Aside from the obvious financial rewards that go along with real estate investing and flipping houses there are a few more abstract benefits that can be gained when you embark on a house flipping adventure if you are looking for a little more incentive to get going in the direction of your dreams of real estate riches through flipping houses.
Many things in life have way more than 1 pro or 1 con to them and the same is said when it comes to flipping houses. Whether you are doing this for a living or this is a one-time deal you will find that there are all kinds of little lessons you learn along the way. Knowledge is rarely a bad thing and the lessons you learn while flipping houses are lessons that can be applied in many aspects of your life.
1) Budgeting. There are few things that can give you a crash course in budgeting quicker than flipping a house. In order to successfully flip the house you are working on you will need to learn to budget quickly or you will wind up literally hemorrhaging money. Learning to set a budget and stick with it are both necessary skills for any flipping houses but when they carry over into other real life applications you will find that this is a very useful skill that has you looking at everyday purchases with new eyes.
2) Muscle Definition. Who knew that flipping houses would be such an excellent workout? This is especially true for those who traditionally hold jobs that aren't necessarily dependent upon physical labor and those that do much of the work themselves (which is highly recommended when you can in order to save expensive and profit eating labor costs). From heavy lifting to hammering and several other physical jobs in between you should discover that your labors are rewarded in more ways than simply watching your project come together.
3) Attention to Detail. This is a big advatage that comes from flipping houses and you can bet you will get better at this with every subsequent deal. The money, when flipping houses is often made in the small details that others will overlook such as new electric faceplates, proper staging, and a good eye for color throughout the property. These items make potential house buyers see a property that is loved and cared for rather than another house on their list of properties to see. If you pay attention to detail in your 9 to 5 job after flipping properties or into your tax preparing, event planning, and even organizing your home, you will find out that the experience you've gained while flipping properties is well worth the time, labor, and money that went into getting it.
4) Thinking Positive. You will hear it often in your life, but positive thinking is a very powerful tool. There are very few places that this holds true more than when it comes to flipping houses. You will definitely want to season your thinking positive with a BIG dose of reality but you should be well aware that thinking positive has many advantages to you when flipping houses and in almost every other area of your life. You don'tt want to spend your time that you could be repairing your property searching for problems or excuses+.
5) Just Do It. The old Nike commercials had a point and if flipping houses doesn't teach you anything else it should teach you this lesson. Procrastination wastes money. Every day that you carry the house you carry the expenses of the house (electric, mortgage, interest, etc.) get in there, get it done, and move on to the next project. Putting off the tasks that you don't want to do, won't make them go away so you might as well just go ahead and get them over with.
Flipping houses isn't rocket science but it does take a unique combination of luck, skills, and stubbornness to turn a profit in this particular business. Learning the lessons above will make you not only more successful when it comes to buying and selling properties but in other parts of your life as well.
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