Why You Need To Move Quickly On Your Flips
I like to think of real estate investing like the game “hot potato” - whoever is holding the potato last could potentially be out of the game, but how does that relate to real estate? You need to move quickly when you’re investing in real estate. Purchase a property, renovate it, and flip it as soon as possible. Get it off your hands as fast as you can - just like the game! The goal is to get your money out of the property so you can move on to the next one.
The same thing goes for rental properties. As soon as you purchase a property, fix it up and rent it out you need to get long term financing. Real estate can turn into a liability very quickly if you don’t have a clear game plan and exit strategy.
No matter what happens in the market, if you have long term debt on a rental property it’s not going to negatively affect you much. It may dip in price but that’s ok because you have long term debt.
The goal is to move quickly, think about real estate as the game hot potato, have a clear game plan, and execute.