2 Steps Produced Our 1st Flip in 2 Weeks!
You may have noticed that things have been a bit quiet on our end over the past month. Well there’s a good reason for that!
Since about 2009 Wendy and I have had a secret dream. It pre-dates the inception of Trust the Vision Decor and it’s something we’ve wanted to do but never had the guts to take on…until now!
We’ve always wanted to flip a house.
We wanted to flip before it was trendy and before it was all they showed on HGTV. We just never had the capital to invest or the nerve to take such a giant leap.
At our annual goal-setting meeting we decided that 2017, will be our year. No more hoping. No more wishing….We are doing this!
We didn’t realize it at the time but this was the first step to moving us toward our goal. We made a definitive decision. We had no plan, we didn’t spend hours reading and studying. We made a decision and became 100% determined to make it happen.
Once the decision was made it was time to act on it. Now we had guts but still no capital! One outta two isn’t too bad right?! Our determination wouldn’t allow a little thing like money stop us! Lol!
So we took the next step and ACTED on our decision. We reached out to our personal network and contacted anyone and everyone we’d ever spoken to about real estate. These weren’t face to face sit-downs, we just sent out emails, texts, and made a few phone calls.
We shared our major goals for 2017 with our potential investors and asked if anyone would interested in mentoring or investing with us. Surprisingly we got several “If the numbers makes sense, I’ll invest with you” responses. We were dumbfounded! For the first time, something we just threw out into the universe came back with a promise attached to it! Now it was real. Belief and momentum were created in that moment!
We immediately started looking for deals on sites like Zillow and Realtor.com and asked family members and friends for resources. We were directed to sites like Bigger Pockets, which is like Facebook for real estate investing, and 123Flip.com, an incredible resource for new investors. We also read several books, tons of blogs and articles, listened to as many as 3 podcasts a day, and picked the brains of people we knew who’d made money in real estate.
A whole new world opened up to us!
Several trusted friends and family members told us the same thing. Get an investor friendly real estate agent and go out there and start seeing properties in person. We called a realtor friend, Janel (she’s an amazing realtor if you’re looking in the Philly Metro area), and she said that investment properties weren’t her specialty but she recently had a someone join her team who has been flipping houses for 10+ years and that she’d refer us to him. His name was Mike. After a couple of extensive conversations with him, he volunteered to show us properties and even mentor us if we interested (talk about a Godsend right?!).
Three days later we met with him and his business partner Ken to walk through a few properties to get an in depth look at flipping; not the HGTV entertainment that’s summed up in 30 minutes. This was 6+ hour day of walking properties, talking real estate, looking for red flags, and exploring different opportunities. He helped us narrow down our personal flipping criteria, gave us information on how we might want to starting thinking about structuring a partnership with an investor, and how to begin to analyze the numbers in a deal to see if it was workable. The education was invaluable and we went out again a few days later for another full day of exposure and learning.
Wendy, myself, Mike, and Ken all hit it off marvelously! So well in fact, that Mike and Ken, asked us if we’d be interested in a possible joint venture partnership with them. They a had a property in mind and if we could meet the numbers in deal, they’d cut us in AND teach us along the way! It was an offer we couldn’t and wouldn’t refuse. As of January 2nd 2017, we started demo on our first flip!
We are proof that with determination and ACTION anything is possible! Here we go!
I will continue to post about our progress and what we’re learning along the way… the good the bad the ugly (and right now there’s plenty of ugly)! Do you think we’re crazy? Let us know in the comments below!