Did you know?
There’s a National Real Estate Investors’ Association...
The first thing any real estate investor -- or aspiring investor should do is find your local Real Estate Investors’ Associaiton. Go to the National Real Estate Investors’ site https://nationalreia.org/benefits/ to find a local chapter,
And then There are Local Chapters...
Real Estate Investors’ Associations usually hold monthly meetings. They might have a speaker, and cover various topics related to real estate. Some organizations have smaller regular meetings too. You don’t have to join to attend a meeting, but there may be a fee if you’re not a member. Dues are very affordable and it pays to network with other investors who know the local market, so don’t feel shy. Real estate investors are welcoming.
Membership Benefits
By joining a chapter of the National Real Estate Investors Association (REIA) you become eligible for the Home Depot discount. https://nationalreia.org/benefits/ The REIA (Real Estate Investors Association) Home Depot discount offers members a 2% biannual rebate on qualifying purchases over $12,500, 20% off paints, volume pricing, and appliance/cabinet discounts through the National REIA Pro Xtra program, requiring registration and using specific payment methods linked to the program to earn these savings. Home Depot also offers free delivery to those who hold a pro account, a benefit every investor can take advantage of.
The National Real Estate Investors Organization has partnered with other companies as well. You will find a list of participating companies on their website.
Expert Advice
Our local REIA was instrumental in helping grow our company. Not only did the members provide expert mentoring, but the relationships built with members who provided hard money loans propelled our business from $0 to $120k within the first year.
Sourcing Materials for Your Flip
Part of the fun of flipping is choosing the decor. Choosing cabinets, fixtures, hardware, appliances, tile, backsplashes and the hundreds of things that make the property come together. There are tons of material resource centers that have new materials at discounted prices, so when you shop, or go to check these places out, take a moment to introduce yourself to the manager. Let them know what kind of projects you are involved in and what kind of materials you look for. Before you know it you’ll be receiving phone calls letting you in on good deals. Even Home Depot’s pro manager will surprise you,,, by calling about returned appliances he can let you have for a fraction of their retail price.
I’ve purchased cabinets to outfit an entire kitchen for $2500. One warehouse always had $350 toilets for $40. Doorknobs and hardware, light fixtures and faucets, windows and doors are just a few of the items you can purchase at deep discounts when you know where to go. Meanwhile you can out those savings towards upgrades or extras that will make a huge difference when it comes time to list.
Staging Your Properties
If you plan on flipping more than one property, it may be worthwhile to purchase some furniture to stage your finished projects.
Artwork, curtains, rugs, knick-knacks, a fusball table and other games can be re-used over and over. I have purchased second hand living room sets I’ve also rented furniture for a few months to make a statement.