I’ve known the twin sisters, Katherine and Mary, for years and, for as long as I can remember, they’ve always talked about starting a business together. And, after their first children were born the same year, they finally got serious about the idea. They both had a corporate sales background but wanted to spend time raising their kids while not totally giving up their professional work life.
Those were the same reasons that I became a professional real estate investor—and they knew it. So, when we met with the kids at the park, Katherine and Mary picked my brain about whether it’s possible to begin flipping houses part-time and grow a business as their kids grow. My answer was a resounding “Yes!” That’s exactly what I did and, now that my kids are bigger, my business is flourishing full-time.
Start Flipping Houses Part-time to Meet Your Financial Goals
Whether you want to get into real estate investing to keep one foot in the work world, save up money for your children’s college funds, or plan to eventually grow a full-time business, like me, beginning by flipping houses part-time puts you squarely in the driver’s seat of your financial future. Unlike working for someone else, you can be your own boss. You get to enjoy flexibility, determining which projects, and how many, you take on—and how much you earn.
While you will bring a variety of strong professional skills to the table, there are risks to investing in residential property and you need to be sure you have everything in place to reach your financial goals. Building any new business from the ground up is challenging. But, a professional house flipping business requires a unique skillset and resources. As I told Katherine and Mary, here’s what you need to be prepared.
- Training. You’ll need to learn everything from how to locate and purchase properties that have good ROI potential to hard money financing, renovating, and selling a house. Without training, you are bound to make poor investment decisions—and potentially lose your financial future on your first deal. Luckily, there are a lot of resources out there for learning how to invest in real estate, from books to seminars, and even local clubs. But, beware: not all are created equal. And, with any one of them, you aren’t likely to get a truly comprehensive education for the price you’ll likely end up paying. If your goal is to secure future wealth, make sure the training you sign up for holds solid ROI potential.
- Mentorship. A good mentor can help you avoid making risky investment decisions and inspire you to work toward your financial goals. But be careful when seeking a mentor. There are many self-proclaimed real estate investing “gurus” out there who offer mentorship but actually are running get-rich-quick scams. They’re more than happy to leave you—and your future—penniless.
- Support Network. Real estate investing is all about people, so build your network. You’re going to need to know many contractors and other professionals. To accomplish this, a lot of folks join investment clubs or attend other local investing events. Networking is a time-consuming process and it will only pay off if you network with the right people. Unfortunately, most investment clubs don’t introduce you to people who have enough knowledge and experience to help you build your budding business.
- Leads. There are many ways to find distressed houses, such as at auctions or on the dockets of probate court. But, to be fair, it can be hard to find qualified leads on properties that have the most ROI potential. Lead generation is one of the most time-consuming aspects of this career, so plan on devoting a lot of effort—and money—toward it.
If getting started flipping houses and making the move toward financial security sounds demanding, take heart. There’s a sure-fire way to receive comprehensive training, reputable mentorship, a support network of experienced professionals and qualified leads. And, I told Katherine and Mary exactly what that is.
Get All the Tools And Resources You Need to Flip Houses
One of the reasons why I’ve been able to grow my professional real estate investing business from a part-time endeavor to a full-time career is that I became a HomeVestors® franchisee. You get just about everything you need to build a part-time investing business right from the start: training, mentorship by a seasoned Development Agent, a support network of regional franchisees, and qualified leads. It’s a ‘structured business’ package with a goal of best practices in the industry. Even if you choose an associate franchise, you still get all the benefits of HomeVestors’ support to reach your financial goals.
It’s time to get your part-time “house flipping business” off the ground the right way. Contact HomeVestors about an associate franchise today.
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HomeVestors of America® is the nation’s only real estate investing franchise, providing business opportunities to real estate and investment professionals across the nation.