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012 The Do and Don’t Do list on Fix and Flips [PODCAST]
Mark Ferguson is best known for his ability to do profitable real estate fix and flips. He’s made his living doing it and has built a very profitable business on it. In this episode of Invest Four More Mark is going to walk you through a “do and don’t” outline for property flipping that includes every step from finding and purchasing properties to how to sell for the best profit. It’s a great, practical episode that you won’t want to miss.
If fix and flips are so profitable, why isn’t everybody doing them?
There’s a very simple reason. It’s not easy to do and requires a lot of hard work and integrity in order to do them right. You’ve got to work every step of the way - to find the right properties, to make the offer and close the deal, to get financing that fits your need, to repair the property adequately and with the right eye for detail, to sell the property and actually turn a profit. Every step demands that you, the property flipper, work hard to make sure the project goes according to plan, and to flex and adjust when it doesn’t. Find out how a seasoned real estate flipper does it on this episode of Invest Four More.
The biggest mistake made in fix and flips is…
Not counting the costs accurately. It’s inevitable that inexperienced or new flippers are going to make mistakes on estimating their costs because they are new to the game. You should count on your repair estimate being off because you don’t know everything that is wrong with a property until you get into it. There will be unexpected issues that arise, almost always. Figure 5 to 10 thousand extra dollars than you plan, and figure it into your budget when you’re considering an offer on a property. That will enable you to know if you can truly make a profit on a fix and flip property. Find out more on this episode of Invest Four More with Mark Ferguson.
There is more cost to a fix and flip than just the repair costs.
You’re going to spend money at every stage of the process - real estate commissions on the buying and selling side, property taxes, homeowner’s association dues, permits fees, financing costs, sales costs, and others. If you don’t figure these in, you’re going to cut yourself short when it comes to the profit margin of the project, and possibly even take a loss. That’s not why you’re getting into house flipping in the first place, so take the time to listen and learn as Mark Ferguson walks you through the basics of what to do and what not to do when flipping properties.
How do you find good properties for fix and flips?
Off-market resources are great when you can find them, but they’re not the only way to locate distressed properties or good deals. Mark Ferguson has 7 fix and flips in process right now and every one was found on the MLS. He’ll make a handsome profit on each of them. How does he do it? He watches the listings multiple times a day and gets out to look at properties quickly. If he likes what he sees, he has his assistant draw up a contract that day. The speed with which he’s able to make offers and get them into the hands of sellers enables him to be high on the list of eligible buyers, and it results in good deals time and again. Learn more tips for getting good fix and flip properties through the MLS on this episode of Invest Four More.
OUTLINE OF THIS EPISODE
[1:00] Welcome and introduction to this episode on Fix and Flips!
[1:45] The basics of what a Fix and Flip is.
[2:09] The biggest mistake: Not counting all the costs.
[3:20] Why repairs almost always cost more than you predict.
[4:30] How to figure the cost of repairs on a fix and flip.
[6:26] Costs you need to figure beyond the repair costs.
[9:10] Be sure to figure in the financing costs if you’re using another person’s money.
[12:16] How to find good properties for fix and flips.
[14:00] The difficult flips are often the ones that make the biggest profit.
[19:07] The advantage of looking for “aged” listings in the MLS.
[21:00] How do you know how much room is needed to make a profit?
[23:25] How long it takes to REALLY flip a house.
[28:11] Mistakes made by pricing too high
[30:12] Financing mistakes and tips for house flips.
[32:40] How to get started doing fix and flips with no or little money.
LINKS MENTIONED IN THIS GREAT EPISODE
Contact Mark for a $100 discount on all his programs - [email protected]
PLEASE LEAVE A RATING AND REVIEW FOR US OVER ON ITUNES
TWEETS TO SHARE THIS POWERFUL EPISODE
The bigger the fix and flip, the more unexpected costs there will be http://wp.me/p3PPf6-54d
You CAN get good #FixAndFlip properties from the #MLS. Here’s how http://wp.me/p3PPf6-54d
The biggest mistake #PropertyFlippers make http://wp.me/p3PPf6-54d
There’s more cost to a #FixAndFlip than just the repairs http://wp.me/p3PPf6-54d
Do you know how to use the #70%Rule to make a profit on #FixAndFlips? http://wp.me/p3PPf6-54d
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By InvestFourMore
4.8
5353 ratings
Mark Ferguson is best known for his ability to do profitable real estate fix and flips. He’s made his living doing it and has built a very profitable business on it. In this episode of Invest Four More Mark is going to walk you through a “do and don’t” outline for property flipping that includes every step from finding and purchasing properties to how to sell for the best profit. It’s a great, practical episode that you won’t want to miss.
If fix and flips are so profitable, why isn’t everybody doing them?
There’s a very simple reason. It’s not easy to do and requires a lot of hard work and integrity in order to do them right. You’ve got to work every step of the way - to find the right properties, to make the offer and close the deal, to get financing that fits your need, to repair the property adequately and with the right eye for detail, to sell the property and actually turn a profit. Every step demands that you, the property flipper, work hard to make sure the project goes according to plan, and to flex and adjust when it doesn’t. Find out how a seasoned real estate flipper does it on this episode of Invest Four More.
The biggest mistake made in fix and flips is…
Not counting the costs accurately. It’s inevitable that inexperienced or new flippers are going to make mistakes on estimating their costs because they are new to the game. You should count on your repair estimate being off because you don’t know everything that is wrong with a property until you get into it. There will be unexpected issues that arise, almost always. Figure 5 to 10 thousand extra dollars than you plan, and figure it into your budget when you’re considering an offer on a property. That will enable you to know if you can truly make a profit on a fix and flip property. Find out more on this episode of Invest Four More with Mark Ferguson.
There is more cost to a fix and flip than just the repair costs.
You’re going to spend money at every stage of the process - real estate commissions on the buying and selling side, property taxes, homeowner’s association dues, permits fees, financing costs, sales costs, and others. If you don’t figure these in, you’re going to cut yourself short when it comes to the profit margin of the project, and possibly even take a loss. That’s not why you’re getting into house flipping in the first place, so take the time to listen and learn as Mark Ferguson walks you through the basics of what to do and what not to do when flipping properties.
How do you find good properties for fix and flips?
Off-market resources are great when you can find them, but they’re not the only way to locate distressed properties or good deals. Mark Ferguson has 7 fix and flips in process right now and every one was found on the MLS. He’ll make a handsome profit on each of them. How does he do it? He watches the listings multiple times a day and gets out to look at properties quickly. If he likes what he sees, he has his assistant draw up a contract that day. The speed with which he’s able to make offers and get them into the hands of sellers enables him to be high on the list of eligible buyers, and it results in good deals time and again. Learn more tips for getting good fix and flip properties through the MLS on this episode of Invest Four More.
OUTLINE OF THIS EPISODE
[1:00] Welcome and introduction to this episode on Fix and Flips!
[1:45] The basics of what a Fix and Flip is.
[2:09] The biggest mistake: Not counting all the costs.
[3:20] Why repairs almost always cost more than you predict.
[4:30] How to figure the cost of repairs on a fix and flip.
[6:26] Costs you need to figure beyond the repair costs.
[9:10] Be sure to figure in the financing costs if you’re using another person’s money.
[12:16] How to find good properties for fix and flips.
[14:00] The difficult flips are often the ones that make the biggest profit.
[19:07] The advantage of looking for “aged” listings in the MLS.
[21:00] How do you know how much room is needed to make a profit?
[23:25] How long it takes to REALLY flip a house.
[28:11] Mistakes made by pricing too high
[30:12] Financing mistakes and tips for house flips.
[32:40] How to get started doing fix and flips with no or little money.
LINKS MENTIONED IN THIS GREAT EPISODE
Contact Mark for a $100 discount on all his programs - [email protected]
PLEASE LEAVE A RATING AND REVIEW FOR US OVER ON ITUNES
TWEETS TO SHARE THIS POWERFUL EPISODE
The bigger the fix and flip, the more unexpected costs there will be http://wp.me/p3PPf6-54d
You CAN get good #FixAndFlip properties from the #MLS. Here’s how http://wp.me/p3PPf6-54d
The biggest mistake #PropertyFlippers make http://wp.me/p3PPf6-54d
There’s more cost to a #FixAndFlip than just the repairs http://wp.me/p3PPf6-54d
Do you know how to use the #70%Rule to make a profit on #FixAndFlips? http://wp.me/p3PPf6-54d