What exactly do you need to do while starting a house flipping business? How do you even flip houses like an expert?
Well, if you’re just starting to flip houses, then you have a lot to learn. And part of what you need to learn is how to manage a real estate team. For one, a real estate team will actually condense your learning curve; secondly, it will help you to go through tough times smoothly; and lastly, a team will protect you from all the major pitfalls that a great majority of house flipping investors experience.
Many investors who get into house flipping business are generally misled by a common notion: house flipping is a solitary process. But the truth is; profitable house flipping is totally dependent on the house flipping team you have.
In fact, establishing a good house flipping team comes as the second most important step of starting a successful house flipping business—first is the real estate mind set. That said, here are the most important recruits of a formidable house flipping team:
The first recruit on your team should be an experienced real estate lawyer that you implicitly trust. That’s not to say that you need one to help you get out of a jury summon. But somewhat, you need one to keep you on the right side of real estate laws.
Many house flippers make a grievous mistake by Continue reading
Every newbie house flipper has big expectations while getting into the business. But truth be told; some of the strategies they use guarantee they will lose their house flipping profits.
Of course, your gut feeling can lie to you if your experience is not good enough to initiate a sound judgement. And perhaps that’s the main reason why it’s necessary for you to rely on house flipping teams for a smooth walk through over all the puzzling phases of house flipping.
And not only will the team give you a better head start, it will also help you to purchase valuable properties all the time.
The biggest strategy that new investors use to flip houses without incurring losses is what investors call OPE or Other People’s Experience. And usually, such an experience is critical when you’re trying to sell your rehabbed property for the first time.
Even though many professional house flippers prefer Continue reading
When starting out, you want to maximize your profits at every chance you get but this may not be possible if you do not utilize the best possible strategies.
Truth be told; the most important thing when flipping houses is knowing how to control your rehab costs. Comparably, it’s just as important, or even more important, than the price you pay in acquiring the property you’re intending to flip.
To begin with, when you’re just starting out, you may be find it necessary to do the bulk of the rehab work yourself—which, of course, is not a bad idea. But once you start doing bigger rehabs, you’ll categorically need to get the services from professionals.
That’s not to say that you’ll be required to Continue reading
If there is a question that I get more often is “How do I flip houses without money?”
TV shows make it look like it’s very easy to flip houses without money but in reality it is not. While it is not easy, you can learn how to do it. I do it all the time. In fact, I hardly ever invest any of my money in most of my house flipping deals.
It is definitely much easier to flip houses when you have your own money especially if you are a beginner. But there are many ways that you can find funding sources to give you money for flipping houses.
There’s much to learn for house flipping beginners especially about making a profit in their deals.
Contrary to what many people would have you think, house flipping is not easy. Reality TV shows on house flipping make it seem like it’s easy but I can guarantee you that you cannot learn how to do it in a single day or by reading one blog.
The best way for house flipping beginners to learn the business is by doing it on their own. They will make mistakes along the way but experience is the best teacher.
Thankfully, you can shorten the learning curve by learning these six crucial profit making steps for house flipping beginners.
Many people have had terrible experiences with wholesalers in house flips but are they all the same?
I have to confess that in the many years I have been flipping houses, I have purchased properties from wholesalers. Some of my best deals were sourced from wholesalers. Up to date I still use wholesalers.
When I first started out, I had a hard time differentiating between the good wholesalers and the bad ones. I made my fair share of mistakes and I believed that a majority of the wholesalers were honest people. I wasn’t naïve; I just gave people the benefit of the doubt.
I loved playing in the dirt when I was a kid. My mom would swing open the door and I would rush out straight to the sandbox. Since I loved playing in the dirt so much, my favorite cartoon character had to be “Pig-pen” from peanuts.
I still love getting dirty today but I love getting dirty when flipping houses. Getting dirty while making money is much more fun.
My kids love showing me “Epic Fail” videos on YouTube. They are the most viewed videos on YouTube simply because people love seeing other people failing at something they are doing.
The videos range from wardrobe malfunctions to the Brazilian soccer goalie that kicks the ball in the opposite direction. These “Epic Fail” videos are even more popular maybe because people watch and say “thank goodness that wasn’t me”.
I received an email from someone who wanted to know how to overcome the fear of flipping houses. He wanted to know which house flipping rules you should never break.
I was tempted to refer him to the three secret steps to real estate investing success but I decided to give him the block and tackle stuff.
I still get questions such as Hey Mike, can I break the rules this one time? My usual answer is NO.
In this post I will share with you three secrets of real estate investing that you probably did not know about.
It all started a few years back when a movie called “The Secret” came out. Everyone was talking about it including Oprah. I poked fun at the movie because I thought it was a load of hogwash and had all this touchy-feely stuff from a crazy Aussie woman named Rhonda Byrne.
But then my wife decided to get me an audio book for the movie. Since I didn’t want her to keep bugging me about it, one day I decided to listen to it while working as a flooring installer.
It was a time when I was still deciding which direction my career should take. Working as a floor installer was lucrative but I wanted to pursue real estate investing because that’s where my passion was.
Listening to the audio helped me pursue my passion and I haven’t looked back ever since.
When coaching new students, the first thing I tell them is to use their minds to attract the things they want most in life. To achieve any sort of success in real life, you have to possess mind control.
Newbies in the house flipping business have no idea how important mind control is. When you ask any successful real estate investor if they knew how they were going to succeed,