Purchase rundown house, renovate interior and exterior to sell

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Purchase rundown house, renovate interior and exterior to sell by Mind Map: Purchase rundown house, renovate interior and exterior to sell

1. Visions or dreams are not always a walk in the park. This one has a lot of steps and each one needs extensive consideration.

2. Incentives

2.1. Start own business if first house flip is successful

2.2. Expand business to more than just expanding home

2.3. Satisfaction of creating something I love

2.4. Networking and making new connections

2.5. Educational opportunity learn what worked well and see areas that need improvements

3. LESSONS LEARNED

3.1. I need to use my time wisely and get organized and prioritize

3.2. I can't be afraid to ask for help when I need it

3.3. Don't always make decisions on your own, get an outside perspective

4. Strengths

4.1. Self-motivated

4.1.1. IMPORTANCE

4.1.1.1. .10

4.1.2. RATING

4.1.2.1. 2

4.1.3. SCORE

4.1.3.1. .2

4.2. Hard-working

4.2.1. IMPORTANCE

4.2.1.1. .15

4.2.2. RATING

4.2.2.1. 3

4.2.3. SCORE

4.2.3.1. .45

4.3. Communication-Decision making

4.3.1. IMPORTANCE

4.3.1.1. .15

4.3.2. RATING

4.3.2.1. 3

4.3.3. SCORE

4.3.3.1. .45

4.4. Passionate

4.4.1. IMPORTANCE

4.4.1.1. .10

4.4.2. RATING

4.4.2.1. 2

4.4.3. SCORE

4.4.3.1. .2

5. Weaknesses

5.1. Funds to make it happen

5.1.1. IMPORTANCE

5.1.1.1. .15

5.1.2. RATING

5.1.2.1. 2

5.1.3. SCORE

5.1.3.1. .3

5.2. Business partners

5.2.1. IMPORTANCE

5.2.1.1. .10

5.2.2. RATING

5.2.2.1. 2

5.2.3. SCORE

5.2.3.1. .2

5.3. Limited knowledge in construction

5.3.1. IMPORTANCE

5.3.1.1. .17

5.3.2. RATING

5.3.2.1. 2

5.3.3. SCORE

5.3.3.1. .34

5.4. Perfectionist

5.4.1. IMPORTANCE

5.4.1.1. .08

5.4.2. RATING

5.4.2.1. 1

5.4.3. SCORE

5.4.3.1. .08

6. EXPERTISE

6.1. Look at other construction companies besides the family friend one and get different ideas

6.2. Work with different loan officers to make sure I take the right option to get approved for the right amount and low interest

6.3. Research land values, finding what would make it increase or decrease. Talk with an appraiser specialist

7. RESOURCES

7.1. My father

7.2. Friend's construction company

7.3. Loans