how to start house flipping
Make your fortune in real estate. It isn’t so hard once you get the hang of it. Real estate flipping may be a really high paying career, but I see way too many people give up on it. The turnover in this industry is exceptionally large. I noticed that the high turnover early on and have observed to learn why some people kill it while others vanish. This has been important to track to help myself and my clients continue in this amazing business.
I have been in the real estate field for the last 16 years and my hard money lending company finances around 150 deals per year.
Mindset: This is where it all begins. For the last 3 decades, I’ve felt myself fall into a small lull and have recognized that this occurred because of my mindset. Your mindset could be a lot of things, but the fundamental idea is that what you believe will happen… does. Sometimes only convincing your mind you will hit a target takes work. Not to mention the work that it takes to really hit that goal.
Focusing your mind on positivity is a superb start, but you really must think you deserve the success you desire. Meditation and affirmations are fantastic ways to achieve 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, no matter how much you don’t need to believe it, you are the only one responsible for your own success. I’d tell myself this over and over. “If I need it, I need to make it” I had to get up in the morning. I had to deal with the problem on my plate. I had to stay up late or work on the weekend. Because I decided to be prosperous, I decided to work hard.
Network: As we’ve learned. It is not what you know, it is who you know. I constantly try to group up with people smarter than me, that can both help me understand and help me get results. This has resulted in millions in profits. I also feel very lucky to have a network that can solve nearly any problem I encounter. If I’m rehabbing a house and run into a issue, I have a list of people I will call for help. If they don’t know how to help they will know somebody who does. I lean on my lawyers, my CPA, partners, wholesalers, and other professionals on a regular basis.
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. Many people learn about investing and never invest. That comes down to the investor mindset. That is why, I believe, you want all five of these crucial keys to be a excellent fix and flipper. The fantastic thing is that this is possible for everybody, including you.
Access to Cash: 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 don’t do deals. Money can come from a number of sources including cash you’ve got in the bank, cash you borrower from associations, partners, private and hard money loans. Many times, you’ll need a combination of these sources to get a deal done or to maximize gains. This can all be learned as part of your education or you can opt to work with a professional that can advise you on the best way to navigate this complex subject.