These types of renovations put the property in a new category, where the value of the house isn't incrementally increased, it is increased via step-function to a new class of property.Because these types of renovations are difficult, risky, require experience, require vision, require cash, etc., most homeowners won't undertake these types of renovations and therefore can't "unlock" all the additional value themselves.So, to summarize, the two ways that flippers make money in this business are to make money when you buy (i.e., purchase so far below market value that you have equity after the renovations) and/or make money when you sell (i.e., increase the value so much with the renovations as to put the property in a new class when you sell)."

I have read Rich Dad Poor Dad and have a great vision of what I want to build...a large REI firm and operating my own rentals.

That's our vision for the audience as well: look at the human side of the real estate investing game to become the best possible version of you.I'd really appreciate any insights, thoughts, content you think is missing out there in Podcastland, or whatever you have to share on the subject.

A strong vision and an unwavering dedication to the process has allowed for these amazing opportunities to come to fruition.

See an example from one of my listings below.They were even able to take a completely empty dirt backyard, and transform it into a landscaped yard to go along with a landscape allowance that the Seller was offering.It's amazing at what the virtual staging can do for giving vision to potential Buyers/Renters who otherwise wouldn't have any (vision that is).I hope this helps!

We've only done live-in flips, but our success came down to:Knowing what we could do on our own and avoid outside labor costVetting/knowing reliable contractorsHaving a pretty clear vision for your exit strategy (ours was to update the property and rent it)Good luck and have fun!

That vision will help guide you through the entire process.

I know entrance into the Property Management industry is not something that should be taken lightly, but I plan on treating all properties strictly as business and this part of the puzzle huge for my overall vision. 

Technology provides alternatives to mainstream lifestyle of 1980s-present My vision is different than the historical "urban migration" trends.

Advantage and disadvantages of this approach from the BP community will help me clear myself out on the entire situation and help me realize my goals with my bud when we look at the long term vision.