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how much money do i need in my bank account to get started flipping ? LM says: Allen, without you providing more details it's just not possible for
It's not that you can't build wealth with a job but by understanding what might be keeping you behind you can do something about it...
What business structure S corp or LLC do you use to buy and flip houses? Also, how can I reduce taxes if I am working full time with a high salary? Thanks!
I'm interested to hear how you best utilize your time with your marketing and what avenues you use to find your properties to flip as far as marketing
What tools do you use for finding distressed properties? LUIS COMMENTS... More than tools it's about resources and many times people. You can use
I would like to thank you for sharing priceless,valuable information on wealth. I am a aambitious women of God who desires to own real estate property.
Your net worth calculation can help you measure your financial well-being. By knowing what your net worth is right now and then tracking it over time you can measure the progress you make as you build wealth. It is important to understand what goes into your net worth so you can understand why it goes up or down over time.
Calculating your net worth will help you see what progress you are making in saving, investing and growing your money while at the same time reducing and eliminating your debts...
Came across this article on The New York Times about the non-assuming and surprising lifestyle of actual millionaires (not appearance millionaires). I am not surprised at all of reading this. I written about this before and have seen read about it in numerous places but it’s great to see that it is more than a trend.
"While the popular perception of millionaires is that they are more ostentatious than frugal, recent research shows that single-digit millionaires, at least, are generally far more mindful about how they save, spend and invest their money.”
Now the thing that really jumps out at me after reading this is, if actual millionaires are frugal and very mindful and deliberate about saving, investing and staying out of debt then what makes us, non-millionaires, think we don’t need to be the same if not even more frugal!
If we were to look at our incomes as a source to create freedom in our future lives then we would be less likely to give up that freedom by going into debt and spending more than saving.
"These were people who had all made the money in their own lifetimes and done that as much by saving, investing and making careful choices about spending as by making large salaries.
There are two parts in this wealth creation equation; one is achieving the largest income you can from your work but the second is to then keep as much of that income as you can by not spending it (frugality) and then making it grow and multiply (by investing it).
So the best part of this story is that all of us have control over both parts of this equation. It’s not dependent on the government, the companies we work for, the economy, etc. It’s dependent on us…we just have to make the choice.
Wow, what a year!
As I write this I have no doubt that 2014 will go down as the hardest year of my life, period.
That is saying a lot, I know. Hard to quantify too. But the challenges that I faced this year were so deep and overwhelming that I have no doubt what I am saying above is true.
Everyone goes through hard times and I am no stranger to them. But the challenges of this year really tested me to the core, to who I am, what I am capable of and what I can tolerate and still move forward.
After leaving my corporate job in 2013 and going into business for myself I had no doubt there were challenges ahead. But there is no way that you can get a clear idea of what’s coming until you are facing it. Many days I felt like I could not go on. And of course the allure of quitting is always sitting in the back of my head...
For many people the phrase debt to wealth sounds like nothing more than wishful thinking. You may think that turning debt into wealth might just not be possible because you cannot even fathom how to get out of debt. However, transforming debt into wealth, like any other challenge, is a step by step process that can be overwhelming when looked as a whole but in reality is very doable if the will is there...
After a very long tenancy my tenants in rental house #1 had to move. I was truly sorry to see them go, not just because of the vacancy factor but because they were good people, we got along well, they took care of the house and they liked the house. But, their personal circumstances changed and they had to move on.
It is common to hear horror stories about investors having to deal with horrible tenants, that were a pain to work with and left the house in terrible shape. What you don't often hear is the opposite of that. And mine was such a story. So all you prospective landlords out there understand that being a landlord can also be a pleasant experience!
Hiring the RIGHT contractors is a critical part of the house flipping business. The following tips are based on what we have learned from our flips and dealing with dozens of contractors.
When explaining how to flip houses one of the best tips I can give you is to try and consolidate as much work as you can under the least number of contractors. For this project it meant hiring a general contractor (GC) to do most of the work...
How / can a furnace be inspected / tested when the gas to the residence is shut off?
Do you have any examples of rental contracts that you use for your properties? I'm looking into my first rental property and would appreciate some direction
Hi my name is Austin and I'm 19 years old and would love to do house flipping for a living my dad and I did one house a few years ago. we learned a lot
You have probably heard the saying “Be careful what you wish for, you just might get it…” Well I did and I have. I longed wished to be on my own, run my own show, have my own business, call my own shots…I got all of that and then some.
Owning your business comes with a lot of responsibilities that I did not have before and a lot more work too. This is coming from a person that has been in charge of nuclear missiles, that has launched rockets into space and have managed multimillion dollar construction projects.
I say this not to impress you but to put in perspective that I am no stranger to handling a lot of responsibilities and many moving parts. Yet everything I did in the past seems now like less work and in some ways easier than what I am currently doing as an entrepreneur and business owner.
These are pretty popular but I am sure there are some of you out there that have not seen them or it might just be helpful to read them again. In case you are not familiar, Bob Parson is the founder and owner of Go Daddy, the web services behemoth!
Every morning I try to read something uplifting and positive so I can get in the right mindset for the day. I think we all need to make a conscious effort to put the right things in our minds. Motivation, positivism and enthusiasm don't come naturally to all (even thought it might seem like it) so being proactive in getting the right mindset is a step in the right direction.
Question?... I have a secured credit line of one million dollars. Through this credit line real estate was purchased and the entire credit line was used.
Is there such a thing as “wealth creation secrets” at the top 1%?
I read an interesting article about the wealth distribution in the US. It’s not just where the wealth is at but more about how at the top 1% level of wealth the rules are different than for you and me.
The top 1% of the wealth in the US are those households that have at least $1.2M in net worth and earn $300k per year or more. This kind of income will include doctors, lawyers, corporate executives and successful small business owners…no surprises there.
I just wanted to share with you some surprising facts about this websites' traffic over the last year. I know some of my readers also run websites and blogs of their own so I think this might be useful.
Like I have mentioned already, 2013 was a major year of career transition for me. As such, time to maintain Wealth-Steps.com was close to non-existent. For most blogs this is usually the kiss of death.
Since search engine and Alexa rankings for blogs depend on traffic and traffic depends on frequency of adding content, when you have a blog and stop posting traffic goes down, period.
In my case, since Wealth Steps is not a blog, my traffic not only kept steady but much to my surprise it increased.
I live in a fairly affluent area of Atlanta. I am not necessarily surrounded by millionaires, at least not immediately, but it is definitely a middle to upper middle income area. Since I have traveled extensively throughout this city and have gotten to see some of the not so nice areas, I can tell the difference.
Where I live the real estate is more expensive, the houses are bigger, people drive nicer cars, children go to more, nicer and more expensive activities and overall people have “nicer” things. In other words the normalcy of having “nicer” things is contagious and rampant.
I associate with many people that as far as I can tell like to spend more and have more than I do. They use their money in ways I don’t. And I’ll be honest, sometimes I wish I had more “nicer” things like they do. - See more at: http://blog.wealth-steps.com/2014/02/why-i-wish-i-had-nicer-things-but-i-dont.html#more
The time has come for me to move away from Corporate America, move away from making a living with a J-O-B and dedicate myself to a new challenge...
I quit my job and I have started a new business!
I will now be spending the majority of my daylight hours working on my own business. Real estate investing is still going to be part of my mix but that will not be the main income provider.
As I have commented on other posts the real estate market in my city has changed dramatically for the type of investing that I was doing. I knew it was coming, I just was not expecting it so soon.
I now got to figure out what to do next and how. On the other hand I have chosen to not make real estate investing my primary occupation after leaving the corporate world.
I have started a business in marketing and advertising and as such is going to require that I spend a lot of time in the sales funnel. Although due to my real estate experience I have a small amount of sales experience this is going to be completely different. And for me different is good...
Finding Motivated Sellers...
Fast forward to the present and Danny has been steadily doing real estate investing deals for the last 10 years and he's been making a full time living at it. But the thing that most caught my attention of Danny is that he is not chasing foreclosures and bank owned properties like I was.
Since Danny started flipping properties before the recession, before there were distressed properties everywhere, he had to develop the systems to find properties that would make good investment sense. This basically means looking for motivated sellers. Finding homeowners that for some circumstance in their lives, need to sell the house even if it is at a steep discount from market values.
Here is where I believe Danny has excelled because as I have come to learn this is a very specific and hard skill to develop. No matter what the TV gurus tell you about "easily finding discounted properties" this is hard!
One of the reasons I have enjoyed athletics and competition for such a long time is because of all the great life lessons that it offers.
As someone who is going through some very challenging times right now I rely on those lessons to keep going. This video is yet another reminder of what I already know but easily forget in the day to day hustle of life...
(Yes, it's been a while since my last post and there's a good reason for that. More coming soon...)
I recently had the privilege of speaking with Danny Johnson from FlippingJunkie.com, an experienced and very active real estate investor in the San Antonio area. Danny has been investing in real estate for about 10 years now of which 7 of them have been as a full time real estate investor.
Like so many out there Danny and his wife were neck deep in the grind of the full time corporate job and soon enough realized that type of life is someone else idea of making a living and not theirs.
Danny then started to have the kind of thoughts that I am very familiar with. He realized that the corporate job was not going to cut it if he intended to build wealth and reach financial independence one day.
So in comes real estate investing...
(Once in a while I repost an older article for the benefit of newer readers, enjoy!)
In the pursuit of building wealth and achieving your financial goals it is easy to focus on money. However we need to remind ourselves that money is a means to an end. I can assure there are more than then things more important than money but here are my top ten...
Creating a plan for building wealth is an essential step when learning how to build wealth. When you plan you create the road map to get where you want to be but you need to make sure that the reasons you want to achieve wealth in the first place are the right ones for you.
A plan for wealth building starts from a point of self-awareness. You reach this point by being completely honest with yourself and asking the hard questions and giving honest answers. Have you asked yourself the following questions?...
You might have noticed that it has been awhile since I have announced a new house flipping project on this site. That is indicative of how the real estate investing market has changed in Atlanta (again). My strategy of buying foreclosed homes to fix and flip has stopped working. I am now racing to figure out how to find new properties.
It's very well known amongst local investor circles and there is plenty of information on the web that explains what is going on. This article from the Washington Times is a good summary. Basically Wall Street finally figured out that there is money to be made in residential real estate and they have been buying houses by the thousands!!...
Unless you have been hanging out with the Taliban you have probably heard that real estate all over the US is on the way up...
This is yet another example of the cyclical nature of real estate. And as long as you understand that nature you should SERIOUSLY consider investing in real estate in some way, shape or form.
Here are my top 6 reasons why I invest in real estate and why you should too if you are serious about building wealth...
There are some personal finance basics that will not change regardless of whether you are single, married or have children. However once you grow your family with the first child there are some basics of personal finance that are unique to families.
Whether you have children or thinking of having one (or several), you should consider the following personal finance lessons for your particular situation...