1. Do Learn the Art of Leverage

Please don’t be this guy; the one that thinks he can do all the trim work, the landscaping, the listings, the cleaning…get our point? Don’t overextend yourself. Be sure to keep your ambitions in check and don’t bite off more than you can chew. One of our main lessons in the Flipping Houses University is how to build your investing team and choose the right dependable people to help you accomplish your investing goals. Remember this word. LEVERAGE.

2. Don’t Be Too Big for Your Britches

Remember your mom telling you that? Don’t try to act like you know everything when in fact you are just starting out your flipping career. In reality, whether you are just starting out or have been investing for years… be yourself and be real. You will gain many more meaningful relationships that way–ones that you can use to your benefit. See LEVERAGE. Admit to what you know and what you don’t know. Don’t dismiss the advice of those who have been investing for years. They’ve seen both the ups and the downs in the market, and really know what they are talking about!

3. Do Use a Property Repair Estimate Sheet

One of the more important documents you need is Property Repair Estimate Sheet.   This document should include a list of all of the major items (roof, hvac, kitchen, paint, flooring…) as well as cost estimates for each item.  You should complete one of these during your initial visit of every house you look at.  The 2 main benefits of the form are 1) to save you time and 2) to give you confidence to proceed with the deal.

4. Do Know “Why”
Always know your why. Keep the main thing the main thing. Don’t get side tracked in all the hype. Keep in mind the reason you chose investing in real estate as your alternate income revenue. Maybe you want to be able to retire early. Or you are trying to pay off your house, or save for your kids’ futures. We provide these blogs so that what is important to you stays important. For example like spending time with your family. Don’t ignore your family while trying to build your business because then you would be sacrificing the very goal you are  trying to reach.

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

Or connect with us  

1.  Educate Yourself

You should have a plan for how you intend to learn about flipping houses. Just like any industry, real estate investing is constantly moving forward. You don’t have to be a Realtor to flip houses, but in some states there are specific requirements for real estate agents to take continuing education. As an investor, you should be doing the same thing. This can be anything from reading blogs, attending workshops, online seminars, or training courses online. Also stay on top of your market. By researching new opportunity you will stay apprises of what’s going on in the real estate marketing.

2. Set Goals

Why do you want to start investing in real estate? When do you want to retire? What is your dream trip? All good motivators to achieve  the place in life you want to be. Clear goals implement clarity.  Along with a goals, setting a clear schedule will compliment your structured goals. This includes financial goals.  Without specific financial goals, you’ll find it difficult or impossible to correctly analyze potential real estate deals. Investors flipping houses typically set a purchase price goal of 30% below market value after repairs.

3. Network with Successful REIs

Speak with fellow real estate investors. Join REI groups in your city. Here you can meet other investor minded individuals like wholesalers and contractors that can help you along your journey. It is essential that you connect with those who have more experience in order to get good advice. Make sure they align with your goals and strategy. Attend club meetings on a regular basis. Join online real estate forums like Bigger Pockets and read up on successful investors to see what they might be doing that you are not.

4. Learn from your Mistakes

Don’t make this mistake. Instead learn from others’ mistakes. Even the most experienced investors make mistakes. When a deal is less profitable than you intended it to be, take the time to make a thorough analysis of what went wrong.  Ask questions on real estate blogs to investors like what mistakes they made along the way and how they avoid those mistakes today. For a list of most common mistakes to avoid check out our blog on Why Flippers Fail.  

5. Implement Leverage

Think of  your real estate investment as an actual business. Don’t try to do all the work yourself. The point is not to have a second job but rather a second income. Become an investor. Learn to  LEVERAGE other people’s time to achieve your goals. Contractors, Realtors, wholesalers –you name it. Your goal is to invest in real estate not spend your spare time remodeling a house.

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

Or connect with us