Hey there, BP! We are so excited about our most recent fix and flip project. It’s a huge home in a great area that we saved from foreclosure. It was literally a few days from the courthouse steps when we bought it. In this video, learn about the 3 factors that led us to this deal — what I call “the 3 P’s”!
- Plan: To bring about what you want to see in your business, you need an effective plan. That should include as much detail as possible — what types of deals you want to do, how many of them, what your target profit margin is, and what the key people and processes that need to be in place to make your deal happen are.
- Process: You need to have an infrastructure in place so that when that big deal gets reeled in, you can bring it to fruition. That process includes everything from how you are going to fund the deal to who will do the rehab work and how you will resell it.
- People: People are the most important part. Once you get your plan and process flat, it’s time to get out there and start telling everyone in your network about them. Also, think about people you don’t know yet who would be able to help you meet your goals. Make the reach outs and let them know that you are ready to move on a deal when it comes up.
Check out the video attached to learn more.
If you watched the video, please leave a comment so we can get a good conversation going on this.
Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.