It is not so hard after you get the hang of it. Real estate flipping can be a really high paying career, but I see way too many people give up on it. The turnover in this business is exceptionally large. I noticed 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 my clients last 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 begins. For the last 3 years, I have felt myself fall into a small lull and have recognized that this occurred for my mindset. Your mindset could be a lot of things, but the basic idea is that what you think will happen… does. Sometimes only convincing your mind that you will hit a target 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 believe you deserve the success you would like. Meditation and affirmations are fantastic ways to accomplish this.
Hustle: Nothing is going to be given to you. When I was going through my struggles to reach some financial goals, I had to keep reminding myself of this. Times can get hard and things can feel unfair, but the truth is, however much you don’t need to believe it, you are the only one responsible for your success. I would tell myself over and over. “If I need it, I need to earn it” I had to get up in the morning. I had to deal with the problem in 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 have learned. It’s not what you know, it is who you know. I also feel very lucky to have a network that can solve nearly any problem I encounter. If I am rehabbing a home and run into a problem, 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, spouses, wholesalers, and other professionals on a regular basis.
Education: To make my top five list you know I believe this is important in your success. Constant improvement is essential and the exciting thing about it, especially early in your career, is that growth is exponential. As you learn and implement ideas into your business, your business grows at a faster and faster rate. Obviously, for this to work you will have to learn AND implement. Lots of people learn about investing rather than invest. That’s why, I think, you need all five of these crucial keys to be a great fix and flipper. The fantastic thing is this is possible for everybody, including you.
Access to Money: So, this one may be self-servicing because I am a lender, and this could fall within the Network category but let’s face it, if you don’t have money you do not do deals. Money can come from a number of sources including cash you’ve got in the bank, money you borrower from associations, partners, private and hard money loans. Many times, you will 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 may choose to work with a professional that can advise you on the best way to navigate this complex subject.