Have a System for Success
If you have a system for when flipping you are more likely to be successful. Have a system for success. There are never any guarantees for success, but you can mitigate the potential for failure by having a system. I have been thinking about some people I know who have not had a very pleasant experience flipping a house. As I looked at their situations one thing became evident to me. The people who had the most trouble and who were not successful did not have a system.
Think about it. The most successful businesses are system based. McDonalds, Dunkin Donuts, other fast food restaurants that are franchises are successful in large part because they have systems. Franchisees are required to follow the system of success. Procedures and business practices are consistent within each business. These systems have been developed over time to breed success.
The same idea is a requirement for a successful flipping business. A system for flipping success gives you a leg up on others who do not have a system and reduces the chances of having a bad experience. To put it bluntly, you are reducing your likelihood of failure. Having a system increases your chances for success and improves the likelihood of having a pleasant experience.
The system for flipping must include everything from the business startup to searching for a house that will be profitable, to hiring contractors, having the required legal documents, knowing what materials to choose and selling the house when it is finished. This list is not all encompassing, but is food for thought if you are considering flipping houses.
So, before you begin to flip a house, be sure all of your ducks are in a row. Know what you are going to do before you do it. Have a system and be successful.
I am known as The Property Coach and I teach my coaching students a system that gives them a good chance of being successful. I can be reached by email at [email protected].