I wanted to talk a little bit about what we do when we buy a house. This is something I wanted to bring up because I know, especially when I first got started, I had a one-track mind on every single house we bought. I was only thinking of it one way which was we’re going to renovate it and resell it. So interestingly enough, that isn’t always the only move or the best move when it comes to making money.
The Jacksonville market is so hot right now sometimes we’re buying houses and we’re doing really light renovations on it and making just as much money as we would with a full renovation. So the main message for today is to look at every house individually and look at how much money you would make flipping it and how much money you would make just putting it back on the market with some light touch-ups and new paint. Also look at how much money you’d make if you just kept it as a rental. Every house is different.
I feel this advice is a big part of what I attribute our success in the first year of doing this business. Every single house we buy, we look at on an individual basis and figure out what the best practice for that specific house is. If you take anything away from reading and watching this video today, I hope that you remember this: keep an open mind rather than just having a one track of “all I do is buy and renovate houses”. I think that is a good way to take your business to the next level, and that is what I am practicing in my business now.