It can be tough to fail at something. It’s devastating if you’ve failed and lost your own money on a real estate investment. You may have done everything right. You may have followed advice you got from three different professionals. At the end of the day, you may not know why you lost money on the deal, but you know you’re not giving going to give up. This is your calling. You deserve to give it every ounce of your energy to prove you can do it. You will succeed, and you will find a way.
In this blog series, we share the four hard and fast rules every house flipper needs to know about the industry before they can become ultra-successful. What’s more, the creators at FLPPD know you’re ready to take your game to the next level, which is why they offer their app to those in the real estate investment and house flipping industry. Download it today. Otherwise, continue reading this post to learn more.
House Flipping Rules To Success
We understand if you’re hesitant to be told that there are rules, and that you have to follow them. You’re an entrepreneur, a self starter. You don’t need rules. All you need is an opportunity. However, these four rules we’re about to share are what the real estate investors and house flippers consider before every deal they do; it’s what makes them super successful. Here are the rules:
Rule #1 – Understand Your Risk
Whether you decided to pay all cash, borrow money, or bring in a silent partner, you need to know what you could lose if the deal goes belly-up. Can you afford to lose on this deal? Yes, we know you’re the next best real estate investor or house flipper in the game. Risk is important, nonetheless. You want to be in this for the long haul, you need to know where you stand if everything goes sideways. Furthermore, paying cash means you assume all risk. Borrowing money can get a little expensive, and it requires you, once again, to assume all risk, even if the deal falls-through. What if you bring in a silent partner? Risk is then discussed in that deal. Always know your risk so you can make better decisions down the road.
Rule #2 – Know Your Profit
Where is profit in the deal you’re about to do? When flipping houses, it’s better to be fast and make a profit than to wait for a buyer who will pay top-dollar and have the market turn on you before the deals done. Consider some simple math. Let’s say you flip three houses for $30,000 each. That’s $90,000 in a year. Now, consider you held out for more profit, but you only flip two homes in a year for $40,000 a piece. That’s $80,000 for the year. It pays to be quick when flipping homes. Look for homes that have been foreclosed on. Homes that are significantly under market price that don’t need a lot of work. Find ways to increase your profits with how you buy.
Download The Premiere House Flipping App Today!
Start your house flipping or real estate investing career with the FLPPD app today. You can list your deals, analyze deals, and grow your network from the palm of your hand. It’s never been easier. We’re revolutionizing the industry. Download the app today!
Read part two of this blog series to learn more!