Flipping Houses When You're Dead Broke

By Lou Vachon

How to Start a House Flipping Business Without Experience or Money - A Beginner's Guide to Financial Freedom.

 

Do you dream about escaping the boring routine of a 9-5 job and starting a profitable business?

 

Has the current economic crisis cost you your job--your debts piling up without any source of income

• Language: English
• Publisher: ManyExpertAdvice
• Release date: Sep 13, 2020
• ISBN: 9781777377014

Book preview

Flipping Houses When You're Dead Broke

5 Strategies to Begin Your Real Estate Business and Fill Your Empty Pockets

Lou Vachon

www.manyexpertadvice.com

© Copyright 2020 - All rights reserved.

The contents of this book may not be reproduced, duplicated, or transmitted without direct written permission from the author.

Under no circumstances will any legal responsibility or blame be held against the publisher for any reparation, damages, or monetary loss due to the information herein, either directly or indirectly.

Legal Notice:

This book is copyright protected. This is only for personal use. You cannot amend, distribute, sell, use, quote, or paraphrase any part of the content within this book without the consent of the author.

Disclaimer Notice:

Please note the information contained within this document is for educational and entertainment purposes only. Every attempt has been made to provide accurate, up to date and reliable, complete information. No warranties of any kind are expressed or implied. Readers acknowledge that the author is not engaging in the rendering of legal, financial, medical, or professional advice. The content of this book has been derived from various sources. Please consult a licensed professional before attempting any techniques outlined in this book.

By reading this document, the reader agrees that under no circumstances are the author responsible for any losses, direct or indirect, which are incurred as a result of the use of the information contained within this document, including, but not limited to, —errors, omissions, or inaccuracies.

Contents

Introduction

Section 1: Five Strategies

1. Flipping Houses - The Easiest Real Estate Business Ever?

2. Make a Profit by Investing Someone Else's Money

3. Location + Timing = Success!

4. How to Find Houses to Flip

5. The Magic Flip Formula or the 70% Rule

6. To Renovate or Not to Renovate

Section 2: Flipping Houses Tips

7. You've Renovated - Now What?

8. Your Fix and Flip Team

9. Covid-19, Natural Disasters, and Economic Downturns

10. Frequently Asked Questions

Conclusion

Resources

The essential house flipping Checklist

(Never even consider flipping houses without it...)

This checklist includes:

19 steps to follow on your way to success.

How these 19 steps will help you start your career in real estate.

How easy it will be for you to make at least $20,000 in profit or more if you follow the recommendations.

The last thing we want is that your real estate business to be ruined, or that you lose money, because you were not prepared enough.

To receive your flipping houses checklist, please visit the link:

CLICK HERE

https://manyexpertadvice.activehosted.com/f/1

Introduction

Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.

Franklin D. Roosevelt

Working 9 to 5 days out can be dull if you do not love your job choice.

With the recent Coronavirus COVID-19 issue, your retirement account may have taken a hit.

You might struggle financially and need extra income.

If one of the above sentences fits you, then you need a solution. How can you make more income or rid yourself of that 9 to 5 job you dislike? The answer is flipping houses. You have probably heard about house flipping, either because you know someone who has taken on the business or watched one of the DIY Channels (Do-It-Yourself Network) television shows on flipping houses.

You are reading this book because you want to know more about the flipping houses business model. You will gain necessary information on income and potential earnings from fixing and selling houses. The BFS, buy-fix-sell, model provided will help you earn profit without a substantial initial investment.

To help you avoid beginner mistakes, I will answer the following questions.

What is house flipping?

How do I flip houses?

What do I need to start flipping houses?

How do you flip houses with no money?

Is it possible to make a serious profit in flipping houses?

What mistakes do people make when flipping houses?

How many renovations should I do on a property?

Do I need a team to help me?

What happens in uncertain economic times, can I still flip homes?

You will gain proven strategies for flipping houses. The data presented in these pages is up to date, meaning the current market was researched, and the policies listed inside apply to the market trends.

You should be aware of the market changes. Trends determine what to buy when to buy, and how much profit you will make. In 2019's second quarter, investments in real estate increased. ATTOM Data Solutions showed 59,876 homes and townhouses sold, according to DLP Capital Partners research. The number was up 12.4% from the first quarter. The percentage is up from 2018's numbers. For residential purchases, a 5.9% increase occurred. Supply and demand will significantly impact your earning ability, and with housing inventory falling 3.9% in 2019, the demand has increased for homes on the market. According to the statistics, profits did decrease because of the lower supply. However, there was still an average gross profit of $62,700 for house flipping. The return on investment calculated to be 39.9% is certainly nothing to be upset about.

As 2019 ended, house flippers prepared for the 2020 season. Of course, no one could predict the issue with COVID-19 and the resulting economic situation. Do not be disheartened about the change in trends. Eventually, the economy must reopen, and those with the ability to make money can do so. Later we will discuss COVID-19 and its effects, along with how to prepare for natural disasters and how to take advantage of them.

Allow yourself to overcome obstacles by reading study-driven information based on data showing what works and what does not when it comes to flipping houses. I collected the best strategies and have used them over the last ten years.

I enjoy finding ugly houses and turning them into beautiful homes. I wanted to travel with my partner, but I couldn't do that with my 9 to 5 job. Traveling allowed me to gain inspiration from architectural landscapes in different countries and try to follow my passion for turning something run down into something worth owning. I have been where you are. Now is your chance to gain an understanding of flipping houses and succeed, whether your goals are flipping houses for more retirement funds, passive income, or freedom from the 9 to 5 life.

You are going to avoid the big mistakes when you follow these proven strategies and avoid losing money. There is considerable ROI to be made by learning when and what to buy and how to finance your business. You will be able to calculate whether a property is worth flipping and how much money to invest in renovations.

No step in the process is overlooked. You will be successful from the start as long as you follow the proven strategies in the following chapters. People who do not follow the methods and tips provided here will fail; I have seen it too often.

It is time for you to enjoy life, to work smarter, and gain what you desire. All that is waiting is for you to take the leap and begin your flipping houses business by reading the following strategies and then putting them to use. Let's learn together so you can feel financially secure.

Section 1: Five Strategies

In the following chapters, you will discover how to flip a house and what the 70% formula means. Each section provides one of the five parts to the overall strategy, including what flipping houses means and how to find the money to make a profit.

1

Flipping Houses - The Easiest Real Estate Business Ever?

Flipping house models vary slightly, but generally, they are all built on the BFS concept, where you buy—fix—sell. As an investor, you wish to buy a home and then sell it for a profit. You intend to resell it quickly, although the time can range from a few months to a year. You can flip houses two ways:

1. Buy the property to make repairs and updates to gain a profit. The work is quick, low cost, and profit comes from a home value increase.

2. You can also buy a property in a market where home values are increasing, without making renovations. You hold the home for a few months and resell at a higher price to gain a profit.

The following formula for flipping houses can lead you down a troubling path. A savvy buyer will examine how long a residence has been on the market when it was last purchased, and if renovations are completed. This type of buyer is aware of model 2, intending to gain profit from housing value increases and will avoid the situation at all costs.

The BFS formula is the optimal choice to gain profit from a buyer. It is simpler to get a higher profit from minor renovations of a property rather than buying a home without making updates. Any