Tips For Starting out in REI

So you are probably wondering how to get there. How to gain that confidence to get into that investor mindset. First and foremost educate yourself. Education plus action is the key. Check out a couple of our team's tips when starting out in REI .

Learn from someone who knows what they are doing

Our team is a big fan of mentoring. We believe it is the secret to success. Get connected with the right people. It’s how people who are great at what they do learned, and it’s how our team learned. It has been said that experience is the best teacher. But what we suggest is why spend valuable time reinventing the wheel? Part of our Flipping Houses University series talks about learning from others mistakes and the value of time. Instead, if you learn from those who have been successful before you, you become more successful much faster.

Have a system

We say this in about every blog: Have a system and stick to it. Jumping ahead in the flipping world with out laying out your strategy is not only dangerous it could ruin your flipping adventure. Having a system and using tools like your Property Repair Estimate Sheet will keep you organized and have an idea how the flip is going to turn out. Without a system, a flip could turn into a disaster.

Figure out Your Financing

Last year we did a blog on Where to Find Flipping Loans. Perhaps the most important item to get settled is where you will get your money from to be able to invest in real estate. Whether is private lending, buying from wholesalers, or you are getting the loans yourself, do yourself a favor and figure it out BEFORE your first opportunity presents itself.

Learn from your Mistakes

Don’t make this mistake. Don’t rehab the home the way you want it. Don’t pick out designer tiles or trendy paint colors. Remember you are trying to appeal to potential home buyers, not your personal taste. Yes the marble counter tops will really look nice but an upgrade like that could price yourself right out of the neighborhood. Neutral options that are comparable to other homes in the area will best serve you to sell the house. For a list of most common mistakes to avoid check out our blog on Why Flippers Fail.

Be sure to check out Part-Time REI’s Flipping University to help you get started.

To learn more about Part-Time REI visit us at http://part-timerei.com/

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