Sept. 11, 2020

6 Key Areas to Optimize in Your House Flipping Business

The 6 Spots Your House Flipping Business Might Be Broken

Struggling to make this business work?
Not getting deals?
Not making progress?
Projects taking too long?
Not making a big enough impact?
Not making enough profit?
Business plateaued?

Then your business is broken in one or more of these 6 possible spots. 

The great news is that it's all FIXABLE! Just gotta know what's broken first...

GOODIES

1. Get on the waitlist for the #1 House Flipping Coaching Program & Community for Women

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Transcript

Intro
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?

Debbie DeBerry  00:39
Hey, what's going on today, I hope that whatever you're up to, it's an easy one. This week has been a little chaotic. The kid started his Virtual School on Tuesday. So I had every intention to have a podcast episode released already on Thursday when they're usually released. So apologies for kind of spacing on that. But you know what I'm doing the best I can, as many guardians and parents, and people who have children in their house and are doing virtual learning, or any kind of learning right now. Actually. We're all trying to do our best, right. So let's cut each other some slack. Right? allow for some grace and patience. And I just faced it. And I didn't realize it until I was on one of our kickstart calls today with one of my new members. So shout out to Amy, because it was on the call with you. If you recall that I remembered not releasing the this episode. So here we go. Let's jump into things. First, I want to of course, give a listener shout out, it means so much to me that you spend time with me first of all, and that you take the time to let me know what I'm doing actually matters. It is 100% My intention to instill in women that if they want to chase this dream of flipping houses, they absolutely can do so. All right. So thank you for taking the time to let me know that what I'm doing matters. I am so grateful for this opportunity to take this journey with you guys. All right. So this shout out goes out to Nelly bottoms. She says I started listening to this podcast as a woman wanting to learn and know about flipping houses. She literally gives you direct information. And a plus is her constant positive reinforcement and positivity to do and not just think slash dream, Debbie is about making your dreams happen and help communities and people in the meantime, thank you so much for that you absolutely nailed what it is I'm trying to do. So I'm glad that that is coming across that way. Thank you for taking the time to leave that message and rating. It helps this little podcast of ours reach more like minded women to make sure they understand this is possible. And they don't have to do it in a shady way. And they can absolutely impact their communities in a positive way. Make a great profit while doing so and have a business that last through any type of market cycle. All right. So that said, let's get into today's episode, I want to talk about the six places where your house flipping business could possibly be broken. Alright. So if you are not where you want to be with your house flipping business, in my mind, there are six places where it could possibly be broken. Alright. And mind you, each of these places, has layers and layers and layers of stuff. Right? Okay. So let's dig in. Okay, the first place your business is broken, possibly is the foundation of your business. All right. So if you are for example, operating as yourself instead of the proper business entity for you, Interstate, okay, if you have team issues, okay, so, if the foundation is broken, you've either got issues with your entity Or possibly your team or both? Right? The people on your team that could be broken or not pulling their weight or missing altogether realtor's contractors lenders support, right? And I know for a lot of you, that's what you're lacking, you are not around

05:26
people who are actually doing this, okay, that's gonna be a problem. Okay? The second place that your business could possibly be broken is in your targeting. Okay? So if you are not targeting the right areas in the markets where you want to be flipping, if you're not targeting the right areas, and on top of that, targeting the right property types, as well as the right types of owners within those areas, you've got to be highly highly, highly targeted. If you're not doing that, it could possibly be that that is what's broken. All right. So that's targeting, the next place your business could be broken is in the attracting, okay. And so by it being broken in, you're attracting the attracting phase of the business, that means that the deals that you're getting, or the deals that you're seeing, either they're in the wrong areas, right, because they'll back if you're not targeting the right areas, then the properties aren't going to be in the right areas, right.

06:46
But also, if you're just using the MLS, I am going to keep talking about this because I keep hearing people complain about it, and it keeps annoying me. If you are only using the MLS and you're complaining that there are no deals or complaining that all the other investors are getting the deals, stop using just the freaking MLS. Alright, stop just using the MLS. That is not the MLS problem. And it's not the other investors problem. All right, stop using the MLS, if that's your only source, okay? You've got to be going direct to owner, period.

07:30
And too many people are still waiting around, oh, well find a deal on the MLS. They never do, right, because they don't act fast enough when the deal does come along. That's the real problem. Okay, so that would tell me that the attracting phase for you is broken. Alright, the third phase or the fourth phase, which is what I call converting phase. Okay. So the fourth phase of my entire process is converting. So once you get the deal, are you converting the deal? Are you converting it into a contract, and then obviously into a closing. So if that part is broken, that means that the deals that you are seeing, you're not acting fast enough, either through MLS or wholesalers or whatever, you're not acting fast enough. So if you're converting is broken, you aren't getting deals. And there are again, layers and layers and layers of each of these, alright? So after converting is the rehabbing phase, okay, so things that could be broken in your rehabbing phase are your contractors, and you have not chosen the right contractors didn't bet them properly. Oftentimes, what I see is you've chosen the least expensive ones. So if you choose the cheapest contractor, you are going to be trading quality and workmanship. All right. So that's, that's a trade off. All right. And then also within that is, so you've got the contractor might not be the right contractor, right? Didn't properly vet them, or you don't have great project management skills. Okay? These are all things that can be changed, like that's the beauty. All right, it doesn't mean that it won't ever work. It's really great to know what's broken, because then we can go fix it. I'm a problem solver. So I want I just want to know what's broken so that I can go fix it, right? Okay. So in the rehabbing phase. if you for example, if your projects are taking longer than like four to six weeks to renovate that could possibly indicate that there's That there's an issue there with the contractor selection, or the project selection. All right. So as a beginner, if you're taking on a project that is way over your ability, and it leads to a nine month renovation, that could be a very big problem, okay? All right. So after the rehabbing phase is the selling phase, or renting, but we're talking about selling, right, we're talking about flipping to sell here. So if the selling phase is broken, then something is wrong with your marketing of the property, or your positioning of the property. So what do I mean by positioning? That's taking into account pricing? staging the property, right? So the presentation of it as compared to other properties in the area, right? The competition. Alright, so there are again, layers and layers and layers and layers of each of these steps. But that's my six step system. All right, a foundation. And then you're targeting, attracting, converting, rehabbing and selling. Okay, so if your business isn't where you want it to be,

11:26
either one or more of those areas is broken, and identify what's broken and go fix it. No problem, right? That's being a CEO. Simple as that. Right. Okay. If you want help with your house flipping business, whether it exists or doesn't exist, did you know that I happen to have an awesome coaching program? I do. All right. So we have so many women, making so much incredible progress, and getting deals under contract, flipping houses, building houses, selling houses, buying houses, like they're just doing the thing. And I do open enrollment, every so often. So I highly encourage you to get on the waitlist. And be on the lookout because in the very near future, I'm going to change up the branding of the program in such a way that it really fully conveys what we do inside our program. Because it can be misleading, it says first flipped on right. But that doesn't mean it has to be your first flip. It's about flipping houses in a way that is in total alignment with who you are, and who you want to be in the kind of business you want to have. So I'm going to do a rebrand. So be on the lookout for that exciting things are to come. I've hired two coaches for even more value and support. I am still in there every single day all day, I always will be that is my commitment. That is what I want to do. I want to coach and teach and guide and help. I am not like most people who have coaching programs are theirs. They're usually courses, right? They teach you for a few weeks, and then make you go implement on your own. Well, that's not what we do. So we are actually with you for 12 months. So that you can actually have help when you need it, which is when you're implementing all right. So anyway, be on the lookout for that get on the waitlist. Like I said, I open up enrollment every so often. And you will get first dibs on those open spots. It's only a few each time, because I'm very mindful at the number of people who join and when they join. Alright, so if you resonate with my messaging, if you resonate with this podcast, we would love to have you inside our community. It's a really special and powerful place. All right. Okay, that's it. Get on the waitlist at firstflipdoneright.com. All right. Until next time, go out there, flip houses like a girl. Leave people in places better than you find them and make it a great day. Bye y'all!