There are 6 areas in your house flipping business that need to be optimized for the most efficient business.
In this episode, we're diving into the Foundation of your business and 3 signs that can tell you if you're on solid footing or if there are some cracks to fill.
The great news is that it's all FIXABLE! Just have to know where to focus your fixing efforts first.
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You're listening to the flip houses like a girl podcast where we educate, empower and celebrate everyday women who are facing their fears, juggling family and business, embracing their awesomeness and wholeheartedly chasing their dream of flipping houses. Each episode delivers honest to goodness tools, tips and strategies you can implement today to get closer to your first or next successful house flip. Here's your spiky haired breakfast, taco loving host house flipping coach, Debbie DeBerry?
Hey, how are you today? I hope that whatever you're up to, it's an easy one. I've survived the first week of virtual school for the fifth grader. So that's fun. I'm actually able to do his math again. Something weird happened in second grade, that his math became like, it looked like chocolate chip cookies. So around here, we just started referring to his math as chocolate chip cookie math, because it was these weird circles and dots drawn on the circles. And I did not understand it at all. So I am happy to say, so far so good. With fifth grade math, I'm crushing it. All right, meaning if the kid asks for help, I can actually speak to it. Because it's normal stuff. That looks normal to me. All right. So I hope that you're having a similar situation, I hope that you are finding your groove. If you've got kids going back to virtual learning, in person learning, hybrid learning, I hope you're finding your groove. It's such a weird time we're living in and like I've mentioned a few times before it calls for grace and patience. Now I want to give an update, and a shout out to the awesome members in my coaching community. Because I did the tally this morning. And of the ones that I'm aware of now, not everybody lets me know when they're actually in the middle of a flip or buying or selling. Sometimes they do it in private, and then they let me know after the fact which is totally fine, right to eat dessert.
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But I do want to give a shout out because they are just crushing it. Okay, we have a total of 23 house flips that are in progress at this time. All right. So 23 houses are currently in the process of being loved back to life. Amazing. All right. We also have seven other women who are under contract and set to close on their first flip purchases within the next couple of weeks. All right, we also have another six who are under contract to sell their flips within the next couple of weeks. All right, so they are crushing it. I say it all the time. But I'm telling you, there is so much incredible magic that happens on the inside of this program, there just is you're around women who are doing the thing. And we're having a whole lot of fun. And sometimes it's hard, it's sometimes we have to make hard decisions. And that's okay, it's great to have a team behind you. So if you do not have a team behind you, if you don't have incredible support, if you are not in action, if you are still on the sideline, and you're sick of being there, I encourage you to go to first flipped dunrite comm and get on the waitlist, okay, you will have the opportunity to join in the next waitlist open enrollment period. Those on the waitlist are notified sooner of openings in the program. And if you miss that opportunity to join, let's say you're notified that hey, there are openings and you miss that opportunity to join. Let's say you decide you're going to put it off and you'll join later. Well just know that your next opportunity might be months away. Okay, so just a heads up. If you are a now person, if you know that it is time to do this thing. Get on the waitlist and take advantage when that opportunity lands in your email inbox that says hey, there's an opening. All right, otherwise, it'll be months away. Okay, let's get into today's episode. So the last Episode, I introduced you to the six key areas in your house flipping business that could potentially be broken, and how the beauty of it is, once you have awareness around what is broken, you get to fix it. So it's okay, if there is an area that's broken, it's a great opportunity to go in and fine tune and tweak and get things right. So that your business is functioning optimally. Alright. So the first area we're going to talk about is the foundation of your business. So how do you know if the foundation of your business is wobbly? If it's unstable, I'm going to share with you the three signs that will tell you if your foundation is wobbly. And it might be that only one of these signs resonates with you. Maybe two of them do, maybe all three of them resonate with you and you're like, holy crap, the foundation of my businesses totally wobbly. Great, then you get to dive in and fix it. Okay. So the first telltale sign that the foundation of your business is out of alignment is your mindset. Okay, that's the first area that you need to be focusing on everything every single day. And I love when I get resistance around this because that resistance is confirmation that that person's mindset, needs work. mindset underlies
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everything we do in our personal lives in our professional lives. If our mindset isn't right, we are not going to be able to function at the highest level, as an individual in the world. As a business owner in relationships, period, our mindset has to be right. Some evidence for yourself that you could probably use some mindset work is are you putting things off? That you know you need to do? But you're scared to do them? If that's a yes, you get some mental mud. All right. And this is all totally normal. This is being human. Okay. It is a conscious practice that we have to do every single day to keep our minds in the right. state. Right to so that they aren't rebelling against us and telling us Oh my god, this is impossible. This is too hard. We can't do this. There's no way this is going to work for me. All right. So if you are avoiding doing things because you're scared, then that's a sign that you need some mindset work. If you are not going in doing the things you know you need to do. Because you feel like an imposter, then you need some mindset work. All right, those are two pretty obvious ways to know. And I don't know anybody that hasn't at some point struggled with feeling like a total imposter when they're doing something new. Right? Who am I to think that this lender is going to lend me $200,000 for this house? They don't even know me. I've never flipped the house before. Why would they lend me money? Look, that's your mindset. They will lend you money because they are in the business of lending money and investing in real estate. All right. You'll be amazed at how differently you can show up in the world and the world can show up for you if you're focused on keeping your mind. Right. All right. Okay, so the second area that could be leading to some issues in your foundation. The second area to look at when you're determining the strength of your business foundation is the entity, right your business entity, are you functioning? Are you operating as the proper type of business entity? Are you set up properly for taxes are you set up properly for liability protection? You've got to speak to the professionals and you've got to run this as a business. Alright, so if you are not running this as a business, meaning using a business entity, then that's an area that needs attention. Okay? The third area, that is a telltale sign that the foundation of your business could use some work is around your team. Do you feel like you have a team? Or does it feel like you're doing this alone. So anybody that's on your team should feel like they're in it with you. Right? They're an extension of you.
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You guys are on the same page and understand the vision of your company doesn't mean they have to be a full time employee at all. That's not at all what that means. So when it comes to team, my contractor, and my crews feel like they are part of my business, they are part of my business, they might not be employees of my business, but I manage them. And I manage that relationship in such a way that it feels like we are all on the same page. And we know the vision, and they know my standards, right? They understand what we are trying to achieve, and how we're trying to achieve it differently than most quote flippers. Okay. Same goes for your realtor. Do you feel like you're begging your realtor for data and they never give you the data? You've got a problem. Change realtors, okay, I keep hearing a lot of bad realtor news out there, like just not being responsive, not delivering data, and I just don't get it. I started out as a realtor in 2003, I will never understand why some realtors are refusing to actually work and give data and show up, I don't understand it. Anyway, if you are having a problem getting the information you need from your realtor, it's the wrong team member. It's the wrong realtor for your team. Okay? If you don't love the lenders that you've reached out to please change your mindset around that and understand that you are in control of that. You get to choose who you want to work with. So many beginners think oh my god, I just want to find somebody to lend me money. It doesn't matter who they are. No, it totally matters who they are. You get to run your business in a conscious way. And you get to choose who you do business with? Do they align with your values? If not, don't do business with them. If you do, then you're basically condoning their values. So be in alignment. All right. And if your team members, if you have certain team members that are not in alignment with you, and how you choose to do business, don't think twice about replacing those people. Because if the foundation of your business is not solid, if there is any strife between you and any other team member that will show up in your business everywhere. You got that. Like that's a really important concept to understand and embrace. So anywhere that there are cracks, any team members that are out of alignment that is going to show up in your business elsewhere. Whether it's the quality of the work, whether it's the marketing of the property, whatever that looks like, it will show up somewhere. All right. So check your foundation, check your mindset, the business entity and your team. All right, if there are any cracks in those areas, fill them. All right. You got this, okay. Until next time, leave people in places better than you find them and make it a great day. Bye.