How to Flip Houses Like an Experienced Investor
Are you up for the challenge?
House flipping can be very rewarding and it can make you a lot of money. But it has its challenges.
If it didn’t have challenges, everyone would be doing it. That’s what makes you different. I want to help prepare you for the challenges and make your first flip as easy as possible.
Let me start out by introducing myself.
I’m Yanni Raz, CEO of HML Investments. Over the past 15 years, I’ve flipped many houses. I flip houses because it’s a great way to make money. But it can be difficult.
There are all kinds of challenges you will face and mistakes you will make. You may be thinking, at this point, that the process seems pretty daunting. But let me tell you one thing: You CAN do it.
Just because you’re new to the whole process, doesn’t mean that you can’t invest in real estate like experienced investors. No matter what, I want you to remember this:All experienced investors started out in the same position that you are. I did too.
But you have one advantage over those experienced investors: You have me on your team!
I want to help you invest like an experienced investor. I want to help you map out all of the costs. And to calculate any hidden fees. Because, if you don’t do this correctly, the flip will take more time than you scheduled. When it comes to investing, time is money.
You may be thinking to yourself “What if I don’t have the money for a real estate investment?” I’ll be the first one to tell you that you shouldn’t let that stop you. You don’t need to be a millionaire to start making money off real estate investments now.
Now, I’m not saying that you should start throwing money at any investment you can find. You have to put in some effort first. An important part of real estate investing is due diligence.
Before you start looking for properties to buy, you will need to plan your strategy. This may be the most boring part of the process but it is the most important. Investing in real estate is incredibly profitable if you go about it correctly.
You will need to decide if you plan to rent the property, flip it, lease it, etc. You can’t just buy the property then decide what you’re going to do with it.
You need to choose which investment strategy you want to take and learn about the state laws regarding your investment plan. Also make sure that you know the laws according to the state that you are purchasing the property in.
All of this research and planning takes time but it will save you time and money in the long-run. Due diligence is required of any kind of investment, especially real estate.
If you’re not willing to put in the effort, you may as well stop now. Flipping Houses isn’t an easy way to make money overnight. In order to make money (and you can make lots of money) you need to put in the effort. Do your research and learn everything you need to know about the property and the neighborhood. There is risk involved with any investment but your research and due diligence will help minimize risk.
A great way to get started is by tracking homes on Zillow or Redfin.
This means that you should also look at the property, research the property, look at the prices of comps (similar properties in the neighborhood), factor in maintenance and renovation costs, learn about the community, etc.
By doing this, you will see:
- How fast certain homes sell and why
You will become somewhat of an expert on home values in the market just by doing this consistently.
I want to share with you what exactly what you should be looking for and common mistakes to avoid. But not yet. Don’t worry though, I go over all of that in my Free Email Course.
Let’s move on to the next step, after you’ve done all of the research. You’ve found a home that you want to buy and you’re ready to do an inspection. The owner tells you that the property has few or no flaws. Are you just going to take their word for it? Of course not!
When you start flipping homes, you’ll want to bring a contractor with you. You don’t have to do all the work yourself. Your job as a real estate investor is to manage the investment, not do everything from painting to refurbishing. Hire a contractor to do the work on the house instead of a handyman. You want someone with credentials and experience to fix up your property. Having a reliable contractor on your team will be helpful in your house-flipping business.
You need a contractor you can trust and you also need one who can get creative. Why? Because you need someone with experience and integrity to tell you what will need to be fixed and will tell you how to fix it in the most cost-effective way.
Tip #1: Don’t underestimate the contractor.
When you are starting off, it can be easy to overlook certain aspects of the home that may need repair or upkeep. Overlooking these things will lead you to come up with a budget that is inaccurate. You won’t know that those things need to be fixed until you’re already in the process of refurbishing. That will cost you time and money you didn’t plan on spending.
Tip #2: There is no room for guesswork.
You don’t need to and cannot produce a “to the dollar” estimate but you will need to produce a pretty good estimate or you will get burned. You will need to calculate everything: taxes, maintenance, new utilities, and insurance.
When buying a property, do your own inspection and research on the home. Hire a professional inspector/contractor to look at the property and give you an objective take on the home. Also make sure that you properly evaluate the collateral and terms for your loan and your investment. When it comes to real estate investing, the less guesswork, the better.
I want to make sure that you are aware of the common challenges new investors face and the mistakes they often make. I know that you want to flip houses because, if you didn’t, you wouldn’t be here.
I don’t want you to feel overwhelmed by all of this, which is why I have all kinds of resources for you to learn from. I made a lot of mistakes in the beginning. But I want you to learn from my mistakes. So that you don’t make them.
If you do make mistakes though, don’t beat yourself up about it. Because you will make mistakes. I made mistakes and every real estate investor that came before you made mistakes as well. But making mistakes didn’t stop me from reaching my goals. If you don’t make mistakes, that means you never tried anything in your life and that’s the biggest mistake of all.
However, I want to show you the ropes. I want to keep you from making the common mistakes that many new investors make. I go into this more in my FREE online course and on my FREE Due Diligence Checklist.
You can get the Checklist and sign up for my online course by joining my email list which you can unsubscribe from at any time.
I want to give you this free information because I want you to be successful. I love real estate but I also love helping people to get into real estate investing. That’s how much I love real estate.
Do you want to invest in property? Do you want to flip homes? Do you want to make money? Do you want to be successful?
If you answered yes to any of those questions then you’re in the right place. It’s time that you make a plan for your life.
Or else you’ll look back and wonder why you didn’t make a change a long time ago. The time is now. It’s time to upgrade your life.
Make sure that you get all of my FREE resources (which also gets you access to my free 8 lesson training) and subscribe to my Tip of the Day videos by registering with you email address.
I am also offering a House Flipping Course which you can learn more about by clicking the link below.
You can watch the first video from my House Flipping Course for FREE by clicking the link below. This is a limited offer so make sure you get it before it’s gone.