One of the fastest ways to build a fortune in real estate is by flipping houses. Once you start, the sky’s the limit! So what are you waiting for? Start flipping houses today! From the outside to the inside, this house has many cosmetic issues/things that were original to the year it was built in 1970. The HVAC system is in great working order, however we will need to replace the roof, the garage door, many of the windows as well as haul in sand and dirt to fill in a huge cavity in the backyard where a swimming pool used to be. The exterior of the house was a very pale, drabby, whiteish-blue color and the inside has an odor of pets. Purchase Price: $63,000 Construction Budget: $35,000 ...
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One of the fastest ways to build a fortune in real estate is by flipping houses and once you start, the sky’s the limit! So what are you waiting for? Start flipping houses today! All the changes to this house were very dramatic, but the changes to the kitchen were just off the charts! The kitchen had a very small and boxed-in feeling, so we eliminated an entire wall area, yet we added more cabinet space in other areas, actually creating much more cabinet space and more counter space than what was previously there. We had to get creative running some small ductwork through a pantry cabinet, but by doing this, we were really able to create an “open concept” and a kitchen that is a true showpiece. The high-end Samsung appliances we installed usually go on sale the cheapest at Home Depot during the month of November and during the July 4th sale. Material list: Hardwoods – Tanzanian Wenge (12mm) Cabinets – Unfinished Oak Cabinets (387-246) Cabinet Color – Feather Duster (MSL-251) Cabinet Handles – Liberty Bronze with Copper Highlights 3″ Arched Pull (571-820) Backsplash – MS International Venetian Cafe 1″ x 4″ Glass Mesh-Mounted Mosaic Wall Tile (1000-012-776) Backsplash Grout – Polyblend #382 Bone (123-851) Under-Cabinet Lighting – Hampton Bay 6-Light Xenon Puck Light Kit (818-313) Track Lighting – Hampton Bay 5-Light 10 ft. Antique Bronze Retro Pinhole Flexible Track Lighting Kit (904-270) Stove – Samsung 5.8 cubic feet, Gas Range with Self-Cleaning Convection Oven in Stainless Steel (244-686) Microwave – Samsung 1.8 cubic feet, Over the Range Microwave in Stainless Steel with Sensor Cooking (250-783) Dishwasher – Samsung 24-inch, Front Control Dishwasher in Stainless Steel with Stainless Steel Tub (284-921) Refrigerator – Samsung 25.6 cubic feet, Side by Side Refrigerator in Stainless Steel (603-464) Granite – Prada Gold (Special Order Granite) ...
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One of the fastest ways to build a fortune in real estate is by flipping houses and once you start, the sky’s the limit! So what are you waiting for? Start flipping houses today! Now that you know your strategy, the next step is to decide your tactic. Let’s go back to our trip to the Grand Canyon. Once we decide where we are and where we want to go (strategy), we have to figure out how we are going to get there. Are we going to drive a car? Take a train? Go on foot? My tactic is my vehicle. Decide which vehicle you want to use to reach your destination: stocks? Small business? Business franchise? Real estate? If you’re like me, you pressed the real estate button. Now within real estate, you need to choose. Will your vehicle be multi-family? Lease option? Short sale? Buy, fix, and sell? That list goes on and on. Pick just one of those and say, “This is the tactic inside of real estate that I will use to get from point A to point B.” Don’t run around from tactic to tactic, trying every new shiny object you see. That’s what will set you apart from those people we talked about at the beginning who don’t know where they’re going or how they’re going to get there. You have to know – financially, this is where I’m at in life; over there – wherever that is for you – that’s where I want to end up. I’m going to use this tactic within real estate as my vehicle to get me where I want to go. Real estate will not be my life. Real estate will not be who, in my case, Andrew Cordle is. Andrew Cordle is not real estate and real estate is not Andrew Cordle. But Andrew Cordle used real estate as a vehicle to take him from – if you’ve heard my story – living in his parents’ basement to being a successful investor, financially free. I used real estate as my vehicle. Know your strategy first. Then stick with your tactic. ...
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One of the fastest ways to build a fortune in real estate is by flipping houses and once you start, the sky’s the limit! So what are you waiting for? Start flipping houses today! People ask me as we travel non-stop, teaching across the nation, “What is the one thing that separates the successful investor from the struggling investor?” To me, one of the three main points is the one we’ll talk about now – strategy versus tactic. What I mean by that is, you have to understand your strategy before you start your tactic. That’s the number one rule of successful investing. In the world we live in so many entrepreneurs see a tv show, or read an article, or whatever it is, and they get this “itch” to go try their hand in real estate. They’ll go to some seminar and they learn a certain tactic within real estate. It could be buy, fix, and sell, or lease options, or short sales, or multi-family. They hear about this tactic and get all excited about it; then they run out and try to be successful in real estate with a tactic. They come across hard times, problems, something that goes wrong and they get out of real estate. Afterwards they just go back to whatever it was that they were previously doing. The struggling entrepreneur or the person who gets in and out of real estate does so because they don’t understand what they are trying to accomplish with real estate. They don’t understand their strategy. Let’s say we are going to take a trip to the Grand Canyon. We’ll type into Mapquest, “I want to go to the Grand Canyon.” Then we press the “get directions from here” button. Mapquest then plots our route from where we stand to the Grand Canyon. That route, which is our strategy, requires a starting and an ending point. You have to understand your strategy first. Where are you at financially? Where do you want to be financially? In this blog, where you want to be is a monthly cash flow number. That’s what you’re striving for. My very first strategy, or destination, in real estate was to make enough money in real estate cash flow from rental properties to pay all my bills each month. At that time, I needed $4,500 per month. Once I reached that $4,500 mark, I had reached my destination. However, accomplishing my goal was much easier than I had thought it would be. Now I want $10,000 per month. Once I reached that destination it was, “How about $15,000 per month?” Strategy will change and grow as we reach our destinations. Focus on your strategy first, which is knowing where you are and where you want to be. That’s the path that you are going to go down....
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