I love flipping houses, and I also love teaching others how to flip. I have 17 flips going at the moment, have sold 21 flips so far this year, and have bought 20 more. My goal was to flip 30 houses this year, which I think I will do! I wrote Fix and Flip Your Way to Financial Freedom a couple of years ago to teach others what I have learned about flipping houses over the last 15 years. I flipped before, during, and after the housing crash, without losing money, thanks to investing with solid principles and not get-rich-quick schemes. The book has improved as I added more content and learned to do things better. It’s now available as an audio book, and it was completely re-written before the audio version was completed.
How am I able to flip so many houses at once?
I started flipping houses with my father in 2001. We would flip a couple of houses per year, but it was not my main source of income. I was also a real estate agent. Over the years, I was able to convince him to flip more houses and ramp up the business. In 2013, I bought him out and took over everything. When I took over, I was able to increase our flipping business significantly. I went from 8 to 12 to 18 flips per year, and this year I will come close to or surpass 30 sold flips. The tricky part about flipping one house, let alone 15 to 20 at one time is:
- Finding the money to buy, rehab, and sell the house.
- Finding the deals that allow you enough room to pay all the costs and make a profit.
- Knowing what all the costs are and if a deal is worth doing.
- Finding the team to help you find, repair, and sell the house.
- Keeping tabs on your contractors, subs, and other people you need to make the deal work.
I am able to handle a lot of flips because I:
- Have financing through multiple banks, hard-money lenders, and private lenders.
- Use multiple contractor crews and full-time employees to help repair the houses.
- Run an awesome team to help manage the contractors and everyone else we need.
- Am a full-time real estate investor.
- Have multiple ways to find deals.
I did not start out with all of this: I had to build my business one step at a time. This book teaches you how to start flipping from the beginning. It also goes into building a flipping business if you want to flip multiple houses at time.
How do you start flipping houses if you have never flipped before?
Flipping a house isn’t easy. You need money, contractors, deals, agents, and lenders, and you have to know the numbers. The house flipping shows on television are horrible at portraying what the business is really like. They leave out most of the costs, fail to show how hard it is to get deals, and provide timelines that are way off. They also have lot of added drama. If you think house flippers like me are in the houses swinging a hammer, you are wrong. My time is much more valuable, and I use it to find deals or money instead of physically fixing the houses. My book shows exactly how to:
- Figure what the costs will be to flip, including repairs, carrying costs, buying costs, and selling costs.
- Figure out how much you should pay for a flip.
- Find money to buy and repair the flip.
- Find deals to flip.
- Find a team to help you flip, which would include agents, contractors, lenders, etc.
- Sell the flip for the most money.
- Determine what to repair and what not to repair.
- Determine which kind of houses work the best for flips.
The book also provides case studies on my flips. Many people make much less money than they thought they would when they do their first flip. There are a lot of hidden costs that most do not account for. The more you know before you do your first flip, the better off you will be. If you can figure out how to flip, it can be a very fun and lucrative business. I average over $30,000 in profit on each flip I complete.
How can you improve your flipping business to take it to the next level?
I am constantly improving my business. I have found new and better ways to finance flips and new and better ways to find deals to flip. This books tells you exactly where to look for money if you have a little, a lot, or none. It also discusses multiple ways to find deals from the MLS, wholesalers, direct marketing, auctions, and more. There is also the time-management aspect of flipping houses. I hired a project manager, which saved me a ton of time and allowed me to do many more deals. I am also a real estate agent, which allows me to make more money on each deal and find more deals. Finding enough contractors has always been a huge roadblock for me as well. I have hired many contractors, good and bad, over the years. I have also hired my own crew, which is awesome. I love being able to tell people where to go and what to work on while knowing they are only working on my stuff.
I go over all of this in the book:
If you have ever wanted to flip houses, want to flip more houses, want to make more money on each flip, or build a flipping business, this is the book to get. If you want proof I am flipping houses in today’s crazy real estate market, you can see all of my deals from this year here: Fix and Flip Scoreboard.