Three Steps To Flipping Houses Successfully
To one sitting on the outside looking in, it seems flipping houses for a living is nothing more than an illusion. Nothing more than a television show giving you before and after photos of properties that have been renovated.
However, for some, the dream to flip houses full time has become a real life scenario. And to these few, they understand that there's more to flipping homes than just fixing up the property to resell. For those that are successful, there are three steps to making the business work for you.
1. Finding the leads. Be sure not to confuse leads with deals. Constantly promote your business to get more leads into your funnel. This is where it all starts for real estate investors that want to flip their way to wealth. This involves marketing and constantly being on the lookout for potential properties. And without actively promoting and marketing your business, then you're going to never get involved. You're gonna be left sittin' on the sidelines while the people around you are profiting from red hot, smoking deals every month.
2. Converting the leads. After you've mastered the art of generating leads, it's time to convert the leads into actual deals. First you pre-qualify your seller to make sure they're motivated, and then you've got to listen to your seller's needs to make an appropriate offer that makes financial sense to you, but also that's a win for the homeowner. Be sure to collect as much information as possible by phone. This will save you hours upon hours of dealing with people that aren't motivated sellers.
3. Master the exit strategy. Finally, you're ready to sell the deal to turn a profit. Although this is the final step; you should have a plan before ever making the offer to your seller. Even though this is the final step, this should be what you think of before ever presenting the offer. Here are some options to consider as your exit strategy:
a. Do you plan to flip the property fast to another investor that will buy the property to fix up, then resell to a homeowner?
b. Do you plan to flip the deal to a landlord/ investor that buys property for the long term?
c. Do you have and established relationship with any other investors that would be interested in the deal?
Your success largely depends on how quick you move the property. Therefore, work to build solid relationships with real estate buyers in your area because these will be reoccurring buyers of your properties. Now, remember, you've got to negotiate a good enough deal so that you can leave some money on the table for the investor buying it from you. Investors have different criteria, so it's best to find out what they're looking for in advance when attempting to flip a property. For example, you don't want to show a higher priced home when the investor only buys lower incomer properties. Master these three areas to every property you want to flip and watch your income soar.
However, for some, the dream to flip houses full time has become a real life scenario. And to these few, they understand that there's more to flipping homes than just fixing up the property to resell. For those that are successful, there are three steps to making the business work for you.
1. Finding the leads. Be sure not to confuse leads with deals. Constantly promote your business to get more leads into your funnel. This is where it all starts for real estate investors that want to flip their way to wealth. This involves marketing and constantly being on the lookout for potential properties. And without actively promoting and marketing your business, then you're going to never get involved. You're gonna be left sittin' on the sidelines while the people around you are profiting from red hot, smoking deals every month.
2. Converting the leads. After you've mastered the art of generating leads, it's time to convert the leads into actual deals. First you pre-qualify your seller to make sure they're motivated, and then you've got to listen to your seller's needs to make an appropriate offer that makes financial sense to you, but also that's a win for the homeowner. Be sure to collect as much information as possible by phone. This will save you hours upon hours of dealing with people that aren't motivated sellers.
3. Master the exit strategy. Finally, you're ready to sell the deal to turn a profit. Although this is the final step; you should have a plan before ever making the offer to your seller. Even though this is the final step, this should be what you think of before ever presenting the offer. Here are some options to consider as your exit strategy:
a. Do you plan to flip the property fast to another investor that will buy the property to fix up, then resell to a homeowner?
b. Do you plan to flip the deal to a landlord/ investor that buys property for the long term?
c. Do you have and established relationship with any other investors that would be interested in the deal?
Your success largely depends on how quick you move the property. Therefore, work to build solid relationships with real estate buyers in your area because these will be reoccurring buyers of your properties. Now, remember, you've got to negotiate a good enough deal so that you can leave some money on the table for the investor buying it from you. Investors have different criteria, so it's best to find out what they're looking for in advance when attempting to flip a property. For example, you don't want to show a higher priced home when the investor only buys lower incomer properties. Master these three areas to every property you want to flip and watch your income soar.
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