I grew up in Florida with a shoestring future and no real aspirations. I watched my parents struggle and saw how hard they worked only to come up short time and time again. When I was old enough to work, I started working for my parents’ landlord. He took me in and showed me the ropes. He let me manage a low ROI apartment to get me started.
I worked hard to fix it up and make it a great place for tenants to live. I painted the walls, replaced the appliances, and fixed any broken fixtures. I also made sure to keep the property clean and well-maintained.
Over time, I built up a portfolio of rental properties in Tampa and other parts of Florida. I was careful to only buy in good neighborhoods and to invest in properties that needed some work. As a result, my properties have always been in high demand, and I’ve been able to generate a good return on my investment.
For those just getting their feet wet:
Flip it fast. The longer you hold a flipped property, the more money you’re losing on carrying costs like insurance and taxes. Aim to flip each property within 6-12 months.
Focus on value-add renovations. Don’t waste your time and money on cosmetic updates. Instead, focus on renovations that will add real value to the property, like new kitchens and bathrooms, updated electrical and plumbing, and fresh landscaping.
Get pre-approved for a loan before you start shopping. This will give you an idea of how much money you can borrow and what your monthly payments will be. It will also make you more attractive to sellers, who know that you’re a serious buyer.
Be prepared to negotiate. Don’t be afraid to haggle with sellers. You may be surprised at how much wiggle room they have.
Don’t be afraid to walk away. If you’re not getting a good deal, don’t be afraid to walk away from the deal. There are plenty of other fish in the sea.
Bonus tip: Don’t be afraid to fail. Everyone fails at some point. The important thing is to learn from your mistakes and keep moving forward.
Here are some additional motivational tips for flipping houses:
- Be organized and have a plan. Before you start flipping a house, take some time to create a plan. This includes estimating your costs, setting a timeline, and identifying potential roadblocks.
- Don’t be afraid to ask for help. There are many people who can help you with flipping houses, including real estate agents, contractors, and other investors.
- Be patient and persistent. Flipping houses takes time and effort. Don’t expect to get rich quick. But if you’re willing to work hard and persevere.