Ever since I got started in this Real Estate business as a Real Estate Investor I’ve learned so much, met a lot beneficial key players in this field and I’m still learning, growing and branding my business. I network every day, and maintain those relationships as often as possible, because you never know when you might need some of those key players for future business ventures.
So for the next few weeks, once a week I’m going to give you 10 steps, (as you might know there are more then 10 simple steps to flipping, i’m giving you my own personal 10 that I feel are important) to Flipping 20-30 houses a month. (You, say what? 20-30 houses a month, you’re crazy!) It’s possible, but that also depends on how proactive, dedicated and how much drive you have in this field of Real Estate to go those extra miles in obtaining your financial freedom!
So before I continue, here are a couple things to think about and a couple questions to ask yourself before reading next weeks blog…
- Are you really ready to invest? Look at your own personal finances, take an inventory of your life to see if this fits into your lifestyle. Educate yourself. Read real estate material, blogs, websites and forums so you have a semi-idea of what you’re getting yourself into.
- Do yo have a plan? You put your whole life savings into an investment and lose all of it, what is your next plan of action? Something to think about. Having a plan of action is the most beneficial thing you could possibly do for yourself and your investment.
- Do you know what type of property you want to start with? Fix and Flips? Buy and Hold? WholeSale? New Homes? Maybe you don’t want the hassle of the property at all, so maybe you become the bank by lending money to investors. Do you really know what all these terms mean and how these fit into your lifestyle? What is best and your goals?
- Have you researched the type of area you want to invest in? How are property values in your area? Are homes selling? Are investors making way in that area? Learn your area, location is KEY!!
- Have you decided how you’re going to fund your real estate investment? Maybe you want to use all cash, your own money and not deal with the banks or loan companies.(That’s one way to go) But it’s nice to utilize and leverage other peoples money as well.
- And lastly, have you sat yourself down and come up with an exit strategy? This is why I say come up with a Master Plan before you decide to buy property. 1.)Renovate and sell quickly. Then what if the property doesn’t sell? 2.) Put a tenant in that property and hold it. (Rent it out) 3.) Sell property without renovations for lower but faster profit to another investor (wholesaling).
Always have multiple plans for your investment, and know exactly how you plan on making money with your investment as well! Remember Real Estate is just the vehicle to get you moving to where it is you want to be whether it be traveling monthly, debt free, or to give you some breathing space for financial freedom to do what you please.