You’ve done everything and decided on flipping homes? I’m sure it’s just me as a guy who has been around residential RE for 30 years, but I think flipping is the worst avenue for me because I personally would NEVER BUY A HOME FROM A FLIPPER. All flippers cut corners at every opportunity while renovating a property, of course to minimize expenses. They install cheap water heaters, AC condensers, laminate flooring (usually grey), low quality white shaker cabinets, etc. As a home buyer I would only buy from someone who has lived there personally for years, and shows pride of ownership. Flippers houses are so easy to spot and it’s easy to see that they have the cheapest stainless steel appliances you can find. It’s like buying a classic car that is full of bondo but looks great from 5 ft away because it was just sprayed at a discount paint shop. My niche is buying multi familys that have been neglected by a mom and pop owner. I make basic cap-ex changes, basic upgrades, raising rents, brand the property, manage for a few years, then sell and move on and repeat.
Thank you for this excellent video. Short, consise, to the point. I have 10 rentals and everything you have said is 100% acurate. It is “basic” concepts but we would not be succesful investors if we would not follow them. I need to explore and learn more on technology… I have all my docs/pics in place and in order, but I know there are new better ways to do it thru applications. I just have to give it the time. I have watched the video like 3 times :) Thank you!!
It's actually kind of hilarious that I learned most of the information here through playing Yakuza: Like a Dragon Those of you who've played far enough into the game, you know exactly what I'm talking about. Or maybe not since it's essentially a side quest but a very in depth side quest. Things I've learned through this mini-game business management - 1 - The companies you acquire with the highest revenue isn't always the most profitable. Some has too much overhead and require too high of a skillset from an employee which ends up making the employees cost more to hire and run it. 2 - Sometimes having more business ends up generating you less money because you had to split the funds into creating two or more businesses than focusing on one very profitable business 3 - Putting the right employees into the right business significantly increases the ease of running the business and generating profit. 4 - Sometimes it's better to get rid of an older business even if you're very attached to it because at some point you're losing money by having to hang onto it than to reach for a better business venture. You could sell the business and purchase another one that generates a little less at the start but ends up making profits several folds over when you've invested enough time and money into it. 5 - Making sure your employees are happy will ensure your business will thrive. Cheap out on treating your employees right and your business suffers for it. That's a few that came to my mind. There's more but I think this is enough information to give people an idea.
@@nguyendzuy - Thanks, I put a hold at my local library. I actually pride myself on my DIY mentality however projects always take forever (but turn out great!). Obviously that's not the best use of time as I have a well paying job.
On Point. Great advise. Please want to see only the result, the money. But the advise you gives makes the difference whether you will succeed or not. It makes the difference of can repeat a for deal or whether you got lucky. 😁
What is the alternative to owning real estate? It is renting. Less home Buyers equates to home Renters. Rents are jumping higher. If you are a renter, y'all are making payments for the owner. Always better to be an owner.
