Lorraine Beato is passionate about real estate and providing people with a place of their own.
Designer, Realtor®, investor, and mentor Lorraine Beato is as much a Renovation Rockstar as are the properties she flips. She shares her reasons for real estate and some advice for newcomers.
Why are you passionate about real estate?
My why is creating beautiful living spaces that are affordable for first-time home buyers. I am passionate about real estate because I love providing people with a place of their own to create amazing memories and raise a family, all while building equity and wealth in a tangible asset.
What are signs you look for in a potential project?
For me, it’s all about the location and the numbers. The numbers need to make sense and I need to have two exit strategies before I get into a deal. There are too many people right now jumping in and getting into the hype of flipping, overpaying and then getting stuck or shorting on the renovation budget and can’t sell.
Advice for first-time flippers?
Do NOT do it alone! Thurman Robinson was smart. He heard me speak on the Think Realty panel in 2016 and asked how he could learn more. I told him I would help him with his first deal that he bought and owned, totally minimizing his risk because his money was backed by the home. I charge a minimal fee up front and then we split profits so there’s an incentive for both of us to want to make it a success.
For inspiring professional design ideas, fix-and-flip information, and more visit LorraineBeato.com.