Today we are back to my book, “House Flipping in 10 Days” and today it’s Chapter 2. If you listen in long enough you won’t have to shell out any money for the audible version of the book when it comes out later this year. I’m eventually reading the entire book on the show – although I can only describe the pictures and the charts. You will still need an actual copy of the book for that. But never fear – we will be opening up pre-sells pretty soon.
How to contact us
Twitter and Instagram @FlippingAmerica
Call our National Comment Line: 404-369-1018, ext 1. Leave your message or your question.
Email your questions to firstname.lastname@example.org. Please always tell us where you are from. We like to know where the show is being heard. And let us know how you found out about us if you don’t mind.
- Lunch with me every Wednesday. Baraonda
- My latest article in Forbes is out. bit.ly/findredeals.
- The FAN is here!
- Would you like to invest in the Flipping America projects across the country? Coming soon you will be able to for as little as $100. That’s right, Flipping America is partnering with Ground Floor Funding to create a crowd-funded platform where you can invest in the deals we are doing here. The fund will pay out a 8% preferred rate of return and can go as high as 16%. You can make money with me, the Flipping America Guy.
- Flipping America App is in the app store. You can listen to the show, read the show notes, and the entire catalog of shows is now available to you. It’s a free download and there are no upsells or in-app purchases. Free to download, free to listen. Go ahead and give it a try and drop me a line and let me know what you think.
- Want a quick analytical tool to tell you how strong a potential fix and flip deal is? Download the Property Grade app. You answer 10 simple questions about the property and the app instantly tells you what you can expect to make, your return on investment, your return on cash, and then the program gives the project a letter grade using the proprietary Flipping America Investment Property Grade algorithm.
The Questions new investors ought to be asking:
- From our friends:
- Bryan “How do I determine the finished value of my flip home before I begin repairs?
- Cindy “Why is this a great investment or why is it not? Could my resources (time, money, skills, etc) produce a better outcome sooner if used elsewhere?
- Stewart “How do you quickly determine the cost of repairs to determine if it’s a good deal or not? (I’m assuming there’s other interest and there’s little/no time for due diligence)”
- From Roger:
- What type of investment is this? (one time income, cash-flow, appreciation, speculation?)
- When should I expect to see returns?
- How liquid is my cash?
- How could this deal bite me in the fanny? In other words, What are the risks and how are they mitigated?
- What happens if things get sideways?
- What are the numbers I need to know and how can I know them?
- What’s Plan B?
- Pricing alternative
- Alternative funding source?
- Alternative exit strategy?
- Backup Contractor?
- What is the pricing trend (rents or sales, depending on your exit plan)?
- For flips, what is the average DoM for this price range in this area?
- For rentals, what is the long-term outlook for this neighborhood? Which way is it heading? (the best hoods are those that are immune to value swings)
- For rentals, how are the schools?
- For AirBnB, are there any rumblings in local government that threaten this business model?
- If investing cash in someone else’s deal
- What is that person’s experience?
- What is that person’s reputation?
- Do we have values alignment?
Comment Line calls and Questions
Call 404-369-1018, press 1 and leave your message!
Motivational Thoughts for the day
- “‘Sometime later’ usually means ‘never’. If you are ever going to do it, do it now.”