I love IKEA!
Because IKEA makes me look like a master craftsmen when I see the finished product I just built.
Although there are specific and detailed instructions to get to the finished piece, there is a small step that most people miss because it’s not numbered. That step is the little diagram that tells you how many pieces there are and what tools to use to complete the project. You can definitely get to the finished masterpiece without this information, however, it will probably make it much harder and cost you more time by having the extra back and forth trips to the tool shed.
Investing in real estate is the same.
Your goals could be as detailed as those IKEA instructions to get to your end game. However, like that little diagram your WHY is a very important piece. WHY are you setting those goals? That WHY is what will fuel those goals you have. Without the fuel they will just be lines on a paper.
When I initially sit down with a prospective investor or coaching client the first question I ask them is why and what do you want out of fixing and flipping?
The predictable answer I always get is I want to make lots of money.
I can’t tell you how many perplexed looks I get when I respond WHY?
- Do you need to make extra money to put your kids through college?
- Are you looking to quit that 60 hour a week job so you can have more time to spend with your family?
- Perhaps you’re looking to make enough supplemental income to take one lavish trip a year?
- Maybe you are realizing that all the time you put into your career is not going to give you enough money to sustain your current lifestyle when you retire?
All these are strong WHY’s for certain people. You should have your specific WHY before considering stepping into fixing and flipping houses. Your commitment to your WHY will fuel your goals.
The goal to do fix and flips to make lots of money is too vague.
What is a lot of money for you?
I am sure that number is not the same for everyone. Regardless of what your number may be, without a strong WHY that goal will never come to fruition. It would be like building that IKEA piece of furniture without the tools.
So if you’re considering joining us in the ranks of fix and flip investors, take a step back and ask yourself WHY do you really want to get into this business? When you get clear on that WHY I promise you that all those obstacles you will encounter on your way will not stop you from achieving your goals.