Woman Can Too!

But as more and more women are becoming CEOs and other top ranked executives of Fortune 500 companies, this new wave of women are flooding the flipping market. Women are being drawn toward real estate investing as a viable way to ensure to take care of their family and make sure that they will have income or can retire early.

It is no longer a man’s world. Real estate investing, with its potentially high returns, can offer women an excellent way to boost their income streams for years to come.  This can be especially important in retirement, since women are at a greater risk of outliving their savings due to their longer life expectancy, fewer years in the workforce, and smaller paychecks.

Like anything else you endeavor into, you want to make sure first and foremost you know what you are doing. Whether you are a man or a woman always make sure you are getting the right resources by thoroughly educating yourself in the business. If you are a woman who would like to get started in real estate investing, either in commercial properties  or residential properties consider joining a local real estate investing club. Here you can network with other investors—male and female. There are also clubs designed specifically for women real estate investors across the country. One way to find these groups is through a site like Meetup.com. Today there are even online investing clubs devoted exclusively to female real estate investors. There are also many online resources that can help you get started. Be sure to check out our Flipping University for helpful tips and blogs on how to get started investing in real estate.

Just remember: it’s 2014. Women real estate investors no longer have to feel invisible or feel inferior. Don’t be afraid of getting taken advantage or getting ripped off by service providers. Be confident and have the knowledge and nothing can stop you.  If men can be successful flippers, women can too!

News stories and resources

Real Estate Investing from A Woman’s Perspective (Toronto), Meetup.com

“Real Estate Investing is No Longer a Private Club,” Forbes.com, April 2, 2014

“Real Estate Investing, It Isn’t Just for the Boys Anymore,” Huffington Post, July 12, 2013

Field Guide to Women in Real Estate, National Association of Realtors®

Meetup.com

National Real Estate Investment Club

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

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Building Your Real Estate Team

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Value

Picking good, well-known areas is one of the key things to understand.  This is vital since it increases the resale value of the property. Also, look for low-maintenance properties. Look for investment properties that will increase in market value  over time. Purchasing a home near a body of water, for example, is generally a good idea. Also consider the forced value that you can put into the home so that it will become a a long-term investment.

However don’t assume that any property value will always rise. While in most flipping markets this assumption is true, just don’t assume it. The goal is to generate profit from the properties that you purchase.

Location

You want to become familiar with a neighborhood before investing in properties there. Have your real estate agent produce comps on homes that have sold in the area. Do your own research and investigate the schools, crime rates, taxes etc. When buying investment properties location plays a big part. It is crucial to know the local zoning laws and anything else that is involved with the property. Another good source for info are the neighbors. Most will be more than happy to tell you the gossip of the neighborhood, why the past owners sold and what they love about the area. 

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Review and Research

One of the first items on your to-do list now that you are a flipper is to FIND homes that will make a good flip. Your lunch hour is a great time to do this. You can review and research new listings from your desk on on your mobile on the go. Plan out your week. Make Monday and Tuesday your days to research your farm area for those great pickings. Review listing alerts from your agent while waiting on your serve if you eat out.  Set Wednesday as the day to contact your Realtor and text her to setup showings for the ones you like. If you have time maybe drive around your area to see what the possibilities look like. Then make Thursday and Friday your visitation days.

Visiting a Property

Did you find a property on Monday during your lunch hour that piqued your interest?  Great! So set up the appointment  to visit the property with your Realtor on Thursday. Be sure to take your Property Repair Estimate Sheet with you to weed out the weak ones. Think positive and have your Realtor bring all the necessary info to write an offer. By setting up this type of system you will be sure to get the good ones out there and avoid the slim picking for flips.

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New Landscaping in Front of House

The front of the house is coming along nicely. Cleaning up the yard and planting new bushes is really making the front of the house stand out.

Changing the bathrooms to neutral color will make the house more appealing to potential clients. Here you can see what we are doing to one of the baths.

We decided to redo the whole kitchen. As you can see we are about to hang the new cabinets. Updating the kitchen with modern cabinets and appliances was a must in this home as they were very outdated.

View from kitchen into dining room

Some shots of the garage and the cleaning up of the back yard.

Stay tuned to see how The Estate House turns out.

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

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You will be surprised what you can do on your lunch hour. Especially when you are flipping homes part-time. Our team is able to pick out furniture  to stage one of their flips in less than an hour, and you can too. Here’s how.

There are many furniture rental places all over the country that can help you with staging your flip. The one we use in ours mainly is Rent-A-Center. You will have to fill out an application for credit, as everyone does, but the process is relatively easy.

What to pick out

What you pick out will depend on the house itself. You have to make sure you will make the right type of  impression on your potential home buyers. Nicer neighborhood is going to mean nicer staging furniture and vice versa. You will want to definitely furnish the living/family room. This is where the family will spend most of their time, reading, watching TV, doing homework etc. Make sure to include a couch, love seat or chairs, end tables and lamps.

Kitchens are pretty easy to stage because there is usually only table and chairs that are needed. You may also want to add a center piece and some decorative towels.

If your house has a dining room, try to add a tasteful table and chairs there too. Nothing is worse than when someone’s head bumps into a low hanging dining room chandelier! A table will prevent this from happening.

Having at least one bedroom furnished is a must as well. It is hard to imagine if the bed they currently own will fit into the room they want to own. A side table and lamp will look appropriate also.

Remember that you are just trying to show how the home would look if it had someone living there. Don’t over do it. You are not selling the furniture to the people that buy the house so it will not be everyone’s taste but do try to keep it simple and pleasing to the eye.

Tips

• Stick with neutral tones. No one wants to try to imagine around a purple couch and you could potentially turn people off from the whole house.
• Furnish weird spaces. If it is a little nook or has a bunch of angles stage it to show how the space can be useful and functional.
• Always stage at least the master bedroom. As a focal point of most homes, where the Mr. and Mrs. of the house will spend their nights is a good place to show how your house can be a home.
• If you budget doesn’t allow to furnish every room in the house (who’s does?) then we suggest checking out our tips on staging.

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

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Did you know that the National Association of Realtors^® has created a separate department tracking how real estate agents use technology and its development? The ongoing study was updated in June. The national survey asked realtors specifically about the technology they use and how important it is to their business.

We bring this up as our team feels that technology is important to the real estate industry, especially those investing in it. This information gathered will help you look at your own business and let it be effective for you. Or if you are just getting started flipping homes you will learn how and why incorporating technology is important and can put this information to good use towards improving your own real estate investing business.

The Most Valued Technology

It is no surprise that the Smart phone is the most valued technology. Second to that is internet access to sites and applications like Trulia app, Zillow app, WordPress, Goomzee, PDF Expert, Ziforms, HouseLogic, Dropbox, eEdge, and of course mortgage calculators. Whether you hate or love these sites, consumers are asking for the info so realtors are accessing them.

The technologies most planned for purchase or replacement during the coming year are Smartphones 38%, iPads 29%, digital cameras 17%, and laptops 16%. The most used Smartphones are the Android 35%, iPhone 28%, and Blackberry 18%. Looks like there are a few realtors out there using their “crack Berries.”

Social networking as we might have guessed continues to grow in its importance with real estate professionals and how they grow their business. We highly recommend it!  Over 60% reported that they are comfortable or extremely comfortable with social networking technology. Seems to be a few folks living out in the middle of nowhere that are not using technology at all.  Who are these 7%? No surprise that realtors are using Facebook the most (79%) but LinkedIn is becoming hugely popular with its professional setting. Next on the list was Blogging (46%),  Twitter 34%, and YouTube 31%.

Marketing Technology

How do realtors get their news? Real estate news websites came in first with 55%, with  47% from the NAR website, and interestingly 41% from friends. How do they list and market properties for sale and rent? Of course they are using their own sites (63%). But look at Facebook’s number….48%. It beats out old tired and true MLS at  47%, which is tied to Craigslist 47%. Yahoo Real Estate is also in the game at 41%, and though it is a dying bread some still use local newspapers 21%, and magazines 12%. When asked about internet marketing and the importance to their marketing efforts a  full 85% feel it  is important or very important. Referrals stay paramount as the most important marketing tool (95%). More than half of those surveyed felt that social networking sites are important or very important to their marketing.

But how much do you need to spend on technology? About a quarter of realtors are spending $100 to $500 annually on their website. On the high end, 16% spend up to 5k. Each business is different for sure and you have to make sure this fits your company’s size and volume. Other technology expenses; 19% spending up to $250, 19% up to $500, 29% up to $1,000, 21% up to $2,000, and 7% up to $3,000.

Why are real estate professional spending more and more money on technology? Staying mobile was one of the top reason. The other two top reasons go right along with our mission–to help you as a real estate investor save time and increase productivity.

For more info from NAR  statistics visit http://www.realtor.org/field-guides/field-guide-to-quick-real-estate-statistics

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

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What is it??

As real estate investors, we have all had a laugh or two about a contractor being on time. Deadlines are missed, deliveries late. How can you keep your project and contractors in line? One very important aspect of a successful flip is the creation of a Statement Of Work (SOW). Every project must have one, and if it is not done properly could cause you big delays and even bigger problems. So what exactly is a SOW? Let’s examine the concept and show why doing one is a must.

The SOW is the detailed description of the work to be done during the life of a project, a written agreement that stems from your Property Repair Estimate Sheet, specifies the end result sought by all parties, along with a detailed description of the resources required to finish the project or job. It is an essential part of the flipping house process

Basically it answers the five questions of Who, What, Where, When and How. Failure to address these basic questions can lead to failure of the project as a whole.  The project scope gives a detailed identification of exactly what will be accomplished. It also defines what will not be performed during the project – either explicitly or by omission. The clearer you can be with the scope of work, the more successful the flip will be.

Importance of a SOW when Flipping

A statement of work sets the ground rules for all parties involved in a flipping project, especially when third-party vendors become involved. We have mentioned before that subbing out to contractors is our preferred method with rehabbing. The SOW becomes especially important during the implementation, monitoring, and evaluation of the flip. At anytime you can refer back to it in order to help refocus your team and/or and contractors.

It’s impossible to accurately predict the exact amount of time and resources necessary to complete a project. However, a statement of work can be crafted in such a way that it supports flexibility and evolution for both the project and the team’s participants. When a SOW contains statements of purpose and scope with detailed descriptions of the desired end result and the resources deemed necessary for completion, it keeps the project flowing smoothly. Cost and budget statements should reflect the agreed price of the project, any contingency plans, and penalties for failing to reach specific milestones. Lastly, the SOW should identify the dates and times of all significant events that will occur like project kick off and expected completion.

Be sure to have your contractors sign your SOW

A SOW will become the baseline level of communication for all parties involved in a project.  Be sure to ger your contractors to sign off as well. Should a project evolve beyond the original statement of work, referring to the core SOW can help with amendments.

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The first thing you have to realize is you will have to think about things differently. Think about investing differently. Think about saving differently. Think about earning an income differently.

A strong, successful investor in real estate realizes that a paradigm shift happens in your mind. A person goes from ‘How do I earn money? to ‘How can I save money’? The beauty in this mindset is one paramount realization. There are always limits to how much you can save; but there is no limit to how much you can earn. It is the biggest shift in thinking you will have to make.

A good example of this is Robert T. Kiyosaki author of Rich Dad; Poor Dad and his cash flow quadrant. Your goal as an investor is to be in the bottom right hand quadrant where your money works for you. The ultimate goal for anyone flipping houses or investing in real estate is for investing to be their sole source of income.

Saving money to get rich or to achieve a comfortable retirement is not a good formula. Think about it. You are sacrificing the convented lifestyle right now in your life. Do you want to live a modest lifestyle and settle for a modest retirement? Of course not. And keep in mind that Social Security is anything but secure right now.

Reward comes with risk. The more secure and safer you are with just saving your money the less chance you will actually achieve financial security. Don’t say “I can’t do this.” or “I don’t know how.” Think “How CAN I do this.” If you think you are going to fail then unfortunately you probably will.

So you are probably wondering how to get there. How to gain that confidence to get into that investor mindset. First and foremost educate yourself. Education plus action is the key. Part-Time REI has a Flipping University to help you get started. Our team is also big promoters of mentoring. We believe it is the secret to success. Get connected with the right people.

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

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The Pool House

Next in our Before and After Flipping House Series is “The Pool House.”  It is not often that rehabbers can say two words and all their fellow real estate investors know exactly what they are talking about. All we have to mention is “the pool” and everyone remembers the nightmare that Part-Time REI had to deal with on this flip.  The house was a great buy in a great neighborhood.  It had this wonderful in ground pool in a spacious back yard.  Problem was this house was a foreclosure and the house vacant for at least a year.  There was no way to tell how long this pool was out of commission. Let’s take a look at “The Pool House” and its other issues besides the pool.

They Loved Pink

Here are some shots of the….um interesting color choices around the house that we will obviously have to paint over.

Unfinished Wet Bar in Basement

The basement was in mid construction of some sort of wet bar. This is a great opportunity to make use of this space.

The Pool

And last but not least the dreadful pool. Here are a few shots to give you an idea of what our team was dealing with.

Be sure to check back for in progress shots. You won’t want to miss what our team has to do to flip “The Pool House.”

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

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