• Tweet

By Paul Esajian

Part 1 of 2

To learn more about Flipping Real Estate, look at Rehabbing For Huge Profits

Just getting started or want to get started? You need to check out the Flipping Houses Start Up Guide

Introduction to Flipping Houses

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.

Essential Points to Be a Success With Your Flipping Business

To truly become an expert in flipping, one must have a reference point to every aspect of the house in order to manage the rehab effectively and efficiently. Having a reference point to find out essential knowledge, terms and definitions, contractor management, and most importantly labor and material cost will protect against bad and/or stupid decisions during the course of your real estate investing career. Remember, the goal for us as successful real estate investors is to understand and manage the rehab process, not to teach ourselves to install toilets so that you can save $50 in labor on each job. That’s right, by no means do I want people to do work themselves, I want them to understand how to do the work so they can manage others to make them money. Would Donald Trump be where he is today if he actually installed the toilets in his high rise development projects so he could save on some $$$ on labor cost? Of course not! Donald Trump is smarter than that, so let’s hope you are too. You will not buy, renovate, and sell 100 properties a year by doing the job yourself to save a couple of bucks. The more flips you can manage, (notice the key word manage) the more money you will make. So let me ask you, do you want more money? Or do you want more work? Obviously more money, it’s all about working smarter not harder!

In my first year we bought and sold 30 properties; the second year we multiplied that by two, plus some, and reached 70 projects. By our third year we had bought and sold 104 properties!! What was the change you ask? The change occurred with the creation of systems, working smarter not harder, understanding the three key components that we had to leverage in order to meet out goals. Understanding the value of time, utilizing each decision on a flipping project to leverage your money, and investing in continual education is the key to your real estate investing success.

For information on how you can attend my 4 Day Intensive Rehabbers Bootcamp, click here

This is part one of a two part series on Flipping Real Estate. To find out more about our life changing Real Estate Investing Courses and Real Estate Investing Seminars, see them using the corresponding links or email us at info@fortunebuilders.com.