In this article we will divulge some of the secrets of the top moneymakers in the house flipping world. If they can do it, so can you – as long as you know the right ways to go about doing it. After all, the key to success in any industry involves knowledge, right? If you take the time BEFORE you get into this business to learn how to do it properly you will have much success for many years to come.
The first secret is to come to the realization that this is not just a hobby. Although for some people it may start out that way, they quickly realize that it is a full-time endeavor if you want to be successful at it. Not only is there a lot of money involved, but a lot of time as well. Don’t forget the definition of flipping homes. It is when you buy a piece of property where the home is in poor shape, then fix it up to where it looks gorgeous. Upon completion of the gorgeous phase of the home’s renovation project you re-sell it or rent it out and make some money on it. Each one of these steps will involve money and time. Therefore, again you ought to realize it is more than a hobby.
The next secret we will discuss is the concept of using other people’s money (OPM) to finance your projects, at least in the beginning. Seek out someone you know that has an entrepreneurial spirit with money to invest and approach him with the idea of flipping houses. Explain thoroughly what you want to do. Let him know that; if he invests his money, you will do all of the actual work. Tell him that you will split the profits with him fifty-fifty. Introduce him to other people that do this. You can either set up live meetings with the home flippers themselves, or show your prospective partner some evidence of this over the Internet. Perhaps you can even find somebody to be a mentor to the two of you. Then make sure you actually live up to the promises you make to your new partner (assuming he accepts your proposal.)
One other important secret is do not bite off more than you can chew. In other words, start out small. Don’t try doing this with several properties right off the bat. Start with ONE, complete that one, then move onto the next property. Make sure you do everything the right way, rather than buy two or three at once and try to get them all done at the same time. After you buy the first property take the time to fix it up properly and make it look beautiful. This will ensure a quick sale when it is finished. Then move onto the next project and repeat this same process. If you develop a reputation for having absolutely breathtaking homes to sell, you will succeed as a home flipper. Then you will be able to literally make your living from doing this. You will not need a conventional job. Most importantly – have fun doing it!
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Please note the content is not intended to be, legal or investment advice. You should consult a licensed attorney or realtor for advice regarding your individual situation.Share on Facebook