What It Takes to Flip Homes in Southern California

Home flipping is no joke, particularly in San Diego. Many people have tried to take shortcuts to building wealth in real estate, leading to incredible failures that have left many bankrupt. While there are numerous sources of failure that should be noted as cautionary tales, the truth is that prospective investors don’t just need to know what not to do, but also how Than Merrill and those who have succeeded created their fortunes. The Retirement Maze – A Must Read Dr. Rob Pascale retired at the age of 51. He is famously noted for his work in research psychology, but the seed money he built up during the early years of his career was built up further in real estate. Without diving too deeply into the book that covers this subject, he notes that there are several factors that played into his favor: Understanding the market Limiting personal exposure Networking It was the late ’80’s and early ’90’s when Dr. Pascale made his first investment – a single family home, which he notes on page 88 as “having previously had a lot of cats.” With this home, he knew that by cleaning it up and making it shine, he could make a quick profit, and he did, earning himself $30,000 in just 47 days! However, he didn’t walk into these deals with all of his own money. After all, he’d worked hard for the money he’d made and had two very young children at home. Instead, he brought in a local contractor whose equity was built by the work he’d done. $7,500 worth of repairs earned him his money...