myEmpirePROQuestion: “How do I begin flipping houses?”
One of the most commonly asked questions is, “How do I get started?”
“How do I begin?”
“Where do I start from?”
“How do I start from…?”
That’s why I created the 11DaysChallenge.com
Why?
Because there are tons of gurus selling $25,000, $5000, or $1,000 programs out there basically; talking head teaching you all the definitions there is to know about real estate.
Even in the world of realtors, you experience the same thing, you go to the classes…
You’re just gonna learn real estate law, you’re not gonna learn marketing.
You can ask someone like Gary Keller.
Gary Keller did a whole book on The Millionaire Real Estate Agents, you can find this very good book that will teach you the concept of what I’m talking about,
…Building the pipeline.
So either you’re a Realtor or you’re the Broker
Without a pipeline, you’re just basically donating money to the government.
So how do you begin?
The way you begin flipping houses depends on what kind of flipping houses you’re talking about.
If you’re talking about rehabbing houses to flip, you still have to find these deals.
The way you find these deals?
You reach out to wholesalers.
Find a group of wholesalers and just get on their list.
That’s one way if you want to focus on rehabbing houses.
But if you just want to focus on the grand definition of flipping houses,
…which starts from marketing…meaning finding houses from distressed homeowners and slipping it into the market for retail buyers
And you’re making a spread (profit) in between; if you wanna do that, obviously, where you begin is to learn how to find deals.
PREVIOUS POST: Do You Need A LICENSE For REAL ESTATE WHOLESALING?
So you can find deals…
You can pick up the phone and start calling all the people that own houses in your neighborhood.
That’s a terrible way to get started.
You can start driving around town and writing down (property) addresses with overgrown weeds and stuff like that.
That’s also… if you’ve seen (followed) me here, that’s also a terrible way to get started.
Because if you see me here, that means you have access to better strategies.
It doesn’t mean that strategy won’t work at some point, I’m just concerned you won’t keep working until it works.
You’re gonna get frustrated out of the game.
But, it starts from finding deals.
What does a deal look like?
It means people that own distressed real estate but also want to sell.
So just because they own it doesn’t mean they want to sell.
There are too many people…
Once you start reaching out and creating an outreach campaign,
You will find that there are so many people that own properties with overgrown weeds, terrible looking houses on the block,
…but they don’t want to sell because they feel like they have a gem.
Another terrible reason to just drive around town writing down addresses is because you’re not even close to the money.
Where’s the money?
Let’s talk about the money.
The money is all the way to the extreme right, Deals.
TRENDING: How to Flip Houses for Beginners with No Money📍
But you’re starting at stage 1.
Everyone starts there but what I’m telling you is… when it comes to the 3 core pillar,
…the 2nd pillar is automation.
You wanna automate stage 1 to 3 as much as possible.
Stage 1 to 3 should not involve your personal time as much as possible.
You should make sure stage 1 to 3 do not involve your personal time as much as possible.
Maybe a little input: set up campaign, turn off campaign, pause campaign and things like that that takes 2 to 5 minutes.
But the idea is to eliminate yourself as much as possible.
Why?
Because that improves and encourages consistency.
When it involves you a lot, it discourages consistency.
Why?
Because we get tired as human beings, right?
Even if you want it badly enough, there’s a point you get to… that same thing that’s not generating money as fast as humanly possible;
It will simply not be worth your time.
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So that’s why you see a lot of people quit prematurely because they’re involved in the part of the process that’s not close enough to the money.
A lot of those activities are time consuming and a lot of people actually hurt their relationships in the process.
Because that’s time away from family, it’s time away from the things that matter.
…that truly matters in life.
The same reason why you wanna build a business.
Freedom, right?
So I’m telling you right now.
If you wanna learn everything from stage 1 to 5 and learn how to set up a property so you can just focus on stage 3, which is lead generation, just the people…
You are pre qualifying people.
…Because even though you set up automation to take care of stage 1 and 2, when you start generating leads consistently, you still have to pre qualify them.
Either you automate it or not, you have to pre qualify them.
So you want to automate 1 and 2 as much as humanly possible.
And then you focus on 3 and 4, and then 5 should be no issue if you’re locking up the right type of contract.
Frequently Asked Questions (FAQ)
Yea. You can flip houses with no money. What that simply means is that you will have to invest time and sweat equity to build cash.
It’s a boundary set by investors to account for profit goals and cost associated with the business of real estate investing when scouting for deals.
They simply multiply the after repair value (ARV) of a target subject property by 70% and adjust the product for repair cost estimate. (70% x ARV) – Repairs = Maximum Allowable Offer (MAO)
You can get in the business of flipping houses for less than $1,000.
However, there is no cost too much for a proper coaching and mentorship when an average deal can net you a profit of $25,000 or more. My personal highest is $82,000.
With education, coaching and mentorship, you can effectively tap into other people’s experience (OPE) just like you can tap into other people’s money. (OPM)