Popular shows like Flip or Flop and Fixer Upper have played up the business of flipping houses. While it is possible to make a lucrative career of fixing and flipping properties, it is just as easy to bottom out if you do not know the essentials.
Jason Hartman at Authority Magazine recently interviewed Josh Miller, Founder and CEO of GoForClose on the “5 Things You Need to Know To Create A Successful Career Buying, Rehabbing, and Selling Properties”.
Who is Josh Miller?
After 10 years in a secure engineering position, Josh left his corporate job to pursue full-time real estate investing. It was not an easy decision, but he wanted a career that earned him a passive income and the freedom to spend more time with his family.
His path to success was a bumpy road. He made mistakes, just like so many amateur investors do, and invested a great deal of money. His experience taught him a critical lesson: marketing is crucial to real estate investing success.
He changed his methods and quickly saw results. By May of 2019, almost two years after changing careers, Josh had 120 rental properties in his portfolio and earned three times what he did at his previous job.
Josh wanted to share his marketing knowledge with others, and in 2019 founded GoForClose.
What are the 5 Things You Need to Know to Create a Successful Career Flipping Houses?
When asked this question, Josh provided these five answers:
1. You Make Your Money When You Buy, Not When You Sell
When you start in real estate investing, try to buy properties with very few problems at a discount.
2. Leverage Your Time by Hiring a Team
A lot of work goes into running a real estate investing business, and you can get more done with a team behind you.
3. Speed and Quality, Not Price
Chances are you’ll hire a contractor to fix up your properties. Find one that does quality work quickly, and do not worry about the price.
4. Location, Location, Location
A property is worth as much as its location.
5. Know Your Numbers
Always crunch the numbers before a project to guesstimate if a purchase property will give you a good ROI.
You can read Hartman’s article for Josh’s full explanation of each point he made.
What Else Is There to Know?
In his interview with Josh, Hartman inquired after the following:
- The most common mistakes people make when flipping houses;
- How to avoid costly mistakes;
- Concerns about the REI industry;
- Ways to improve or reform it;
- Amusing stories from Josh as an investor;
- And a lot more!
GoForClose – Your All-Inclusive Marketing Agency
Josh founded GoForClose with the vision to help fellow investors succeed. We leverage our real estate investing experience and marketing knowledge to tailor strategies, based on your requirements and market.
We empower investors, both amateur and professional, to focus on sales and closing deals. We do your marketing for you, provide qualified leads, and help you stay competitive regardless of the market landscape.
If you have questions or are curious to know more, request a free consultation below.