This is a real world house flipper.
I read the Millionaire Next Door and the Millionaire Mind by David &industrial and started following Flipper agents. I have discovered how to become a house flipper and have given some professional training as well.
I don’t want to bore you by telling you how to become a house flipper or how to make money by flipping houses. If you have any interest in getting into this profession, then I suggest you read the rest of the book. It is a lot more detailed and laid out than most self help or do-it-yourself books.
Instead, go buy a few books from catalogs using the classified advertisements and read as much as you can until you start getting a feel for what it takes to become a pure Flipper. Since I am a pure flip without any kids or pets (true story), I know how to become a flipping professional. So here are the tips for aspiring professionals who want to become one:
- Set up a 9 to 5 job. If you already have a 9 to 5, get another part time job. You will score more sales over the same pay scale than trying to become a house flipper after you have established yourself. Just be sure to under no circumstances do this if you don’t have to or you won’t make it.
- Make sure you have plenty of money in your bank account before you go house hunting. I know all those vacation homes and houses you want to flip confused you. After you have homes in plenty of markets – demo price, fair market value, and a copy – you will have your organization in order. You will know what you can afford and what you can not. Also, have your finances in order and will purchase in cash.
- Be willing to sleep on your Sellers / Mortgage brokers money for a month or so. This way you will have your house in the summer and you won’t lose double digit cash flow on your time off work.
- Set up meetings with Flippers and Mortgage Brokers for free. When I bought my first house I had to haggle with my real estate agent and managed the closing for weeks. I also met with loan officers and underwriters for free to let them know getting a mortgage was my ultimate goal.
- Set up meeting with home owners for free. Not a membership site, but all home owners meet for free. We purchase the meeting room only once and have them pay for their rental.
- If you can, ask for a referral from your truthful Flipper friends. Ask if they know any reliable Flippers in your area. Once you establish a pattern of word of mouth referrals, you have established credibility.
- Never go to an open house without a panel of home owners. If you think everyone is going to know about your house and/or your potential Flipper status, you are mistaken, because you won’t get a good enough word of mouth.
- Find local home owners in your area for a free, one day open house. You won’t get to see all the homes on a single day, but it is the only way to research presents which you may or may not be interested in.
- Make sure you have established local co-op or MCA boards.
- Ask for referrals from people you value. However, make sure they have been through the interview process.
- Invest some time in finding a good flipper with good credentials. You can go to my website and find my information for this.
- Take steps to make sure your information gets across to your friends and family. They need to be reasonably certain that help is available when you need it.
Some more house flipping stuff you may want to know:
Home flipping can happen all year around. You may see it in a state you live in all year around. You may see it in another state when you are visiting, so the biggest thing is to make sure that your information makes it where everyone in the world can get to it. If you can’t make it all year it’s easy to buy a new house and flip a house in a few months when it comes to selling.