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Time is Money
The saying “time is money” is one of the most true statements for a real estate investor. As a real estate investor you need to have all your duck in row before you even start buying properties.
1st you need a great realtor on your team, and if your current realtor is not working for you then you need to fire them ASAP. Find an agent that is going to look out for your best interest, that can sell property quickly, and locate great deals.
When you put an offer on the property make sure you get an inspection! I know what your saying “how is this going to save me time and money?”. The inspector will find all the issue wrong with the house, so you can line up your sub-contractors accordingly. You can also adjust your budget, or renegotiate the offer depending on the inspections outcome.
When lining up sub-contractors you need to make sure you have them come out in the correct order. You don't want to lay the carpet before you paint? I recommend that you have the election go out 1st due to everyone will need electricity, and you don't want a fire hazard.
Get pre-approved for lending or LOC (line of credit) before submitting an offer. My company uses a unsecured line a credit, so we don't have to go though the process of getting a loan approved for each property. As long as we stay in budget and don't go over our LOC amount then we don't have to spend money out of our pockets. Using other peoples money is the way to go.
Spend a little extra money to get a list of all the foreclosures, pre-foreclosures, bankruptcies, and properties for sale. I use REALTYTRAC for my property research, and that gives me the advantage over other investors.
You need to save as much time as possible when flipping a house, and that in return will save you a lot a money. As long as you are organized and build a good team you can make the big bucks.
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