Scott Patterson’s Blog on Flipping Houses

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Condo (or any real estate) contracts from the developer pre-construction

That's gambling and the house always wins.

Property Management 

Property Management is a low profit business that will take years off your life

Flipping Houses

Flipping houses is a business that generates and income, you stop flipping, and you stop earning

Wholesaling/Assigning Contracts/Flipping Contracts

See Flipping Houses 

Watch the video to get my full break down. 

In my previous post I told you to "Make Your Money When You Buy"

The primary way to find "deals" is to buy houses that are not actively on the market.

And the best way to find houses that are not actively on the market and have a good chance of being for sale are vacant houses.

Here is a vacant house that I have been watching that was recently boarded up.

Vacant boarded houses make me money, but only if I work them.

The secret to vacant houses is simple, go one step further than your competition to find the owner.

Now here is a quick 1 minute video of a yummy vacant house.

Here is a 2.5 minute video where I lay out the principle "Make Your Money When You Buy"

It is easy to find a house to fix.

But you are not looking for a house to fix.

You need to find a house that you can make a profit on.

Fixing the house only makes the profit larger and easier to obtain.

If you don't buy a house with equity from day one, your career will be short and charitable.

So "Make Your Money When You Buy"

Now watch the clip 

Here we are finishing up the foundation for the addition on the house on Everett. 

First you dig a hole to pour the concrete in, here in North Carolina for a one story we need to have at least 16" of concrete deep.  Every locality will be different and it will depend on your average soil conditions and frost line. 

The inspector must inspect the footing for the foundation to make sure the soil is stable enough, once that passes inspection we can pour the concrete and then lay the block to make the foundation.

But really all you need to concentrate on as the investor is hiring the right people to navigate the inspections and code requirements.

Do not pay until you have passed inspection!!  It may look done, but it's not done until the inspector says it's done.

Here is a clip from a seminar I did and I lay out the 8 basic steps to become a real estate investor that flips houses.  Here are the steps I lay out:

1.  Study The Business
2. Research Your Farm Area
3. Find A Deal
4. Close The Purchase
5. Fix and Make House Market Ready
6. Hold The House
7. Sell The House
8. Close The Transaction

Of course I forgot to mention to Rinse and Repeat, so I guess that now makes it the 9 steps

My name is Scott Patterson and I am just starting my blog and getting all of the kinks worked out to make this a very educational, entertaining video blog on real estate investing.  I am going to make posts and videos of my experiences of real estate investing and flipping houses.  Please subscribe on the the right hand side to get my new posts as I make them and feel free to fill out the contact form to ask me a question and I will do my best to make a video response answer to your question.

Here is a house on Everett street that we are just starting to rehab. I will show you this house from start to finish. In this video I talk about what we are going to do to improve the house.  Also I  point out that in these neighborhoods that are close to downtown, your buyer will be looking for certain characteristics of the renovated houses.  The buyer is generally more concerned with quality and the use of "natural" materials in the renovation.

Materials we will use:

Wood and Cement Fiber Siding for the exterior- not vinyl

Tile for the bathrooms- not vinyl

I also point out that not every house is equal,  even if it is identical, you also have to factor in the lot and the quality of the trees.  Our buyers are giving up the new big house in the suburbs in order to get proximity to downtown, mature trees, and character/quality of construction and materials.