Learning to flip houses is a major key for achieving financial freedom. There are fewer ways to create cash to build wealth with that are faster or more reliable than flipping houses.
Flipping houses is a great way to:
Pay off credit card debt
Accumulate capital for investments
Get out of the rat race quickly and become a full time investor and businessman or businesswoman
Become a top 1% income earner
Raise capital and build trust with investors
Build a brand
Create capital to start your dream business
Flipping houses and learning how to flip houses has so many benefits that it would be crazy to NOT have this as a strategy for wealth building.
The key to flipping houses profitably is that you have to BUY RIGHT.
Many people don’t know their numbers and try to buy retail and then flip retail as well.
Buying high and selling higher typically doesn’t work
To make money you have to buy low and sell high.
To buy low, you have to buy wholesale, which usually means without a realtor. Realtors are “retailers” and their fees plus the promise to get top dollar for their clients usually takes your profits out of the deal.
Looking back on the deals I’ve done, all of the profit in the deal is usually the profit that I negotiate up front through discounts.
To buy low, you have to typically locate a seller who has one of the 3 D’s:
People who are motivated to sell quickly and sell for less make the best customers for your “we buy houses” business.
Once you have a discounted property, make sure it fits this formula:
You are going to buy at 40-60 cents on the dollar
Fix to 70 cents on the dollar
Sell at 100 cents on the dollar
Cost to sell is 10 cents on the dollar
You are going to make 20 cents on the dollar
Net to you will be 10-15 cents on the dollar if done properly.
Using real numbers:
You are going to buy at $100,000
Fix to $140,000
Sell at $200,000
Cost to sell is $20,000
Profit is $40,000
And you will take home between $20,000 to $30,000 for yourself depending on how fast you flip the property.
To have the best success you have to choose properties that are in high demand neighborhoods that sell quickly.
The faster you sell, the more profit you keep.
The slower you sell the more you have to discount and your profits shrink fast.
Learn how to flip houses and enjoy the benefits being able to create cash on demand.
Respect The grind,