The biggest problems most first time home flippers have are:
Knowledge of project
These are the things that hold you back from making money on flipping properties, but yet these are the exact things that all the programs out there tell you that you don’t need.
You all know what I’m talking about. You see all those late night infomercials telling you how easy it is to get started and that you don’t need any money or credit and no experience necessary.
I want you to pay close attention the next time you see one. You will notice that they will have in very small writing at the bottom that these results are not typical and your results will be different. That is because those programs are not designed for the average person to use.
I’m telling you to do your homework. Follow my advice and you should be successful. This is a time consuming and sometime stressful business to get into. But once you are in it, it gets easier and easier with each flip. Do not get me wrong, every project is going to have little (sometimes-big) problems, but as time goes by you will learn how to deal with these problems in a quick professional manner.
While sitting here at my desk doing some editing work last night, I seen one come on and the first thing he said is “You can do this with no money and no credit”. Well that is just BULLS#@t talk.
You can do this without your money and I can tell you, a little good credit will go a long way and open a lot of new doors.
If you are able to borrow money from a friend or relative, it can be a huge help in making a deal happen. The key to this is asking them if they will wait until the property is sold to be repaid and of course you are going to offer them an extra 10% for the use of their money.
I once went to the bank to talk with the mortgage specialist there and when she seen what I was doing, she offered to put up the down payment and pay closing cost.(For a Fee)