Do This One Thing Every Day to Become a Pro Fix and Flip Investor
It was an iconic movie moment.
The wise instructor, with receding hair and a gray goatee, was about to teach his pupil an important lesson.
Wax on, wax off.
I saw The Karate Kid for the first time in a theater near my home in Yuma, Arizona back in 1984. In what quickly became a classic scene, Mr. Miyagi shows Daniel how to wax his car.
Wax on with the left hand.
Wax off with the right hand.
Over, and over, and over again.
What Daniel didn’t know at the time, but would learn later in the film, is that Mr. Miyagi was teaching him, through repetitive action, how to defend himself from an attacker. The move simulates blocking a punch, which of course is a required skill in karate.
Wax on, wax off.
Be the Karate Kid
If you’re just starting out learning the business of fixing and flipping houses, it’s difficult to know exactly where to begin.
You’re probably having trouble deciding how to spend your time right?
Maybe you’re wondering…
Should I focus my time on looking for a profitable fix and flip deal?
Or perhaps I need to learn how to choose the right colors and finishes for my project?
Maybe you’re worried about finding the cash to purchase and fix up the property?
We’ll, I’m here to put your mind at ease. Forget about all that stuff!
There’s just one thing you need to do, every day, to become a professional fix and flip investor. You need to devote 100% of your time and attention to mastering this one this one skill.
Once you do, you’ll be The Karate Kid of fixing and flipping houses in your real estate market.
Deal Analysis 101
Wax on, wax off.
Over, and over, and over again.
What does that mean? You must become proficient at analyzing a fix and flip deal, or as I call it, Deal Analysis 101, through repetitive action.
So here’s what I want you to do…
Find a property. I don’t care where it is, or how much rehab it does (or doesn’t need). I suggest you choose the lowest priced property in your neighborhood, or zip code.
Next, figure out the estimated after repair value of the home. Then, visit the property and calculate the rehab costs so that you can determine your offer price.
When you’re finished doing this, do it again. Find another house and repeat. Do it everyday, for a month.
Not sure how to determine after repair value or estimate rehab costs? Check out this video to learn how:
Do ALL of this without ANY intention of purchasing the property.
The point of this exercise is for you to build up your muscle memory, and a systematic approach to deal analysis. It’s not to find an opportunity.
Black Belt Fixing and Flipping
At the end of The Karate Kid, Daniel enters a tournament as a black belt. Mr. Miyagi trained him first to defend himself, and later to attack. Daniel now possessed the foundation and skills required to fight at an elite level.
He was prepared to succeed.
In order to find profitable deals, choose the right colors and finishes, raise capital to purchase and rehab your property, or anything else related to starting your fix and flip business, you must master the skill of deal analysis first.
You’ll be amazed at how quickly, and how much easier it becomes, to do everything else with this knowledge and experience.
So do it. Every day.
Wax on, wax off.
