Through my 12+ years in real estate, I have learned a variety of lessons that I have learned flipping houses. Here are a few of the most important:
Being told “no” is not the end of the world. Just because you don’t always hear the answer you want, does not mean you don’t have options. Keep going until you find a way. There is always a way. It just may look different than you thought it would when you started.
2. Adapting to the Market
Business is all about pivoting-in order to continue to move forward. You need to be prepared to make adjustments. For example, when the market was flooded with foreclosures business was very different than it is today. If I had continued to buy and renovate the same way as when I started, I would not have had the opportunity to take on the projects that I have been doing for the past five years.
3. Be Open Minded
Be open to looking at things differently. For years I held on to the belief that it was best for me to purchase the majority of my projects with cash. That any type of loan was to be avoided. Basically the cost of borrowing money was not a necessary expense. For some people that type of business model works, but for me, I realized that it was limiting the amount of projects I could take on. If I was funding the purchase and the renovation then I was not able to secure another purchase until I had sold one of the current project. By incorporating borrowing money into my business, I now have the ability to purchase projects to keep on a schedule of renovating without having to wait until they are sold.
Planning is what sets you up to succeed. Knowing what is a priority and what needs to be done starts the night before. For me, it all starts on Sunday night. Making a list of not just all the tasks but those that are revenue generating will also provide clarity as to the items you need to complete to successfully grow your business.
5. Focus on your Goals
Relationships in business change. As you evolve and your goals change people may not understand or support you in the way you may have hoped. Understanding that others opinions may not align with your goals will bring perspective and allow you to stay your own path. Though this may be one of the hardest lessons to adjust to, it is key for you to remain focused.
What lessons have you learned in your journey with house flipping?
So you’ve purchased a house to flip. Now what?
Want to buy a property and renovate it?
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