073: How to Flip a Property Without Flipping Out
Mega Agents, Sustainability Coaches and “Sex, Money and Real Estate” Podcast Hosts – Bill & Nancy Jamison of Jamison & Co. – Share Their Thoughts on a Growing Trend
As if having two boys, a wildly successful real estate agency and an equally successful marriage wasn’t enough to sustain them, Bill and Nancy Jamison of Atlanta’s Jamison & Co., are exploring the prospect of something that many couples have tackled – and oftentimes failed. As they apply their expertise in all things real estate and take those first trepidatious steps into the wonderful world of house flipping, they plan to share their journey with their growing fanbase and anyone considering flipping a house in the future. As with any undertaking, this one began with a robust analyzation phase – a deep dive exploration of the potential benefits and prospective pitfalls. The process Bill and Nancy used here has been applicable to virtually every major conscious decision they’ve ever made – whether starting a new business, taking on a new client, having more kids or tackling any project. They believe you can benefit from this process, too!
Weighing the Risks vs. the Rewards
During their How to Flip a Property Without Flipping Out episode, Bill and Nancy outlined a series of questions to ask yourself before embarking upon a house flip or any complex undertaking:
1. Character Process:
- How will adding this new “thing” impact your mental, physical, financial and relational health?
- Is the character of this project in alignment with what you are playing for – your vision and goals?
- Does the project align with your mission, standards and purpose?
- Will it contribute to your life and keep you light, agile and thriving OR does it have the potential to feel heavy, bog you down and weigh on you energetically? If the latter is the case, know that there’s going to be a ripple effect that could impact your relationships and potentially your health.
- Is it empowering – not just from a profit margin standpoint, but also where your personal margin is concerned?
2. Determining Scope:
- What is the overall scope of the project?
- It is here where you will cast the vision, outline the goals and determine your objectives. Is it long term or short term? It is here where you will create the budget and timelines, while forecasting the potential profit margin.
- What is NOT a part of the project scope? Keep your eye on the ball and don’t be concerned about unrelated, ancillary things.
- With whom can you speak to help you make an informed decision? Here is where you will bounce your plans/intentions off all your trusted resources. In addition to speaking with everyone involved in the project itself, you may want to look to your attorney, accountant, hard money lenders, accountability group and family members, among others, for their two cents. During this phase, you will gather your research, specs, cost analyses and requirements of the project.
- How does the project impact the schedule? Not just the project schedule, but the schedule that relates to your daily life from a personal and professional standpoint.
3. Setting Expectations:
- Who has the bandwidth to take the lead and who is responsible for what? Here is where you will determine the division of duties/functions/individual responsibilities.
- What’s the communication plan? How often are you meeting/talking to your general contractor? Communication is KEY to the success of every relationship, as well as the success of your project.
Going for It
Once you’ve assessed the risks, revealed the potential rewards and found that the good far outweighs the bad, it’s time to make the call and GO FOR IT! Don’t be surprised if you learn something about yourself during the process summarized above. You’re bound to learn even MORE about yourself as you charge ahead. In the end, you’ve got to risk it to get the biscuit! Still, be sure to have a solid business and financial plan in place, as well as multiple exit strategies if unforeseen circumstances move the goal line.
After weighing their own risks vs. rewards as outlined in their How to Flip a Property Without Flipping Out Podcast, Bill and Nancy are forging ahead with the renovation and ultimate flip of a condo property in Buckhead. They’ve already taken their boys to be part of the project with an exciting demo of the space. After all, what’s more fun than a boy, a sledgehammer and a sheetrock wall? Over the course of the weeks to come, they will continue to share their house flipping journey. Be sure to bookmark their podcast at SexMoneyRealEstate.com, and connect with them on Facebook and/or Instagram.
Share Your Own Stories
If you’ve taken part in a major renovation and house flip and want to share your story, Bill and Nancy welcome the chance to hear it and potentially invite you to be a guest on the Sex Money and Real Estate podcast! Simply submit an application or send them a note at SexMoneyRealEstate@gmail.com.