Becoming a success in real estate Part One - Fix & Flip

PART ONE OF A SIXTEEN PART SERIES AND THE INVESTMENT STRATEGIES TO MAKE IT HAPPEN

Welcome to Part One of our sixteen part series, Becoming a Success in Real Estate. 

We are sharing the sixteen proven strategies that you can use to build you business and become a real estate success.

A lot of newcomers in real estate jump at the idea of using the fix-and-flip strategy to make a quick buck in this business.

Alright, this is a relatively quick way of earning through real estate, but it still takes a good amount of energy, effort and experience to succeed with this strategy.

Basically, the flipping strategy is simple and involves: Buying undervalued properties for low prices, then fixing them up and giving them a fresher look to sell them for top dollar.

That process typically comes with a lot of work, from hunting down the right properties to renovating them at reasonable costs and being able to sell them for enough profits to sustain profits.

Fixing and flipping can be a great short-term investment, and therefore easy financing options available. However, it can be risky if you are not thorough with your planning and execution, or happen to experience any unexpected, costly events. 

The best way to ensure the process goes as smoothly as possible is to surround yourself with the right experience. Use mortgage and real estate agents who specialize in real estate investing opposed to primary family residences. Surrounding yourself with the right people can always make a huge difference.

According to data, it takes around 180 days on average to flip a house. However, the period can be longer or shorter depending on several factors including:

1. The type of resources you have
2. The state of the housing market
3. The size of the property
4. Whether you are using a contractor
5. The number of properties that you are flipping at the same time
6. Whether you are doing house flipping full time

Flipping a house can feel intimidating at first but with house flipping, you can execute the steps and processes needed quicker than most other types of real estate development. All you have to do is follow these 7 simple steps:

1. Create a Budget
2. Find a Property that looks promising
3. Calculate the estimated Return on Investment (ROI)
4. Negotiate a purchase based on you estimated ROI
5. Fix or Renovate the Property
6. Prepare and Market the House for Sale
7. Negotiate a sale based on ROI

Deciding weather or not to start flipping houses is a decision that needs to be made by each individual. Having said that, the track record on this method of real estate investing is solid.

Millionaires have been made and many were able to fund their start with NONE of their own money! Want to find out how?

If you have any questions or would like to schedule a phone call, you can schedule one directly here: https://gocanadianmortgage.com/book-now/   

Find the rest of this 16 part series and our blogs here; https://gocanadianmortgage.com/blog/

And...

Don't forget to keep an eye out for our next post, second parts of our series; Becoming A Success in Real Estate -Wholesaling

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