Realities of House Flipping PLUS DIY Project Tips with Abby Soetan

Is there anything that keeps you from getting into real estate?

Is it a lack of experience and knowledge?

Or are you still waiting for the market to go down before you invest?

A resolute individual like our guest, Abby Soetan, never let these obstacles get in the way of her first flip, regardless of the pandemic.

In this episode, Abby shares with us how she jumped into real estate without knowing what she was getting into. With faith, a strong will, and an openness to learning along the way, she managed to turn her first flip project around and earn a good profit. Her business has scaled since then.

As a first-time investor looking to get a steady flow of income, listen in as she offers creative investment strategies and what she has to say about building a power team if you're looking to scale your business.

In addition, get valuable tips on DIY flipping projects and how to sell them with outstanding returns.

What you will learn from this episode:

• Find out how one can earn a good amount of profit from flipping a property the first time, even without prior knowledge and experience.
• Learn about tips and hacks in flipping for the first time, so you manage expectations.
• Understand how the market works for flipping properties so you maximize your profit margins.

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Abby Soetan started investing in real estate in 2020 after reading a book about a couple who flipped houses for a living. She thought to herself, "If they can do it, so can I!". 2 weeks later, she had her first property under contract.

When she started sharing her journey, she did so because she wanted to show other women who looked like her that it was okay to be in this space - and that we can succeed at it too!

Since buying her 1st property, it's been a fun (and sometimes scary) journey, but she picked up many lessons and loved every step of the way.

Her goal for real estate is to develop herself & other people on her journey to building wealth!

Connect with Abby Soetan:

• Email: blackequityrenos@gmail.com
• Instagram: https://www.instagram.com/blackequity_/
• YouTube: https://www.youtube.com/c/BlackEquity

Topics Covered:

02:45 - How she got started in real estate and the valuable experience she had from jumping into it

06:22 - No better time to do it than now

07:54 - Why flipping was the best way for her to get started in real estate

11:15 - What the experience was like and how she got through her first flip without prior experience

15:53 - Confidence level achieved

16:26 - How was it like selling the property themselves and not through the realtors

18:45 - Essential factors to look out for when flipping the first time for newbie investors

23:30 - What's the dynamic like when working with your spouse or partner [talking about interpersonal tools and skills]

29:37- Integrating her knowledge in design into her flipping projects [tapping into your creativity and making your property stand out]

34:34 - Changing strategies and pivoting her business with the recent market trends

36:34- What is an arbitrage investment strategy?

38:41 - The system and vital factors you need to set in place when thinking of scaling your business [the power team]

46:17 - Immediate plans for her real estate business

Key Takeaways:

"Buy low, sell high. That was kind of my strategy." - Abby Soetan

"If I just kept waiting and thinking for the market to go down. Or, if I had used my lack of knowledge or experience to say I can't do this, I would never have learned so much. Not even just the financial gain but the mental gain as well." - Abby Soetan

"If you're working with any partner, even if it's not someone you're married to and both of you decide to do some work together, it's vital to know each other's strengths, and also each other's methods and give each other the room to do what they can do best." - Abby Soetan

"What's the worst that can happen [when it comes to design]? If it doesn't look good, you start again." - Abby Soetan

"When you're thinking of arbitrage, all you're considering is like your first and last month rent and your furnishing costs versus a property that you own, which is the downpayment, the closing costs, all the legal fees, and then your furnishing costs as well." - Abby Soetan

"Scaling is, I believe, a factor of time and money. It's very important to understand your limits, so I guess that leads me to the Power Team because having a contractor is essential." - Abby Soetan

Connect with Mario Griffiths:

• Facebook: https://www.facebook.com/marioginvest
• Instagram: https://www.instagram.com/marioginvest/
• LinkedIn: https://www.linkedin.com/in/mario-griffiths
• Website: https://www.mariogriffiths.com/

Connect with Ron Christopher:

• Instagram https://www.instagram.com/ron.investor/