How to Flip Houses – “The Entrepreneur Way”
I’ve posted previously about the basics of how to flip houses, so there’s no need to rehash that. If you want to read more, start with this post HERE. What I want to talk about today is how to flip houses “the entrepreneur way”.
What do I mean by that? Well, first I suggest you go grab Michael Gerber’s book “The E-Myth Revisited” to understand what we mean by “entrepreneur” because the word is thrown around carelessly to mean anyone who owns a business. Unfortunately, that’s not the whole story. Just owning your own business, real estate or otherwise, does not make one an entrepreneur.
Ask yourself this — why do you want to own your own real estate business? Is it for the profits? Is it for the ability to call your own shots? Or is it so you can make more money, doing more important tasks all while requiring LESS of your actual time? If it’s the latter, then you’re in luck because that’s the topic of today’s post — how to make money in real estate flipping houses using LESS of your own time. After all, what’s the point of being a millionaire if you work 100 hours a week? Is that really the lifestyle you want? I doubt it.
I don’t want to step on anyone’s toes and pretend to know what your own individual objective is for starting your own real estate business, but I think for the majority of folks it’s to make more money — or at least enough to be comfortable — while owning your own time back. That means finally having enough time for your family, time to play with your kids on the weekends, have more then 2 weeks of vacation a year, time to LIVE that most people in a 9 to 5 job can’t fathom.
If that’s your vision, then the FortuneBuilders Mastery real estate coaching program is a perfect fit because that’s the plan we adhere to. In fact, one of the first tasks I was given when I started my own Hawaii real estate business was to read “The E-Myth“. It remains today one of the most useful books I’ve ever read and I suggest you grab it immediately no matter what career path you end up on.
Here are a few nuggets about flipping houses like an entrepreneur in a way that will give you a quick ‘tease’ into the inner workings of a business built the right way, the FortuneBuilders way:
- Hire a virtual assistant to do your online work. For only a few bucks an hour, you can leverage eager workers in other countries to do your techie work. Building websites, SEO, working leads, even taking phone calls — you’d be surprised at the quality of work you can outsource. Think this will save you time? You bet.
- Get realtors on your power team. They’re already knee-deep in the local real estate business — get them to put you on their short list for pocket deals. Teach them how to estimate repair costs. That way you start having qualified leads and deals come to you already instead of having to hunt them down on your own.
- Incentivize others. That means have your contractors and handymen find you deals that will, in turn, put money back in their pocket when they get the job. Have college kids send you the addresses of vacant houses — your referral fee will buy them a lot of ramen noodles and yogurt.
- Use email autoresponders. Services like Infusionsoft and Aweber can send out periodic emails to prospective leads without you sitting at your computer. You can also use tools like Hootsuite to schedule out your social media posts — automate, automate, automate and save time.
- Write a real estate blog. Unlike direct mail, internet posts like blogs are ‘sticky’ in that they don’t go away. In fact, generally speaking the older a post the more ‘seasoned’ it appears to Google which gives it more authority. There are ways to blog correctly, so learn the basics first before jumping in with both feet.
- Create an internship where you can teach budding young entrepreneurs in your local college or university how a profitable house flipping business works from the inside out. In return for inexpensive or free work, you’ll be contributing to the development of others — the ultimate win-win!
Those are just a few quick tips that will have other people or resources doing work for you. This lets you do more entrepreneurial tasks like meeting with potential private lenders and looking at houses to rehab. That’s the FortuneBuilders way of running a business.
Want to learn more? Fill out the form at the top and a staff member will contact you in the next 48 hours with all the details!