Before and After | Onset Massachusetts Property
I'm really excited about how our Onset, Massachusetts house flip finished up. In less than three months we have completely transformed this house and made it into one of the most desirable properties on the block!
The front of the home when I first purchased the house back in June.
The front of the home today.
The interior of the home underwent a major renovation...
The Lazy Man’s Way to Fix and Flip
Fix and flip, fix and flip, fix and flip, fix and flip...
When you're learning how to flip houses, you may not think that there will be a day when you'll be doing multiple house flip projects at the same time...let alone multiple flips in the same year.
But that day will come...
If you're just starting out of the house flipping business, chances are pretty good that you feel the need to domost of the rehab work yourself.
It makes sense. If you're flipping a house every 6 months or so, perhaps on a part-time basis, you may be tempted to think that the only way you can be profitable is to put in a lot of the "sweat equity" yourself.
If you don't learn how to buy houses right, get Continue reading
The #1 Secret to Flipping Houses for Profit
Image courtesy of FreeDigitalPhotos.net
Establishing accurate projections is an integral component to flipping houses for profit. If you become too confident with your projections or fail to run accurate numbers, then you risk not making a profit when the home is ultimately sold.
I really cannot overemphasize how important accurate projections are to my house flipping business, and I urge you to consider the impact that projections can have on your own house flipping business.
So without sounding too repetitive here, absolutely pay close attention to your projections-in particular pay close attention to the amount of time you are projecting to hold onto a certain property.
This is an essential variable to include in your overall cost analysis.
Occasionally I will hear about folks who claim they are flipping houses in 3 months (sometimes less!) and really flying through properties. It goes without saying that this would be an awesome situation to find yourself in.
Yet how truthful are these claims and how feasible would it be for you to flip a house in 3 months or less?
Well lets have a look...
The Hidden Secret to Making Offers That Stick When Flipping Houses
Alright, how do you actually make offers that stick when flipping houses?
Although I WISH I knew the magical answer to that question...unfortunately I do not. In house flipping, some offers are accepted and some are not.
It's just the nature of the business.
However, there are a few things you can do to make sure that your house flip offers stick more often than they don't.
And the answer is NOT what you might think...
How to Make Offers Flipping Houses
When you are first starting to learn how to flip houses, until you know your house flipping team really well, be totally hands on.
It stands to reason that you would actually want to Continue reading
How to Make an Offer on a Property
Making a good offer on a property that you would like to purchase is not rocket science. With that in mind it is very important to fully understand the dynamics of making an offer, to avoid wasting other people's (and your own) time and energy.
On certain properties you will be wasting your time trying to low ball your offer. Then again there are many properties on the market right now which you may be able to pick up for a price much less than your determined maximum allowed offer.
Before we dive into the nitty gritty of this post I would recommend that you familiarize yourself with a few important topics if you have not already done so. Definitely educate yourself on after repair value, the 70% rule, costs of repair and determine your maximum allowed offer.
Conveniently we already have some posts here at House Flipping School covering these topics.
For information on determining ARV (after repair value), MAO (maximum allowed offer) and the costs of repairs click here.
For the 70% rule click here.
Once you have a handle on the above mentioned items you will be one big step closer to making a serious offer on a property.
Conquering House Flipping Fear
Have you ever gotten that awful feeling down deep in your gut? Your stomach turns as a touch of anxiety begins to pulse through your veins?
What I'm getting at here is fear. We all experience fear and we all must figure out healthy ways of dealing with fear if we want to progress in business and in life.
I know I experienced quite a bit of fear when I was first started developing my house flipping business plan. Fortunately I have learned to cope with fear fairly well over the years, however it did not happen magically or by accident.
Conquering fear requires you to take action on your own behalf. I'll be the first person to tell you that making money flipping houses requires a great deal of fear control and management-especially when just starting out.
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?