House flipping is a very exciting and financially rewarding experience. One of the most important things you can do when getting started in the house flipping business is to educate yourself. Spend some time learning about the basics of the business such as marketing, structuring the deals, and the basics of home repairs. Spend some time browsing real estate investing forums and blogs to help you understand these concepts. Once you have a little knowledge under your belt it’s time to get started!
House Flipping Resources can be found here: house flipping resources
Marketing To Motivated Sellers For A House To Flip
Learning how to market is very important. You want to have homeowner’s contacting YOU! This is a great time to put out bandit signs, take out a Yellow Pages ad, distribute business cards, get a website, print brochures and flyers and get your name and phone number out there for people to see. When a homeowner interested in selling their house contacts you, it’s important to get as much information about the property as possible over the phone. This will save you some time when analyzing the deal, plus help you make a good decision as to whether you can buy their property or not. Remember to always be courteous to the caller, you can get a lot of good referral business by treating them with respect.
Knowing The Closing Process
Another important thing to educate yourself on before flipping houses is the structure of the deal. You should understand and be able to explain to the homeowner a contract, as well as the entire closing process. This is what most people are unsure about when dealing with a real estate investor. You want them to feel as comfortable as possible and be able to answer any questions they might have. It is helpful to have a good closer on your “team” to help the transaction go smoothly and professionally.
Inspecting Flip Houses For Repairs Needed
Learning the basics of home repair is also quite important. When you show up to view a property you should always take a flashlight and a notepad and pen. You don’t have to be a professional inspector, but it is important to be able to spot costly repairs that might be needed such as problems with the foundation, roof, termites, wood rot, etc. It’s a good idea to have a good contractor that you trust to view the property. They can give you a good idea of the condition of the house, as well as give you a price quote for the repairs. This will also help you when you are determining what you are able to pay for the house.
The most important thing about getting involved in the house flipping business is to educate yourself and then put that knowledge to use. Sometimes the best experience and learning comes from just getting out there and doing it!
Get all the private money you need to flip houses: finding private money lenders
