Many Real Estate Investors start out rehabbing properties to resell for a profit. Many of these investors eventually migrate to wholesaling or become landlords, but some become experts and just keep on rehabbing. Most rehabbers build a system and once they have it fine tuned, don’t deviate from that system. If they build a system rehabbing rental properties for landlords or for first time home buyers, then that is what they always do, because it works for them.
However, a few rehabbers make the leap from rehabbing properties in low to middle income neighborhoods to rehabbing properties in upper middle class to affluent neighborhoods. But very few move beyond that and take the step to rehabbing extremely expensive houses. And even fewer are true visionaries.
A close friend of mine, which many of you already know, Robyn Thompson, the Queen of Rehabs started out rehabbing multi-families in firs time home buyer neighborhoods in Connecticut. She then took a huge leap in faith in herself and her abilities and now rehabs multi-million dollar mansions in Florida. That is something that I hear a lot of people say is too big of a rehab, and to those people I say, you are just not thinking big enough.
And then there are the true visionaries like Frank McKinney. Now I have met Frank one time, but I don’t know him other that through reading his book “Make It Big”. Frank Started out like many of us, rehabbing houses in lower income areas, but only a few years later, he was building multimillion dollar mansion as spec houses. He has built and sold some of the most expensive specs in history and everyone called him nuts, but he had a vision and he achieved his goals.
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So I ask you, is your vision big enough to make it big? |
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