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Take a Drive, Find a Property, Make Some Money!

Aug 15, 2018 / Fix and Flip

In an earlier post, I talked about marketing and the different ways you can get people to come to you with their fix and flip properties. But that’s not the only way to find great renovation properties. You can also approach homeowners and ask if they’re interested in selling. Of course, there’s no point in asking every homeowner you meet. Most aren’t going to be interested. Instead, you need to pinpoint those who may be looking to offload their property. The best way to do that is to go for a drive. Driving the Neighborhood to More...

How Important Is Marketing to the Fix and Flipper?

Aug 01, 2018 / Fix and Flip

Like many people, you probably assume that as a fix and flip expert, your top priority should always be on the remodeling you’re doing to homes. But like many other markets, that’s not actually the case. Instead, your #1 job should always be marketing. Without a strong, consistent marketing plan in place, you’ll find that it’s very difficult to succeed as a fix and flip expert. What Marketing Does Why do you need to have an automated marketing system in place? There are two important reasons: Your marketing activities bring in potential buyers for your properties, which More...

Is It Time to Become a Full-Time Flipper?

Jul 16, 2018 / Fix and Flip

You’ve found a property or two to fix and re-sell. You’ve borrowed money, found suitable investors, or sunk your own nest egg into renovating these houses. Now, you’re done with the remodel, and several potential buyers have already indicated they’re interested! You get a couple of bids, accept the highest, and the deal is done. You’re now an official fix-and-flip professional! So, it’s time to quit your day job, right? Hold on, you may not be ready to make that jump into financial uncertainty just yet.   Look at the Numbers Before you give your More...

Important Contacts in the Fix and Flip World

Jul 02, 2018 / Fix and Flip

When you get into the fix and flip business, it’s important to realize you’re not on your own. There are many people out there who can help you find leads on properties or connect you with people who are looking to sell your home. Lenders and attorneys are always good people to know. They often know people who are looking to purchase a home and can refer you, but you shouldn’t stop there. Here are some other people you should let know you’re in the real estate business and are looking to fix and flip properties. More...

The Owner-Occupant Plan

Jun 18, 2018 / Fix and Flip

So you’re in need of money to purchase a house to fix and flip. Borrowing money is often fairly costly. You can have high interest rates, need to pay about ten percent as your down payment, and often have a balloon payment to deal with. If you buy a home that you plan to occupy, though, you’ll find that you do get some breaks. Purchasing real estate or a house as your second home has extra costs. That’s why going the owner-occupant route is often a better deal. The Loan Owner-occupied housing is the legal term for More...

TV Fix and Flip Shows – Reality Verses Television

Jun 02, 2018 / Fix and Flip

You’ve probably seen a fix and flip show on TV or at least heard of one. These reality shows follow a flipper or team of flippers as they find a home, buy it for next to nothing, do the renovations, and then sell it for a nice profit. But how real are these shows? Do they accurately show you what your life will be as a fix and flipper? Like most TV shows, there’s a bit of truth here, but there’s also a very large amount of fiction. It’s Not as Easy as it Seems The More...

Where Do You Get Your Seed Money?

May 15, 2018 / Fix and Flip

If you’re ready to get into the fix and flip world, you’re going to need some money (unless you’re doing the bird dog approach). If you don’t have a nest egg you’re willing to invest, there are a few different options. The one you go with depends on how much money you have for your down payment and what kind of financial risk you’re willing to take. Hard Money Lenders Hard money lenders usually require that you have a down payment of at least ten percent. These private investors often have higher interest rates More...

What Do You Need to be a Fix-and-Flipper?

May 03, 2018 / Fix and Flip

To those without any experience remodeling homes or working in real estate, it may seem impossible to become a fix and flip expert. But the good news is that this is one area where experience is helpful but not necessarily required. Even if you’ve never taken on remodel projects or worked as a contractor, you can learn those skills. You can also learn about the real estate industry, so it’s okay if you don’t understand how buying and selling properties work yet. You will. What About Money? You don’t have to be rich to get into More...

Should You Take on Client Remodels?

Apr 24, 2018 / Fix and Flip

Once you’ve become an established name in the fix-and-flip industry, you’ll start attracting people who are interested in your services. Some will seek you out because they know you’re working on some outstanding properties and want to be first in line to see them once your renovations are done. Others may be looking to offload some older homes they have in their portfolios and know that you can transform them into amazing houses. But then there are some homeowners who may come to you because they’ve seen your remodeling skills. Some of these people may be More...

What is a Fix and Flip Wholesaler?

Apr 05, 2018 / Fix and Flip

If you’re thinking about getting into the fix and flip market, it’s important to have a plan and understand how the industry works. Typically, people get into the industry by either taking the bird dog approach or the wholesaler approach. The bird dog approach is more of a slow and steady method. There’s less risk, but it takes a little longer to build up a large portfolio and to truly start making large amounts of money. The wholesaler approach, on the other hand, can bring you more money more quickly, but it does take more work. How More...

The Bird Dog Approach to Fix and Flip

Mar 31, 2018 / Fix and Flip

There are several different methods to making money in the fix and flip business. One of these methods is called the Bird Dog approach. It’s great for those who don’t have any cash on hand to purchase a property to renovate. You won’t make a huge amount of money with this approach. Most Bird Dog fix and flippers make a few thousand dollars per property. However, it’s a great way to get started, and you can save up that money to later start buying your own properties. How Does It Work? The Bird Dog approach only More...

What Does It Take to Successfully Flip Houses?

Mar 14, 2018 / Fix and Flip

Have you been thinking about trying your hand at flipping houses? Buying old or run-down properties, fixing them up, and then reselling them for a tidy profit can be very worthwhile. There’s a good amount of money to be made here, but there’s also the potential of losing a lot if you’re not careful. To be a successful flipper, you need to have what it takes. Do you? Here are some of the keys to being a great house flipper.  You Have to Be Committed  Flipping homes isn’t a job for the timid. If it’s More...

Fix and Flip or Fix and Hold?

Oct 16, 2017 / Fix and Flip

Now our primary purpose as Fix and Flip contractors is to find, buy, fix and flip properties for a profit, this is how we make our money. But many times what I see with Fix and Flip contractors is they are spending every penny they're making, living an extravagant life while not thinking about the future. Being in the fix and flip business we have the perfect opportunity to start accumulating a real estate portfolio. Some of the wealthiest people I know have gotten there with owning real estate - so it's never too late and the time is now More...

Write a Winning Purchase Offer

Oct 16, 2017 / Fix and Flip

When it comes to buying properties it’s imperative that everything about your fix-and-flip company exudes professionalism, which includes the offer you’ll write and present to the seller. If you’re still working out the details, it’s fine to write a one page proposal outlining the price and brief details of the offer; cash offer, amount of earnest money, closing date, commission if any, no physical inspection, etc. Once the details are hammered out, time for a formal offer. I’d suggest working with your real estate agent to write the offer – he/she won’t get paid More...

Buying Your First Flip

Sep 10, 2017 / Fix and Flip

When everything is in place and you're ready to purchase your first flip - what are you looking for, and where? 1. Real estate is all about location, location, location.Now I'm not suggesting that you should not be looking in fringe or upcoming neighborhoods as there is a great deal of money to be made in those areas, but what is the market activity in that specific neighborhood? What are the sales prices p.s.f. (per square foot)? Not the average listed price, but the actual closed price p.s.f. What is the competition? And, what is the More...