-in particular pay close attention to the amount of time you are projecting to hold onto a certain property.
This is an essential variable to include in your overall cost analysis.
Occasionally I will hear about folks who claim they are flipping houses in 3 months (sometimes less!) and really flying through properties. It goes without saying that this would be an awesome situation to find yourself in.
Yet how truthful are these claims and how feasible would it be for you to flip a house in 3 months or less?
Well lets have a look...
The Hidden Secret to Making Offers That Stick When Flipping Houses
Alright, how do you actually make offers that stick when flipping houses?
Although I WISH I knew the magical answer to that question...unfortunately I do not. In house flipping, some offers are accepted and some are not.
It's just the nature of the business.
However, there are a few things you can do to make sure that your house flip offers stick more often than they don't.
And the answer is NOT what you might think...
How to Make Offers Flipping Houses
When you are first starting to learn how to flip houses, until you know your house flipping team really well, be totally hands on.
It stands to reason that you would actually want to Continue reading
How to Make an Offer on a Property
Making a good offer on a property that you would like to purchase is not rocket science. With that in mind it is very important to fully understand the dynamics of making an offer, to avoid wasting other people's (and your own) time and energy.
On certain properties you will be wasting your time trying to low ball your offer. Then again there are many properties on the market right now which you may be able to pick up for a price much less than your determined maximum allowed offer.
Before we dive into the nitty gritty of this post I would recommend that you familiarize yourself with a few important topics if you have not already done so. Definitely educate yourself on after repair value, the 70% rule, costs of repair and determine your maximum allowed offer.
Conveniently we already have some posts here at House Flipping School covering these topics.
For information on determining ARV (after repair value), MAO (maximum allowed offer) and the costs of repairs click here.
For the 70% rule click here.
Once you have a handle on the above mentioned items you will be one big step closer to making a serious offer on a property.
Conquering House Flipping Fear
Have you ever gotten that awful feeling down deep in your gut? Your stomach turns as a touch of anxiety begins to pulse through your veins?
What I'm getting at here is fear. We all experience fear and we all must figure out healthy ways of dealing with fear if we want to progress in business and in life.
I know I experienced quite a bit of fear when I was first started developing my house flipping business plan. Fortunately I have learned to cope with fear fairly well over the years, however it did not happen magically or by accident.
Conquering fear requires you to take action on your own behalf. I'll be the first person to tell you that making money flipping houses requires a great deal of fear control and management-especially when just starting out.