It is natural for people to want to see results quickly. That is just truly how we are as people. We love seeing things change fast….especially if they make our life better. But when you are starting a business like house flipping its important to have patience. When you rush into things or put pressure on yourself you can make decisions that are not right for you. Keep an eye on these specific times where key decisions may feel like there is an immediate response needed but beware…there will always be another option.
1. Expect Buying Your First Flip to Take Awhile
When I decided to really get serious about house flipping, it was nearly one year until I had my first offer accepted. This wasn’t because I was just sitting around and waiting for the perfect house to come along, it’s because I looked at a lot of houses before one actually came together. I also had submitted offers that weren’t accepted. But all of this effort was training and required serious patience. Training for how to analyze numbers and training in looking at houses that needed various levels of renovation and getting to know neighborhoods. Every bit of this time was well spent.
2. Anytime You Are Negotiating
There will always be another house so don’t be afraid to walk away. If you are confident in your analysis and numbers, then be okay with walking away. I have found more often than not, once you show that you are not attached to the house, then sellers are suddenly more interested in your offer.
3. When Building Your Team
This one can be tricky for people but you can’t put your business on hold until you find the perfect person. You need to work with different people to figure out what characteristics and traits you need the most. So go ahead and hire that contractor to get that job done but don’t stop meeting others. As your business evolves you may need more than one so never stop looking for good team members. This goes for lenders and real estate agents too.
Building a successful real estate business is a long game. There is no short cut to learning or relationship building so settle in, have patience, and enjoy all the experiences you will have that will build the foundation for 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