LONG TERM VISION
Property flipping may look profitable , but you must know what you are doing . It is hard work , but rewarding . It is true you can use other peoples ’ money , but it will be very difficult if you are not willing to put some of your own equity . Some people believe equity is only financial , but building a business requires equity in time and research and expertise .
It is also important to build relationships with property practitioners , they can source a buyer from their database of clients . It is also important to remember that property flipping , when done badly , could be a flop that can take you down and destroy your finances , make a clear decision and commit to it . Lastly , you have to earn the right to be an investor , learn how to manage money , because if you are emotional and losing money gets you out of control , then perhaps do not start . Also ,
it ’ s imperative that you only start investing your own money , after you have learnt to save money over time , and you have reserves , and you can allocate certain portions of capital for specific projects , when you can do that , then you will treat your property flipping business as one of your vehicles to build wealth , and understand that it is not necessarily a hand to mouth business , but rather a wealth building system .
Matseleng Mogodi Principal Agent Snooks Estate
SA Real Estate Investor Magazine AUGUST 2022 67