The Dos and Don't Of Flipping Part 2

Thanks for checking back with us for Part 2 of The Do's and Don'ts of Investing. In Part 1 we talked about not forgetting to do your homework and your research. We also pointed out the importance of not investing in something you don't understand and to make sure you surround yourself with like minded people. Next in Part 2 we go over a few more do's and don't when investing in real estate.

1. Do Learn the Art of Leverage

Please don't be this guy. You know, the one that thinks he can do all the trim work, all the landscaping, the listings, the cleaning...all by himself. Don't overextend yourself. Be sure to keep your ambitions in check and don't bite off more than you can chew. One of our main lessons in the Flipping Houses University is how to build your investing team and choose the right dependable people to help you accomplish your investing goals. Remember this word. LEVERAGE.

2. Don't Be Too Big for Your Britches

Remember your mom telling you that? Don't try to act like you know everything when in fact you are just starting out your flipping career. In reality, whether you are just starting out or have been investing for years, be your real self. You will gain many more meaningful relationships that way--ones that you can use to your benefit. See LEVERAGE. Admit to what you know and what you don't know. Don't dismiss the advice of those who have been investing for years. They've seen both the ups and the downs in the market, and really know what they are talking about!

3. Do Use a Property Repair Estimate Sheet

One of the more important documents you will use in your flipping career is a  Property Repair Estimate Sheet. This document should include a list of all of the major items (roof, hvac, kitchen, paint, flooring, etc) as well as cost estimates for each item. You should complete one of these during your initial visit of every house you look at. The 2 main benefits of the form are 1) to save you time and 2) to give you confidence to proceed with the deal.

4. Do Know "Why"Always Know Your Why

 Keep the main thing the main thing. Don't get side tracked in all the hype. Keep in mind the reason you chose investing in real estate as your alternate income revenue. Maybe you want to be able to retire early. Or you are trying to pay off your house, or save for your kids' futures. We provide these blogs so that what is important to you stays important. For example like spending time with your family. Don't ignore your family while trying to build your business because then you would be sacrificing the very goal you are trying to reach.

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