Entries from September 2008

From a resale perspective, after a kitchen, bathrooms tend to be the 2nd most important room in a house. They are also the 2nd most expensive room to rehab due to wide variety of materials, skills and laborers involved. Unless the bathroom is in excellent shape, it is recommended to replace majority of its components.

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Many beginning investors have doubts about the viability of wholesaling properties in their marketplace. Many think wholesaling will not work in their area for one reason or another. I can tell you I have students all around the country who are using my techniques and are finding great wholesale deals every single day. I have students in Anchorage, Alaska, to Miami, Florida, who are all using my wholesaling for quick cash systems with the same success.

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Lets pick up where we left off, discussing the three key components of successful real estate flipping. Remember real estate investing is for anyone who is willing to learn, however, if you learn the wrong strategies or focus on areas that do not make you money you will never make it. It’s true, the first million is always the hardest, after that it becomes easy to replicate the steps and decisions that worked and avoid the ones that didn’t work. Once we know where our time is best spent, then every decision is optimized and your ROI (Return on Investment) is always high.

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Flipping properties and managing contractors is a fast game. If you can’t figure out your head from your bottom, you will lose your shirt or worse yet your shirt will be ripped off your back while flipping your first house. First and foremost we must become experts at locating and prescreening contractors; quality, mature, adult contractors. If this is done right, the probability of the rest of your house flipping project being a success increases ten-fold. When you work with competent people you are able to utilize your time and leverage your ability while flipping a property.

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