Can you still make money flipping homes in the current market conditions? To some, it seems nothing more than an illusion. But for others, flipping is big business and the economy is actually helping get more deals.
However, for some, the dream to flip houses full time has become a real life scenario. And to these few, they understand that there's more to flipping homes than just fixing up the property to resell. For those that are successful, there are three steps to making the business work for you.
1. Finding the leads.
Be sure not to confuse leads with deals. Constantly promote your business to get more leads into your funnel. This is where it all starts for real estate investors that want to flip their way to wealth.
Stay on the lookout for motivated sellers and potential properties. Take this first step and start marketing your business in an attempt to find and attract motivated seller leads.
2. Deal Converting.
After you've mastered the art of generating leads, it's time to convert the leads into actual deals. First you pre-qualify your seller to make sure they're motivated, and then you've got to listen to your seller's needs to make an appropriate offer that makes financial sense to you, but also that's a win for the homeowner. Be sure to collect as much information as possible by phone. This will save you hours upon hours of dealing with people that aren't motivated sellers.
3. Sell the deal.
Finally, you're ready to flip the deal for a handsome profit. Even though this is the final step in the process, you should began the entire process with the end in mind - how you plan to get out of the deal and get paid?
Here are some options to consider as your exit strategy:
a. Do you plan to flip the property fast to another investor that will buy the property to fix up, and then resell to a homeowner?
b. Are you going to sell to a landlord investor?
c. Do you have any established relationship with any other investors that would be interested in the deal?
Your success largely depends on how quick you move the property. Therefore, work to build solid relationships with real estate buyers in your area because these will be reoccurring buyers of your properties.
Negotiate a good enough deal so that you can leave some money on the table for your buyer. Investors don't care if you make a profit as long as the deal makes sense for them.
However, for some, the dream to flip houses full time has become a real life scenario. And to these few, they understand that there's more to flipping homes than just fixing up the property to resell. For those that are successful, there are three steps to making the business work for you.
1. Finding the leads.
Be sure not to confuse leads with deals. Constantly promote your business to get more leads into your funnel. This is where it all starts for real estate investors that want to flip their way to wealth.
Stay on the lookout for motivated sellers and potential properties. Take this first step and start marketing your business in an attempt to find and attract motivated seller leads.
2. Deal Converting.
After you've mastered the art of generating leads, it's time to convert the leads into actual deals. First you pre-qualify your seller to make sure they're motivated, and then you've got to listen to your seller's needs to make an appropriate offer that makes financial sense to you, but also that's a win for the homeowner. Be sure to collect as much information as possible by phone. This will save you hours upon hours of dealing with people that aren't motivated sellers.
3. Sell the deal.
Finally, you're ready to flip the deal for a handsome profit. Even though this is the final step in the process, you should began the entire process with the end in mind - how you plan to get out of the deal and get paid?
Here are some options to consider as your exit strategy:
a. Do you plan to flip the property fast to another investor that will buy the property to fix up, and then resell to a homeowner?
b. Are you going to sell to a landlord investor?
c. Do you have any established relationship with any other investors that would be interested in the deal?
Your success largely depends on how quick you move the property. Therefore, work to build solid relationships with real estate buyers in your area because these will be reoccurring buyers of your properties.
Negotiate a good enough deal so that you can leave some money on the table for your buyer. Investors don't care if you make a profit as long as the deal makes sense for them.
About the Author:
Discover how to make money in real estate with the Real Estate Rebel's Flipping House Tips. For more information visit http://www.reirebel.com
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