Nick Vertucci Warns About These Home Selling Surprises

Investing in real estate can be extremely rewarding or it can be a disaster. Flipping houses to make a profit is the day trading of 21st-century for people who believe they can turn a neglected older home into a modern showpiece using hard work, and, in most cases, a sizable amount of money. But in the quest to make a bundle of cash flipping a house, many of these flipping moguls overlook the basics by trying to finish fast and collect their profit, so they can move on to the next flipping project.

Ignoring the basics is not something real estate and flipping guru Nick Vertucci teaches when he holds one of his flipping seminars. Nick calls flipping houses “wholesale real estate investing with the intention of selling for a profit. And Nick is one of the best real estate flippers in the business. Nick is so successful he shows people who to flip by addressing some of the challenges and surprises that home sellers face when it’s time to make that big financial score.

 

 

In order to understand Nick Vertucci and how he operates his “Flip with Nick” seminars, you have to understand a little about Nick’s background. Vertucci is a real estate mentor, coach, and the host of the radio program “The Real Estate Flipping Hour” now, but he wasn’t always a master of the get in, get out, and get paid flipping philosophy. Vertucci is an ex-cop, and at one point in his life, he was in the same situation that millions of people face when life smacks them in the face and knocks them to the financial ground. Nick claims a friend was the catalyst that opened the door to real estate flipping when he didn’t have an income, and when he had little chance of finding enough to make ends meet while he was selling computer parts.

 

Nick attended a three-day seminar with his friend. And after the first day, Vertucci found a new career and the inspiration to learn more about the real estate business. It took Vertucci more than ten years to absorb all the information he needed to create a system that would give him the kind of income he dreamed about. When his new system passed the test, and when he hit the million-dollar income mark, Nick knew he was ready to share his flipping system with others. He wanted to share his experience and knowledge, so they could get out of debt and transform the way they live.

 

 

Nick thinks most people have the desire and ambition as well as the drive to be real estate flippers, but they lack the know-how. Nick knew he could teach people how to locate the right properties, and how to find no-money-down funding for their flipping projects. The people who come to Nick’s free flipping seminars receive a flipping kit that, according to Vertucci is worth $400. Mr. Vertucci doesn’t claim everyone who attends one of his seminars will be a flipping success story, but he does say the seminar will give them the tools they need to be successful.

All they have to do is the hard work. Not everyone interested in flipping knows they have to put in the effort and conquer the challenges on their own. Nick tells his students not to expect overnight success, and they may not become millionaires flipping houses. But they can make a decent living flipping if they are all in, in terms of work ethic and dedication.

 

 
Nick Vertucci Points Out The Pitfalls In Flipping In His Seminars
Flipping profits come from the price appreciation that develops from a hot real estate market and the capital improvements to the property. So buying low and selling high are key elements in a successful flip, and flippers want to complete that process as quickly as possible. Flippers rely on speed because each day costs flippers money in utilities and taxes. And if a flipper takes out a loan, mortgage interest cuts the profit picture too. Nick Vertucci breaks some of the pitfalls of flipping and then selling that property this way.

 

 

1.Flippers don’t have enough money at the beginning of the project. Nick says there are many sources for seed money to start a flipping project, but many of those sources want interest on the loan. Interest on a loan is tax deductible, but not all the interest is deductible. Cash is the best way to buy a property that’s ripe for flipping, but renovation costs are always more than expected. Many first-time flippers don’t have enough money to cover unforeseen renovation costs, and that can turn a flipping project into a longer and more expensive process. Plus, many flippers forget to add in capital gains taxes after the sale, and that can dramatically change a flippers bottom line profit.

 

2.Flippers don’t allow enough time to complete the flipping process Nick thinks some flippers forget how time-consuming the flipping process really is. They don’t consider the time it takes to find a property, and they don’t allow enough time to complete the renovations. Plus, there are inspections to consider, and those inspections can take longer than expected. And some flippers forget about building codes, and that can be another costly oversight. Vertucci also tells his seminar guests to allow enough time to sell the property. Trying to sell the property without an agent can save money. But it can also backfire when the house sits on the market for 90 days because the flipper didn’t invest in a cohesive and enticing marketing plan.

 

3.Some Flippers don’t have the skills to do the work Nick says the real profit comes from sweat equity. Flippers who know how to use a hammer, lay carpet, hang drywall, and put a roof on, as well as know how to do plumbing and electrical work, have the skills to flip a house with a minimum amount of help. Flippers who need professional help to finish a project usually don’t make the profit they expect.

 

4.Flippers don’t have the right kind of knowledge Vertucci likes to tell his students that picking the right property in the right location and paying the right price for it usually means there is money waiting for them at the end of the project. But Nick also tells students there are other things to consider even though the main ingredients for flipping are right. Flippers have to know zoning and tax laws, and they must know when to cut their losses. They have to know when to cut a money pit loose before they fall in.

 

5.Flippers have to have patience Nick believes flipping requires research, money, time, planning, and patience as well as skill. Professional flippers do the work instead of hiring contractors, and they allow enough time to complete the total project. If flippers rush the process by slapping on a coat of paint, and by cutting corners they are hurting their chance to get top dollar when it’s time to sell.

 

6.Flipping is a business. Treat it like one. Vertucci believes the flippers who treat the flipping process like a business get rewarded for that approach. Flippers are business people and they have to act like the CEO, secretary, worker, and salesman if they want to get the most out of every flipping project.

 
Nick Vertucci Believes Staging And Preparing For Listing Day Adds Value And Accomplishment To Any Flipping Project
Nick knows money is the main issue in any flip. Flippers have to be conscious of every dollar they spend getting a house ready to sell. But many flippers who do all the renovations and pay all the costs associated with property forget to add the sizzle to the process. They decide not to stage the property when it’s ready to go on the market, and that can be a costly mistake. It is expensive to stage a home, but when flippers use a reputable staging company that understands design, color, and the ambiance that a flipper needs to sell the property, the money is well spent, according to Vertucci.

 

 

There’s another question that haunts some flippers. They have a hard time identifying the right time to begin the selling process. In order to be ready for a quick sale, flippers have to prepare at least three months in advance. They may be solving renovations issues three months out, but in order to get the biggest bang from their hard work, in terms of profit, flippers have to get a home inspection set up. They should also discuss the listing price with other real estate agents.

Pre-showing the property before the house gets an MLS listing is always a great way to get feedback and correct any glaring issues that could hurt the selling price. And flippers should know to go all out during the “open house” showing. People like to feel comfortable when they come to an open house, so Nick recommends offering refreshments without the pushy sales pitches. Prospective buyers like to look at the finish product without feeling pressure. If they have questions, Nick says answer them honestly and with respect. And remember patience is more about allowing the sale to happen rather than trying to force a sale by changing the price too soon.

Be sure to follow Nick Vertucci on Twitter, and make sure to check out his new book "Seven Figure Decisions".

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