As much as I love everything about the house flipping business, there are definitely times when it can be really stressful. If you’ve watched our show on HGTV, you’ve seen me and Christina go through some pretty crazy situations that left me feeling like I was going to have an aneurysm. Fortunately, I’ve learned over the years that it’s much better to stay calm and keep a level head when stressful situations pop up. And I’ve learned a few great tips along the way to achieve this. Some of these are great for preventing high-stress situations, while others are really good for dealing with them when you can’t avoid them.
Never Fall in Love With a Flip Before You Buy
When we first started flipping houses, I was guilty of this one a lot. I’d get really excited about a house, underestimate what it needed in rehabs, and then overbid on it because I just had to have that house. And then I’d find out that we needed twice the budget for repairs that I’d estimated, and I’d already spent a chunk of our profit margin just getting the house to begin with. Talk about a stressful situation!
I could’ve avoided a lot of high-blood-pressure moments if I hadn’t been so determined to win the bidding war and get the house. There will always be other flip houses, and you’ll always have opportunities to make money. So don’t get so excited that you overspend before you even see the property and know what you’re getting into.
Hire a Team You Can Count On
Next, be choosy when you hire your real estate agent, contractors, and everyone else on your team. If you’re in a hurry, you’re going to be more likely to settle for the first person or business that seems like they’ll do the job, and you’ll miss out on great relationships with people who will really work well for you for the long term.
Take the time to hire the best people for your real estate house flipping team, and you won’t have to worry about whether or not your realtor is competent at buying and selling flip houses, if your contractor will get the job done on time, or anything else. Your stress levels will go way down when you know that everyone is doing their job well.
Always Have Good Exit Strategies
With a few exit strategies for different scenarios, you’ll have a plan for what to do if things go sour at any point in the deal. Knowing that you won’t lose everything if you need to walk away from the flip or if it’s not selling as quickly as you like can give you the confidence you need to take the right steps throughout the process. And it’ll help you feel less like you’re taking a big risk, which will help you stay calm from beginning to end.
Take a Deep Breath
Finally, if you feel your blood pressure starting to rise, take a minute to step away and take a deep breath. Think about what’s going on and whether or not you really need to be stressed. Take a few more cleansing breaths, and then get back to work with a clearer mind.
No matter how much is going on or how many deadlines you have breathing down your neck, getting stressed out almost never helps. Use these tips to keep your stress level down, and you’ll be more productive and happier as you work to grow your real estate business.