How to Fix and Flip Houses | The 6 Pillars of Astronomical Success
Ever wanted to know how to fix and flip houses - but know more than just the "block and tackle" stuff only? Read on...
No doubt there’s been much written about “the steps to success” in real estate investing, house flipping, real estate wholesaling or life in general.
Just read any of the hundreds of posts on this blog here and you should get a pretty good idea as to how to fix and flip houses successfully.
But what many house flipping coaches don’t tell you is how important the “success mindset" is before you learn any of the block and tackle stuff. Truth be told, how you think is even more important than any tactic or technique you may learn for flipping houses.
Because without the "mindset" to succeed, all the other stuff really won't matter all that much.
I’ve certainly read my fair share of self-improvement books from the likes of Stephen Covey, Dale Carnegie, Napoleon Hill and Rhonda Byrne – all great resources for you to Continue reading
Do you Recognize the 7 Early Warning Signs of a Bad House Flip Deal?
The best way to flip a house and avoid losing money, is to identify a potential bad house flip deal before it happens. Here are 7 early warning signs that the deal on the table is one to walk away from.
1) The ARV (after repair value) of the house was determined solely through online research
I call this type of scenario a DEAR - also known as Drop Everything and Run! Honestly, trying to gauge the after repair value of a home solely through using online tools and websites is a sure fire way to set yourself up for disaster.
Now don't get me wrong, sites such as Movoto and Zillow are fantastic places to start your research - but not the right place to end it. To really get a good grasp on how much a house will be worth after it has been renovated, you need to meet and speak with a local expert real estate agent. At the end of the day, a real estate agent who really knows your area will be your best bet at determining an accurate ARV.
How to Get Financing Flipping Commercial Real Estate
When flipping commercial real estate: how do you get financing?
When we talk about flipping houses, usually we are talking about flipping residential properties. However, with the growth of the house flipping market, we've gotten more and more questions about commercial real estate flipping and especially how you would go about financing an acquisition that size.
In fact, a recent post over at Bigger Pockets has gotten us thinking that we should start getting into the commercial real estate flipping market.
When you make over $800,000 on a commercial real estate flip…we here at House Flipping School certainly take notice!
Special kudos to Brian Burke at www.praxcap.com for his awesome work - his post is a must read for any would be house flipper.
Traditional Bank Financing Pros and Cons When Flipping
Although we primarily advocate the use of other people's money (or OPM for short) to flip houses with no money, If you can get a traditional loan from a bank at a good rate and end up profiting on your house flip, you should definitely go that route first. However, with tighter lending restrictions now on residential mortgages, this can be a challenge. However, we do advocate going this route to start.
What we end up finding is that in most cases, it's just plain easier to Continue reading
You Don’t Have to be a Guru to Flip Houses for a Living
Yep I said it, you don't have to be a guru to flip houses for a living. Last week I closed on the infamous "wood plank" house in Wareham, Massachusetts. If this is your first time hearing about the wood plank house I recommend you give the this post a look before reading on.
I purchased the wood plank house way back in May of 2012. Here we are 8 months later finally selling the home. Believe me it always feels incredible selling a property that I've been holding onto for the past 8 months. In a way I miss each property because so much time and energy is invested into it. However the paycheck and the knowledge that a family will be living in the newly renovated house makes me feel good when my head hits the pillow each night.
I'm no house flipping guru, but I am flipping one house per month which has given me the financial freedom I've always desired. Below is a "before and after" of one of my most recent, rather typical house flips.
Is House Flipping a Bad Word?
If you want to make money flipping houses, then you must be comfortable promoting yourself. At the very least, when someone asks what you do, you should be proud to tell them that you are a house flipper.
Well 8 months ago when I began House Flipping School, I will readily admit that I was not 100% confident in promoting myself as a house flipper. Making money flipping houses is near and dear to my heart, but I was not sure I wanted to promote myself online as a house flipper because of the negative connotation house flipping has received recently in the media.
We all know that banks and the government are not particularly fond of house flippers. Perhaps people in your own personal network are turned off by the term. Unfortunately house flipping has received criticism because some individuals and companies go about it in the wrong fashion.
In certain cases, I believe house flipping does warrant some negative criticism. As with any industry there are always a few bad applies that spoil the pie (is that a real saying or did I just make that up? LOL). In the real estate industry we certainly have our fair share of "scams, scoundrels and scandals" as the hit TV show American Greed would put it.
In response some house flippers have transitioned to referring to themselves as rehabbers and residential re-developers. I think their strategy is to avoid the house flipping phrase all together. When I first met with my future House Flipping School marketing team during the spring of 2012, I was seriously thinking about traveling down this path myself.
Of course by now it's pretty apparent that I decided to stick with calling myself a house flipper. Here's why:
What Are The Best US Cities for Flipping Houses in 2013?
Our friends from Movoto.com tell us which U.S. cities are the best ones for flipping houses in 2013
The housing market has been quietly crawling out of its long slump and this creates opportunities for house flippers. There are a number of cities in the US that we have found to be the best cities for flipping houses and are especially ‘primed’ for house flipping in 2013.
While supply and demand are two chief driving components of any market, in real estate the third (and fourth) components are the availability of money and credit. Although there are a number of ways to flip houses with no money, banks are still a very good source of money for flipping houses.
If you do go this traditional route to finding money for your house flips, this money is used for down payments and the money to make the ongoing payments is obviously needed as well. Proof or credit worthiness is usually determined in the form of Continue reading
2 Rules Everyone Must Know When Flipping Houses
If you're first learning how to get into flipping houses, you'll need to know these 2 critical rules...
It seems like every week, I get a call from a former house flipping coaching student on deals they are looking to flip or buy, fix up and hold.
And on nearly every call, they are simply asking me if in just this one case, can they break the rules.
I end up giving them the same advice I gave them when I was coaching them on how to get into flipping houses.
No.
The house flipping rules they always want to break are not complex. In fact, they’re just simple set of rules that if you stick to them, they will keep you out of trouble. And I’ve used them time and time again on all of my house flips.
So for anyone learning how to get into flipping houses, if you stick to these two rules, you’ll Continue reading
Is House Flipping Dead?
Is house flipping dead? Believe it or not I have been hearing that house flipping (foreclosure flipping to be specific) is indeed dead (and/or dying) from quite a few people.
Whether it is an email from a blog reader or a comment in a forum - it seems some people are worried that foreclosure flipping may be coming to an end. :0
Are you guys trying to scare me? Should I be changing the name House Flipping School to something else? How could someone say such a thing?
Well the truth of the matter is that these people have a very valid point. There is a new player in town (perhaps in your town) called the Hedge Fund.
The Hedge Fund: Death of Foreclosure Flipping?
Hedge funds are now dabbling with alternative real estate investing strategies like flipping foreclosure properties. To be more specific, certain hedge funds are now looking at purchasing bulk REOs from banks. These are the same foreclosed properties that you or I may be interested in fixing and flipping.
This is new territory for the banks, which have been for the most part slowly releasing foreclosed properties to individual investors. Now these same banks are talking with the hedge funds, which have the ability to buy up hundreds if not thousands of foreclosed properties all in one swoop.
If you didn’t already know it, hedge funds are enormous and have very deep pockets. How deep you ask?
11 Sure-Fire Strategies To Flip Houses Fast
Flip Houses Fast With These Insider Curb Appeal Tips
When you flip houses, you want to sell the flip as fast as possible. The speed in which you sell your flip makes the difference between a home run and a merely average flip.
Aside from home staging, what are some other techniques can you use to flip houses ultra fast?
There's a little thing called "curb appeal" you should probably know about.
And it's a small thing that makes a BIG difference.
Flip Houses...Thinking On The Outside
Most house flippers focus their efforts only on the inside of the house and have a tendency to neglect the outside. Interior changes are very important and should not be overlooked in their importance, for sure. In many cases, to further enhance the interior, we tend to use staging to make the house appear more lived in and homey.
On a number of occasions, we've sold our house flips on the first day of putting them on the market. And a lot of this had to to with the house showing really well on the interior using staging. Really good home staging is an important aspect of selling houses quickly and it has Continue reading
House Flipping School’s Top 10 Posts of 2012
Learn how to flip a house with our top 10 posts of 2012!
When you are first learning how to flip a house, its confusing to cobble together all the best house flipping information that's out there on the Internet.
So here I'm gonna make it real easy for you...with our Top 10 Most Popular Posts on House Flipping School of 2012.
If you read all these posts, will it teach you exactly how to flip a house as soon as you read them? Not exactly, you do have to do a few things before you even start the whole process, but I guarantee they will get you going in the right direction.
Of course, if you want to get even more information on how to flip a house, get our eBook.
Or, if you're a bit more visual...check out our most popular House Flipping School videos here.
How to Flip a House With House Flipping School's Top 10
So if you really want to learn how to flip houses, here are our 10 most popular posts of the year. You'll notice that most of them are Continue reading