By Mike Baird
Being a successful house flipper is about more than just finding great deals, getting rehabs done on time, and selling your flips at a decent profit. Yes, those are the bare bones of flipping, but to be truly successful in this business you have to embrace the fact that you’re not just a flipper—you’re a real estate entrepreneur. You are starting, running, and maintaining a house flipping business, and that means thinking and acting like a business owner and entrepreneur.
Every real estate entrepreneur I’ve ever met (myself included) has a few really key habits, and you can learn a lot from them.
They Create a Schedule – And Stick to It
First of all, you can approach each day with a blasé attitude and put off the things you don’t want to do…if you want to find yourself failing at house flipping and back in the 9-to-5 world. Successful house flippers don’t do this. They create regimented schedules for themselves and their businesses, and they stick to them.
With a defined schedule, you’ll know exactly what you’re going to be doing on Monday morning. You’ll know when you’ll be calling motivated sellers, when you’ll be looking for new leads, when you’ll be checking on current rehabs, and—above all else—when you’ll be clocking in and out each day. Stick to your schedule, and you’ll be much more productive. You’ll also find that you have more free time, too.
They Understand the Power of Networking and Delegation
Next, they don’t take everything on themselves. Take me and Greg, for example. I couldn’t handle all of the flips I take on if it weren’t for Greg handling the financial details. They call him “The Bank” for a reason, so I don’t worry about his end of the business. We keep lines of communication open, and when I need investment money for a flip, I go to him and he goes to work.
Even if you aren’t partnered with a financial guru like Greg, as you get into this business, you’re going to learn that partnerships and delegation are essential to success. You can’t do all of your rehab work yourself, and you may not even be able to chase all of your leads on your own. The more you network with hardworking, professional people, the more great partnerships and relationships you’ll have in the business.
They Don’t Fall in Love (With Properties)
So far, I’ve been talking about habits that apply to almost any business owner, not just to real estate entrepreneurs. Now let’s focus on one habit that’s specific to house flipping—never, ever fall in love with a property. It may seem like a wonderful deal at the outset but then become a nickel-and-dime nightmare. Conversely, it might be such a great place that you fall in love and make all of your rehab decisions based on your own style.
If you start to feel attached to a property before you make the deal or while you’re getting into rehab work, stop and take a step back. The sooner you can disconnect your emotions from the property, the better off you’ll be, as you’ll be able to see potential problems and make the right decisions for your business.
As you build your house flipping business, you’re going to find your own helpful habits that will increase your productivity and give you better perspective on being a real estate entrepreneur. Start with these three, though, and you’ll be on your way to successfully flipping more houses and making more money.