We continue our video series on Real Estate flips with a video on “How to Get Started In Flipping”. Some tips that I have learned over the many years that I have been doing this. Most of them sound pretty obvious but you would be amazed at how many people don’t follow these simple rules.
In the video I touch on these thoughts:
- start small; don’t start with a 12 unit apartment building; stay with single family homes
- keep it easy, paint, flooring and fixtures; don’t try to reno a grow-op or deal with foundation issues until you get some experience
- don’t blow out walls to add a kitchen or add a second level when you are fresh out of the gate
- keep it local; don’t do your first flips too far away from where you live
- maybe start with a couple of rentals; as tenants move out repaint, upgrade the flooring and fixtures; start to build up a sub-trades list and learn the ins and outs of renos that way
- look for potential properties AND look for good contractors AND look for money partners all at the same time; that way, when you do find a good property, you can pull the trigger with confidence
And my final advice is just to get out there and do it. When you find what looks to be a good property, run the numbers by somebody with some experience and then pull the trigger. Too many people get stuck in the world of Analysis Paralysis and never actually start anything. It is easy to lose money with flips but if you start small and learn the ropes first your education shouldn’t be that expensive.
Lastly, my book “Comparing Real Estate Strategies” has a whole chapter on other things I have learned from flipping. I urge you to go to the Downloads tab on my website and download that book for free.
As always, if you want to talk about anything relating to Real Estate investing or you have capital to invest and would like to do a Joint Venture please get in touch with me.
Don’t forget to download the free eBooks and sign up for future blogs.
Happy investing, Darcy.