It’s important to find team members that are on the same page as you. What you’ll find in this business is that so much of it is relationship building and getting to know who the players are in your area, who’s a good real estate agent, and who are the people that are making things happen. Then you can start to create relationships with these people.
This is why having a great real estate investor, money guy, and a good contractor is so important. It’s not just about sitting behind a desk and shooting out emails or putting a buyers list together with a sellers list and hoping the money comes. It’s about getting out there and doing the legwork and networking to meet people who can help you achieve your goals.
It all began when Ray Benson decided to attend one of our monthly HFS MeetUps, and liked what he was hearing.
Afterward I spoke with Ray about our bootcamps and how it could help get him started flipping houses. Ray committed to attending the bootcamp we held this past June, and was enthusiastic to learn this business.
Fast forward a couple weeks and my company has our signs up on a property we are rehabbing in Massachusetts . The sign says "We buy houses" and someone driving buy saw the sign and called us about a mobile home they were selling.
This was when I began to think that this deal would be perfect for Ray.
Is starting a house flipping team the easiest way to house flipping success?
While house flipping is not the easiest thing to do in real estate, it isn’t really the hardest thing either.
The Boston Red Sox won the World Series this past week, but instead of going to the celebration parade I went to a house flip I just finished up in Hanover, Massachusetts. I wanted to film some new videos for House Flipping School members because, to be completely honest, this particular house flip proved to be quite the challenge for my team and I.
Even with my time-tested and proven step-by-step house flipping system, some house flips still veer off track at times. Folks, in this business we are working and relying upon real humans to get their job done on time, and stay true to their word. This is true for contractors, real estate agents, interior decorators and anyone else who is involved in the project.
Sometimes us humans make mistakes, and things don't go as we planned. So even with a step-by-step house flipping system on my side, it is still important that I remain flexible and willing to adjust on the fly. You just have to take the good with the bad, and keep your attitude in check at all times.
So with all of this in mind, here are 4 tips for flipping a house without the headaches, that I learned as a direct result of my latest flip in Hanover, MA.
As liberating as it was to finally make the commitment to do what I really loved to do, there was one problem...
I had no real estate to invest in.
Everyone tells you when you are first starting out in any business that you have to network to grow (or in my case launch) your business.
I had done it before when I started my own flooring business...but I had been a floor guy in my family's business for years.
When I launched that second flooring business, I actually knew what I was doing.
I had run my family's flooring business, left it and then started another flooring business on my own in a town where I knew no one - only to realize, less than two years into it that I had made a huge mistake.
Flooring was something that I had ZERO passion for. It was a J-O-B. I was completely burnt out and although leaving it and starting on a completely different path would be one of the biggest decisions I've ever made in my life - I made the decision to wind down the business and finally take the leap to Continue reading
How do you flip a house successfully? You do it with vast knowledge of the details...
Sure, I do get a lot of emails every week asking how to flip a house with no money, how to use partners to flip houses, how to best use general contractors, how to get started flipping houses, how to wholesale and all the basic beginner questions that most people want to know.
By far the best way to flip a house is by using a highly skilled team. Flipping a house without a house flipping team, is like trying to catch a fish without a fishing rod. You need a fishing rod to catch a fish, just like you need a team to flip a house. Best of luck trying to catch that tuna with your bare hands - and even better luck trying to flip a house by yourself.
I flip houses for a living because I have a great team of people helping me out. Each week I work with:
These people are essential team members because they specialize in areas that I am not an expert in. It would take me hours to figure out problems my team members can solve in 5 minutes. Spending time working on tasks someone else could do much easier is certainly not the best way to flip a house. Using my time efficiently is critical if I want to reach my goal of flipping 12-15 houses during 2013.
Recently I have received numerous emails from people who want to learn the best way to flip a house - which of course means learning how to build their team. These folks seem a little confused about how to build their team. Many of them have attended REIA meetings, Chambers of Commerce and other networking events without much success.
Attending these networking events is really just step 1. To be honest, it is very possible to meet your future team members outside of these networking events. I've even met valuable team members at Holiday parties, in the grocery store and on the golf course. The key is not where you meet, but instead how you handle each interaction.
Ever wanted to know how to fix and flip houses - but know more than just the "block and tackle" stuff only? Read on...
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
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.
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.
This is especially true when it comes to the rehab part of house flipping.
One of the best ways to lock in profits as well as get your house flip completed on time is to learn how to flip a house for profit with your contractor.
But how you manage these guys without strangling them?
Contractors have a reputation for being notoriously difficult to deal with at times, and this reputation is often times Continue reading