By Candis Meredith
Whenever I sit back and think about my life and my business, I feel really blessed. In just a few short years, Andy and I have been able to build a real family business out of doing what we love—restoring historic homes. I was thinking about how lucky I’ve felt and what we’ve done to get where we are today, and it occurred to me that luck didn’t have a whole lot to do with it.
Really, most of it has been about consistency, hard work, and passion. So, I started listing a few of the essential steps we took in ensuring our restoration business’ success, and I thought I’d share them with you here. Hopefully you’ll find them as helpful as I have.
Study the Real Estate Business
There are a lot of different ways you can go into business in real estate. You could become a realtor. You could flip houses. You could wholesale contracts on distressed houses. Or, of course, you could get into restoring houses, like Andy and I have.
Before you commit to anything, research the different kinds of real estate businesses that you could start. You might have avenues open to you that you never considered before, and you might find something that really captures your imagination and gets you excited You won’t find out if you just say, “Okay, I’m going to restore houses,” without doing your homework first.
Get to Know Your Financing Options
When I bought Love House, I definitely didn’t have the savings to pay cash, but I committed to the purchase anyway and then went and found funding. Now, I don’t necessarily recommend doing it the way I did, but my story shows you that anything is possible. You don’t have to be rich to start a real estate business, but you should know about your options for financing your first (and second) restoration.
Talk to potential investors. Build relationships with private lenders. Get to know your hard money loan options. There’s plenty of money out there—you just have to believe in yourself and go out there and get it.
Create a System for Everything
When you get funding, what are you going to do? If your answer isn’t any more detailed than, “Restore this house and sell it,” you might be in trouble. I recommend creating a system for everything you do for your business, from how and when you look for properties to which restoration jobs you tackle first, when you call contractors, and how often you post on social media about your business and all of the cool things you’re doing.
Learn to Clock Out and Go Home
Andy and I have spent our fair share of late nights and early mornings working on our restoration houses, but we’ve had to learn when to clock out and go home to spend quality time with our family. If you don’t balance your work with the rest of your life, you have a really good chance of burning out. So, prioritize family and recreation time. If you have a good system and structure set up for all of your work, you’ll know when you actually need to work late and when you should clock out for some R&R instead.
They may seem simple, but if you take these four steps, you’ll be ahead of a lot of other people out there trying to start real estate businesses. Good luck!