🏠 Is flipping houses the right investment for you? How does it work, and what are the risks?
👇 Below, we’ll take a quick look at what mistakes to avoid.
1. Not having enough money
It’s vital that you research all the costs associated with buying, owning, and repairing a home in order to sell it for a profit later.
2. Not having enough time
Once everything is done, you’ll need to put the home up for sale and show it to prospective buyers.
3. Not possessing the right skills
Many house flippers are actually construction, plumbing, and electrical professionals with the skills to do most of the work themselves.
4. Not knowing about real estate investing
You also need to understand real estate laws, tax laws, and be able to choose which repairs are necessary and which are not.
5. Not being patient
Be sure you consider the five pitfalls above to be sure you know what you’re getting into.
Domonique 'Dom' Fields | NextHome Kel Mitchell
firstname.lastname@example.org | (256) 763-0525
domoniquefields.com | 122255
🏦 Deciding to be a real estate investor is a substantial choice resulting in countless investment opportunities. It takes a special person to follow this path, and we’re happy to walk it with you.
1. Closing costs
Separate from the purchase price of the property, closing costs are a part of every real estate transaction.
You will probably pay your taxes once a year, so it’s important to set money aside for the expense.
3. Unanticipated repairs
It’s your obligation and financial responsibility to address them, so having extra funds set aside is always a good idea.
4. Hiring property management
Hiring a property management company to assist you with the daily tasks of managing your rentals is an option.
If you anticipate ahead of time the probability of vacancies due to time needed for repairs or lack of tenancy, you can put aside a nest egg that covers the costs until new tenants move in.
Jeffrey Blanchard, REALTOR | Corpus Christi Realty Group
CCRealtorJeff@gmail.com | (361) 232-1378
https://bit.ly/32stRez | TREC License # 634830, TRLP, C2EX Endorsed, AHWD, PSA,
✨ Success in real estate investing begins with knowing the right people.
⬇️ Here’s how to build and maintain a strong real estate network.
1. Work hard to be trustworthy
As a new investor, it can be difficult finding people who are willing to work with you simply because they don’t know you. You’ll slowly build a reputation for being trustworthy.
2. Honesty is the best policy
Always communicate your intentions from the beginning and don’t pretend to know it all if you don’t. By being honest upfront if you aren’t sure of something, others see you as honest and are more likely to listen to you when you do know what you’re talking about.
3. Be a giver
As a successful investor, you have a responsibility to help others grow and succeed as well without expecting anything in return. Ultimately, when you give to others in your network, you sway the tide of success in your direction because when they succeed, you succeed.
4. Offer mentorship
Your expertise is valuable and can help others achieve their real estate investing goals. Offer mentorship to others in your network by giving advice and sharing your experiences to help them work through their problems.
5. Be gracious
Let the ones who impact your life most know how much you appreciate them and their help. Write a thank you note or send a small gift. After all, without your network of people to rely on, your investing career will go nowhere fast.
6. Keep track of your connections
Over the course of your investing career, you’ll come in contact with hundreds of people. It’s important you devise some sort of tracking system that contains all the pertinent information for each connection you make.
Allan Zolin｜Coldwell Banker Realty
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