Today I want to talk about house flipping. Most people are familiar with the idea of buying a home, making some improvements in a short period of time and then selling it for a profit thanks to HGTV. But have you ever thought about the other aspects of your life flipping a house can influence?
What about paying off personal debt? Or opening the door to other types of real estate investing? think rental properties or Airbnb’s. What about building a business where you have the freedom to prioritize your life? or maybe its simply being an example to others that there is another way to financially succeed in life other than a traditional job.
It’s hard to believe but learning how to successfully flip a house can help in all of these areas and so many more.
A few days ago I sent out an email asking for your top two concerns about house flipping and I was completely overwhelmed by the responses I received. I decided to put together this post as a way to address those top areas while outlining the house flip process. This has been helpful when I have walked others through who are just getting started. The best part is that with a strategy you can put a plan together and take action immediately. How great is that!
So when I am guiding someone through a flip we first tackle the ways to find a flip. Knowing where and what to look for in a potential project will help you choose a house that will not only appeal to buyers upon completion but has those key “it” factors that you can work with to add value.
Second, is one of the larger areas of worry for people according to the survey which is about how to finance your flip. It is key for you to speak with other investors, look up hard money lenders in your area online and reach out to them, and speak with mortgage banking contacts who are knowledgeable in all the types of loans you may qualify to use. Laying all options available out and understanding the pros/cons of each will get you on your way to your flip purchase in no time. And since everyone’s financial situation is unique this is not a “one size fits all” answer. This is information that I wish I would have had when I got started for sure.
Moving into fixing your flip. This was the other big area of response for people and it is understandable. Unpredictability in construction is always a possibility so finding the right contractor and crews is key to the successful completion of your project. When I’m working with people to address this in their flips we go over questions to ask and where to look for reliable and consistent contractors. These steps can help make sure your project is on time and on budget even if the unexpected happens.
Finally its all about selling your flip. After you have poured your heart into this project the last thing you want is for people to be lukewarm about it. Setting up the finished project is key to selling your home quickly and for top dollar. Learning all the components that go into successfully marketing your finished flip to create buyer interest and minimize market time.
Whether you are just getting started in flipping or looking to take on another project this information can be useful and get you moving towards a successful purchase.
As the requests have increased on how people can get started or re-invigorate their house flipping I realized how much people still need that extra encouragement and knowledge when it comes to this subject . The feedback received as I have shared the process has been great so I’ve decided to do a deeper dive on this topic.
This more in depth training is going to be specifically on house flipping. We are going to get specific on those four areas I just mentioned and there will be some interactive calls to help with questions and setting up your plan. This is all coming up very soon and due to the nature of the live calls the number of spots will be limited.
Below is a link for you to enter your email address. If you are interested in knowing when the course is available just enter your email on that form and you will be notified when registration opens up for the House Flip Blueprint.
Make 2019 your year to flip.