Problems Flipping a house
The biggest Problem I see is when Investors have a property under agreement. Sometimes they’ll even Brag to me. Smiling and wide eyed, you’d think they won the Lottery.
Mike Hurney – I’ll then ask, Have a plan for this?
Investor – Ya sell it for a big profit!
MH – Can I see it?
Inv – Ya it’s #69 Deadend Ave.!
MH – No, your plan?
Inv – Ya Sell it for a big profit!
MH – Ok congrads, let me know if I can help…
Inv – Often 30 days later the agreement is expiring, no buyer and they’ll call to ask if I can buy them out by tomorrow?
MH – I don’t think think so but I’ll ask around.
Sometimes we’re taught to accomplish a “step” (celebrate) but we forget our Goal/Big Picture which successful Investors know is “PayDay”
Who ever paid you to get an agreement?
Or to rehab a house?
Or to put it on the market?
If it’s not written down, it’s unlikely it will happen. There is no Multitasking, that I’ve ever seen. If you think you can do many things at once try separating them and see how well you can do them individually. Usually much better. Think of climbing a ladder. If you miss a few rungs you will not make it to the top.
The last page in your notebook is Payday! Whether it’s a Retail sale and Closing or the Purchase of your Agreement
by someone moving ahead with your deal (realizing the value you left for them.) That’s it!
All the other details are nothing without Payday.
All the other Details lead to that Payday and folks in my course “How to Become a Real Estate Investor in 12 Easy Lessons” know it well.
Got a plan, I’m glad to review it for you. Mike Hurney [email protected] 781-405-1845