Why Do You Want To Flip Houses?
Congrats on wanting more out of life! That is what led me on this journey. Why am I writing this blog? I want you to learn from my mistakes and victories. I had many people that helped me along the way.
So why do you want to fix and flip homes? There are a million reasons why, well probably the same 25 or 30 used over and over again. Remember a reason is not right or wrong as long as it is your reason. Why do you want to put yourself through pain and anguish? Just kidding, real estate is fun all the time just like on TV :)
It is no secret that is some areas of the country real estate is hot! Everyone who wants to make money has to get into real estate right now! Right?
My "why" was to make more active income to provide for my growing family and build passive income. I also wanted to make a difference in my community and thought if I could make more I could give more away. So far all of these things have been true for me.
As I started my real estate journey about three years ago, these are some of the questions I asked myself.
1. Why am I doing this?
2. What are my ten-year, five-year, and one-year goals?
3. What will I do if I do not reach my goals as fast as I planned?
4. When I buy a house from someone, why will they choose me instead of someone else?
5. Do my friends and family support my real estate goals? Why or why not.
You don't have to have everything figured out before you get started in real estate but having a strong "why" will help you stay the course when things get tough. Having the support from the "right friends" and your family will help also. Answer these questions and post the answers below.
Comments (3)
Hi Max!
Thanks for the blog post.
1. Why? - I would like to become financially independent and not have to worry about living paycheck to paycheck. For a peace of mind and to be able to help others, maybe by volunteering or simply doing what I want to do.
2. 10 years - not sure yet, 5 years - Move from PA to NC and have 5 or so properties, 1 year - obtain my first rental unit, possibly 2 units - My goal is mainly to obtain rental units, but I would also do a "flip" as well; however, I would get started with rentals.
3. If I don't reach my goals - keep at it. Keep learning, networking, working hard to make it happen. I think the "fog" will clear and I will know as I go on what my longer term goals will be.
4. Friends and family - My wife and I are working together. My nephew is a huge part in getting me started. Other family members will certainly support my wife and I once we get things going and we show them how it works.
George Huber, almost 7 years ago
@George Huber
1. Why? - I would like to become financially independent and not have to worry about living paycheck to paycheck. For a peace of mind and to be able to help others, maybe by volunteering or simply doing what I want to do.
This is a great reason
2. 10 years - not sure yet, 5 years - Move from PA to NC and have 5 or so properties, 1 year - obtain my first rental unit, possibly 2 units - My goal is mainly to obtain rental units, but I would also do a "flip" as well; however, I would get started with rentals.
One strategy that has worked for me is to flip homes to increase my active income so I have extra money to get into more passive investments
3. If I don't reach my goals - keep at it. Keep learning, networking, working hard to make it happen. I think the "fog" will clear and I will know as I go on what my longer term goals will be.
Have you read the book E-Myth, Traction, or The One Thing. These are good places to start that help with goal setting.
4. Friends and family - My wife and I are working together. My nephew is a huge part in getting me started. Other family members will certainly support my wife and I once we get things going and we show them how it works.
That is great. My wife supported me 100% and I think that is why I was able to be successful more quickly.
Max Keller, almost 7 years ago
Max,
Thank you for the feedback. I started the One Thing, but got into other books. I will check it out again along with the other books.
Perhaps I need to rethink how I am getting started and start with a flip that doesnt need a ton of work.
Thanks again!
Andy
George Huber, almost 7 years ago