If you are new to real estate investment, one of the most tempting strategies is likely to be property flipping. Celebrities on TV make it look like a simple path to success, but there are many important factors to remember if you want to make property flipping work for you. The Wolff Couple has 15 years of real estate experience working alongside Ron LeGrand and thousands of successful students across the country, and we want to share our tips for a rehab project that will make you real money! Keep reading for advice on how to succeed in property flipping and find a Wolff Couple real estate workshop near you to learn all the steps to becoming a successful real estate investors! You can also subscribe to our YouTube channel for weekly tips. Watch episode nine of our series, Wolff Bites, to learn six insider secrets from a rehabbing contractor and see the Wolff Couple walk you through one of their personal projects!
[uxi_video id=”KbBgCPGQYfs” size=”” type=”youtube” ratio=”16by9″ center=”true” related=”true”]
Tip #1: Find the Right Property
One major mistake that first-time investors make is getting in too deep with their first rehab project. You don’t have to dump time and money into a property that needs major repairs to make a profit. Instead, find a Pretty House! If you have attended a Wolff Couple real estate workshops before or have followed this blog, then you know that we love Pretty House deals. A “Pretty House” is a property that only needs a few repairs and new details to really shine — and yes, you can still make money! Read our post on Pretty Houses versus Ugly Houses to understand the differences and find a real estate workshop near you to learn how to make a Pretty House deal for yourself!
Tip #2: Don’t Ignore the Big Basics
A Pretty House won’t need major repairs, but there are some bigger items and projects you might need to tackle to make a profit. Common fixes include new carpet and new paint for the whole house. You want to make the house look brand new so it will really shine on the housing market, and a fresh coat of paint is an easy way to take a property to the next level. It can cover up rust and two-tone paint can add fresh aesthetic value. You should also consider replacing or improving other larger items like countertops, sinks, and cabinetry. It can make a big difference!
Tip #3: Add a Bedroom
Adding a bedroom can grow the value of your property by leaps and bounds. In today’s featured Wolff Bite video, the Wolff Couple walk through a home that has four bedrooms and an awkward loft space. By building a wall or two, that loft can be transformed into a fifth bedroom and greatly increase the home’s value.
You can find success in property flipping if you know what to do. Choose the right property, invest in simple fixes like new paint and carpeting, and, most importantly, get advice from the experts. Look for part two of this series for even more rehabbing tips and subscribe to our YouTube channel for weekly advice and clips from our best workshops. The Wolff Couple has been called the “mentors to the mentors,” because their high-quality investment training DVDs and life-changing real estate seminars have helped thousands of people achieve their dreams and make millions. Take the first step toward writing your own testimonial and sign up for a workshop near you today!
[gravityform id=”2″ title=”true” description=”false”]