Fixing & Flipping houses is known to be one of the most profitable strategies in the business of real estate investing. To be successful in it one must have the money to do the business, know where to find the best deals, how to estimate rehabs, manage contractors and price to sell quick!
Knowing what I know today I can say 100% of the above is not true! Sure you need money to do the business but 100% of it doesn’t have to be yours. Seriously, there is so much money out there right now, if you just knew the right words to say you would get it instantly!
Next comes finding deals… Have you ever heard of the saying who controls the money controls the deal? This being said, if you control the money why in the world are you working hard looking for deals when they should be looking for you? Does this not make sense?
One must know how to estimate rehabs to do the business… This is 100% true if you want to run a fix and flip business where you will most likely max out at about 20 to 25 houses a year… and Yes that is plenty, but if you want to do 50+ houses a year, you have to not only learn how to estimate rehabs without seeing your properties you also must learn how to manage your project without visiting the site as well!
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