Burnout is a real source of stress when in the middle of a live-in flip investment. Trust me, I know! We are in the middle of live in flip #3. I have been thinking about tips I might be able to share to help other investors. This is what I have experienced to be true.
1. Before the investment has begun, completely understand and accept that:
-Timelines will not always be perfect
-Budgets need to be reviewed regularly and expenses accurately tracked
- Obstacles WILL happen, but solutions WILL happen too with the right mindset/ attitude
- Do not fall in love with a specific design if you choose to do something custom
2. When you move into the job-site (I mean home).
- Create a space to be completed as a high priority that is your own "nook". It can be a room or a space in a room- it just has to be organized and free from clutter. It is meant to be a space that is yours and an escape from the construction chaos. (In this current project- my space is the bathroom. It has an amazing tub that allows for long Epsom salt soaks; which is helpful after a long day of remodeling and for a quiet place to allow me to think, dream, & decompress.
- Try your best to complete projects before moving on to the next. Sometimes this is not possible due to supplies, contractors, dry times etc. However, if you jump from project to project the house feels like a disaster zone. This means if you install a baseboard- caulk and paint it asap. This will also help keep your motivation for the project going. It is way harder to go back to an unfinished project once you have moved on to the next. Speaking from experience!
- Since you are living in the space take the time to clean up the job site. One benefit is living where you are working, but it can also be a down fall. It isn't necessarily efficient to put all tools back in the garage or toolbox everyday. Instead put all supplies and tools into the corner of the room rather than all over. Also consider investing in a moving tool cart for even easier transportation/ storage.
3. If you have kids, like I do, this is a FANTASTIC opportunity. Get them involved!!! My boys love it.
-They help with voting on colors and design- after all they are living there too.
- Give them small projects to earn a little money.
- Take them to Home Depot and have them help with project estimates: Is this light fixture more or less expensive than that light fixture?
4. Lastly, ALWAYS think of the big picture!
- Know your WHY and trust the process!!
- Be ready for some self-consciousness when telling other non-investors, family, neighbors, and friends. It can be challenging to always have to explain to others who do not understand your strategy.
-Surround yourself with other real estate investors so you do not feel so alone- it helps combat the self-consciousness.
- Look forward to that future "payday"! You are working your strategy and it will pay off. I have 2 successful live in flips under my belt and the 3rd one is moving along nicely.
Ok this post could be a blog- but I do not have a blog so here it is.
Have I forgot anything? Please add your tips and tricks below- I am always learning too.
Hope this helps and encourages other live-in flippers! Keep up the good work!
