The single most important factor in house flipping success is not what you probably think it would be.
It’s not finding the right property…nor is it negotiating the sales price…nor is it controlling your renovation costs, nor is it avoiding the really bad deals…
Although all of those are important, none are the most important.
Far and away, the most important factor to house flipping success is the right mindset. Or as I like to refer to it, “the house flipping mindset”.
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Deal analysis is one of the best ways to learn real estate investing and it comes down to fundamental comfort in estimating expenses, rents, and cash flow. This guide will give you the knowledge you need to begin analyzing properties with confidence.
The House Flipping Mindset “Secret”
We talked about “house flipping secrets” last week…but this is not about any of that.
This is THE Secret – the movie from a few years back that was a huge sensation around the world which popularized “the law of attraction” and other concepts about the power of the mind. Thanks to this movie, millions of people became aware of this power, introducing them for the first time many of these concepts which have been around for some time.
Although the movie hits on many important aspects of success – and does work quite well in assisting any would be house flipper to achieve unprecedented success – it was not the first book of its kind to discuss the importance of mindset when achieving success.
“The Secret” borrowed most of its content from many philosophers and self-help books, including Wallace Wattles “The Science of Getting Rich” and my personal favorite, “Think and Grow Rich” by Napoleon Hill.
This one book hugely influenced my career and its one I refer back to often – especially at the beginning of a New Year to reinforce the house flipping mindset and to remind me exactly how to flip and grow rich.
The basic idea is that you attract into your life exactly what you think about. The Secret explained this by stating there is an irrefutable law called “The Law of Attraction” which controls everything in our lives. This law is as powerful and definite as the law of gravity and other physical laws.
Everything you have in your life, you attracted – like a magnet attracts iron. This includes all the good, and of course, all the not so good.
To get what you truly want, says The Secret, you need to simply attract it to you. And that all starts with your mindset.
Flip and Grow Rich…With Definiteness of Purpose
“Whatever the mind can conceive and believe…the mind can achieve”
It is amazing to think that anyone of us put on this earth can achieve incredible success and do amazing things just as long as we simply believe that we can.
Hill’s quote has influenced thousands of people – from Rhonda Byrne of The Secret to Donald Trump of The Apprentice and millions of people around the world. Whether you’re interested in real estate investing, house flipping or any other endeavor – this is one of the most powerful concepts to wrap your head around.
The interesting thing about Hill’s quote is that it says nothing about how smart you need to be. It says nothing about how much money you need to have. It says nothing about who you need to know or what contacts you have.
All it takes to achieve what you want is the mindset to simply conceive of what you want…then go out and get it.
The Three Step Flip and Grow Rich Formula
“You have the power to take your own mind and direct it any way you want”
Whatever your mind dwells on is what you get. Whatever you attract with your thoughts, you receive.
The great thing is that you can use this fairly simple concept to your advantage every single day by THINKING your way to success.
Hill and Byrne aren’t alone on this one. See what these fairly well-known historical figures have said on this matter:
“We become what we think about”
– Earl Nightingale
“A mans life is what he thinks of it”
– Marcus Aurelius
“A man is what he thinks about…all day long”
– Ralph Waldo Emerson
“If you think in negative terms, you get negative results. If you think in positive terms, you get positive results”
– Dr. Norman Vincent Peale
Believe and succeed. Seems pretty simple.
But how do you do it?
Hill makes it simple by giving us a formula. Just figure out what you want, write it down on a piece of paper and DECIDE today to get it. Here it is:
The Flip and Grow Rich Formula:
1. Take out a notebook, on page one, write out your ONE major desire in life.
Your only limitations are the ones you set in your mind.
2. State what you intend to GIVE in order to get what you want in life.
Decide right then what you intend on giving.
3. Memorize both of your statements above.
And repeat them at least a dozen a day only and at the end of the day say this:
“I ask not for more riches, but more wisdom to use wisely the riches I received at birth in the power to direct and control my life to whatever I desire”
So…What Do YOU Really Want?
Write down what you want right now. Think about all you want to achieve in 2014.
Then state what you intend to give.
Then memorize it and show gratitude for the wisdom you know have received.
That is the first step on how to flip and grow rich…
If you’ve made it this far, please leave a comment below! What do you think? What are you doing to achieve your goals in 2014? Please leave a comment and share your ideas — or ask me anything you’d like about flipping houses!
Photo: Tax Credits