Although flipping real estate can be considered an advanced strategy, it doesn't mean that new investors cannot achieve success with it. When starting with real estate investing, it's always recommended to begin with long-term buy-and-hold properties, which offer more room for errors. But if you're ready to move on to flipping, keep watching for some tips on how to do it successfully.
1. Marketing Your Flips To start with flipping, you need to find a deal that can be purchased below market value. Marketing is the key to finding great deals, and flyers and Facebook are great platforms for advertising your deals. However, keep in mind that most of the profit in flipping comes from when you purchase the property, not from the renovations. So, it's crucial to find the right deal and avoid using a realtor to save on commission costs.
2. Hire an Acquisition Manager Hiring an acquisition manager can be a game-changer for your flipping business. They will do all the calling and follow-ups, bring good deals to the table, and work on commission. The more money you make, the more money they make, but if they don't bring any deals, they don't get paid. Having an acquisition manager will free up your time to focus on the big picture and raising more money for more deals.
3. Build Your Brand Building your brand through social media is essential to attract potential partners and investors. Instagram and YouTube are excellent platforms to showcase your knowledge and expertise in real estate. Consistently posting content that teaches people about real estate will establish you as an authority figure and make people want to partner with you for flips.
4. Hire a Project Manager Hiring a project manager will help you take care of the day-to-day activities on your flip, such as managing contractors and materials. As the CEO of your business, your primary focus should be raising more money to get more deals. Your project manager can also help you film and get your footage to your social media managers to keep your audience engaged. Remember, the more money you raise, the more deals you get, the more people you can pay, and the more successful your business will be.
5. Hire Your Own Carpenters Once you can afford it, hiring your own carpenters is a smart move. Having your own team will ensure reliability, and you can set the price for their services, rather than paying for their markup. If they don't follow your requests, you can always fire them and move on to someone else.
In conclusion, flipping properties can be a lucrative business, but it requires careful planning and execution. Marketing your flips, hiring an acquisition manager, building your brand, hiring a project manager, and having your own carpenters are crucial steps to achieving success in this business. Keep these tips in mind and work towards establishing a successful flipping business. Don't forget to like and subscribe to my channel for more real estate tips and advice.
