There are a lot of strategies in real estate investing. If you are new in the investment field, you might be asking yourself what is the best method you can use to win deals. If you are experienced in investing, you might be asking how can you improve it further. One of the best strategies in investing is Fix-and-flip.
Fix-and-flip and real estate investment
Fix-and-flip is the method of purchasing a property, fixing it through renovation and repairs, then selling it for a more valuable price. It is a profitable business as long as you are using the proper cost-effective analysis in dealing with your subject properties. It is highly-suitable as well in houses of range conditions, whether distressed or slightly used.
How to begin with fix-and-flip
Step 1- Find deals
The first step in flipping houses is to find deals. You need to find a motivated list of potential clients who are willing to close a deal with you. You may learn about great deals from referrals, co-investors, property managers and real estate agents.
You may also use automation tools to help you in gathering more leads. At Real Estate IQ, we have a Deal-Finding Suite where you can have the most relevant data in just a click of a finger. If your marketing strategy involves phone calls, texts, or emails, try also our Premium Deal Finding Suite and receive top off-market lists done for you.
Step 2: Find contractors
Finding contractors to do the repairs is your next task. There are a lot of sources like getting contractors from referrals, social media, networking, and research or from Talking to People (TTP)
If you are new in real estate investment, this may be an overwhelming task. Do not worry because, at Real Estate IQ, we had a community where you can get in touch with experienced investors in the field. Join our community and let your way of finding a contract be a very easy task!
If you are new in real estate investment, the first two steps may be overwhelming tasks. Do not worry because, in Real Estate IQ, we had a community where you can get in touch with experienced investors in the field. Join our REIQ Community and let your way of finding a list of deals and contractors an easy task!
Step 3- Learn and Grow
Learning is usually placed in the first list of the steps that you must do in pursuing a goal. Most people believe that you need to study first the things that you must do before actuating it in practice. While such an idea is correct, learning is placed in the last step for this process because in real estate investing, you cannot learn everything in a purely theoretical manner. You need to go out and experience finding deals based on practice and application. As you continue exploring flipping houses and even in doing other investing strategies, learning must be a continuing process for you to grow in your business.
In Real Estate IQ, feel free to be part of our discussions about real estate strategies, latest hot trends, and successful habits of an investor by watching and joining our training and webinars.
Through following these 3 easy steps, you may develop your confidence to close more deals and accelerate your financial growth. At Real Estate IQ, we want to empower your journey to freedom and success. To expedite your winning moment, we offer you investment tools that can help you in finding the best deals. Let us win together!
Luke Watkins is a real estate investor with mastery of fix-and-flip and wholesale deals. His experiences include working with some of the biggest residential flipping companies in the country with a monthly average of closing 20 to 30 deals. He also has a background in construction and property management; and has invested in Salt Lake City, Utah, Indianapolis, Indiana, Albuquerque, New Mexico, and now Dallas, Texas.
Disclaimer: The blog articles are intended for educational and informational purposes only. Nothing in the content is intended as legal or financial advice.