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. Establishing relationships with these people can not only help you learn a lot, but their advice can help guide you to the smoothest path to profit.
There are several avenues you can use to find properties to flip. Use online resources such as Zillow, Craigslist, and FaceBook ads to find leads. Mailers are a relatively inexpensive and direct approach to homeowners in distress. I definitely recommend working with realtors as well.
You can hunt for houses on your lunch break, after work, and on weekends. Use any spare time that presents itself to researching flip opportunities.
Once you've purchased an investment property, you need to think about improvements. Almost all properties need new flooring, and a paint job as a bare minimum. If you try to do these improvements yourself, you will literally have no life.
I recommend working with contractors. You may need to go few a through of them to find ones that you like to work with and can trust. Using contractors will save you a lot of time. This time can be better spent on education and finding other properties to invest in.
Another recommendation I have, should you use contractors, is to visit the job sites daily. This shows the contractor you are interested in the job and you are holding him accountable. This also keeps you in the loop as to how the improvements are progressing.
The flip isn't complete until your investment property is sold and you have cash (and hopefully profit!) in your hands.
If you decide to do this yourself, you can expect to answer a lot of phone calls and field a lot of questions about your property. Not all of these people calling are interested buyers, many are tire-kickers or people looking to rent.
I recommend that you use a realtor to sell your house. It is your job to have the house set up for selling. It is your realtor's job to sell the house. Use the realtor(s) that you work with for finding houses! The realtor will advise you on the best selling price to get your investment property sold fast.
In this business, time literally is money!
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