There are endless lessons to be learned when flipping a house. The process involves buying a distressed property, fixing it up and reselling—ideally, quickly—to make a profit. Usually, these types of properties are found through foreclosures, bank short sales or auctions.
When it comes to old properties, you can often just keep going by peeling back layer after layer, and in between a lot of junk (and rat poop), you’ll probably find a few treasures.
First time flipper and software engineer Alex Marmon, who partnered with his brother to completely redo a 118-year-old house, decided to just dive in head first. Together, the pair threw any concrete plans they started out with right out the window and worked towards achieving a set of goals, working off a gigantic, never-ending checklist. In the end, it took a lot longer than they had hoped it would, but the experience they’ll carry into their next flip is invaluable.
Alex’s ability to focus on the minute details all while keeping the bigger picture in mind meant that he kicked ass flipping a property that was nothing if not unique, and a challenge from the word go.
Tune in to hear some of his top tips and advice for other first-time flippers!
Topics discussed in this episode:
- Alex’s background and how he got into flipping
- The beauty of starting small
- Alex’s advice for first-time flippers
- Flipper finds cause of death
- The dollar versus time budget
- Knowing when to plan and when to just go for it
- Importance of taking your time
- Go ahead and rip, but do it strategically
If you are interested in learning from Dan and Mike to receive coaching and learn how they built their business, check out instantinvestorprogram.com and see if you are a good fit for the mastermind group!