The Magic Formula For How to Flip a House For Profit
When you want to learn how to flip a house for profit, believe it or not, there is a magical formula to success...
I have alluded to it on previous posts on how to flip houses with no money...
We've talked about it when discussing the importance of hiring the right contractor to run your rehab project...
We've also talked about how important it is to manage your rehab costs effectively to maximize your house flipping profits...
But today we spill the "magical" beans.
The How to Flip a House for Profit Formula
In a previous post on how to flip houses, we discussed a hypothetical $40,000.00 budget for repairs and talked about how important it is to control those costs if you want to learn how to flip houses for maximum profit.
But when you want to learn how to flip a house for profit, this budget number Continue reading
Flipping Houses With Killer Technology
House flipping pros are not known for using high tech gadgets to help them make money investing in real estate...
In fact, most of the real estate investors and house flippers I know use old-school spiral bound notebooks to track their investments instead of some killer app on an iPhone or iPad.
Although there are a number of solid house flipping productivity apps available, I'm far more interested in finding a good way to leverage my house flipping business with a killer technology solution.
Yes, there are some real estate investing apps available, but quite frankly the ones I’ve tried have all fallen short in terms of tracking deals, keeping track of expenses or following foreclosures or homes for sales on MLS.
With the amount of deals my house flipping business does, I’ve been searching for a good technology solution for quite some time ever since I missed my first real estate investing opportunity over 20 years ago...
My All Too Common Flipping Houses Sob Story
Many real estate investors who eventually get into flipping houses have the same sort of story: a friend comes along with a Continue reading
House Flips In Progress | Update On The Onset, MA Property
Here we are again at our Onset house flip in progress. I had Ralph on the video camera today (I think my other video guy Ryan was out fishing - can't blame him it was a gorgeous afternoon!)
So far we have been stumbling across new findings throughout this rehab. By new findings I mostly mean that we have had to do quite a bit of re-framing, some of which was expected and some of which was not expected.
How to Secure Funding for your First House Flip Deal
If you've been following this blog for a little while then you probably understand that learning how to flip a house is not for everyone. You really need to have the right kind of motivation, mindset and passion to get into this business.
As with anything there are many challenges and hurdles to overcome when you are new to the real estate investing business. Believe me when I say that these challenges are very conquerable, yet they are challenges nonetheless.
One of the most daunting tasks for many newbie house flippers who want to learn how to flip a house is getting that very first deal together. Quite a bit of work and preparation goes into making that first deal happen. I should know, it was not that long ago that I myself was sweating over my very first house flip deal!
An important part of any deal is funding. This is especially true when you are just starting out, because often times you may not have enough money of your own to fund a deal so they need to learn how to flip a house with no money. Many new to the business house flippers struggle with how to approach an investor and ask for money, when they really have no experience and lack a long track history of successful house flips.
Which leads to the question...should you fake it until you make it?
How to Make Money Flipping Houses One “Comp” At a Time
One of the things house flippers just love to talk about in house flipping is how much they sold a house for.
Yes, its the most fun (especially when it involves a number with lots of zeros after it!)...but the reality is that its one of the final steps in what can be a very long process.
We even refer to this process as the house flipping formula, with 12 distinct steps how to make money flipping houses.
So how do you make money flipping houses so you get those checks with lots of zeros in them?
How To Make Money Flipping Houses...Comp Style
We've explained how much it costs to flip a house using ARV (after repair value) before. And to determine the ARV, you want to get a really good real estate agent to work with you to determine what the after repair value is, which is the selling price of that property after you renovate it.
A good real estate agent will be able to help you with that.
How do they do it?
They first perform a Continue reading
How to Save $4,000 on HVAC versus a Boiler
Here we are again at one of my latest house flipping projects located in Onset, Massachusetts.
I am excited about this specific property because this home is going to have a lot of sleek and attractive features. In addition to the beautiful rehab work we are doing to this property, this house is located walking distance from the beach. How can you beat that?
How to Flip Houses With No Money Down Exposing Yourself
One of the questions that I continually get asked is: “how to flip houses with no money down?"
I think it's because people see all the TV shows that show people how to flip houses with no money down and they really want to know if it actually can be done!
The problem is that they make it all seem so easy.
They say that anyone can do this, it doesn't matter if you have no credit, have bad credit or no money. They say anyone can do it.
Sounds like a lot of hype right?
How to Flip Houses With No Money Down...The Naked Truth
The bottom line is, you can learn how to flip houses with no money down...so the gurus and the TV shows have it half right.
Is it easier to flip houses if you have money? Continue reading
How to Flip a House: Don’t Make This Rookie Selling Mistake
Now for the best part of learning how to flip a house…selling!
No doubt, one of the most exciting parts of house flipping is selling. It’s the culmination of months of work and many house flipping steps. You raised some money having learned how to flip houses with no money, you bought the property, you repaired it and rehabbed it and now you’re ready to sell it.
Way back when you were first starting out in assessing the house flip, you determined the ARV and with the house done, you are ready to list it with a real estate broker.
It’s an exciting time. You’re looking forward to cashing that big check, and cash in on all Continue reading
How to Flip Houses…As Simple As 5th Grade Math
When you're first learning how to flip houses, any real estate investor will tell you how important it is to understand the numbers.
If you go into real estate deal without knowing your numbers cold, one thing is certain…you will have a very short house flipping career.
The good news is that in the house flipping business, you don't have to have a PhD in mathematics in order to understand the math behind house flipping. In fact, any 5th grader could do it.
For example, if you can understand numbers such as:
$200,000 / 70% = $140,000
Then congratulations, you have the requisite math skills to successfully flip houses.
By doing the basic math above, you just completed one of the most basic formulas when learning how to flip houses. This formula will Continue reading
How to Flip Real Estate Using The 1 Secret Nobody Will Tell You About…
When you first learn how to flip real estate, sometimes what you think will work and what actually works are not the same thing.
Sometimes when first learning house flipping, your gut instinct is oftentimes wrong.
This is why you need a house flipping team to rely on – a team that will help you work through some of the more confusing aspects of house flipping.
This team can help you with this because they have something you don't have...yet.
How to Flip Real Estate With "OPM"
Previously, we've talked about how to flip houses with no money using other people's money or "OPM" for short. In the same way,you can use other people's experience (OPE?) in order to help you to learn how to flip real estate – while minimizing your downside risk.
One of the most exciting parts of learning how to real estate is when you first get to sell the property. Finally, after months of Continue reading