Flipping Houses Seminar: Find Deals, Fix, and Flip with Confidence

Flipping houses can be a lucrative business, but it requires a solid understanding of the process.

To start, you need to find a deal, and that's exactly what we'll cover in this seminar.

A good deal typically involves a property that can be purchased for 70% or less of its after-repair value.

This allows for a comfortable profit margin, even after factoring in renovation costs.

You'll learn how to identify these types of deals and create a winning offer in the seminar.

By the end of the seminar, you'll have the confidence to take on any project that comes your way.

You'll be able to find, fix, and flip houses with ease, and start building a successful real estate investing business.

For another approach, see: House Flipping Business Plan

Flipping houses is not a simple process, it's a business that requires a lot of work and patience.

House-flipping shows often make fix-and-flip projects look easy, but finding a house, paying for it, repairing it, and then selling it is a complex process.

You'll need to be prepared to run into problems, even if you have experience in the business.

I've been working in this business for many years and still encounter difficulties, so it's essential to be realistic about the challenges you'll face.

Worth a look: Housing Loan Process

House flipping is not as simple as it looks on TV shows. Finding a house is just the first step in the process.

The cost of purchasing a house can be a significant barrier to entry, as it requires a substantial down payment and closing costs. I've seen many investors struggle to come up with the funds.

Repairing a house can be a major headache, and it's not just about slapping on some new paint and calling it a day. Fix-and-flip projects often require extensive renovations, which can be time-consuming and costly.

Even with a solid plan, problems can still arise, and I've learned that it's essential to be prepared for unexpected setbacks.

LA has a lot of neighborhoods to choose from, with the median home price in Santa Monica being around $1.2 million, compared to $640,000 in Koreatown.

The city is divided into 35 neighborhoods, each with its own unique character and charm.

To get started, you'll need to decide on a budget, considering the average rent for a one-bedroom apartment in LA is around $2,000 per month.

Your credit score will also play a significant role in determining how much you can borrow, with the average credit score for a mortgage in LA being around 750.

Researching neighborhoods and schools is key, as the quality of schools can impact property values and overall desirability.

The LA Unified School District serves over 700,000 students, making it one of the largest school districts in the country.

Getting pre-approved for a mortgage can give you an idea of how much you can afford, and will also make you a more attractive buyer to sellers.

Finding deals can be tough, especially for new house flippers. It's not impossible, but it does take patience and work. You can find great deals on the MLS, but it's not always easy.

The MLS is the most likely place a new flipper will find a property, but it takes time and effort to find a good deal. You need to know what price you need to buy a flip at to make it a good deal, and the 70 percent rule is one way to determine what to pay.

If this caught your attention, see: Are Reits a Good Investment in 2024

Finding deals in real estate can be tough, especially for new investors. The Multiple Listing Service (MLS) is a good place to start, as it's the most likely place to find a property.

You can find deals on the MLS, despite what some people say. It takes patience and work, but it's definitely possible. Many experienced investors, including me, get most of our deals from the MLS.

To find a good deal, you need to know what price you need to buy a flip at to make it profitable. The 70 percent rule is one way to determine this, but I prefer to write out all the costs to know my break-even point and how much I need to pay.

Broaden your view: Are Reits Worth It

It's not impossible to find a deal on the MLS, but it's not easy either. There's competition, and prices can be rising in many areas. However, with the right approach and knowledge, you can find a great deal.

In some areas, like Los Angeles, you can find deals at property auctions or by building relationships with real estate wholesalers. These can be good sources of below-market-value properties, especially in high-demand areas like Woodland Hills.

Finding a deal is just the first step; you also need to know how to finance it. There are many lenders for house flips, but you'll likely need some money to get started. It's hard to get through a project entirely with other people's money, so having a plan for financing is crucial.

I've found that buying houses that need minimal work can result in a smooth flip process. These types of properties make great videos.

It's not uncommon for us to run into issues with our flips, but houses that need minimal work are a welcome exception. We recently bought a house from the MLS that required only minor repairs.

We were able to paint the house, make some minor repairs, and sell it quickly. This type of flip is a rare gem in our line of work.

We've also had success with buying houses from wholesalers. In one case, the wholesaler found the seller but couldn't come to an agreeable price. We were able to get a deal done and flip the house with minimal work.

It's worth noting that not all houses that need minimal work qualify for FHA financing. In one instance, we bought a house from a wholesaler that needed updating but would qualify for FHA with some minimal repairs.

We were able to do some exterior painting, refinish the flooring, and clean up the house. It was a straightforward flip that turned out well.

Here's an interesting read: How Does Real Estate Crowdfunding Work

To get the best training in house flipping, it's essential to learn from a reliable source. Udemy is an online educational platform that offers real estate investing courses, but be aware that a 30-day money-back guarantee may not be enough to ensure you're learning from a successful investor.

The cost of Udemy courses is relatively low, ranging from $50 to $200, but you won't know if the instruction has paid off within that time frame. Additionally, the names and professional experience levels of the instructors aren't always provided.

Felipe's list of training programs may be a good place to start, as it claims to offer guidance to beginners on investing in real estate. However, the article doesn't reveal what specific programs are included on the list.

For more insights, see: Halal Real Estate Investing

Flipping houses can be done with little to no money if you have great private lenders. I use a lot of private money on my flips from my family and investors I know, but many of them will be hesitant to lend you all the money before you have proven if you can complete a flip.

Intriguing read: How Much Money Do I Need to Start Flipping Houses

Partnering with someone can be a great way to get started when you don't have money. I flipped houses with my dad in the very beginning. Most banks will not lend to flippers, but some local banks will require a 25% down payment and do not finance the repairs.

Hard-money lenders were created to lend money to house flippers, but the interest rates and costs are usually very high. You can often finance most of the purchase price and all of the repairs with hard money.

Having a partner can be a great way to get started in house flipping when you don't have a lot of money. I flipped houses with my dad in the very beginning.

A partner can provide the necessary funds to get started, and it's also a great way to learn from someone with experience. You can share the costs and the risks, making it a more manageable venture.

It's also worth noting that you can put together a team of people to work on a project together, which is often referred to as a partnership. This can include contractors, investors, and other professionals who can help you with the flip.

If you're considering partnering with someone, make sure you have a clear understanding of each other's roles and responsibilities. This will help prevent any confusion or conflicts down the line.

Having a partner can also provide access to new financing options and solutions, such as hard money lenders or private investors. This can be a game-changer for new investors who may not have the necessary funds to get started.

HomeVestors, a real estate investment franchise, has consistently ranked high in Entrepreneur Magazine's Franchise 500 list.

They have been recognized for their strong business model and ability to provide investors with a reliable way to invest in real estate.

HomeVestors has been ranked as high as 34th in the Franchise 500 list.

Their ranking is a testament to the success of their franchise model and the trust that investors have in their business.

HomeVestors has been a part of the Franchise 500 list for over 20 years.

This longevity is a reflection of their commitment to providing a solid business opportunity for their franchisees.

On a similar theme: Reits in the S&p 500

Repair and Renovation is a crucial aspect of flipping houses, and it's essential to prioritize the right repairs to maximize your profits. The more expensive the house, the more expensive the rehab, so be prepared to invest in upgrades like stainless steel appliances and granite countertops.

To determine what to repair, consider the buyer's perspective - they want a perfect home with no hidden problems. A pre-inspection can help identify and fix issues before listing, making the house more attractive to potential buyers. I've found that buyers are often scared off by inspection reports with too many items wrong, so it's best to keep the list as short as possible.

For another approach, see: Why Does My House Have so Many Spiders?

The cost of repairs can add up quickly, especially for fixtures like plumbing and light fixtures. Brushed bronze fixtures are currently in style, but nickel fixtures may be making a comeback. To save money, consider painting cabinets white, but make sure to prep them well to avoid a poor finish.

Here are some estimated costs for repairs:

Finding a reliable contractor can be a challenge, but it's essential to find someone with clear bids, great communication skills, and a strong work ethic. With the right contractor, you can ensure that your repairs are done efficiently and effectively, saving you time and money in the long run.

To start flipping a house, you need to learn the basics. Reading blogs, books, and watching videos on house flipping is a great place to begin.

First, research your local market to understand real estate prices and demand for housing. This will help you identify potential areas for flipping.

Before diving into the business, it's essential to have a realistic budget in mind. Consider structural changes, materials, and labor costs, as these can vary depending on the location, such as areas like Woodland Hills.

Collaborate with interior designers who have knowledge of current LA home rehab trends to boost property appeal. This can include incorporating elements popular in areas such as Woodland Hills.

To ensure a successful makeover, hire trusted contractors familiar with LA house flipping laws and ensure adherence to house flipping permits in LA. Maintaining a timeline and regular quality checks are vital.

Here are the key steps to get started:

Budgeting is crucial, considering aspects like structural changes, materials, and labor costs. Areas like Woodland Hills may have varying costs, so localized research is paramount.

You may need to replace the kitchen and baths, which are often the most expensive repairs. On most flips, the kitchens and at least one bath are replaced or updated.

Contractors can be hard to find, very expensive, take a long time to finish a job, or even quit on you. If you can find a good contractor with clear and detailed bids, great communication skills, and a great work ethic, it's awesome.

To save money, you can paint the cabinets white, but you have to make sure you prep them extremely well or they will look like crap. Stainless steel appliances are a good choice as they aren't that much more expensive and most buyers love them.

Here are some estimated costs for materials:

The cost to replace all fixtures in a home can add up quickly, as it can easily cost $700 to $1,200 in just materials for basic fixtures from a box store.

The more expensive the house, the more expensive the rehab. On our more expensive flips, we usually make less money percentage-wise than our lower-priced flips, especially if a lot of repairs are needed.

You might like: Lip Flips

Landscaping can be a crucial aspect of a property's curb appeal, especially in the summer when a nice green lawn can make a big impression on potential buyers.

First impressions count, and a well-manicured yard can set a property apart from others on the market.

A nice yard and great curb appeal can make a house look great, which is why it's worth investing some time and money into landscaping.

However, it's essential to strike a balance between landscaping and cost, as it can quickly become expensive.

A house will often sell just fine with marginal landscaping, especially if it's something the new owners can easily improve themselves.

In fact, the author notes that they don't go overboard on landscaping, as they know the new owners will likely want to put their own touch on the property.

Suggestion: Heloc on Investment Property California

This 1918 vehicle flip was a labor of love that took a lot of time and work to complete. We saved some amazing mostly original wood trim, which is a great feature to preserve in old vehicles.

Most trim from vehicles this old gets painted white, but we opted to save the original finish. It also had some great features like pocket doors that we saved.

The before pictures show the vehicle in its original state, with a lot of work to be done. You can see the before video on this one below.

The after pictures show the vehicle transformed, with the original wood trim and features preserved.