"Do what you fear most and you control fear"
My acquisition manager Bill Roberts, who is a huge Tony Robbins fan reminded me of that quote a few weeks ago.
But I couldn't help but think how it applied to my most recent modular home house flip that we've been doing in Sagamore Beach.
Not that I had a "fear" of modular homes, I've just never actually built one or bought one before. So when I decided to do this deal with my contractor Bill Bachant a few months back, I really felt like I was back four years ago when I first started house flipping.
And I have to tell you, it was really awesome Continue reading
Want To Learn How To Invest In Real Estate? Make sure you know the types of motivated sellers to buy from.
If you want to learn how to invest in real estate, you should learn about what makes a good motivated seller. Motivated sellers are very different than typical homeowners trying to sell their property. Most people will try to get the best possible price for their home and are willing to wait a long time to make sure they get it.
For motivated sellers, on the other hand, time is of the essence. There is some sort of reason they need to unload the property fast, whether it is because they need cash fast, or they are losing money on the house the longer they hold onto it.
Motivated sellers are the more desirable of the two options for this reason. They can’t afford to play cat and mouse and they are usually willing to negotiate down to meet your needs.
If you want to learn How To Purchase Real Estate, make sure you know the 10 most common types of motivated sellers.
While buying a property can happen quick, it is also perhaps the most important part of the house flipping process. If you wish to make a profit at the end of your project, you need to buy the right house.
What most real estate investing experts will tell you is to find a motivated seller. Easy enough, right?
But what is a motivated seller?
In essence, a motivated seller is a person who wants to sell his or her home as quickly as possible, and is less concerned on getting the full value of the property. For this reason, you as a buyer might be able to get a great deal on a property through these people. Continue reading
Knowing the steps to making the right offer with help teach you How To Purchase Real Estate.
Imagine for a second that you are looking to purchase a house to invest in. You search through listings on MLS, in the newspaper, on Craigslist and even drive around town looking for “for sale” signs.
Finally you find it: the perfect house for your flip. The asking price is even below 70% of the ARV. Everything is working out great.
Except that you aren’t the only one looking at this house. There are more than a few other investors taking the same bait as you, and you are on the brink of a bidding war.
When you are the only one making an offer on the house, you can influence the seller to meet your needs. However, if there are multiple bidders, you don’t have time to play hard to get.
If you want to learn How To Buy Foreclosures, make sure you know the red flags that could sink your project.
As you already know, buying foreclosures is a great way to get a house for well under market value. And, since the economic crash of 2008, purchasing foreclosures has never been more popular in the real estate community.
However, not every foreclosed home is a worthwhile buy. Some properties will cost so much in rehab that you will end up losing money on the venture. Even if you break even, you will have essentially spent a great deal of time and energy fixing up a house for someone else for free.
To find out if a particular foreclosure is a bad buy, make sure you know the red flags that will sink your project.
Make sure you keep an eye out for these red flags when foreclosure investing.
Purchasing foreclosed properties is often great for house flippers. You can buy the house for well under market value, and in turn, get a great deal. Generally speaking, there are three types of foreclosures: Short sales, foreclosures bought from an auction, and REOs.
While these properties are generally much cheaper than houses bought in a traditional way, they also come with a great deal of risk.
Don’t be discouraged from real estate investing because of these bogus myths!
House flipping, and real estate investing in general, is an immense field with great potential for profit. Throughout history, owning and dealing in real estate has been the universal way to increase wealth, and has become synonymous with profit.
However, in modern times, the Internet has become flooded with misinformation about the business. These myths often spring from post-recession paranoia and pessimism.
On the other side of things, idealism often discourages potential house flippers from realizing on the reality of the situation: no deal is ever perfect.
Most of these fallacies are perpetuated by the media or by general public, not by the real estate investors themselves. To conquer your fear of real estate investing, you must first cleanse yourself of the any myths you might hear.
If you want to learn to flip houses, make sure you know the deadly sins that will sink your project.
Unfortunately, you need more than heart to succeed in this field. You must aquire the proper understanding of the business so you don’t waste valuable of time and money, and ruin your reputation as a house flipper.
Emotion, while important in some ways, can often cause harm and prevent you from succeeding. You should use emotion to get yourself motivated at the start, but defer to your brain when dealing with most major decisions.