Today is demo day in one of my flips, take the tour with me as we walk through this property and I point out a few changes that we will be making to give ideas just in case you have a property that needs help like this. 

Why sell your old home when you can rent it out? First off, if you have lived in your home for a while you have equity built up and it's your house, you know it inside and out. Plus you probably took great care of the home and you already own it, if you are thinking about selling your home, buying a rental and a new house - consider this option. It worked out well for us.

We weren't exactly taught how to budget or encouraged to save our money, but what good is working all day to spend all of it on useless things? I was spending all of my money until I sat down and figured out how much money I was thoughtlessly spending, you can save that money invest it and then enjoy spending your money again because it's not the money that you worked all day for. Let me know if you are interested in the budgeting worksheets, and I will try to find them for you.

You can ask for them to dial the deal back (get terms and interest), it's a sweet deal for the seller and for you. Another option is to go for a purchase for land contract, a lot of owners will go for this option but it just depends on what the seller's motivation is. There are so many creative ways to structure a deal, the ways are infinite but make sure that it benefits you and the seller before offering the option.

Some people aspire to just pay off their home, and that's all they want to do. But if you use some of the built up equity to  invest in a rental with someone managing it, it's passive income and you can keep on snowballing the investment to pick up more properties making you more money.

After studying successful people that I admire, the one thing they all have in common is keeping a routine. I have a daily routine filled with all of the things I need to do, necessary tasks and other items that keep all of the projects on schedule, these are important non-negotiable things but it has helped me so much to stay productive by scheduling out my day. It's important to find what works for you and go with it.

Why you should require renters insurance? If there is an incident and the renter is liable, the renters insurance covers most of the liability. It's basically like a second around of protection for your renter and for you.

Infinite Banking Concept basically instead of paying interest to the bank you pay yourself and grow your wealth, it's an interesting concept. Go check out the book if you are interested in learning more. 

It is financially better to have your own crew for flipping houses, they are more reliable and quality control is much easier, they can also work on the rentals when there isn't a flip to work on. It just depends on what your needs are, we don't keep an electrician or plumber on our crew. Let me know if you have any questions about flips or real estate or whatever.

Quick walk through of a 3 unit we are hoping to get and as I am walking through, I list out some changes that I would make to the property. Hopefully we get it and you guys can see what we do with the place.