Ever since Tarek and I had our daughter Taylor, we’ve really been thinking about our future. In fact, our family is really the reason we got into house flipping in the first place. When the housing bubble burst in 2008, we knew as realtors that we had to do something to keep our business afloat and to provide for our daughter and ourselves. That’s why we started flipping, and it’s why we started real estate investing coaching, too.
To us, flipping houses and coaching people to make great real estate investment decisions isn’t just about making money and creating a profitable business; it’s about giving back, improving communities, and making a difference. When your work is house flipping, you have a really great opportunity to make your business really sustainable and to help other people. And, if you approach your business with an attitude like this, it’ll thrive a lot better than if you try to just make big profits without any care for the outcomes.
Choose the Right Neighborhoods
You should probably already know that you’re not going to want to buy a flip in a neighborhood that’s completely run down. You want to buy in neighborhoods that have one or two abandoned houses but which still have thriving communities.
The more investors scoop up houses in areas like these, then rehab and resell them, the more likely these neighborhoods are to continue to survive and thrive as they have been. If people like you don’t buy these houses, they’ll stay empty, and before you know it more houses are abandoned and property values go through the floor.
Insist on Quality Work
On that note, though, house flipping has a bad reputation. Flippers are notorious for choosing the cheapest, quickest fixes for problems when they’re rehabbing houses to sell. You’ll notice, though, when you watch our show, that our potential buyers almost always mention the quality of the work that’s been done.
We break that stereotype because, in today’s economy and market, people aren’t going to buy a cheaply rehabbed house for a good price. You’ve seen us sink half a million dollars or more into more than one house, but we do this because we want to get top dollar when we sell. People know the difference, and a house that’s poorly rehabbed with cheap materials is going to sit on the market for a long time.
Employ Local Workers
Finally, when you employ local workers and contractors for your flips, you’re pumping money back into the community around your house. You’re also building relationships with those people that will help you out when you buy other houses in the future.
If I can teach our clients anything in our real estate investing coaching sessions, it’s that you need to build your reputation as a quality investor who puts the time, effort, and money into each of their flips. You want people to see that the work you do helps their community and that you’re increasing property values, employing local workers, and making a difference.
Like I said earlier, when Tarek and I started house flipping, we had the future of our family in mind. Now, the longer we work on these investments and the more real estate investing coaching we do, the more we realize that we’re not just investing in houses and selling them for profit; we’re investing in the futures of whole neighborhoods and communities. If you want to have a sustainable real estate investing company, insist in the highest quality work and keep your eye on the future, sustainability, and making a difference.