Page 4 - From Ghetto to Gucci: The Basic Principles of Flipping Houses

Fixing your expectations

First off, before we can even begin talking about what to do during the process of flipping, it’s
important to fix your expectations before you go into the process. What are you hoping to get
out of learning to flip. Find a piece of paper, and write down a list of your goals for taking this
course.

Good, now you’ve written down a list of your goals. If you haven’t yet already, this is very
important! Do not go any further without writing down a list of goals. If you want to truly succeed,
this is the first step.

OK, now for sure you’ve got your list of goals! Good, because that’s your first step on the way to
being a successful flipper. You need to know what you’re really doing this for. Many people that
I know are drawn to the housing market looking for a quick book, as a way of making money on
the side. Other common goals are usually accomplishing financial independence, to be able to
make real estate a full time job and to be your own boss. Some others might be reading to this
course because they’ve come by a house that is in need of repair, and they want to figure out
how to best accomplish them.

No matter what your reason for flipping, it’s important that you keep this reason close. It’s
important to recognize why you’re here. It’s that recognition of what you want to do that will help
you persevere to the finish line in a flip that you started. It’s also important, because many times
I’ve seen people come into the world of flipping thinking that they’ve got one goal, and realizing
at the end that the real reason they were flipping was something different. Honoring and
respecting your inner drive, and knowing why you’re actually here will allow you to focus on the
aspect of flipping that truly resonates with you, and will help you derive satisfaction from your
flips.

Now, let’s go back to that piece of paper with your goals. What I need you to do now is write
down what it will take to accomplish those goals. If your goal is financial independence, how
much will you need to make to accomplish that? If your goal is to be able to make money on the
side, how much money are you looking to make?

Good, now that you’ve written down what specific target you need for your goals, it’s time to
review them. How long will it take to accomplish them? If your goal is financial independence,
and that means earning $60,000 a year, how many flips will it take to accomplish that?
If your goal is five flips in a year, how many hours will it take to accomplish that?

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