There are many obstacles that can keep you from flipping houses. In order to give everybody the best chance to be successful house flippers, we’ll be discussing 6 steps that you need to take before start. Follow these steps and you can begin building the foundation for a long successful career flipping houses. Step 1: Overcome Your Fear of Failure The number one reason why most people do not get into flipping houses is because of fear. Fear of losing money, fear of failure, fear of the unknown, fear of disappointing others and fear of change are all very true to most people. This is the cause of many who could be successful in flipping houses never even to try. The most important thing to do to conquer fear is not to quit your day job until you have at least a year of experience under your belt. It’s also important to have at least one year’s worth of salary as a fallback. These sorts of safeguards will reduce the amount of fear in getting started flipping houses. Another great way to overcome fear is to start educating yourself. Get out and start speaking to people who are currently doing it. Once you start realizing that these are people just like you, your fears start to dissipate. Now you’re ready to take the next step toward achieving your goals. By Realizing that it can be done and that your fears are misplaced, you can check fear at the door and get on to flipping. Don’t quit your job until you have a year’s of experience Educate yourself by talking to people in the industry Step 2: Start Networking It’s extremely important to get out and talk to people and network yourself. As mentioned in step number one, this is an important part of overcoming fear. However, if you really want to get into fixing and flipping, the best way to start networking is to go to local organizations and start speaking with people who are actually doing it. There are rehabbers, wholesalers, realtors, attorneys, lenders and real-estate professionals who meet every single month in your local area. Getting to know these people and seeing how their business works, as well as making some initial contacts, is an important second step in learning how to fix and flip. Some of the best kinds of meetings are National REIA meetings, chambers of commerce and business networking groups. Get out there and start networking! Make contact with people doing what you want to do Attend local and national REIA meetings Step 3: Start Building Your Team This is an area where many people that are new to real estate investing are not so sure about. Fixing and flipping is not a solitary endeavor. While the reality shows might make you think that...
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In this video, Andrew shows you how to flip a house by executing the perfect system for demolition, design and display in many different areas of the physical property. Andrew has spent the last decade showing investors of every experience level how to flip houses. Now you too can learn how to flip a house! This week you can expect to learn: What you can do with a basement Click here to watch the video Want to learn more about how to flip a house? Click here to view last week’s episode! ...
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In this video, Andrew shows you how to flip a house by executing the perfect system for demolition, design and display in many different areas of the physical property. Andrew has spent the last decade showing investors of every experience level how to flip houses. Now you too can learn how to flip a house! This week you can expect to learn: How a three toned interior paint job can help your house on the market Want to learn more about how to flip a house? Click here to view last week’s episode! ...
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Being a real estate investor isn’t just about flipping houses and making money. It is about consistently and efficiently making smart investments that grow your business over the span of a long career. A huge contributing factor to this is knowing your end buyer. Great real estate investors take the time to educate themselves on who they are selling to, their end buyer. Not every market in the country is the same. Different people have different needs. If you take the business plan that you have now and apply it in a different city across the country, you may or may not be setting yourself up for failure. To help you grow and expand your business, consider these two factors. Know who you’re selling to Since I flip in multiple parts of the country I understand the importance of knowing your end buyer. I focus a lot of my flipping efforts in Atlanta and in Chicago and the end buyers are almost complete opposites. In Atlanta the majority of my end buyers are Yuppies (Young Urban Professionals), Guppies (Gay Urban Professionals) and Dinks (Double Income No Kids). These buyers are big on entertaining and hosting which is almost a complete 180 from my buyers in Chicago. The end buyers in Chicago are normally people who are just starting their family or first time home buyers. Rooms and storage are the main concern with these end buyers. So you can see how important it is to understand the end buyers in your area and in areas that you want to expand to. Once you understand the people, you can better understand the second factor. Know what your end buyer wants You understand the people, now it’s time to apply that to your business. If you know your end buyer then you understand what they are looking for in a house. You can flip houses with your end buyer in mind and add features that you know will make it sell fast and at full price. I’ll use Atlanta and Chicago as examples again. As I mentioned earlier, Yuppies, Guppies and Dinks are all big on entertaining. I keep this in mind when I flip houses and add in features that meet their needs. Back patio decks for parties and BBQ are great for entertaining. If I can create space inside of the house by knocking out part of a wall or opening up the kitchen then I do that. In Chicago, with the main focus being new families and first time buyers, I have to change my strategy. These end buyers like having more rooms in the house, whether they are for people or for storage. Big garages are almost always a must, and anytime I can find a house with a den or family room I know it will sell...
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