The obvious benefit from fixing and flipping real estate is the profit, particularly when the profits are large and quick. But in addition to the profit, there are other benefits that make it even more attractive to the would-be investor.
Hard, Satisfying Work
In the game of fixing and flipping, the days are long and the work is hard. It is definitely not the type of work you would ordinarily undertake for the simple love of getting your hands dirty. This is real work that leaves you bone tired at the end of the day. However, at the end of the day when you’ve put your sweat into a job well-done, the satisfaction you feel is immense.
And even though the work is hard, the profit is there as a reward. Your income potential is much higher in flipping than in most other solopreneur endeavors. There’s motivation in knowing that you can make a ton of money if you just stick to it.
Working for Yourself
There is further satisfaction in knowing that you are working for yourself and not to make someone else wealthy or to punch a time clock. That feeling of satisfaction is one that you should hang onto when the brand new toilet you’ve just installed becomes a geyser. Of course there are mistakes along the way. No other job keeps you on your toes quite like this one! Flipping does require discipline and structure in order to stick to a plan and keep all the pieces together. However, most of us will view working for ourselves as a check in the pros column when deciding whether or not to take the plunge into the pool of real estate investing.
Learning Amazing Things
Finally, there is the learning factor. Many people enjoy knowing how to make something with their hands. They get to learn how to plumb, drywall, frame, and more. They get to feel the pride in looking at a finished kitchen and know that they played a part in making that.
They love being knowledgeable real estate. They like looking around at the places we live and knowing that they work in that currency.
And they love knowing how to use OPM–other people’s money to make money. They love the fact that they know how to create wealth from almost nothing by knowing how to access funding.
If you’re considering fixing and flipping, you may still have a lot to learn. But the learning will be fun and interesting. One place to start is by talking with a private money lender to see if you will be able to line up some cash to make your first flip. Here at Flip Funding, LLC, we work with both experience and novice investors. Contact us to get the ball rolling. It’s easier than getting money from the bank!