Expect The Best And Prepare For The Worst In House Flipping Deals
A solid cost projection is one of the most important things that you have to establish if you want your house flipping deals to succeed.
One of the biggest costs you will incur for the entire project, other than purchasing the property, would be expenses. If you become too casual in how you handle your financial projections, you will land yourself in big trouble.
Murphy’s law states that “whatever can go wrong, will go wrong.”
Murphy’s law applies not only to many areas of our lives but it also applies to house flipping. You can handle Murphy’s law by expecting, anticipating and planning.
Time Is Not Your Friend
When flipping houses, you should try as much as possible to
Expect The Best And Prepare For The Worst In House Flipping Deals
A solid cost projection is one of the most important things that you have to establish if you want your house flipping deals to succeed.
One of the biggest costs you will incur for the entire project, other than purchasing the property, would be expenses. If you become too casual in how you handle your financial projections, you will land yourself in big trouble.
Murphy’s law states that “whatever can go wrong, will go wrong.”
Murphy’s law applies not only to many areas of our lives but it also applies to house flipping. You can handle Murphy’s law by expecting, anticipating and planning.
Time Is Not Your Friend
When flipping houses, you should try as much as possible to
accurately estimate your holding time. The longer you hold on to property, the higher your chances are of
How To Make A Huge Profit On One House Flip
Have you ever gotten emails from real estate investing “experts” claiming they can help you make a huge profit on one house flip?
I have and I can tell you that they are nothing but hype-filled emails. What I’m about to tell you is not hype but a fact.
I made $56, 135 in one house flip.
I too couldn’t believe it but I can tell you for sure that it’s possible to make such a huge profit and even more from one house flip.
Sick And Tired Of Over-Hyped Headlines?
I’m tired of gurus who over-hype their messages and claim to know the secret to reaping huge profits from real estate. I won’t dwell so much on this topic but just to be clear, I don’t usually make $56, 135 on single house flips all the time.
Typically, I make around $20-30, 000 which is not a bad figure at all. 14 months before I made my $56, 135, I’d made a profit of
How To Overcome The Fear Of Investing In Real Estate
I was curious about what really fuels the fear of real estate investing so I did a little survey on real estate investors.
I’ve done lots of survey and talked to lots of new investors about what prevents them from getting started investing in real estate and house flipping in particular.
So at the last few House Flipping School MeetUps, I've been asking new investors what's holding them back.
I expected that some of the answers I would get would include:
- I’m too broke to start
- Deals are hard to come by
- I don’t know how to rehab a house
- I can’t tell whether I have a good deal or not
The answer I got completely took me by surprise; people actually were afraid of getting into real estate.
Do You Need To Be Wicked Smart To Successfully Flip Houses?
Do you need to be wicked smart to successfully flip houses? This is a very common question and the answers real estate beginners get can be quite confusing.
Many real estate investment beginners get into this industry knowing that it’s important to “know your numbers”.
Yes, it is important that you know your numbers because if you don’t then your house flipping career will end as soon as it starts.
When I talk about “knowing your numbers”, I don’t mean trying to understand complex mathematical formulas.
As a matter of fact, you will do just fine if you know just a little 5th grade math.
Real Estate Investing For Beginners: House Flipping Vs. Long-Term Real Estate
A real estate investing for beginners guide can help you make a decision as to whether you want to venture into house flipping or hold long term real estate.
There are more than 100 ways to get involved in the real estate investing business but the most common ones are long term real estate investing and house flipping.
House flipping has become very popular these days thanks to reality Television shows such as “Flip This House”.
The oldest form of real estate investing is buy and hold real estate which many people are familiar with. It still remains one of the most solid ways of earning an income considering the fact that many people have become millionaires out of it.
I admit I prefer house flipping but I also do long term real estate investing. So which of the two is better?
House Flipping Project: Project Manager Vs. General Contractor Vs. DIY
Who can make your house flipping project a success? Is it a project manager, a general contractor or should you do it yourself? Only one way to find out.
My day ended really terribly the other day. I took on a project I thought I could handle alone and I ended up hitting myself square in the jaw with a floor board. I didn’t break anything but I realized that there are three ways that I could rehab a house. I could either:
- Hire someone to do all the dirty work
- Do all the rehab work myself
- Do some of the rehab work and let the others do their part.
The Secret To Successful Real Estate Investing Is Networking
There’s no secret to successful real estate investing. Others will even tell you that for $50, 000, they can coach you how to become successful in this industry. Their fee is of course inclusive of the big “secret”.
The truth is, there is a secret to successful real estate investing and it is not worth $50, 000. Can you believe that the secret is networking?
8 Reasons Why Your Real Estate Investing Business Is A Huge Failure
Is your real estate investing business growing at a snail’s pace? Maybe it’s because you are making some easily avoidable mistakes.
We all learn from our mistakes and in real estate, the more experience you have the more you learn and the less likely you are to make costly mistakes. Unfortunately, for some people it’s not that easy to survive in this industry because their real estate investing business is not growing as fast as they would like. If you are part of these people, then you could be making these 8 mistakes:
Is Starting Your Own House Flipping Team The Perfect Shortcut To Success?
Is starting a house flipping team the easiest way to house flipping success?
How many times have you ever heard yourself say, “House flipping is hard”, or “Taking on house flipping is a huge RISK” or “the economy is tight so banks won’t lend me money”?
While house flipping is not the easiest thing to do in real estate, it isn’t really the hardest thing either.