House Flip 101

If you’re new to the whole house flip scene, the entire process may seem downright intimidating, but like anything, it becomes much more manageable if you break it down piece by piece.

You’ll also have to ignore plenty of naysayers that love to proclaim that house flipping is dead, and good riddance to speculators who were part of the whole housing boom and subsequent crash.

House Flip 101

Like any endeavor, there are good flippers and bad flippers, just as there are good, reputable car dealerships, as well as the sleazy Crazy Larry, used car salesmen trying to sell you a lemon.

All you need to flip a house is determination and the willingness to work hard; that’s it. You don’t need a million dollars in hard money loans or to attend some seminar that costs tens of thousands of dollars.

Plenty of successful flippers found their way to a lifetime of substantial, passive income but they had to do it the hard way, with plenty of failures as they muddled their way via trial by error. While that sucked for them, it’s very good news for you, as you’ll be able to pick and choose from the necessary guides and tools that can see you make millions over the lifetime of your real estate investing career.

If that sounds too good to be true, think again. Don’t listen to the doubters and naysayers. As you are sitting there shaking your head and saying there must be a catch, there are thousands of other investors spending time with their families or relaxing on the beach, with a lifetime of security and peace of mind tucked safely in their back pocket.

Is it easy to flip a house and make money? Nope. Is it impossible to make money flipping houses in today’s economy? Hardly. Most of the hard work of being a successful flipper occurs long before you actually purchase a property, as more often than not your potential profit is locked in when you buy a property, and doesn’t depend so much on whether you install granite countertops or a jacuzzi tub in the master bath.

In House Flip 101, you’ll learn how to identify potentially profitable deals and, more importantly, how to build a system that works for you, whether you specialize in flipping mobile homes, high-end luxury houses, or even condos or foreclosures. As you pick up the necessary tools and knowledge, you’ll be building a business that eventually runs on auto-pilot, proving steady passive income that is immune to the volatile swings of the housing market.

You’ll also discover that it is possible to get started with house flipping with very little initial capital. While many “gurus” will falsely promise that you can get started with no money whatsoever (after you pay them thousands of dollars, of course, for the secret of how to do that) many successful flippers got started with less than $10,000.

There’s no such thing as a free lunch in life, especially when you’re talking about potentially finding a lifetime of security and steady profits rolling in month after month after month. You’ll have to work very hard to successfully flip houses, including many ups and downs as you learn the ropes.

If you’re ready to learn and work hard, house flipping can be a good profession for you, especially if you’re a self-starter who dreams of being your own boss. Your ultimate success is based solely on how hard you work, and not subject to the whims of idiot bosses and political games that determine who gets promoted or how much your next raise is.

Much like starting any other business not everyone makes it as a house flipper, with likely 90% of people who try it ultimately failing. Does that scare you? If so, that inner voice might be right, as flipping very well might not be for you if you’re just an average person doomed to talk about your dreams but never achieve them.


House flipping

If you’ve got what it takes to rise above the rest, then keep on going, as you likely have what it takes to pursue the house flip dream. Remember, this is all up to you, as far as whether you grab those dreams or continue to let life pass you by, working an 8-to-5 job that you loathe waking up each morning to.

3 keys to success in house flipping or real estate investing are: 

First, find reliable educational content written by successful real estate professionals who actually walk the talk. This will familiarize you with industry terminologies and best practices.

Second, search and go to seminars that hosted by those professionals to deepen your knowledge. Take advantage of your time there to ask them questions which you couldn’t in step #1 above.

Third, start small and slow at first and gradually increase over time. At the beginning of house flipping investment, there will be many errors you will learn as you go; thus, you want to learn them at the smallest cost as possible. Then as you get better over time, your mistakes will be much fewer, and you gradually increase the volume of your investment.

The common reason why many people fail in their house flipping investment is that they didn’t follow the 3 steps above. Instead, they just jumped in thinking work hard is good enough. No, you have to work smart to succeed because by investing the time to educate yourself first you will be able to filter out misleading information or professionals. That will save you thousands of dollars and many hours of hard work.

Remember this: “The person with poor knowledge and hard work is not wealth builder, but wealth demolisher.”  

All of the tools you need to succeed are already around you; it’s up to you to find, learn and leverage them to build a future for yourself and your family. Do you start now, at this very moment, to secure a better future or do you muddle along and hope that maybe, someday, things will get better? You’re just one click away from starting the journey — it’s all in your hands!

>> Read more:

Rehabbing properties

How to flip a house for the first time