How We Got Started in Real Estate

Do you want to learn how to start your business in real estate? Glenn and Amber Schworm, founders of the Home Flipping Workshop, are showing people just how to do that.

Glenn and Amber have a new video titled, How We Got Started in Real Estate. In this video, they tell you the raw deal of how it all began for them:

  • How they found their first flip and got a no-money loan
  • How it is never the perfect time
  • How a motivated seller at the closing table makes for an ideal start
  • There is a wealth of information to help you get started, stay motivated and finish successfully. 

    THINGS YOU SHOULD KNOW ABOUT YOUR FIRST FLIP

    Flipping houses is the number one money-maker when people speak about real estate. The first flip is the learning process.

    Jumping in without knowing what is ahead can lead to problems. Understanding the basics could help you avoid any unforeseen issues. The following 5 are need-to-know steps for house flipping:

    1. Numbers: Know your purchase price range, closing costs, insurance, taxes, and repair estimates.
    2. Financing: Do you have capital; will you need a lender? Everything centers around the type you chose.
    3. Finding Deals: Do you collaborate with an agent or go on your own?
    4. Team Building: Assembling the right group of professional people for the job.
    5. Listing: Use an agent, listen to their advice for listing at the correct numbers, and get your property sold fast.

    These are just a few areas you should be skilled in when starting. You will be more relaxed with the process and ready to move forward when you become knowledgeable about the industry.

    WHAT IS A NO DOC LOAN MORTGAGE?

    Before getting a mortgage, you will have to hurdle over lots of obstacles and red tape. For example, you must answer questions and complete paperwork to see if you qualify based on employment or income. 

    However, you do not always need to be verified by a lender. There is a process called a no-income verification mortgage. You could qualify for a no-doc mortgage if you have no assets, no income, and no job.

    The lender takes an attestation of what you say to get you qualified. This process is a risky business that has prompted the lending guidelines to change.

    When deciding to buy, you must be vigilant in finding reasonably priced properties. Understanding property values is the perfect time to make an offer.

    Glenn and Amber explain this process in detail during their 3-day Home Flipping Workshop.

    THE PERFECT TIME TO PURCHASE

    The perfect time to buy a property depends on your financial situation. You will always wonder if it is the right time to make a significant purchase.

    Housing prices are higher when the rates are high. As you know, the interest rates recently increased this year. It’s critical to ensure you can afford to buy in today’s market.

    Competition is fierce in today’s market, and there is a shortage of property to meet the demand. The market is constantly shifting, and motivated sellers are looking to sell quickly. 

    The perfect time to purchase depends on a lot of variables that successful real estate investors take time to learn prior to getting their feet wet.

    IDENTIFYING MOTIVATED SELLERS

    Real estate investors are always on the lookout for motivated sellers. That one person who needs to sell due to;

  • Costly repairs
  • Foreclosure
  • Life-changing situations
  • Negative cash flow
  • Vacant property
  • Death of a spouse
  • Building a rapport with the seller could help you get the property at a discounted rate. Your purpose is to relieve them of the problem as quickly as possible.

    Once you have purchased the property, it is time to renovate, inspect, and sell it, which all takes time, professionals, and skill.

    TIPS ABOUT RENOVATIONS AND FINAL INSPECTIONS

    Though you may know the difference between a hammer and a nail, that does not mean you should take on the renovations yourself. In fact, you should not try to tackle the renovations yourself.

    Skilled professionals are the right way to go.

    Have you heard the saying, “A jack of all trades is a master of one?” Well, do not be that guy. Having skilled workers with a particular skill set can save you money.

    Do not overestimate your skills or knowledge of renovating. Hire professionals to do the work instead of yourself. Make sure you understand what it will take and what risks it may involve before biting off more than you can chew.  

    Once you complete the renovation, the home will require a professional inspection by a licensed evaluator. 

    The inspection ensures the work has been done up to code and at a required standard. The inspector will have a checklist to inspect the structural components, plumbing, and electrical work with any renovation.

    Reaching completion of your first flip, you are ready to sell and see your profits. Pricing your property competitively and selling as quickly as possible affects the amount of profit. 

    As long as you are paying monthly mortgage fees you acquire an additional loss.

    Maybe you feel ready to channel your inner HGTV project skills with your first flip. If you’re planning to leave a legacy and gain financial freedom, take the time to learn unique opportunities in the real estate market. 

    Join Glenn and Amber Schworm at their upcoming Home Flipping Workshop and get a clear and precise understanding of what it takes to get started in real estate.

    During this 3-day course, you will learn everything from A-Z about owning, operating, and excelling in the real estate industry. 

     The Home Flipping Workshop team is always excited to engage, educate, and enlist America’s next wave of real estate investors.