The following can not be considered whining, but rather a HUGE warning to those of you who are doing rehabs, or even to those who aspire to do rehabs. In a word folks, Flippers are hated. As proof, go to this link after reading this story and check out the PURE vitriol being spewed at lil’ ole’ me following a very kind and lighthearted story by NPR featuring your’s truly; Craig Fuhr. Talk about H’atorade!
But I digress.
This week’s Video Flip Tip is all about covering your ass. It’s getting tougher and tougher to sell a house following a flip. With each sale, I feel like I need to bend over and simply wait for the full proctological exam to commence. Its almost routine now that lenders, and even title companies are requesting a litany of information regarding every aspect of the deal. I mean, they’re demanding everything. If you choose not to give them what they want, they’re not doing the deal.
In this week’s video flip tip, I’m laying out EXACTLY what you need to do to protect yourself, and what you need to do to successfully and painlessly make it through the “digital exam.” If you like what you see, please comment below and share via Facebook or Twitter.
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Last week I got calls from two investors; one I consider a friend, the other I’m just getting to know. The conversations sparked this real estate investing video tip of the week. In terms of their investing, both were unhappy with their results. I have no idea what their individual goals are, or if they ever created a vision for success. I have no idea how hard they work, but I surmised something REALLY important following the calls.
Have you ever stopped to think that even if you are 100% passionate about what you are doing you can still fail? Oh, trust me, you can. I know, because I almost did fail. Yes, I’m talkin’ from personal experience here, people.
Check out this video and tell me – SERIOUSLY, I want to hear from you. Then ask yourself, is the work you are doing on a daily basis all a big charade? Are you spinning your wheels but not really gaining traction? Or are you truly doing the precise things you need to be doing to succeed. Be truthful with yourself.
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There is no lack of Guru-related products on the market hawking the latest greatest system for finding great probate deals. I personally haven’t evaluated any of those products, but I’m sure there is some good info out there.
So what’s a probate? If you are a real estate investor, you should know (if you don’t) that houses previously owned by dead people often represent great deals. I’ll be frank (as if the previous sentence wasn’t frank enough), I don’t do a whole lot of marketing these days. I really don’t have to. But, if you are wholesaler, you’re number one job is to develop a great buyers list, you’re second most important job is to develop great sources for a never-ending stream of deals. Probates can be an excellent source.
I had an astounding revelation when it comes to marketing for probates, and I’m sharing my brilliant twist with you in the short video below. Check out the video and let me know what you think. Am I on to something, here?
When I was but a budding, fresh-faced real estate investor, I couldn’t wait to get off of work, or get up on a Saturday morning to go out to look a bunch of houses. “Driving for Dollars,” is the term most often used – and to this day, I still think its a great way to find distressed properties. Its also a great way to farm your neighborhoods and to find new neighborhoods to invest in.
I would kiss my wife (then fiance’) good-bye, load my pockets with a few of my favorite cigars, stop at the Starbucks for a Vente’ black, and I would just drive. It gave me time to think, time to dream, and time to plan. Most importantly, it got me in touch with what the heck was out there. Hell, if she didn’t call me home – I’d be out there until it got dark.
Learn from my mistakes though. Use your time wisely. Pick a farm area first and know EVERY house in the area. The ONLY way you can do that is to “drive for dollars.” Its all so simple, really.
I don’t really need to do a whole lot of driving for dollars anymore, but as I was driving to my first house this morning I must have seen six or seven houses that jumped out at me. Spring is the VERY best time to find deals. Check the video for why…
I’ve been getting a lot questions lately from astonished people, all asking, “How in the Hell can you do 13 rehabs at one time?” Fact is I solely (and with the help of three general contractors), am in the process of flipping 13 houses right now. To be perfectly honest, 5 are on the market and under contract, and I have yet to start on one of the rehabs – but until you collect that paycheck and the money is in your account, you are in fact rehabbing the house.
So how do I do it? Focus, great contractors and a lot of coffee. Sprinkle in a little luck and some pixie dust – and that’s my formula. Seriously though, there is a rhythm and flow to every job. There is a process, and like the Ten Commandments, that process is etched in stone and should never change. If you follow the process, and you stagger your buying, you can easily do 13 rehabs at one time.
Here’s the secret:
Now this is just plain silly. I walked in to a house yesterday, and just had to shoot this video. For all the hype “foreclosure parties” got in the media, I have been in only three houses where the previous owner trashed the place before leaving. Bob Norton and I took some fantastic video of a “foreclosure party” house in Phoenix. Hopefully I’ll get around to cutting that into a video for your viewing pleasure.
By the way – regarding that picture above of the ACORN workers; did you know in addition to believing that pimps should be allowed to use public money to open whore houses, ACORN actually believes there should be no more foreclosures, EVER? Hmmm…who do you think would pay for that little bail-out? Shout it out now, no need to raise hands here. Beuller…..anyone….Beuller? You guessed it!!! US….the american taxpayers.
What a friggin’ mess.
Photos are here: