How HGTV's Flip It to Win It Beau Eckstein went from real estate sales to private money lender and expert house flipper
Real estate investor and star of HGTV's Flip It to Win It Beau Eckstein began his real estate investing career over 15 years ago. He began as a telemarketer for a mortgage company.
After about 3 months, he decided to get his California Real Estate License. He originated mortgage loans as a broker, primarily conventional loans. But he also originated hard money, or private money, loans.
Beau got to know the local real estate investors who were funding these private money transactions.
About 4 years ago, he transitioned full-time to arranging private money funding. Up until then, he was selling real estate and originating conventional mortgages.
Once he began originating private money loans, he also branched out into flipping houses. He knew the entire funding process, so it wasn't a hard transition. Beau didn't know much about construction projects, so that's been the biggest challenge thus far.
He says you have to be realistic and conservative with your house flips. Stick to a conservative budget and bank on getting a lower-end selling price rather than hoping for a homerun on the sales price.
You have to work well with your contractor and keep on top of your construction budget, timelines, and draw schedules.
Beau also spoke briefly about the San Francisco Bay Area real estate market. Sales are softening but Beau believes that home prices won't tumble like they did in the past because home inventories are pretty low right now.
He says if you're not getting the price you want in the timeframe you need, you may have set your sales price too high. It's better to set it on the low end and watch the price rise as many potential buyers bid the price up (because of the lack of inventory).
These are sound real estate investment and house flipping strategies that Beau Eckstein has discovered over the past 15+ years.
For more information, check out his website at
https://beaueckstein.com/contact
or call him at 925-852-8261