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House Flipping What’s Your Game Plan?
House Flipping What’s Your Game Plan?
The way to succeed in the house flipping or property renovation business is to actually get into
the property renovation business. To do this successfully, you need a game plan.
Before you commit a single dollar or a minute of your time, you should step back
and have a good think about what it is that you want to achieve. This may sound
like a waste of time; I can assure you that it isn't.
Ask any top entrepreneur from any walk of life and I can almost guarantee that each
one has set goals for themselves, and has a clear vision of what they want and,
just as importantly, how to realize that vision and goal.
When developing your game plan, you may wish to consider the following
questions:
How many rehabs do you wish to complete in one year?
Your target should be realistic and reflect your available time and finance capacity.
You should take into consideration all external influences and potential obstacles.
Do you have sufficient capital/finance to achieve this target?
Once you set your ‘how many can I do?’ you will have to make sure that you have
the financial resource to back this up.
Will you sell for profit or hold and rent out the properties?
Do you wish to create an additional income stream?
How much do you need? This will also relate to how many flips you complete and how
much time you have to spare.
Do you wish to do it as a full time job?
If the answer is yes, then you must understand that you are setting up a business
and all that this implies. If your target is $100,000 per year, then you will need to
complete and sell a minimum of four properties per year with a $25,000 profit
each.
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