Seeking tips to grow flipping business

[Ryan Mortti]

Good evening guys! So I wanted to share my story, first I have learned everything from this forum and want to thank this unique community for being so great! So I have been investing for 2 years and have mostly done house flipping. I purchased my residence and since flipped and have about 100k to invest. I've been doing houses around 50 and have made about 30k net on each on average. Due to me flipping full time and just starting my business I do not have a job per say, what is my best route to get financing for more deals and how can I start to implement multi unit rentals in my portfolio. I live in Wesley chapel Florida near Tampa and it is booming! Would love to learn about more deals and see how I can leverage my capital? Thanks for all!!

Ryan Mortti

[Michael Haynes]

@Ryan Mortti, Hello, I am a small, long time, Buy and Hold, Rental guy in Tampa. I don't know much about Wesley Chapel, but, I know it is a new town that has been growing for ten years. If you have been able to make such a living in two years with one Residence held for two years and Flips in a small town like that, then, do yourself a favor and "Don't Try to Reinvent the Wheel." I am also a Futures Trader and after studying and practicing for more than ten years with many different types of Trading Methods, I know that when you finally find the Time Frame and Method that fits your Trading Style..."STOP." You learned how to make Money and all you have to do is to repeat the process. Ca Ching! Do you watch any of the Flipper shows on TV? There are many different ones and all the lessons you need to learn are shown in one or another of their videos. Try this one 

https://www.youtube.com/playlist?list=PLoDpbJFFeuT...

The couple in Flip or Flop show their Flips that were winners and losers. They showed the one where they did not get an offer right away and they had to rent it. They apparently have very good Credit and a lot of Cash AND they use Hard Money Loans. Three questions, Ryan. Most people don't want to use the Tax-Free Sale of your Residence, every two years, because they have families and they don't want to move that much. Did you sell your Residence Tax-Free? Then, do it again. There is nothing better than tax-free Money. Secondly, are you doing 1031 Exchanges with your Flips? That involves lining up simultaneously, another property to Buy and you get to Defer the Tax on that Sale. You can leverage your Profit by not paying the Tax and do it over and over again until you have enough Profit to Buy a property that you want to live in for two years and then Sell it Tax-Free as your Residence. And do you know your local Loan Shark for Hard Money Loans? Using Hard Money puts more pressure on you to make the Flips work out and the last thing I want in my life, is, more Stress. My friend had 10 houses that he was fixing up to Flip in 2008 when the Economy Crashed. He lost all of them. Ruined his Credit, almost ruined his wife's Credit and the lesson that we both got was to, "Do one Flip at a time and make it work out before doing the next one." Wesley Chapel may be "booming" today and you have to be aware enough to see any trouble brewing on the Economic Horizon.