Ralph R. Roberts, official spokesperson for Guthy-Renker Home and author of Flipping Houses For Dummies recently had some interesting thoughts on flipping houses.
Whatever reason you have for not investing in real estate, you can find at least one solution, but perhaps the best solution for all of these excuses is to team up with someone you trust-your spouse, your significant other, a relative or co-worker, or someone else you trust as much as yourself-to share equally in the work and profits. When you have someone by your side to share the burden, you spread out the risk, and everything begins to seem a little easier.
A visitor to GetFlipping.com recently contacted me and said that she was interested in flipping houses but just didn't know how to get started. I first suggested that she read my book, Flipping Houses For Dummies. Then I asked whether she knew of anyone who was pretty handy-someone who could handle basic home maintenance and repair.
She thought for awhile and said, "Yes… yes, I do. A close friend of mine is very good at that sort of thing, and we really get along well. He'd be fun to work with, too!"
That's the kind of person you want to find-someone who has skills you don't have, can take on some of the burden, and would be a blast to work with, someone who could make the work feel not so much like work.
The secret to success in any field is to do what you're best at and find others to fill in the gaps. Partnering with someone to flip houses is one way to do just that, but you don't have to stop there. Remember, the world is full of talented individuals who are ready, willing, and able to lend a hand. If you don't have money, a loan officer or mortgage broker can connect you with someone who loans money. Don't know how to spot a good deal? Find a great Realtor in the area who specializes in working with investors. If you know absolutely nothing about electricity, hire an electrician. In Flipping Houses For Dummies, an entire chapter is devoted on how to assemble a team of professionals to successfully flip properties.
Sure, all of these people charge money, but all you have to do is calculate their costs into the equation. If you calculate all the costs and realize that you can't make a profit on the property, you pass up the deal. If you calculate all the costs and realize that you can probably earn a 20-percent or better profit, then you're ready to make your move.
GetFlipping.com, provides a Purchase Price Estimator that can help determine whether you're likely to profit from a given investment property. As you become more experienced, you may be more qualified and feel more confident in taking on more of the work yourself.
Flipping houses isn't for everyone, but if you've been dreaming about flipping houses and you keep talking yourself out of it, reconsider flipping as a team sport.