As many real estate investors have discovered, flipping a property isn’t an exact science. There is no set formula for fixing and flipping success. Sometimes it may even seem like luck is the biggest factor when it comes to making a profit, but this isn’t the case. While there is no one way to be a successful flipper there are a few common mistakes that you can easily avoid. 1)      Over-remodeling for the area. This is the most common mistake by far. You may have an awesome vision of granite counter tops and slate flooring, but if your property becomes Read more…

Remodeling and updating a property is one of the best ways to get a property market ready. However, if you aren’t careful you can end up spending more money than you will recoup. When remodeling you need to keep your bottom line constantly in mind. Try these three tips to help you save when remodeling: #1 Paint. Paint is cheap and can do a lot to update and freshen up any space. Get a medium gloss so it will clean easy and pick a neutral tone that will work in every room. Many contractors choose white, but a taupe for Read more…

The other day found us fantasizing a little bit. Yes, we indulged in just a bit of fantasy about money. And more specifically, a money tree. If money grew on trees think about how many projects we could finance. Think how awesome you could make every property look if you had a money tree.  Unfortunately, as we all know, money doesn’t grow on trees.  So we finance. Financing is a sometimes frustrating but almost always necessary part of the fix and flip process. It doesn’t have to be painful, though, if you follow these easy steps: Step #1: Learn about Read more…

Benjamin Franklin once said, “An investment in knowledge pays the best interest.” His quip is useful in many scenarios but especially when it comes to investing in fix and flip real estate properties. You have to know what you are getting into before you actually dive in or you risk losing money. The best way to evaluate whether a given fix and flip property is right for you is to determine three numbers: your investment capital, your budget, and your profit margin. Let’s look at each one individually. Investment Capital. Your investment capital is the amount of money you have Read more…

They say the most stressful events in life are deaths in the family, divorces, selling a home, and remodeling. Well, if you have ever had to fix and flip a real estate project you know that it combines at least two of those things. In other words, fixing and flipping properties is highly stressful and sometimes you might wonder if it’s worth the money.  You can actually lower that stress level by effectively managing your fix and flip. Successful management of a fix and flip starts with financial clarity. What does that mean? It means that before you buy a Read more…

The first commandment of fix and flip success: Not all repairs are created equal. There are some repairs that homeowners might do because it improves their quality of life but those repairs have no bearing on the value of the home. Because repairs are expensive and can add up quickly in a fix and flip, you need to make sure you are only making repairs that add both quality of life and monetary value to your property. So what repairs will get you the biggest bang for your repair buck? Here are the top 5: 1)    Repairs that are necessary Read more…

Finding distressed properties is critical to making money in real estate, and for new investors looking to learn how to fix and flip houses, it’s not as hard as you might think. Here are five ways to locate distressed properties that could become the next item in your portfolio. 1. Physical Distress. Take a drive in the neighborhood and look for properties in physical distress. If you see broken windows and a lot of peeling paint, you may be looking at a property that is in financial distress as well. This just might be a great find and a fix Read more…

Real estate can be a tough game, especially if you don’t have the proper skills necessary to turn a profit. Here are five skills that you will find in highly effective real estate entrepreneurs… 1. Remodeling Skills to Fix and Flip Houses. Fixing and flipping houses quickly is an effective real estate investing strategy. Quick flips can be very lucrative, and often don’t require large investments.  However, it takes special skill: an ability to remodel property well, and to know what should be fixed for maximum benefit. 2. Patience. Real estate entrepreneurs have to practice patience when they’re waiting for Read more…