On today’s episode of the BiggerPockets Podcast, we talk with active house flipper and real estate investor Michael LaCava about flipping houses in today’s rapidly changing real estate market. Mike has been flipping houses since 2006, so he’s seen both the crash and the emergence of the market, and has a ton of great insight into building a scalable flipping business, analyzing deals quickly and efficiently, and (as a new feature on the Podcast) Mike dives into a “Fire Round” where he answers some of the most interesting questions asked by BiggerPockets members in the Forums.
Read the transcript to episode 24 with Michael LaCava here
In This Show, We Cover
- Finding and Working with Partners in your Investing
- Losing money on the first deal
- Mike’s view on the Hedge Fund problem
- Exit strategies … “What happens IF…”
- The $2.5 million dollar deal that fell apart
- When to use the 70% Rule and when NOT to use it
- Finding accurate comparable sales (Comps)
- The best way to estimate repairs
- Hiring your very own acquisition manager
- Tips for wholesalers
- The power of blogging for your business
- The flipping “Fire-Round”
- Flipping a “Murder House?”
- Finding deals in a competitive market
Links from the Show
Books Mentioned in the Show
- Think and Grow Rich by Napoleon Hill
Tweetable Topics:
- “When flipping a house, you make your money on the front end. It’s understanding the numbers before getting into it.” (Tweet This!)
- “Relying on the experts and building your team is crucial to being successful.” (Tweet This!)
- “You need to create a plan, you need to write it down, you need to start taking action.” (Tweet This!)
- “Success isn’t about how much money you make – it’s about enjoying life along the way.” (Tweet This!)
- “Goals with no actions are just dreams.” (Tweet This!)
Connect with Michael
- Michael’s Website HouseFlippingSchool.com
- Michael’s BiggerPockets Profile
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