Essential Strategies for First Time Real Estate Investors 🚀

Listen up, first-time investors. It's about financial freedom, smart moves, and building your empire. I've spent over 40 years coaching hundreds of investors just like you, and I'm about to hand you the 5 essential strategies you need to crush your first real estate deal. Real estate is the ultimate wealth-building tool. Because unlike stocks, you can see it, touch it, and most importantly, leverage it. I'm talking about passive income, long-term appreciation, and tax advantages the wealthy swear by. But here's the deal. If you're not armed with the right strategies, you're going to hit bumps. So buckle up. This video is going to change the way you think about investing forever. Strategy number 1. is location. Location is extremely important. We're here in Lake Forest, Orange County, California, a very, very nice area. Come on in, I'll show you this house. Okay, this is what I call a bedroom community. This is a 3-bedroom, 2-bath, single-story home. It was built in I want to say the '70s, so it's been here for a while. This is a perfect cookie-cutter flip. We remove everything from the inside, replace everything brand new. There's not many walls we're thinking about removing. We may end up removing half this wall here, and when it gets into the kitchen, to just open up the space a little bit more. And new windows, new flooring, new painting, all that stuff. New front door will be placed in there as well. But location, location, location is extremely important in the deals that you're looking at. And location— let's say you're in a bad location. It's not necessarily that I'm not going to flip in a bad location. It's that the prices are going to be lower. It may take a little bit longer to sell the home. That's not the case in this location. This is a top-notch location. As soon as this place is rehabbed, it'll be back on the market and sold probably within a week or 2, even in this market. Strategy number 2, make sure you know your numbers before you purchase anything. That's on top of the list as So you're going to come into a flip like this, you're going to say, okay, I need to put new windows, new flooring, painting, cabinets, appliances. He's in the process of putting some can lights in, in the kitchen area. You need to know all that at the beginning of this project. Put your numbers together, make sure at the end of the day that your numbers work. Because if not, you're going to end up losing money. So you want to make sure you also put probably, I would say, a 10% cushion, just a contingency in case something happens along the way, like some contractor putting their foot through the roof on the mobile home that you're flipping. So make sure that you run the numbers and move on to number 3. Number 3, I would strongly suggest if you're just starting, start small but think big. So mobile home flipping is great, single family just like this, that single story is a great start, and then you can move up from there once you, you know, experience this. And condominiums are also a good investment. I like condominiums because you're literally flipping the inside of the home. The outside's taken care of by the association, so you don't have to worry about landscaping. You don't have to worry about a backyard, which is what we're in right now. Condominiums are one of my favorite type of flips for property flipping. Mobile homes, I'd be number 2. But again, single family, you're going to end up making more money on a single family. Single story is awesome, especially as baby boomers like myself start aging out and— aging out, that didn't sound right. But anyways, Aging is what I meant. And maybe we were in a 2-story, 3,000-square-foot home and now it's time to downsize. So a lot of baby boomers are looking for single-story homes. So keep that in the back of your mind when you have a location and you're doing your numbers. Make sure that you're flipping something to begin with that you're going to be able to do and accomplish And make some money at the end of the day. Strategy number 4, and I would say again one of the most important things is building your team. And that consists of agents, consists of contractors, consists of escrow companies, title companies. There's a big part of flipping a property. It's not just you buying something and saying, to a contractor, you know, go fix this. You have to have a team. Hold on, wait a minute. And all these team members need to be in place before you buy that property, because just like this one, the day it closed, the next day they were in here doing demo. Okay, time is money, and you need to take advantage of the time that's available to flip a property, literally start working like a machine, You're buying stuff, you're rehabbing it, you're putting it back on the market, you're selling it, and you're moving on to the next project. So it's just like a machine. So make sure that you have all your team members in place. If you need any team members whatsoever, please reach out to me and I'll set you up with my team members who can help you out with whatever it is that you need during a transaction. Number 5, stay educated and stay hungry. You'll be 90% of the way there and ahead of everybody else if you do those 2 things. Education is very important and doesn't mean that you have to pay hundreds of thousands of dollars for education. There's people like me that offer free education for you and, you know, look those people up. Go to meetups and things like that. Reach out to me whenever you'd like. I'll leave my information in the comments below. I've got an appointment calendar there. Even if you're not local to me, you can make an appointment just to give me a call and we can discuss whatever your concerns are. So stay educated. There's things that are changing constantly with real estate. We just Went through a huge change when it comes to representing buyers and commissions. So make sure that you're up to date on all this information, or at least somebody on your team knows what's going on. Literally, just getting a binder on a title policy is going to save you thousands of dollars. Make sure that your team members know that. And before you open up escrow, make sure that you have a binder on that policy when you purchased a home so that you save money at the end of the day. Those are just a few things that you need to know to do this. And make sure you keep up to date. And if you don't want to keep up to date on these type of things, make sure you have a team member that is a real estate agent. They know what they're doing. They've been in the business for a while. They are investors themselves and they're just helping you out. So again, make sure you like and subscribe, okay, and share this video with others. Let's get the word out there so that everybody knows what my 5 big takes are on flipping properties.