Nicole Edmonds fills in for me as host, chatting with a guru of real estate, Scott McGilivray on how flipping houses can be a great investment for those just starting out. Imagine if you could make money, work less than 40 hours a week and still have enough income to provide for you and your loved ones. Maybe even have enough to go on vacation. Investing in flips can provide that for you.
Scott walks us through each step of the flip strategy as he is a seasoned talker. Beginning on appearing on television shows at the rise of social media, Scott realized that while he can give people ideas through social media, real estate investing is pretty serious stuff and can lose you money if you don’t have all of the knowledge to back you up. As he was getting several questions a day on social media, he realized he needed to get out there and talk to the people and began hosting seminars.
Getting in the topic of flips, Scott explains that while he has dipped his toe in many real estate strategies, flipping is the most common amongst new investors. Flipping consists of buying a home, renovating and selling it. How you make your money is in the added value you have put into the home after renovating it, and can increase the selling price from what you paid when you purchased the home.
While Scott does admit that flipping may not be his favourite strategy for himself to use today, after using it off and on for almost 20 years, Scott noticed that it is a great starting point for new investors to increase their sweat equity to build their foundation.
If you are interested in flipping homes and want to get more tips from an expert, check out this video to hear from Scott about how you can make money using this strategy.