Want to start flipping houses but just don’t know where to begin? Do you need to set up a business? Which type? What type of house flipping should you start with? What if you don’t have much money?
A large million questions that can be asked. There’s so much information out there and it’s really hard to know which is the best way to go and who to trust. I will cut through all of the confusion and show you how to begin in a step-by-step way. This is based on my experience and is my recommended way to getting the ball running.
Action 1: Know Where You want to Go
We shouldn’t just jump in our car and speed away without knowing where we are going. That’s crazy and a complete waste of time and money. We have to figure out our destination first.
In my opinion, this is the single most https://www.kindhousebuyers.com/wa/ important step up this process. You should know your destination. It needs to be specific and definite in your head. A conclusion goal of ‘getting rich’ is too general and not definite enough to help you to envision where you want to be. We need to figure out exactly what you want and how you want our lives to be so that we have a clear vision of what it is we want to achieve.
If you’d like to be able to take your family on vacations whenever you want and for as long as you want? Do you wish to be able to earn profits instead of wages so that you can do this full-time and grow in control of what what you are doing and when? Do you wish to be able to achieve all that you feel you are meant to achieve without waiting for someone to give you the opportunity? In order to do these things, we must lay them out as specific goals.
You can take ‘getting rich’ and have the right questions to figure out what you really want and why you want to flip houses. We could ask WHY we want to be rich. What would being rich do for us? What kind of things would you do if you were rich? What would your average day become if you were rich? Answer these questions and write down your answers. Something about writing things down allows you to fully realize and remember your answers. Also, begin a vision board.
Figure out what your true dreams are and try to make them as specific and clear as possible. Try to have concrete goals that you can work towards. Narrow your focus.
Step two: Get Educated (don’t overdo it)
Now that we know our destination, we still shouldn’t just jump in that car and peel from the lemon out into the distance. That might be funny, but it would not be funny for for an extended time. Especially keep in mind that lost and frustrated.
We need to get educated so that we know the best way to get to our destination. We need to study the roads and figure out not only the smallest path, but the path with the least amount of traffic jams. The traffic jams internal flipping are the things that slow us down and make it more difficult for us to get to where we want to be. This can be things like having a ton of over-leveraged rental properties with non-paying tenants that are trashing the place and leading you to bleed money at a staggering pace.
You might have already started your house flipping education. Well, I know you have because you are here scanning this. At least you are in the right place! What a great start. That shows me you already know what what you are doing so far.
What do you need to learn and where can you learn it?
In order to figure out what you ought to learn, we need to figure out which house flipping strategy to pay attention to.
Focus Your time On one Strategy
There are a lot of strategies out there. I’ve seen some really crazy and down right dangerous ones. Most typically just sound great and look good in writing but are super risky in reality. When you add the human factor to several these strategies (tenants that don’t pay and completely garbage your house, dishonest investors and sellers, unanticipated costs and repairs, legal cases, and list goes on and on), they are not an alternative way to go. You have to return to the basics. To the old things which have been working for a long time for a lot of investors.
My Recommended Starting Strategies (and I still use them myself)
Beginning with birddogging and wholesaling is the easiest way to get into flipping houses without much risk and with little to no money. These are the strategies that we feel you should focus on. I call these the strategies with the lowest entry costs in terms of time, money and experience.
Give yourself a better chance of really making it by laser focusing on these two methods. Bejesus, just focus on one if you want. The great thing is that both of these can be learned quickly and interchanged for each deal as you see fit.