Coming to you from Denver, CO, Michael Owen talks about how success in real estate and making money by flipping houses has changed his life, and the life of his business partners and colleagues. Flip University can help you find similar success, and shorten your learning curve to do so!
Partner Tom's Mental Health Project: http://www.defyingdepression.com, http://facebook.com/DefyingDepression, http://Twitter.com/defying_d
Tom's Photography: http://facebook.com/tomsview
In any field, sport, profession, trade, or what have you, there are always some people who are very successful, and those who are not. Many blame the competition, the economy, or other external factors. The field, the sport, the profession, or trade does not care who you are, or where you come from. You simply have to know what to do, when to do it, and get out there and do it. And a little bit of luck never hurt!
In order to maximize your odds at achieving the success you want, you must have a firm grasp of the skillset you need. That means studying. Studying others who have the success you want. Learning the nuts and bolts. Finding mentors to help move your success along.
Achieving success is a huge motivator. That motivation will lead to more success, which in turn leads to more motivation.
If you want to learn the nuts and bolts; if you want the motivation and success, check out our online content here...
For this week's vlog, I wanted to do something a little different. How we lead our lives and who we share them with are just as every bit important as how we earn our living. In today's video, we have a very special guest joining us -- my 2 year old son Cole.
Cole is very important here behind the scenes at Flip University. He is my motivation for changing my life -- giving up law enforcement, giving up living check to check, and creating a better life for myself, and my family.
I want to ensure that I prepare Cole for what lies ahead. I feel it is very important to take advantage of everyday opportunities to get him involved so that he can learn from me. After all, one day he will have his own family to take care of.
I hope you enjoy this special edition of the vlog!
Selling on assignment refers to having a house in contract to purchase, and you assign the contract to another buyer for a finder's fee or commission. This is one of several ways of making money in real estate, particularly in hot markets.
Be upfront with the seller if you plan to assign the contract. Leaving it to the fine print to inform the seller is a sure way to cause bad feelings. You do not have to disclose any particulars with the seller.
Absolutely, under no circumstances, let the assignee (the person you are assigning the contract to) inspect the property without you present. You want to be involved in any communication that goes on between the seller and the assignee.
Make sure that your contract has strong enough wording to allow you to assign it.
Ensure that you have a solid signed contract with the seller before having any potential assignee inspect the property.
You want to...
With almost every house you purchase for flipping, you will need to paint the inside, and replace the flooring. In order to buy the correct amount of paint, flooring, trim, etc., you need to have accurate measurements.
I used to get my measurements using a tape measure. I was a fan of the "Fat Max" tape that is wider than regular tape measures, and would have a lower tendency to bend or kink. But even with Fat Max tapes, when you are measuring across rooms, it may let you down. I, for one, still found it tedious to measure with regular tape measures.
I am normally not one to spend a lot of money on gadgets. But I am a firm believer in having the right tool for the right job, and I am willing to spend the money on tools when needed.
I purchased a Dewalt DW03050 laser measure. And I think I have fallen in love. Please note, this is not a paid endorsement for Dewalt. I purchased...
We converted this bathroom from half the size you see here to the bathroom you see now. Older houses have small bathrooms by design. Today, we want larger master baths with a luxury spa like feel. It can be difficult to incorporate a larger master bath into an older existing home.
The existing bathroom here was 5 feet wide with a small corner shower. There was barely enough room for a single sink and a toilet. There was no way my wife was moving into this house. So, we took out a closet and moved a wall 3 feet. It now gives the bathroom a more spacious feel to it.
Installing a granite counter top with dual undermount sinks and high gloss faucets complement the slate tile wall with textured marble accent.
The shower has a 8” piece deep granite shelf to store towels for convenience after your shower. There is a corner seat, and a river-rock floor at the base of the shower, with a glass wall.
The glass wall has a rainfall texture. This helps hide water...
When it comes to making money on house flips, you have to provide the greatest value to the potential homebuyer at the least expense to you. The greater the wow factor, the less time your property will sit on the market, and the quicker you can be onto your next investment.
High end finishes can really help 'wow' a potential buyer. Saving money on those high end finishes increases your profit. In this video, I explain to you how I got a $2500 custom wooden counter top for under $500. That is a savings of over $2000.
My wife found a sponsored link on FaceBook for these awesome wooden counter tops. They were running at a little over $100 per square foot. The counter top in the video would have cost nearly $2500. Instead, I went to an auction site online and got a similar wooden slab for under $400. Applying some stain and varnish, gave me the beautiful result you see in the video.
So with a little bit of online shopping, and a bit of ingenuity, you can...
If you are just starting out, chances are you have a full time job taking up a lot of your time. You might have family commitments as well. So how do you fit in the time to flip houses?
Michael Owen has some answers for you.
Learning how to invest wisely in real estate is very important. You could invest a lot of time and money in real estate seminars on weekends. You will end up spending a lot of money, and losing whole weekends or longer.
Learning how to flip online is now available. It is less costly than seminars, and you get to learn in the comfort and convenience of your own home. No travelling, no entire weekends gone. Flip University has those online resources available to you!
It's a good idea to meet local bankers, house inspectors, realtors, contractors, and even other flippers....
One of the keys to success in flipping houses, or buying investment properties is being able to negotiate effectively. Being a strong negotiator gives you a competitive edge against other buyers. It can make the difference between a deal being profitable for you or not.
I recently purchased a property, listed on MLS, for $35,000 below the asking price. In fact, this house was previously under contract by another investor for the full asking price of $160,000 but he found it was too tight a profit margin to make it worthwhile. I was able to negotiate a much lower price. One of the factors was that I made a cash offer, with incentives to close including paying for title and survey costs.
As a general rule, expect 3 moves (3 rounds of negotiations) before you land a deal. I made an offer of $100,000; they countered at $130,000. I offered $115,000 which was rejected. We settled at $125,000.
Good negotiating saved me $35,000 which...