As you probably already know, Tarek and I were already real estate agents when we started our house flipping business. Since our careers were already in the industry and we weren’t working 9-to-5 jobs, moving into real estate investing was a really smooth transition for us. We know, though, that a lot of people aren’t in the same position we were in. You want to get into flipping houses, but you have a full-time job and a lot of responsibilities. How can you get started?
If you follow a few entrepreneurial tips, you might find that the transition is smoother than you think. And, yes, you can start out as a part-time flipper before you quit your day job. Here’s how…
Get Your Calendar Out and Get Organized
First of all, you’re definitely going to need some organization in your life if you want to manage rehabs and flip houses while you continue to work at your current job (even if it’s just for a little while as you get started). So, sit down with your day planner or your calendar and make a plan.
In your plan, you’re going to need to outline what you need to do and when you need to do it. That means setting specific times and deadlines for collecting leads, checking out properties, interviewing contractors and getting bids, and buying materials. The more detailed your plan is, the better off you’ll be.
For example, you want to know that every Monday morning before you head to work, you’re going to work on building your lead funnel and that every Tuesday evening when you get home, you’re going to call, email, and/or send out postcards to motivated sellers. That’s a lot more detailed and a lot more productive than just blocking off an hour before or after work to “work on the house flipping business.”
Build Your Team—Delegation Is Essential
You probably already know that most foreclosure auctions are held during the week while you’re at work. That means you’re not going to be able to run out the door to bid on the properties you want. So you can’t buy a foreclosure, right? Wrong. You can still get in on a foreclosure auction, even when you can’t be there in person, if you have the right team.
Whether you’re still working a 9-to-5 job or you’re building a lifestyle business that will let you spend a lot more time with your family, traveling and relaxing, you need a good team. With the right people—including an accountant, real estate agent, contractor(s), and attorney—you can do anything. Just having a personal assistant or intern who can make it to auctions for you and work with you on the phone to make bids is a huge help and opens up a lot of opportunities for new flips.
And, when you do quit your day job, you can still use these people’s help to make better deals. Tarek and I work together to split up the tasks on our flips, and sometimes we don’t have a lot of time to go see a house together and then go bid on it at auction. So one of us will go to the auction, and the other will go check out the house. It’s a great strategy, and you can use it to make sure you’re getting a good deal or to bid on multiple properties at once.
As you build your house flipping business, you’re going to be delegating tasks to the people who work with and for you, so why not start now, while you don’t have a lot of time to devote to finding and buying properties? Use these tips, and you can grow your real estate investing business before you quit your job.