Patrick Kavanagh Chicago - Real estate mogul shares the most common mistake house flippers make

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Photo of Patrick Kavanagh Chicago - Real estate mogul shares the most common mistake house flippers make by Patrick Kavanagh Chicago Property

After experimenting with a career in the music industry, Sidney Torres changed course and started working for a construction company. It was then that, with help from his grandmother, he bought his first property in an up-and-coming neighborhood in his hometown of New Orleans.

He profited from his first flip, used the proceeds to buy a property next door and never looked back. Today, the self-made millionaire has developed more than $250 million in commercial and residential real estate.

"What I've learned in the real estate game is that you always have to have an exit strategy," Torres says in a new mini-series, "60 Seconds with Sidney." "From the beginning of going into a deal it's important that you know, once I close on this property — if I do a little bit of repairs — can I get out of it and how much will I make?"

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Yet very few people investing in real estate think about the end from the beginning, says Torres, who now helps struggling property investors on CNBC's "The Deed": "So many people get caught up on the buy and not looking at, 'What's the exit strategy?'"

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