How Do I find out if a house on my street is in foreclosure and house flipper tips for success
Finance your house flipping hustle with cash. This is why you shouldn’t quit your day job straight away. If you go into debt to finance a house flip, the interest will eat into your profit, or destroy it completely. Always have a main source of income and a side hustle. Until you know house flipping can support you completely, keep your main income source. That’s because it could take months to flip your first house, which leads me to the next tip.
Be patient ‒ remember, if it was easy, everyone would be doing it
. You need to become a good student and learn what you can. Read books on flipping houses, watch videos to increase your knowledge. Every bit of progress is a step towards your financial freedom.
Plan and budget your investments and stick to it! If you try making money from house flipping with no plan in place, you are setting yourself up for failure. If you don’t have a budget, your costs can spiral out of control. You need to figure out how much below the market price you are buying, the cost of repairs and updates, and measure it against a conservative estimate for profit. It takes time to build up this knowledge.
Keep your mind on the bigger picture. Remember, it takes some practice, and maybe a couple of setbacks, but you will make it if you keep going. If you take it easy, work within your limits, and don’t make any rash decisions, you will succeed eventually.
Don’t go it alone! Network with fellow real estate investors. Seek guidance when you need it. Every seasoned real estate investors have been in your position at one point. Many will be happy to pay forward some good karma.
The good news is I have made every mistake in the book so you don’t have to!
Sign up for my free video workshop on how to confidently make money. You will get more of my money-making insights from 20 years in business and real estate investing. Once you are in the workshop, you can ask me any questions you want and see other women who are reWriting their money story.