Let Me Show You the Way Out…
…Know your exit strategy Most focus on how to buy a house (entry strategy), as an investment, while few focus on what to do with it later (exit strategy), when they’re contemplating the purchase. Begin with the end in mind. Examples of exit strategies: Generate cash fast (very short-term)…
Murphy’s Law
When building or starting your rehabbing business, have the mindset to power through obstacles – because you’re going to have them! Ingrain these 4 keys into your mindset Be prepared – for the old adage (Anything that can go wrong will go wrong.) Be thorough, pay attention to details, and…
Flipping or Speculating
Flipping works In any market… …if done right. Whether the market is up or down – east coast, west coast or somewhere in between – rehabbing (flipping) houses works for investors with the right approach. If you follow fundamental, conservative and systematic principles – you won’t experience what many speculators…
Do you remember the KISS?
Yes – Keep It Simple STUPID Especially when first starting your rehabbing house business – keep it simple. Pick opportunities that are simple and straight forward to renovate. Focus on houses that need moderate cosmetic repairs. Avoid large and/or complex renovation projects such as ones with structural damage, room additions…
Now or Later?
OK so you found a house to fix and put back on the market. You’ve completed the rehab and just sold it. Now you have your check – praise God! Most people think this is when you make your money. Well it’s not! In real estate rehabbing – you make…
What’s in a name?
Rehabbing is a people business. Your reputation is more valuable than any one transaction. Do the right thing always! Do what’s right, fair and appropriate. Threat people and this business right and God will pour out his blessing on you, your family and your business.
Is Flipping Houses Ethical? – Don’t Let ‘em Tell You It’s Not!
Some people will try and tell you “flipping” houses is somehow unethical. Really? Think about it. You are: Providing a solution for a distressed seller Repairs for a house in need Work for contractors/suppliers Improving the neighborhood Revenue for agents, brokers, appraiser, inspectors, etc. Providing a nice quality house to…
Flip It or Grip (Hold) It
Which real estate investing approach is best? Buy and Hold (Rentals) Pros: add’l income | asset appreciation | leverage | tax advantages Cons: renters/vacancies | unexpected expenses | mgmt/expenses > income Buy and Sell (Wholesaling) Pros: generate cash | no credit needed | good for beginners Cons: not…
Avoid This Painful Lesson – Learn From My Experience
If you’re serious about building a 7 figure real estate investing business by rehabbing houses, you’ll need to continually develop contractor teams. Hoping one general contractor (GC) will carry you to the promised land is a BIG mistake. You may get lucky and find a GC for project after project…
Weed Then Out Now – Get it Right or You’ll Be Uptight!
A key to your real estate investing success is building a winning team. A key player on your team will be your general contractor (GC). Perfecting the skill of interviewing and hiring the right contractor(s) is paramount. Here are some key questions to ask. Use this as part your selection…
