| per hour by doing it yourself if you earn $50 per hour.
BIG MISTAKE #4: INSUFFICIENT CASH FLOW
As with any business venture, cash flow is king. There is no point having a potential $50,000 profit up your sleeve if you can't pay your bills. Unless you have sufficient cash reserves, I highly recommend that you do two or three projects and put the money aside before you rush out and quit your job.
BIG MISTAKE #5: NO EXIT STRATEGY
There will be times when, despite your meticulous research and planning, the property doesn't sell. External influences that are beyond your control pop up from time to time. Be prepared for this with an exit strategy and you'll be fine.
Firstly, never enter a project if you cannot afford any unforeseen holding costs.
Secondly, there is no shame in holding a good property. If the market doesn't agree with you at that particular time, then rent it out for twelve months.
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