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!
When it comes to flipping houses, Flip University co-founder Michael Owen knows his stuff! In this video blog, he gives very useful free tips and advice on how to invest in and capitalize on your flip properties.
It is very important to know your numbers and local real estate market factors. Your research begins well before the foreclosure auctions. You need to have scoped out the properties you are interested in, and have done the math on the numbers including the bank value (minimum bid), square footage, cost per square foot, budget for anticipated repairs, comparative market values, and the after-repair value. This will help you decide on the top dollar you should pay for a given property.
Be disciplined at the auction. Do not let yourself get involved in the heat of the auction. Do not bid above your researched top dollar value for the property. Emotions and ego do not pay the bills -- disciplined research will help...
One of the most popular ways make money in real estate is to find homes to flip, rent or invest in, is the foreclosure auction. The auction process is something any real estate investor should make a strong effort to become familiar with. The best way to learn about the auction is to go attend one in your area and simply watch and learn.
Auctions usually occur at the county level. Some counties have judicial auctions that occur in a court house. Some counties have non-judicial auctions that are performed by substitute trustees. In order to be successful with the auction process, it is very important that you research the houses you are interested in prior to the auction. Lists can be obtained by the county clerk, or on foreclosure listing websites.
It is very important that you go over your numbers prior to the auction. You have to know the data on the house before...