Here is the quick and important Fix and Flip formula.

Here is the quick and important Fix and Flip formula.

Here is a very Quick fix and flip formula. Welcome to Wealthy Wednesday. So if you are starting to fix and flip, this video is for you. 

Number one, acquiring the property. Don't go with a realtor to check properties for a fix and flip. You're going to go for off-market listings, probably from a wholesaler or a probate attorney or foreclosure, used to be good, but not these days, it's going to probably come back. So off-market property is the way to go. And then don't get desperate to get the property. you need to have enough spread because when you're buying the property, it's very important to get a good price. because there are so many expenses in a fixed and flip.

Number two is finding the right repair people. The contractor or the handyman, whoever you're using, has to be the right honest person.  They should know their job. It's a headache to find the right person. You have to be very careful in finding the right people, especially for a quality job. A lot of times you can get a messy job and you end up spending more money in the end. So that's number two.

And number three is of course after the repair marketing of the property. You need to have a good real estate agent who can market the property right and get you the highest and the best price. These three steps are very important. And additionally, if you are getting a private money loan for this property, make sure that the lender doesn't kill you with the interest and the fees. That is very important. There are a lot of companies, even online, that's good. Just Google it. Fix and Flip loan services and check the ratings. They are more clear than somebody just you get hooked up locally. Sometimes the fees can kill you, the high fees and the high-interest charge. Make sure you secure your profit, you protect your profit.

So this is a quick Fix and Flip formula for today. See you in the next video of Wealthy Wednesday. My name is Shawn Bhakta from Remax Presidential, South Florida Home Finder Team and I'm glad to help.

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