On this podcast episode, I talk about the key components that you need in order to get started fixing and flipping houses.
THESE KEY COMPONENTS ARE:
*Finding A House To Fix & Flip
*Estimating After Repair Value
*Estimating Repairs & Materials
*Calculating Your Profit Margin
*Finding a Private or Hard Money Lender
*Having a Contractor To Fix The House
On this podcast episode, I dig deeper into some of these topics and show you why the most important basic foundation for fixing and flipping is to understand what the house will sell for (After Repair Value). The other key component is what it will cost to repair the house (labor and materials).
If you know the answer to the After Repair Value, and you know the Repair Estimate, then it is relatively easy for you to plug those two variables into a calculator and figure out your potential profit on the fix and flip.
Here is a free tool that I created for my students to use to estimate the profit margin on fix and flips:
You can also download the Rehab Property Calculator as an App for your phone in the Google Play and iTunes App store for free by searching for "Rehab Property Calculator".
For the types of materials that I personally use on my fix and flips you can visit this link to get the materials and components that we use from Home Depot along with the SKU's:
If you are brand new to real estate and want to learn more about how to wholesale real estate and flip houses then please register for the free wholesaling real estate training at this link below:
FREE WHOLESALING TRAINING
FIXING AND FLIPPING TRAINING
If you want to learn how to fix and flip houses I have a fix and flip training webinar at this link: https://www.lexlevinrad.com/fixandflipwebinar
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For more real estate tips about property investment, investing in real estate, and how to start wholesaling, download a FREE copy of my best-selling book "Wholesaling Bank Owned Properties" at https://www.lexlevinrad.com