| Flipping properties, as described by the experts, can | | | | enhanced by having a mentor. Whether you gain profit |
| truly sound simple and easy. However, those who tried | | | | or lose money in flipping- this is dependent upon how |
| the late-night infomercial coaching systems found out | | | | well you assess the property before obligating yourself |
| that this was not the case. Unless you've mastered | | | | to the seller. A mentor can also help you to verify the |
| the entire process of locating, analyzing, number | | | | accuracy of the information provided by the motivated |
| crunching and determining an accurate after repaired | | | | seller before you call it a deal. |
| value for your flip, you could have some serious | | | | #3. Buying and fixing the property |
| challenges in this market. Having a great and reliable | | | | What is the best way to structure this deal? |
| team for the project is as crucial as all of the other | | | | Which contract should I use? |
| elements. | | | | How much will I need to place into escrow? |
| If you've had major challenges in your investing | | | | Should I buy the property with my own cash, with a |
| business, it can lead to doubts and fears. You may | | | | partner or through financing? |
| question your ability to translate theory, to put into | | | | How will I pay for the repairs? How much should I |
| practice the knowledge you've gained in seminars, | | | | calculate for holding costs? |
| boot camps and home study courses. Worse yet, as | | | | What about permits? |
| a result I've seen some investors decide that flipping | | | | The above questions are very stressful for the |
| properties is not for them. | | | | inexperienced flipper and may even discourage certain |
| Actually, a good mentor can be instrumental in helping | | | | new investors from going forward. A mentor's |
| to restore your lost confidence. With the right | | | | guidance can make all the difference in this arena. |
| motivation and experience, a great coach can suggest | | | | #4. The right flipping strategy |
| systems to funnel leads, direct you to a flipping course, | | | | There are variations in flipping - such as wholesaling |
| help to minimize mistakes, provide vital tips and build a | | | | and the buy-fix-sell method -sometimes it's difficult to |
| supportive team to help you succeed and get your | | | | decide which way to go and why. Exit strategy is |
| first flip deal much faster than you could do before. | | | | imperative. Should you wholesale/ assign the contract |
| First, you should look for a mentor who has a good | | | | and allow another investor to close the deal? Should |
| track record in the business you are in – in this | | | | you position yourself as the end buyer, the wholesaler, |
| case, flipping properties and who has made some true | | | | or should you let a real estate investor close the deal |
| mistakes of their own, that they've learned from. | | | | for you in exchange for a fee? Would it be an even |
| Sometimes, we forget to learn from past mistakes | | | | more feasible option for you to close on it yourself, fix |
| and previous challenges. If you're able to learn | | | | it and then retail it to an end buyer? |
| important growth lessons from those mistakes, you will | | | | Your mentor can help you to choose the best option |
| benefit by strengthening your investing muscles. If your | | | | for your situation because you've had that honest |
| chosen mentor has overcome struggles in the | | | | conversation about your resources and current needs. |
| business and persisted through them to invest another | | | | #5. Contracts |
| day, another year, in another market cycle - this could | | | | Certain issues can be avoided if the proper |
| be the ideal trainer for you. Apart from accountability, | | | | agreements are executed prior to any exchange of |
| motivation and direction, a good mentor should be able | | | | goods, services or money. Do you have an |
| to share with you all the basic knowledge, tips and | | | | assignment of contract? If you need one grab it from |
| tricks in the process of flipping properties. Some of the | | | | the fec knowledge section. A mentor can guide you in |
| flipping tips have been mentioned below: | | | | choosing and preparing suitable contracts for each |
| #1 Building the right flipping team | | | | specific deal. It's also a benefit to determine which |
| Review your tools and resources with your mentor. | | | | reasonable and otherwise unreasonable terms and |
| Be as open and honest as you can. Discuss the | | | | clauses are relevant for you in your agreements. |
| members of your team such as: appraisers, | | | | #6. Marketing |
| contractors, carpenter, plumbers, etc. and note what | | | | As the real estate market changes, marketing that |
| else will be needed to round out your resources. | | | | might have worked wonders before may not be |
| Interviewing other individuals that are team players- | | | | viable at the moment. Ask your mentor what |
| such as your real estate agent and loan broker might | | | | marketing strategy and plan should be implemented. |
| end up being fantastic candidates to add to your team. | | | | It's possible and proven that by working with a mentor, |
| Check in with your mentor about these possible | | | | your skills can be greatly enhanced and get you well |
| players. | | | | on your way to your first deal. Have your mentor help |
| Get on board with your mentor and ask about how to | | | | you to choose a successful real estate investment |
| acquire retail buyers and how to build a reliable | | | | and show you why and how they made that choice. |
| database of investors. | | | | The training and the supportive relationship that you |
| #2 Assessing the right property | | | | receive from a mentor will build your confidence as |
| Assessing the right property by locating, analyzing and | | | | you proceed by yourself to your next flipping project. |
| negotiating. This is so very important to whether you | | | | Right now is a fantastic time to invest in real estate |
| create a deal or not. It you are not comfortable with | | | | because it's on sale! Strengthen your investing muscles |
| your methods, increasing your knowledge can be | | | | today and build a secure future doing what you love. |