Controlling Your Emotions When You Fix And Flip Houses
Neophyte rehabbers often lose money when they fix and flip houses just because they cant keep their emotions in check
. Find it unbelievable? Seriously, this is a problem that leads to profit loss.The problem starts with a wrong frame of mind. A lot of newbies in the business imagine how they would like their dream home to look like whenever they start listing repairs. What is wrong with emotionally attaching yourself and your concept of a dream house is that you have a tendency to set a high repair budget. It also leads to unexpected and unnecessary improvements.
For example, youve always dreamed of having a carport because your own house never had a garage. So, you want to realize that dream through the house you are rehabbing. Despite that property having a garage, you push through with the construction of a carport. Before you know it, youve already spent $5,000 for the construction of a redundant house feature. You spent all that money just because you felt so strongly about the carport. Thats a very costly fix and flip mistake.
Another famous story is about a religious rehabber. He was really into religious icons, relics, and images. What he did with one rehab is that he filled it with busts and religious paintings. Whats wrong with being religious? he must have thought. He spent a few thousand for buying those paintings and images and having them installed inside the property, which now resembled the interior of a church. He was pleased with what he did but he kept wondering while no one bought the property for months.
It wasnt probably because man had already lost faith in God. Maybe it was because the house appeared to be a place of worship and not a home. Or it could also be because buyers of property in that area belonged to a sect or religion that did not favor icons. Moral of the story: uncontrolled urges to satisfy your personal preferences will lead to fix and flip losses.
Another case of unchecked emotions happens when rehabbers are already marketing the property. Some rehabbers get attached to the property that they feel they must hand it over to someone who will take care of it. They do not sell the house to a qualified buyer just because they felt that that buyer does not deserve the house. After all, that qualified buyer seemed arrogant. Thats a lost deal. By doing this, you are also raising the chances of that house being stale in the market and losing value.
Learn how to properly fix and flip houses today at rehab-real-estate.com. The website contains articles and videos you will surely find interesting and informational.
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