Frustrated in Your Flip?
Even the most experienced investors will get frustrated from time to time by the most common house-flipping mistakes. It is critically important that you understand the significance of not giving up.
Glenn and Amber Schworm published a recent, Frustrated in Your Flip video. It shows that your frustration can come from the mistakes made during a deal or your flips. Don’t allow frustrations to work against you; learn how to use them to your advantage.
The mistakes you make will become your learned experiences. You will learn to appreciate unforeseen errors and mistakes and learn how to solve them.
Whether you are missing out on good deals or need more momentum in your flipping projects, Glenn and Amber can help you succeed.
To get to a successful bottom line in real estate investing deals, you must consider many factors to minimize frustrations.
Did you know that according to a report by Fit Small Business, the average price of newly listed homes has climbed 13.5 percent? Interest rates rose to 4.17% in March 2022. Houses are only on the market for 38 days. Finding the right property is the biggest obstacle for 53% of buyers.
House flipping is a great way to start in the real estate investing industry. While flipping can be frustrating, it is essential to understand that investing in property is not based on emotions but on statistics, negotiations, and following a proven system.
Avoid becoming personally invested; it should always be about the bottom line.
LOSING OUT ON A DEAL
When investing, you may miss the opportunity to get the deal. The ones you miss will be the ones to remind you how to do things better the next time.
Following a systematic process of making a real estate deal should be problem-free. However, there are times when real estate deals can fail, and you could lose. Glenn and Amber do more than 150 deals annually, and they know best. Anyone who says differently is not being truthful. Deals will fail.
You may lose out on a real estate deal for many reasons, and you may ask yourself why? Let the one that got away be the reminder for you to keep getting better. Constantly use the following six steps to evaluate your processes:
2. Not Listening to The Seller: Knowing the seller’s wants and needs.
3. Not Educating the Seller: Explaining the property’s value.
4. Focused On Other Things: Failing to see the potential deal.
5. No, Follow-Up: Not responding to potential sellers.
6. Did Not Have the Money: Could not fund the deal.
These key points are typically why real estate investors miss out on great deals. You can always make more deals, so keep learning, forge ahead, and turn your discouragement into success.
FAILING IN REAL ESTATE INVESTING
Real estate is a challenging industry, and unforeseen pitfalls can cause investors to fail at one point or another. Continued education and eagle-eye focus are ways to avoid typical mistakes.
Poor planners who skip phases create added risk, and risk is one of the most crucial things investors aim to avoid. Real estate investing is a lucrative industry, but it does not happen overnight.
Purchasing property without a budget and underestimating the cost without having a financial reserve is another way to fail. These two mistakes are likely to affect your revenue.
At the initial stages of investing, you need to consider financing and how you will qualify. Being unsure of what will be best for you will lead you to find help.
Momentum is an essential aspect of success in real estate investing. However, momentum can be challenging to create. Motivation fuels momentum and empowers entrepreneurs with the drive to persist through challenging obstacles.
Momentum is what accelerates your determination to move forward. If the market shifts, your business will most likely shift, and you will need to try and regain that momentum.
Exercising proven fundamentals can help you regain momentum, such as;
Building momentum will demand a specific mindset, and there are usually three types of people on any given team with different perspectives.
OUTBIDDING THE COMPETITOR
With the market being competitive, offering the asking price for the sale of a property is not a sure guarantee. As a result, buyers are increasing their offers to outbid their competitors.
In a competitive real estate market, multiple bids exist on any available property. Therefore, making the first move with a competitive offer will give you an advantage over other investors.
Showing that you are financially ready assures the seller and influences the decision. Cutting out contingencies can make the process easier and more enticing toward your bid.
If another realtor outbids you, know that another sale will come along. So do not get frustrated.
Visit the Home Flipping Workshop to register for our next 3-day real estate investing course and learn everything you need to know to succeed.