Moringa Industries

Always remember that you have a partner in every deal, Uncle Sam. He is going to want his cut. Keep taxes in mind throughout the process and consult with your accountant. Proper planning could save you a lot of money. The timing of a deal could have a lot to do with how much you pay and when you pay it.

Be sure to use all of the resources available to you. Real estate clubs, networking groups and other associations can be a great help. Take advantage of courses, books, tapes, seminars and Web sites. Just be sure that if you are paying for it, that you are getting something of value in return.

One of your greatest resources is learning from people who have "been there, done that." It's one thing to learn from your own mistakes, but it's usually a lot less expensive to learn from the mistakes of others. Most people are very willing to share their experiences, let them and learn from them.

Avoid being too optimistic. It is normal for you to take all of this information and want to jump on a deal immediately. That feeling is called "gotta-do-a-deal-it is," avoid that temptation! Don't do a deal for the sake of doing a deal, make sure the numbers work.

Numbers don't lie, a deal either works or it doesn't. In the end the results will show in your bank account, you either made money or you lost it. Manipulating the numbers to make you feel better about a transaction doesn't make the end result any different. You can fool yourself, but you can't trick the deal.

As you gain experience you will be amazed at how your vision changes. You will look at that pitiful piece of real estate and envision what it will look like when it is finished. You will see past the peeling paint, worn out roof and overgrown yard. Instead you will see a beautiful home with great landscaping and outstanding curb appeal. That vision gets better and better with each completed project. Eventually it seems that you can plan the entire project in your head. When that happens you have acquired the flipper's eye, use it wisely.