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Is Flipping Houses Really That Easy?

flip hacking Oct 15, 2021

Flipping Houses is simple, but not easy.

The process to flip a house is simple.

  1. Find a property off-market that's in need of some work
  1. Buy direct from the seller at a discount
  1. Fix it up (fix & flip) or leave it as-is (quick flip)
  1. Resell it for a profit

See. It's simple.

What's difficult is taking action.

A lot of people understand how flipping works, but they never take action and actually do it themselves.

Here are the common objections:

  1. I don't have enough money to flip houses
  1. Flipping houses would take way too much time
  1. I'm afraid I might lose money flipping a house

The problem is, these objections don’t apply to all types of flips.

Remember, there are 3 Ways to Flip a House.

The one I focus on and teach other pastors, missionaries and Christian leaders to focus on is Quick Flipping (aka Flip Hacking).

With Quick Flipping:

  1. You don't have to have money to buy or remodel the house
  1. You don't have to spend as much time as a retail fix & flip
  1. There's...
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Q&A About Our 1st Flip

flip hacking Aug 27, 2021

I'm sure after reading The Story Behind Our 1st Flip last week, your mind may be filled with questions. I want to address some of those in this post.

How do you find deals like this?

Contrary to what people may tell you, deals are everywhere. That doesn't mean they're always easy to find. But if you're persistent in looking, you'll find them.

On this particular deal, we just happened to be attentive to what the previous owner of our house told us. He mentioned the owner across the street was looking to sell, and we knew we needed to talk to him.

One of your first steps to finding deals is to let people around you know that you're looking to purchase a house that needs some work. Tell them to contact you if they ever hear of anyone looking to sell.

In addition, you can start proactively reaching out to people in neighborhoods you'd like to flip in. Drive up & down the streets. Look for people outside. Pull over & talk to them. Let them know you're looking to buy in the...

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The Story Behind Our 1st Flip

flip hacking Aug 20, 2021

We've flipped over 100 houses through the years, but I want to go back to the very beginning and tell you about our first one.

Prior to this story I'm about to tell, we had flipped our own house several times (live-in flips). I often refer to that process as House Hacking.

But I'm going to tell you about the first flip we did of a house that we didn't live in. This is what I often refer to as Flip Hacking. We specifically bought this house to flip it & sell it soon after.

It will probably help you to read the blog post entitled "3 Ways to Flip a House" first, if you haven't already. That will explain some of the terminology I use in this post.

Here's the story:

My wife told me about a house she really loved in a great neighborhood we had lived in before. The house wasn't currently for sale, but I contacted the owner anyway to see if he'd be interested in selling. The timing was perfect & the owner let us know he had been thinking about selling soon & liked the idea of...

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What If I've Never Filled Out a Contract Before?

Perhaps you’re wanting to sell your home FSBO (For Sale By Owner) to save on real estate commissions but you’re worried about filling out the contract. You’ve always assumed you needed to hire a Realtor because you don’t have any experience with contracts.

Well, I’ve got good news! There are other alternatives that can save you potentially thousands of dollars, even tens of thousands of dollars. Remember, Realtors make money as a percentage of your purchase price (often 6%), which can add up fast.

Here are a few of your other options:

  1. Consult with a family member or friend who has done a FSBO transaction before. They can guide you through the process.
  1. Call a local Title Company and they'll be glad to help because they make money when they close the transaction. They'll often give you the standard forms to use along with some tips on which sections to pay attention to.
  1. If you want to spend a few hundred bucks to make sure everything is exactly...
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How to Identify a Distressed Property

flip hacking Jul 02, 2021

One of the keys to flipping houses is to get really good at identifying distressed properties.

You see these properties around you every day, but you probably aren't accustomed to seeing them as an opportunity to earn extra income on the side to support your ministry.

Let's discuss this.

So, what is a distressed property?

Here are common exterior signs that could indicate distress:

  • Grass overgrown/landscape deterioration
  • Trees hanging down into the yard
  • Significant peeling paint/fascia damage
  • Boarded up windows/very old windows
  • Siding/brick deterioration
  • Loose/missing shingles
  • Trash strewn across the property
  • Mail overflowing from mailbox
  • Garage door in disrepair

This list could go on, but you get the idea. You're looking for properties whose exterior shows that the home probably needs some work. Often the exterior gives you a good idea of what the interior is like.

Distressed property owners sometimes want a cash-paying investor to get involved as they know...

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You Make Your Money When You Buy

Even if you haven’t invested in real estate before, you’ve probably heard this saying.

You make your money when you buy.

What does that even mean?

It means that the price you pay for the house is the best indicator of your future return on investment.

Many house flippers have learned this lesson the hard way. What looks easy on HGTV can be very difficult in real life.

Regardless of how good your remodel is or how tasteful your decorations are, if you didn’t buy the house right, you could end up making very little money, or even worse, you could lose a lot of money!

An example:

  • Mr. Flipper buys a house on the market using a real estate agent who tells them they are getting a good price.
  • Mr. Flipper begins the remodel and after he takes up the floors, he sees issues with the foundation that will require extra money.
  • Mr. Flipper tried to save some money by doing some of the project DIY and spends nights/weekends painting, laying tile, and installing cabinets.
  • ...
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3 Ways to Flip a House

flip hacking Mar 19, 2021

When you hear the word “house flip,” what comes to mind?

Usually it’s something along the lines of what you see on HGTV. A couple like Chip & Joanna:

  • Find a house on the market
  • Purchase it using financing
  • Do a full remodel (which is expensive)
  • Sell 6-9 months later for a profit (hopefully)

Let’s call this Fix & Flip.

#1 - Fix & Flip

This the most well-known way to flip. And also the most intimidating due to the amount of money/expertise needed to accomplish it. But it has the greatest profit potential.

Most people don’t realize there are other ways to flip houses too. Some that are much simpler than what I described above. And require far less money. Or no money at all.

#2 - Lipstick Flip (also called Cosmetic Flip)

With this type of flip, you do far less to the house. Basically you’re just putting a little “lipstick” on it. You’ll:

  • Clean it up
  • Touch up some paint
  • Fix a few other cosmetic issues
  • Then...
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15 Ideas for Level 3 Tentmakers

A Level 3 Tentmaker is looking to earn a full-time income. Ideally in flexible ways that support their ministry schedule.

Needed: ~$60k+

Ways to make an extra $60k+:

  1. Social Media Management - work with clients to create social media accounts and post regular updates to them
  1. Commission Sales - many sales jobs are flexible and allow you to get paid for results rather than for time
  1. Online Courses/Coaching - online education has become a very large industry with great potential for full-time income
  1. Realtor - this can provide a little extra money, part-time income or full-time income depending on the time you can spend
  1. Moving Company - I have friends that are running a moving business to provide for themselves full-time for ministry purposes
  1. Real Estate Acquisitions - real estate investors are often looking for people to help them find and purchase new properties
  1. Freelance programming - learn to code and monetize your ability online
  1. Network Administration - offer IT...
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