My book Fix and Flip Your Way to Financial Freedom has been doing very well lately. I decided to make it into an audiobook, but before I did that I decided to add a few things. I completely re-wrote the book, had an editor re-edit it, and it is longer and better than ever. I will get the audiobook process started soon, but you can get the paperback version or the Kindle version now. I added over 50 pages of direct, to-the-point information on everything I have learned since I first wrote it. I have created more systems for finding deals, managing contractors, hiring employees, financing properties, and managing up to 20 flips at once. Right now, I am down to 15 flips, which seems easy compared to 20!
Why is it a good idea to get information from someone who is actively flipping houses in today’s market?
There are a lot of house flipping books available, but many of them were written years ago. It was fairly easy to flip houses right after the housing crash when there were millions of foreclosures to choose from. I starting flipping in 2001, so I have experience flipping, during, and after the housing crisis. It has gotten much more difficult to get a deal in today’s market, but it is not impossible. In 2017, I have had up to 20 flips going at one time, bought 11 flips halfway through the year, and sold 12 flips. My goal is to sell 30 flips this year, which I think I will do. I have 6 under contract to sell in the next month! I have switched from buying houses from foreclosure sales, to buying REOs, and I have switched from buying short sales to buying mostly from regular sellers and wholesalers. In my book, I cover all the methods I use to find and buy houses.
Not only have I changed the way I find deals, but I have also changed the way I finance properties. I use multiple sources to finance my flips:
- Local banks: these are the cheapest way to get financing on flips, but they can be tough to find.
- Private money: a great flip-funding source.
- Hard money: this is a more expensive option but is getting cheaper.
In addition to these, I discuss many more options within the book.
The way flips are financed has changed a lot in the last couple of years. You need the latest information to make sure you are taking advantage of all the programs available.
What is the most challenging aspect of flipping houses?
When flipping 20 houses at once (or even just one), repairing the house is one of the toughest parts of the business. I have hired and fired many contractors over the years. I have also hired my own employees to work on houses so that I have complete control of when they work and what they work on. Finding affordable and reliable people is a constant challenge. This year, I have made huge strides managing both my business and the repair process. Here are just some of the repair items I cover:
- What to repair and what not to repair
- What type of houses to be careful with
- How to find contractors
- How to manage contractors
- How to make sure contractors do not rip you off
- How to pay your contractors
- How to keep track of the contractors’ work
- How to keep good contractors
- What type of contractors to use (subs or general)
I am always learning new things about how to flip better, even after competing over 125 flips. 2017 has been a fantastic year for getting houses repaired, finding deals, and financing deals. I talk all about it in the book.
What has helped my house flipping business grow the most?
In the last couple of years, I have been able to grow in a very tough market by improving many parts of the business. I have new ways to find deals, have new ways to finance them, have more private money, and I run everything better. I am not spending 80 hours per week on flips. I work less than 40 hours per week on all my business activities, which also include running my real estate sales team, this blog, and investing in rentals. I have set up an awesome team to help with the flips, and that is centered around my project manager, Nikki. I talk about how to grow your business, hire people, and create something that will run without you. I can go on vacation for weeks and everything will run fine. Because I love it, I still spend a lot of time in the flipping business. I love looking at houses; I love finding deals; and I love to see the houses transformed into something people are proud to live in.
If you have flipped, want to flip, or are thinking of flipping, I highly suggest you pick up this book. Here are a few reviews I received on the old book, before it was improved:
- I am finishing up your excellent book Fix & Flip Your Way to Financial Freedom. I have probably read 6 fix & flip books over the past 6 months and your book is one of the best I have read. -Art
- Great book. Easy read. I have been flipping for 3 years and I am always looking for more knowledge. This book gave me some new strategies and ideas and was also motivating. I am looking forward to getting the rental book as well.
- I liked this book so much I bought another copy for a friend. Good easy read, very informative.
- This is a fantastic book! Mark does a great job packing a lot of information in a very understandable and readable format. It’s really everything you need to know to get started. I’ve read other books on flipping, and this is by far the most comprehensive. Recommended to anyone trying to break into the house flipping game.