Investor · Yonkers, NY · Member since 2019 · 101 posts · 44 votes
Hey everyone! I've completed my first flip and would love to hear some of your success stories for my own inspiration. I'm sure most people's start is similar. In my situation I started with buying a couple of co-ops and renting then eventually connected with a partner who has been in the flipping game for a long time. We partnered on a SFH deal, where his team did the construction but I supplied the start up capital and we both oversaw the renovation. I want to keep this ball rolling.
I would love to hear how some of you started with 1 property, and blew up. Some great advice in terms of leveraging money, how you went about hiring your own team - and moves you made to become a big success!
I've been in the REI game for 17 years, and I believe there were a few key factors in growing and scaling a successful business. One thing is to never stop marketing. A lot of times people get overwhelmed doing a lot of deals and stop marketing in order to "catch up". This is a huge mistake. If you've got too many deals then it's time to either implement more exit strategies or hire help. Another factor that helps lead to success is investing your profits back into your company. Put money into your marketing, hiring, and reserves. Don't take it all and run out and buy a Lambo the first chance you get :) You also want to make sure you're building a solid foundation for your business. Without systems, processes, a great team and culture, and focus your business will suffer later and it will be more difficult to identify where the breaks are. After running our flipping business as a husband/wife team only for about 11 years, I took over and built a team that took that business into 8 figures with a gross profit margin of about 35%. This was done by getting super focused on efficiency in the business, hiring for cultural fit, improving marketing strategies, and keeping a close eye on the financials. I love running a business that is super lean and profitable. Now I am focused on doing less deals at higher profits and I have a lifestyle business that allows me to pursue other interests that are generating revenue. I also suggest rounding out your portfolio with a few rentals and creating some owner finance notes for passive income. Flipping for me has been a great jump off point into building multiple streams of revenue over time.
Hope that helps and maybe inspires--best of luck in your REI journey, it sounds like you're on the way to success!!
I've been in the REI game for 17 years, and I believe there were a few key factors in growing and scaling a successful business. One thing is to never stop marketing. A lot of times people get overwhelmed doing a lot of deals and stop marketing in order to "catch up". This is a huge mistake. If you've got too many deals then it's time to either implement more exit strategies or hire help. Another factor that helps lead to success is investing your profits back into your company. Put money into your marketing, hiring, and reserves. Don't take it all and run out and buy a Lambo the first chance you get :) You also want to make sure you're building a solid foundation for your business. Without systems, processes, a great team and culture, and focus your business will suffer later and it will be more difficult to identify where the breaks are. After running our flipping business as a husband/wife team only for about 11 years, I took over and built a team that took that business into 8 figures with a gross profit margin of about 35%. This was done by getting super focused on efficiency in the business, hiring for cultural fit, improving marketing strategies, and keeping a close eye on the financials. I love running a business that is super lean and profitable. Now I am focused on doing less deals at higher profits and I have a lifestyle business that allows me to pursue other interests that are generating revenue. I also suggest rounding out your portfolio with a few rentals and creating some owner finance notes for passive income. Flipping for me has been a great jump off point into building multiple streams of revenue over time.
Hope that helps and maybe inspires--best of luck in your REI journey, it sounds like you're on the way to success!!
Wow, that is some great info! I love your style of putting a lot of efficient systems into place- that is exactly how I have envisioned my goals. I would love to hear more especially in regard to how things really got rolling early on for you and your husband, how you source properties and networked to do so and when you started instituting these systems into place. Would be great to hear it here, or if I could reach out to you guys directly for advice.
@John Mucilli time and experience. I have built my knowledge and network over many years. It has gotten easier with time.
Success in the short run can be due to luck, timing and other market factors. In the long run success comes from persistence.