A lot of people start out in house flipping to earn extra cash. They don’t necessarily think, at first, that they’re going to turn this into a whole new career. Then they start to learn a little more about how to make money in real estate fast, and they get the idea that this might be a great way to start a business and strike out on their own. I love seeing people get to that realization and make that decision, but I know that it can be a difficult one. I also know that the process of growing your business can be really overwhelming.
Christina and I have been talking about this a lot lately. As real estate agents, we were basically already in business for ourselves before we ever started flipping houses. As a result, building our real estate investment business came pretty naturally to us, but we both know that it doesn’t come naturally to everyone. That’s why I’ve come up with a few simple steps to help break it down and get you moving in the right direction.
Write Down Short-Term and Long-Term Goals
Start by sitting down with a pen and paper. Write down your goals for your business. You can start with general goals like “make money flipping houses” and then include more specific ones, too, like “be able to work on X flips simultaneously.”
Once you have a good list of goals, take out another piece of paper and make a timeline with them. After that, start thinking about the things you’ll have to do and the milestones you’ll have to hit to reach each goal. Start filling these in along the timeline. You’re already closer than you know to having a calendar and schedule for growing your business.
Get Out Your Calendar
With a basic timeline put together, it’s time to get out your calendar and start filling in dates and deadlines. It’s also time to start getting much more specific with your tasks, milestones, and goals. If you want to be flipping five or more houses at a time in six months or a year, you’re probably going to have to hire some help between now and then. At the very least, you’re probably going to want some help keeping your lead funnel full, so start penciling in dates when you think you’ll need to start looking for assistants, interns, or part-time employees along the way.
Focus On the Day-to-Day
Now, all that might seem pretty crazy to some of you. After all, how can you tell when you’re going to need an intern or when you’ll start flipping multiple houses at once? Honestly, if you don’t start planning for that kind of growth now, it’s going to take a lot longer for it to occur. That’s why it’s a good idea to outline your goals, start stitching them together with smaller goals and tasks, and then apply that outline to a real calendar. It gives you an idea of how long this is going to take and how much growth you should expect if you’re staying consistent with your daily tasks.
That said, this is definitely a learning process. So, as you learn how to make money in real estate fast and as you go from trying to earn extra cash to growing a full business, keep a consistent daily, weekly, and monthly schedule of things you need to be doing to build your business and reach your growth goals. Having this calendar will help you see the big picture and keep track of how far you’ve come. Staying on top of the day-to-day necessities will get you there. Good luck!