We’ve talked about what makes a good candidate for house flipping. Many different types of people like real estate professionals, those with construction experience, and people ready for a career change are just a few. Regardless of a person’s experience and goals, they need to have this one skill to be a successful house flipper.
The skill I’m talking about is patience. I will share just how important patience is and when I have to tap into this skill the most as a flipper.
Patience is a Skill
Patience is something you will need to call on from the beginning to the end of your flipping projects. It may seem counterintuitive to practice patience in a fast-paced business, but it will save you time in the long run and ensure you’re staying on the right track.
Without patience, you can easily make decisions that aren’t profitable because you were in a hurry or didn’t give an activity the consideration needed to make the best decision.
When You Need Patience in House Flipping
Like I said, patience is needed from beginning to end. Your patience will be tested in a few specific instances I want to touch on.
Finding a Property
You will need to do a lot of research once you decide on the kind of house and flip you will do. Your research should include learning about neighborhoods, locations, demand, the extent of repairs, and price. Taking a look at comps, doing the leg work by walking through homes and neighborhoods, all of these things will make a flip work but take time.
You’re always going to be on the lookout for houses because they are not going to fall into your lap. You’ll have to search consistently and stick to your criteria instead of jumping on a house due to impatience. It could take a while to get your first home, or your second flip might take more time than your first, be patient!
For many people, it’s a strange concept to be looking for houses you can buy at a discount, especially when the market is strong. But patience and persistence will definitely pay off here. You can’t buy a house to flip if you’re not even trying, right?
Working with Others
Even those who enjoy working as a team can feel impatience creep in. No matter what business you’re in, you’ll likely be on another person’s timeline at some point. The same happens in house flipping. A few examples of this might be waiting on your real estate agent to get back to you or explaining your wants in the house search or vision in your renovation plans.
Another area where patience is an absolute must is when you’re hiring contractors. It should take you some time to hire your contractors, as you’ll get recommendations, vet them, meet with them, and get bids. Not only should you be getting 3-5 bids per job, but carefully reviewing them is critical. You want to make sure you’re not selecting one without looking at the fine print!
Whether contractors or others on your job, carefully consider if their timeline and budget match up with yourself and if you mesh well enough to work together on a long-term project. Without looking closely, you may end up with a partially completed project or an additional invoice at the end that you didn’t expect.
Bumps in the Road
Lastly, the inevitable bumps in the road as you find, flip, and sell the house. I recommend counting on a bump or two to pop up, and to address with patience! Some possible “bumps” include:
- Delay in materials
- Contractor issues
- Bad weather
- Theft
- Acquiring permits
- Unforeseen problems (like water damage)
- Underestimating repair costs
Thankfully there are plenty of ways to set yourself up for success and dodge most of these bumps. That brings us back to the importance of research and due diligence. All requiring… You guessed it… Patience!
Want to buy a property and renovate it?
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