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Let me start by saying I started flipping houses in 2015 when I only had $10,000. A decent amount of money but nothing crazy. We were able to utilize that along with credit cards for a down payment and rehab expenses on that first flip. Since then, we’ve flipped hundreds of homes and we continue to flip 100+ homes a year.
When I started making this video, I wanted to do a ten step process because it would make for a good title. I couldn’t help but consolidate it down into eight key steps. We go over each step and give you the basic essentials for each. Make sure you subscribe to my channel, because I will do separate videos for each step individually as well.
Step 1: Choose Your Real Estate Market
The market you choose is going to be the very first thing you need to do. Obviously you can’t flip houses without knowing where. I go over the different things to look for in a market.
Step 2: Build Your Team
In order to become a house flipper you need a team of four core members. A Contractor, Realtor, Escrow Officer, and a Lender. Eventually you would like to have multiple options of each, but for now focus on finding just one of each.
Step 3: Learn to Evaluate Deals
You will need to learn how to calculate After Repair Value (ARV), Repair Costs, Money Costs, and much more. Knowing your numbers is key to flipping profitably.
Step 4: Find a Deal
There are three main ways to find deals. Through the MLS, Wholesalers, and Direct to Seller Marketing. You don’t have to do them all. With Direct to Seller Marketing, there are so many different ways you can advertise. This includes direct mail, text messaging, cold calling, PPC, SEO, TV commercials, RVM, and many others. I advise beginners to start with the MLS and Wholesalers. It’s much easier and less expensive starting out.
Step 5: Buy the Home
Once you find a deal, you need to buy the home. This is where your Lender and Escrow Officer come into play.
Step 6: Rehab the Property
This is where you need your Contractor. You’ll need to renovate the home in order to receive maximum value.
Step 7: List the Home
This is where your Realtor jumps in. They will need to list it and sell it once the renovation is complete.
Step 8: Sell the Home
Once you sell the home, you officially get PAID!
You don’t need money to start flipping. That can be solved by finding a good lender. I had $10,000 when I first started. I understand it was a lot more than most people have, but it was not a big sum of money. Do not let money be the reason for not taking action and starting.
Many people like to start wholesaling houses because it requires less money and you get paid quicker. I will make another video on this as well. I believe either way is a great way to start investing in real estate.
The biggest key is to take ACTION. This is the hardest part for beginners. Get over the self doubt and do what it takes.