It is not that hard once you get the hang of it. Real estate flipping can be an extremely high paying career, but I see way too many people give up on it. The turnover in this industry is exceptionally large. I noticed the high turnover early on and have observed to learn why some people kill it while others disappear. It has been important to track to help myself and my clients last in this awesome business.
I’ve been in the real estate field for the last 16 years and my hard money lending company financing around 150 deals a year. This is what that experience has taught me about being a successful fix and flipper.
Mindset: This is where it starts. For the last 3 decades, I’ve felt myself fall into a small lull and have realized that this happened for my mindset. Your mindset could be a lot of things, but the fundamental concept is that what you think will happen… does. Sometimes only convincing your mind that you will hit a goal takes work. And of course the work that it takes to actually hit that goal.
Focusing your mind on positivity is a superb start, but you must think you deserve the success you would like. Meditation and affirmations are excellent ways to accomplish this.
Hustle: Nothing will be offered to you. When I was going through my struggles to hit some financial goals, I had to keep reminding myself of this. Times can get hard and things can feel unfair, but the reality is, however much you don’t want to believe it, you’re the only one responsible for your success. I would tell myself this over and over. “If I need it, I need to earn it” I had to get up in the morning. I had to manage the problem in my plate. I had to stay up late or work on the weekend. Because I chose to be prosperous, I decided to work hard.
Network: As we have learned. It’s not what you know, it’s who you know. I also feel very lucky to have a network which can solve nearly any problem I run into. If I’m rehabbing a house and run into a issue, I have a list of people I will call for support. If they don’t understand how to help they will know someone who does. I lean on my lawyers, my CPA, partners, wholesalers, and other professionals on a regular basis.
Education: To make my top five list you know I feel that is important in your success. Constant improvement is vital and the exciting thing about this, especially early in your career, is that growth is exponential. As you learn and implement ideas into your business, your company grows at a faster and faster pace. Obviously, for this to work you will have to learn AND implement. Lots of folks learn about investing rather than invest. That comes down to the investor mindset. That’s why, I believe, you need all five of these essential keys to be a excellent fix and flipper. The fantastic thing is that this is possible for everyone, including you.
Access to Money: So, this one might be self-servicing because I am a lender, and this has the potential to fall within the Network class but let’s face it, if you do not have money you do not do deals. Money can come from a number of sources including cash you have in the bank, cash you borrower from associations, partners, private and hard money loans. Many times, you’ll require a combination of these sources to get a deal done or to maximize profits. This can all be learned as part of your education or you can choose to work with an expert that can advise you on the best way to navigate this complex subject.