For Tarek and me, flipping houses was kind of a no-brainer. We love real estate, and we have a strong background in it. We’ve always loved working together, and we wanted to find a way to provide for our family and help others at the same time. When we teach our real estate seminars, the biggest question on a lot of our students’ minds is whether or not real estate investing is right for them.
I’ve been thinking a lot about this lately, and I came up with three characteristics of people who will be successful flipping houses. If you have one or more of these three characteristics, you’re definitely ready to start flipping.
You’re a Self-Starter
There’s a lot that goes into real estate investing, and in order to get it all done, you really need to be self-motivated and a self-starter. When you see something that needs to be done, do you do it yourself or delegate responsibility and make sure that it gets done? If so, you’ve got a lot of potential to be very successful in real estate.
Why? Because house flippers are entrepreneurs. We’re our own bosses, and we don’t have guaranteed paychecks every other week like people who work 9-to-5 jobs. If we wait for someone else to tell us to get things done, they’ll never get done.
If you’re not motivated at your current job because it’s not where you belong, I can completely understand. But if you jump into flipping houses, you’re going to have to be your own motivator. Think about what drives you. If you need a lot of outside motivation to get going on projects, flipping might not be for you.
You Love Helping Other People
When you think about it, you’re helping someone with every step of the house flipping process. When you buy a short sale, you’re helping the owners get out from under a debt they can’t afford. And when you buy a house for cash from any motivated seller, you’re helping them get the cash they need so that they can purchase a new home and get on with their lives without a house that’s become a burden to them.
Hiring local contractors not only puts money in their pockets, but it puts money into the local economy and helps build employment rates, too. And as you rehab your flip properties, you’ll be improving the curb appeal for the neighborhoods where you work. That means you’ll be directly working to increase the property values for your flips’ neighborhoods.
Finally, you’ll be helping new homebuyers get into a gorgeous house that’s been beautifully rehabbed, upgraded, and updated. Buying a house that’s had care and attention put into its rehab can be a great deal for a buyer.
If you love helping people, flipping houses could be a satisfying career for you.
You Aren’t Scared to Take Risks
Finally, are you ready to take some risks and make some money? Every flip comes with risks. Sometimes you won’t get into the house before you buy it. Sometimes you’ll have structural damage you didn’t bank on. Sometimes the market isn’t what you’d hoped for. But if you watch our show, you know that it’s possible to get through all of these challenges if you’re willing to take risks and make decisive moves.
Flipping houses is a lot of fun, and it can be really profitable, too. I love that Tarek and I chose real estate investing as our new career back in 2008. If you’re a self-starter who loves helping others, and you don’t mind taking risks for your business, I think you’ll like it too. You can learn more about how we got into flipping and how you can get started, too, at one of our Success Path Education real estate seminars. We host them all over the country, so find out if we’re coming to a city near you soon!