Conquering House Flipping Fear
Have you ever gotten that awful feeling down deep in your gut? Your stomach turns as a touch of anxiety begins to pulse through your veins?
What I'm getting at here is fear. We all experience fear and we all must figure out healthy ways of dealing with fear if we want to progress in business and in life.
I know I experienced quite a bit of fear when I was first started developing my house flipping business plan. Fortunately I have learned to cope with fear fairly well over the years, however it did not happen magically or by accident.
Conquering fear requires you to take action on your own behalf. I'll be the first person to tell you that making money flipping houses requires a great deal of fear control and management-especially when just starting out.
Overcome Fear and Flip that First House
Sometimes I still deal with fear...especially when we are just diving into a new project!
If you are yet to do a deal, I urge you to ask yourself one quick question.
"What's really stopping you?"
Your first thought might be something like "I don't have enough time" or "I don't have enough money." However is that really the true reason why you are not yet making money flipping houses?
Usually the culprit that holds folks back from doing their first deal is (you guessed it!) fear.
Often times people purchase real estate investing cds, dvds, books and a variety of other educational programs. They read the books, watch the dvds and attend the seminars.
However when it comes to taking action on their house flipping business plan, they stall.
The truth of the matter is that you can't conquer fear by educating yourself about house flipping. You have to take action in order to overcome fear, and do your first flip.
"No" is the Worst that Can Happen When Conquering House Flipping Fear
Asking investors for money is one of the most feared tasks for the newbie house flipper. However in all honesty, what's the worst that can happen?
99% of the time the worst that can happen is that you will receive a "no." That's really it. A simple "no thanks!" is really all there is to worry about.
The good news is that there are ways around that "no." There are also ways to help prevent receiving a "no" in the first place.
When speaking with potential investors, it is critical to always remain honest and transparent with your intentions and your level of house flipping experience. This is especially important if you are still working on doing your first house flip deal.
I also like to follow the VCP principle. VCP stands for visibility, credibility and profitability.
Become visible by attending networking events and real estate investor meetings. Join a BNI group or a chamber of commerce, and tell people that you are interested in buying and flipping houses. Whatever you choose to do just be sure to "get out there," meet new people and break out of your comfort zone.
Your increased visibility will enhance your credibility. Tell folks what you are doing and share your big ideas with them. Identify the more experienced and talented house flippers in your area and speak to them directly. Tell them what your goals are-network with them.
Don't be shy with regards to what you are already good at. If you are an experienced contractor, then talk about your achievements in a friendly, non-pompous manner. If you are a master fishermen, artist, financial analyst - whatever it is speak about it with confidence.
This will help new people build confidence in you. Doing all of this will naturally set the stage for profitability.
House Flipping Mentors and Coaches
A recommended method for breaking into the house flipping business is working with a mentor or coach.
Teaming up with a mentor who already has visibility, credibility and profitability will help tremendously. Working with a mentor or coach is the best way to learn this business and avoid making costly mistakes.
I mentor and coach newbie house flippers on a one-to-one basis. On top of that I've expanded my mentoring into the online scene by developing this blog. I'm here to help, whether in a live , in-person coaching basis or virtually via the blog.
So don't be shy! I'm happy to help in any capacity. I want you to succeed in this business.
Feel free to email me at mike@houseflippingschool.com anytime.
Take care and see you at the top!
Mike
