We are beginning to see the light after the tumultuous year we've had that included our first lawsuit against a contractor (and hopefully our last!) among other things. Despite the ugly things going on around us, we were able to create a new business model for Phoenix Avenue; one that makes sense for our business and family. Not many people understand this model and may even argue that it is too unconventional to work. Some have argued that it's genius. More on this later...But if you are an entrepreneur, you know you always have to be ever-ready to welcome change. I personally have a tendency to resist life's changes but I'm learning. David is a bit more open to them, which helps the process along. :)
Here's a few things I've come to accept along the way:
1. Don't expect people to do their jobs thoroughly or to completion. As an business owner, you are always responsible for seeing things through to completion. This can lead to a lot of additional time spent on things that you've hired others to handle. Over time you learn the folks you can trust - and those you can't.
2. You must be able to jump back and forth between tasks - which means you wear A LOT of hats. At Phoenix Avenue we handle the smallest task to the largest: market research, deal analysis, product purchasing, marketing, home design, renovating, staging, bookkeeping ...and the list goes on. In one day, you could be responsible for all of these things. Those are the REALLY tiring (and rewarding!) days.
3. You must try your hardest to NOT make decisions based on your emotions. This can be really challenging considering what I mentioned in item no. 1. :)
4. You must know your market and what buyers want. We know investors that will do as little as possible on their deals. Obviously, watching your budget is very important! But, we like to take time coming up with ways to maximize the value. If that means tearing down wall to create a custom layout or using a product that's unconventional, we aren't scared. We have been very blessed in the area of quick sales and know putting in a bit more thought goes a long way.
5. Every deal is different. Don't expect each deal to be just like it's successor. Each one of our 18 flips had/has their unique challenges. Each one teaches you something new. Some go smoothly...while others will frustrate you beyond comprehension.
6. Enjoy the journey! I get to spend every day with my best friend. Despite what crazy, frustrating things happen in our world, this is the most enjoyable thing to me. Having someone who shares your goals and dreams working by your side really helps on the hard days...and makes the good days that much more rewarding!
Thanks for stopping by our blog. I will try to put on my blogging "hat" more often (see item no. 2)... :)
Until next time...Cheers!
|Here's me back during Flip 15's renovation. Was about to put on my contractor "hat" here and get to work!|