After nearly one year of blogging and answering questions this one has become a regular. I completely understand because I was in this very same spot and hung out there for a few years. Fortunately there is a very simple way to move out of it. The challenge is that it is always easier to stay where we are comfortable, but that’s not where change happens. Here are a few of the tips that I implemented oh so many years ago to finally get myself to move from thinking about house flipping to actually doing it.
1. Get your mind right.
Make the commitment to yourself in your mind that you are going to buy a house to flip. Don’t let anything derail it. Understand that it may take awhile to actually buy the house if you know that you are going to do it then you will be willing to put in the time. It took nearly 12 months for me to purchase my first property after I started to really focus on getting started.
2. Don’t talk yourself out of it.
There is a strong tendency for people to say “yes, I am going to do this.” The next thing they say is “but I don’t have any cash” or “but contractors are hard to find.” The crazy thing about these statements is that people make them when they haven’t spent any time trying to find ways something “could” happen.
3. Set weekly goals for yourself to accomplish to move yourself forward.
Holding yourself accountable is the only way you will do the work. Whatever that looks like for you set aside a time and place and get things done. There are so many things you can do that don’t cost any money. Think about attending networking events for real estate investing, reaching out to lenders who will fund fix and flip projects and contacting realtors.
4. Start running numbers.
Use the online tools and resources that are available if you don’t have an agent yet. Check out Zillow and Redfin and Realtor.com. Look at the housing prices in various neighborhoods and the differences between the higher prices and the lower prices. What is the middle of the range pricing? What do those houses offer? How are the higher priced homes different than the lower priced houses? Are they larger or is it bedroom and bath count? Are there different streets within the neighborhood that draw a higher price? All of this information will get you familiar with the area and also with looking more closely at any numbers.
For all the people who want to get into house flipping few do but it’s hard to know exactly why. By walking into this decision with specific actionable steps you are well on your way to building the foundation to move into house flipping success.
So you’ve purchased a house to flip. Now what?
Want to buy a property and renovate it?
I have a freebie checklist that will help you — 8 Things I look for When Purchasing a Home. Just click here to download it.
Love before and afters?
For more inspiration for home renovations, follow me on Pinterest @thresholdhomesmn