Flipping for a Living- Reverse Engineer Your Flips

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DoubleTree by Hilton Hotel Libertyville - Mundelein

IL-83 · Mundelein, IL

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The TV shows make it look so easy. You buy an ugly house, fix it up in a week or two and then sell it for a whopping $100,000 profit.

But as anyone who has ever tried it knows, house flipping is a lot harder than it looks.

And often, the math doesn't add up to a sizable payday when you factor in the time, effort, labor and money to execute a flip. But that doesn't keep people from trying.

Flippers face four key challenges:

• Finding a good house at a low enough price to make the deal work

• Finding reliable contractors to do quality work at a reasonable price

• Finding money to finance the deal

• Selling the home at a price that will cover expenses and provide enough profit to compensate for the time invested

If location, location, location is the mantra for all real estate, “do the math, do the math, do the math” should be the mantra for would-be flippers.
And we mean all the math.

For example, if you calculate a potential flip this way: Buy a house for $100,000, spend $20,000 on improvements, sell it for $150,000 and earn $30,000 profit, you clearly haven’t done all the math that’s needed.REMINDER:

ChicagoREIA.org- Mundelein

Tuesday, April 23rd- 6:30pm (Check-In / Networking starts at 6:00pm)

DoubleTree Libertyville / Mundelein
510 E. IL Route 83, Mundelein, IL 60060

Chicagoreia.org - Mundelein is a subgroup of the largest Real Estate Investors Association in Chicago. The best part is that we are #1 in terms of member productivity. Attendance at the ChicagoREIA subchapter meeting is FREE.

At ChicagoREIA.org our goal is to Listen, Learn, Share, Grow and Leave The World A Better Place Than We Found It.

See You at the Meeting!
The ChicagoREIA.org Team