How to FLIP your FIRST DEAL...
After you determine the PURPOSE FOR YOUR PROPERTY, then you need to RUN THE NUMBERS on it.
Here is what you need to determine:
WHAT IS THE PRICE?
WHAT IS THE ARV (AFTER REPAIRED VALUE)?
WHAT WILL THE RENOVATIONS COST?
By knowing what the purpose for your property is, then you can determine how much money you should invest in your renovations.
For example, if your property is a buy and hold, then you don’t necessarily need the best for your tenants. You will own your property for the next 30 years, so you will do upkeep and maintenance on the property, which will allow you to make upgrades.
Once you determine the numbers, then you need to DECIDE THE VISION FOR YOUR PROPERTY.
ENVISION THE FINISHED PRODUCT and what the tenants will say about your property. If you envision the final product and visualize people living in your property, then you can bring to life what the buyers like about your property.
Similar to the vision for your life. You need to close your eyes and see yourself living out your vision and then work backwards to create the steps and goals to get there.
Remember, you aren’t a rehabber, YOU ARE A VISION MAKER!
Click the image below to learn more about flipping your first deal!