House Flip Story: Mary Ave – Update 2

"Rehabs are a long time to pay day..."

Amen, brother. I am glad that someone is calling it the way it is. I could not agree more. I just saw my first paycheck in four months because I sold one of my rehabs on Friday.

It is one of the things in this business that I am learning. I would like to be able to create a 'pipeline" of deals where I have several props. at different stages so that I can create some kind of "regular" stream of income...it's coming, I'll get there.

Luis: THANK YOU so much for taking the time to chime in. You will get there. You can create that pipeline you dream of, if you keep the machine humming. I have 12 deals at various stages in the pipe right now, so my income looks more steady than sporadic at this point.

I can not say that for years past.

Keep plugging and keep buying at a pace that you can effectively rehab as quickly as possible. By all means do not become a house collector. If you have bandwidth in terms of contractors, but you don't have money - go find more money. If you have money, but not enough contractors, find more contractors.

If you have both, but not enough deals, figure out a way to make more offers!

Its just that simple, right! Keep the comments coming.

Thanks for the feedback. In your third suggestion you bring up a good point - make more offers.

How do you recommend attacking this? 5 offers per week, 10,15? I find the offer making process very time consuming. I currently use an agent that helps me put in offers and I make some additional offers on my own. But with all the back and forth between emails, phone and paperwork I can put in 5 offers a week on a good week.

As you can imagine (and see on my website) this has had results but limited ones.

Any reccomendations?

Luis -

First I will say - this is not easy. Starting out is not easy, especially if you have a JOB. You make as many offers as you can. This may sound rough, but if you want it bad enough, and you're willing to make scarifices, you will make more offers.

Second - I would recommend getting your real estate license. I don't care what the Guru's say. I think being an investor without a license is like being a carpenter without a hammer. You will be so much more efficient when you can write the contracts and deal with the listing agents directly.

I used to do 10-15 per day because I had a blank, fillable PDF of my state's contract, a blank fillable PDF of an EMD check, and a scanned copy of mt proof of funds. Once I had my offer price it would literally take 2 minutes to make and send the offer.

I agree with the agent bit. I am working on it now exactly for that reason, so that I can have access to all the tools I need.

I made it a goal this week to make 10 offers. I did it but I had to hustle. We'll see what it takes to make it to 50/week!

Thanks for the feedback.