Do you envision a real estate empire?
Are you feeling confident after a real estate flip or two? That’s a great start, but the real earners are turning over multiple houses every month.
If you understand the mechanics of the markets, you may start to earn good money. Running large and multi-faceted real estate projects is no easy feat. To reach the top of your game it will take dedication, a sharp learning curve and the ability to get over tough losses. Every real estate mogul from Donald Trump to the Blackstone Group developers understand that not every deal is a money maker. Real estate is full experiences to educate and inspire you to improve.
Let’s start small. Here’s Center Street Lending’s ultimate guide to fix and flipping homes the smart way.
Step 1. Prioritize your spending.
If you want to buy real estate assets in order to make money on them, the perception is you need a chunk of your own change to get started. Many of our entry level investors come into their first deal with the idea that they need to put up their own credit, personal collateral and assets in order to get funding.
Step 2. Plan your day ahead each night.
End your night with a hot cup of tea and brainstorming for the day ahead. Plan concrete tasks. Real entrepreneurs, for example, know how to plan. They make decisions. They think clearly. They plan. If you can build strategy and planning smartly you will create a flow for your day. This ultimately is the best way to check of the most important items off your list.
Step 3. Get your real estate license.
This will count as an expense at first, but will help you in a numerous ways as you get going. Yes, you may just want to invest and flip properties and hire a realtor each time to market and close the sale. That’s fine. But what you’ll gain from becoming a realtor is access to your local MLS to scour for listings, a deep understanding of your state’s real estate laws and best practices to keep you out of hot water, the ability to network with other real estate professionals and tap into their investor networks, Etc. The BENEFITS of being licensed and truly knowing your business are endless. So go out there and get that license!
Step 4. Refocus your priorities at noon.
Planning your day the night before is great, but it’s just that — a plan. Things happen throughout the day that will throw you off so it’s important to do a check in around lunch time. What have you completed? What things still absolutely must get done? Who do you need to call? What do you need to finalize? If you take time to think about these priorities, you will stay productive as the day goes on. The key is to get back on track. Know your goals for the day, and make sure you have them prioritized.
Constantly ask yourself these two main questions:
- Can this be done tomorrow? Stop wasting your energy and focus on the priorities of the day.
- Is this what I planned to do today? If you’ve gotten off track, work your way back on that track. Ask yourself how your distraction is getting you to buy more real estate.
Finding the right opportunities to grow your business will take time. It will feel like too long but the more dedication you put into it the better the results will be.
At Center Street Lending, we evaluate the strength of each investor’s business plan, the market conditions, and the team. All of this together equate to how we assess the risks involved when lending to them. This process takes about a week
This non-asset based lending model is a unique hard money loan product that we pride ourselves on being able to provide to investors who need capital to get going. It’s easy to secure funding if you’ve been successfully flipping homes for several years and can prove a portfolio of projects that have made money – it’s not as easy to secure the capital to buy a property and the extra money required to renovate it without that track record. That’s what we specialize in here at Center Street Lending. We know the business and a good bet when we see one.