Do This And You Will Lose Your House Flipping Profits
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.
A Sure Way Of Losing House Flipping Profits
Flipping Houses With OPE (Other People’s Experience)
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
How to Maximize Your Profits When Flipping Houses
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
Can You Flip Houses Without Money?
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.
6 Crucial Profit Making Steps For House Flipping Beginners
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.
To Work Or Not To Work With Wholesalers In House Flips
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.
How To Flip Houses Getting Dirty
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.
Lessons I Learned From My Failed House Flip Deal
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”.
2 House Flipping Rules You Should Never Break
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.
Do You Know The Secrets Of Real Estate Investing?
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.
Mind Control Is Very Important
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,
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