House Flipping Couple

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One of the Lessons we learned on this flip is to focus on our Long Term Future Security goals, not to dwell on the Short Term Infusion. After our first Fix and Flip house, we purchased a couple more houses that we held on to add to our rental portfolio. After this, we found a house that look Ok for a buy-and-hold but had better potential to flip. So Becky and I decided to Buy, Fix, and Flip.

After our first Flip, we took the lessons we learned and created our Long Term Plan for Securing Creating Legacy Wealth. This plan has now been perfected and we teach our students how to Create the Long Term Future they want with this plan, which we call the Trifecta.

What we so lovely call this Flip the “Crash” House. This house had only minor issues and needed some updating. Taking the lesson we learned from our first flip, I got SubContractors in and got written bids and put them to work. Becky and I did some minor work ourselves on this house and after just a couple of months we had this house on the Market.

Here is the lesson we learned on this flip. Even though we knew we needed to be thinking Long Term, old habits die hard. This is where I truly began to understand that Mind Change is a process and not a result. With the Housing Crash of 2008 just happening, the Federal Government created a grant assistant program to help first time homebuyers. However, this program was about to expire within the month.

As it would happen we got an offer within days for asking price from a first time home buyer, but they had requested about 5k of additional work. We agreed to the work and had the house under contract to close merely days before the Grant for them would run out. On the day of closing, our realtor called. I was expecting her to let me know what time we needed to meet to sign the paperwork, but learned that the buyers had backed out of the deal. The grants expired, and I started to panic. I reverted back to my Short Term thinking.

The buyers had dried up and no offers were coming in. About a month later I got a low ball offer. Thinking Short Term, I allow my emotions to play into my decision. I took the offer. We lost 9K on the deal because I allowed the FEAR to creep in. This was another example of us thinking short term.

Looking back, we learned another valuable lesson, to succeed and achieve our dreams we would not let emotion play a part in our decisions. We now help our students stay on course and the right Mind Set path.