How to Finance the Deal

To learn more about Part-Time REI visit us at http://part-timerei.com/

Or connect with us  

Where can I find money?

Learn from someone who knows what they are doing

Our team is also big promoters of mentoring. We believe it is the secret to success. Get connected with the right people. Let’s talk about mentoring. It’s how people who are great at what they do learned, and it’s how our team learned. It has been said that experience is the best teacher.  But what we suggest is why spend valuable time reinventing the wheel? Part of our Flipping Houses University series talks about learning from others mistakes and the value of time.  Instead, if you learn from those who have been successful before you, you become more successful much faster.

Have a system

We say this in about every blog: Have a system and stick to it. Jumping ahead in the flipping world with out laying out your strategy is not only dangerous it could ruin your flipping adventure. Having a system and using tools like your Property Repair Estimate Sheet will keep you organized and have an idea how the flip is going to turn out. Without a system, a flip could turn into a disaster.

Figure out Your Financing

Last year we did a blog on Where to Find Flipping Loans. Perhaps the most important item to get settled is where you will get your money from to be able to invest in real estate. Whether is private lending, buying from wholesalers, or you are getting the loans yourself, do your self a favor and get this figured out BEFORE your first opportunity presents itself. 

Learn from your Mistakes

Don’t make this mistake. Don’t rehab the home the way you want it. Don’t pick out designer tiles or trendy paint colors. Remember you are trying to appeal to potential home buyers, not your personal taste. Yes the marble counter tops will really look nice but an upgrade like that could price yourself right out of the neighborhood. Neutral options that are comparable to other homes in the area will best serve you to sell the house. For a list of most common mistakes to avoid check out our blog on Why Flippers Fail.

Be sure to check out Part-Time REI’s  Flipping University to help you get started.

To learn more about Part-Time REI visit us at http://part-timerei.com/

Or connect with us  

MarketWatch reports :

For the market as a whole, flips of single family homes fell 13% in the third quarter, according to new research from RealtyTrac, with investors earning a gross profit of nearly $55,000 on each property. But at the higher end of the market, homes seem to flip as quickly as a griddle full of hamburgers. Flipping increased 34% among homes worth $750,000 and over, 42% among $1 to $2 million houses, and 350% for properties worth between $2 and $5 million.

Flipping tends to be most common in cities with a large supply of expensive homes. (To qualify as a flip, a home must be purchased and subsequently sold again within six months.) In fact, more than three-quarters of all high-end flipping took place in five markets: The New York metro area and Los Angeles, San Francisco, San Jose and San Diego.

What’s behind these quick turnarounds? “Flipping happens when prices are rising rapidly even if price levels are low,” says Jed Kolko, chief economist for real-estate firm Trulia.

It’s possible to double the value of a home, says Jeff Salgado, a San Francisco-based realtor. Investors could buy a dilapidated home for $1.2 million, invest $600,000 and sell it for $2.4 million, he says. “Our buying community is driven by the biotech and high tech sectors. These people are brilliant at what they do, but a good portion of them don’t know the difference between a screwdriver and a hammer.”

The Challenges in This Market