- Finding the right property
- Income properties
- Commercial Real Estate
- Bank Loan
Welcome to the first part in our new series that will teach you how you can make money flipping houses. House flipping can very profitable and in this guide we will try to teach you everything you need to know to become a successful flipper. Flipping can be a good way to make your first fortune because you can invest your time instead of money. If you invest in the stock market, digital options or if you are a day trader then you need money to make money. If you flip houses you can mortgage the house and use your time instead of money to turn it into a move in ready house.
It is true that you will need some money for the down payment and the repairs. But there is no other type of investment where you can convert your time into money in the same ways as you can when flipping houses. You can get started with a surprisingly small amount of money if you start with small home and work yourself up to larger and larger houses with every flip.
I recommend that you save up or borrow at least 20 000 before doing your first flip. Another option is to do the first flip with a few friends. This means that each person has to put in less money and there are more people that can work on the house allowing you to finish it quickly. This can be a very good way to do your first flip as long as every one understands what is expected of them. Are everyone expected to put in the same effort and investment or are there some partners who put in more money and others who are expected to put in more time? Make sure to sit down and make a detailed agreement before you buy a project.
Below we are going to look at how you can earn the money you need to be able to finance your fist flip.
A lot of us think that we do not earn enough to be able to save any money. We think that because we do not have any money left at the end of the month. This is almost never true. Almost everyone has unnecessary expenses that they can eliminate and almost every one can save at-least 10-20% of their pay check. I am not saying that it wont require sacrifices. I am just saying that it is possible to do. The key to success is usually to save the money at the beginning of the month so that you do not have it available to you. Money you do not have is a lot easier to save than money that is in available in your main account.
This is by far the best way to earn money to be able to start flipping houses. If you work hard you will be able to save enough money to get started in less then a year. Working more have two positive effects.
Almost all of us have a lot of stuff that we do not really need that we can sell on eBay or Craigslist. Doing so will help you earn money that you can put in your savings account to bring you close to your goal. Selling stuff can often reduce your expenses. By selling your TV you no longer have any need for a cable TV subscription and you can cancel that to save money.
Do not be afraid to make large sacrifices to reach your goal of being able to start flipping houses. Giving up your TV and PlayStation might sound like things you do not want to do but selling them earns you money and frees up time that you can use to earn more money. In a year or two you will hopefully have flipped a few houses and earned enough money to be able to buy a bigger and better TV.
The same is true for many other things such as the car you drive. By downgrading or giving it up now you will be able to have better things in the future.