We recently checked in with all our Wonder Women for their quarterly reviews. It struck me that all of them have inspiring goals to improve their own lives and those of their spouses, siblings, parents and, of course, their children. They all truly are inspiring women in renovating for profit.
Each of our ladies has unique skills and talents they use in renovating, providing inspiration for our wonderful community. It levels up the collective intelligence of the group – an excellent resource for everyone. Sharing your struggles and wins with fellow women in renovating gives you the support you need to achieve your goals and be successful. Our profit tally for 2021 shows that women who love renovating can generate an income and build a life they love.
Our mindset and renovation coach, Michelle Lewis said:
I’ve been encouraging the women to not only think about their family and other people, but to also think about what they want, cuz when we align our own journey with what we passionately want for ourselves and our goals, and following what we love to do, that’s gonna have a flow and effect to the family as well.”
Celebrate All The Wins – Big And Small
We work better when we are under less stress. Women tend to put so much pressure on themselves that it is important to sit back from time to time, take a deep breath and focus on what you have achieved. Your success is not just about the big wins; the small wins must be celebrated too.
“You cannot pour from an empty cup.” We tend to want to give before we are in the best position to be able to. Taking care of yourself first, acknowledging your needs and releasing the guilt and shame you may feel for wanting things for yourself is a powerful journey – one Michelle is working on with the women in our community.
We celebrate all of our ladies’ wins. As I said before, it doesn’t have to be a big win, it can be something small that was standing in your way, and you found a way to overcome it.
What Are Your Beliefs Around Money?
Zig Ziglar said: “money is not everything, but it ranks right up there with oxygen”. Women often tend to be very altruistic and need to be reminded from time to time that we need to and are allowed to make money. Like oxygen, we need it to live.
Your beliefs and values around money are instilled in you as a child. They might come from something your parents said or examples of people doing business as a side hustle and not charging very much for their skills if they weren’t in it for the money. To break the mould, it is important to look back at the examples you were given growing up.
Only then can you establish your values around money and what it means to you. It is okay to make money and build wealth; it does not make you an evil person. Our true mindset is to become inspiring women in renovating.
Wonder Women Program Profits For 2021
We have been working on calculating the collective profit made by our Wonder Women in 2021. Having got the numbers from just twenty people, we have a total of 2.3 million dollars. They truly are inspiring women in renovating!
Every cent of that matters. Whether you’re someone who made $50,000 or someone who made $500,000, it’s the fact that you’ve actually got out there and decided to do something different and worked hard to achieve an amazing result.
Some Of The Challenges Faced By Our Inspiring Women in Renovating
When we check in with our Wonder Women, it is to find out how you are doing. Are your projects on track? Have you hit an obstacle? Have you overcome any challenges that had you wondering if renovating was right for you? Let me share some of the challenges our wonderful women have had to deal with:
With interest rates climbing, money is a challenge to get at the moment. So, when someone can refinance their project to move on in search of the next one, it is a big win. On the plus side, the current property market creates opportunities for you to find some great deals for those in the renovating business. Make sure the feasibility is well structured, and use your renovation skills to grow your wealth creatively.
#2 Looking for properties further afield
It is always nice to have a project just around the corner. Sometimes it is worth looking further away to find the right project. Stepping out of your comfort zone and taking on projects others are unwilling to do because it is a forty-minute drive from home may be the way to find profitable renovating projects.
#3 Finding the right trades
A common problem in the renovation business is finding the right trades at the right price. Some of them are giving ridiculous quotes. The key is to get creative. We have learned many strategies to share with you over the years when this stumbling block puts the brakes on your project. Michelle says:
If you are feeling overwhelmed, take a step back, take some deep breaths, take a day out, and then come back with a fresh and focused mind.”
#4 Presenting yourself as a professional renovator
Property is a people game; it is about building connections, whether it is with estate agents or trades. It helps to be organised and know exactly what you want to do with your renovation. People are more likely to take you seriously when presenting as a professional renovator. It also helps if you pay your trades on time.
Things don’t always go according to plan during a renovation. You need to be able to take everything that comes up in your stride. It is a chance to flex your problem-solving muscle and develop creative solutions.
Renovating Is A Good Business Model
I have done a few renovations with my kids, and I am a big fan of family projects. It is an opportunity to pass down our skills to our children and set them up in a profitable business.
Renovating often begins as a side hustle until people see its income potential. It is possible to do an eight-week renovation, with a four-month purchase time lag between buying the property and reselling it and make fifty to a hundred thousand dollars. In a more conventional job, it could take you the entire year, working nine to five, with only four weeks’ holiday, to make that amount of money.
I love the exciting, adrenalin-charged nature of flipping houses. It means making a profit immediately, but it is a short-term strategy. If you can, it makes more sense to hold the property to benefit from future growth. Many women start with flips to get the bigger chunks of cash and build up their experience. Over time they realise that it is good to be able to hold some properties and do some flips as well. It is a great combination strategy to maximise your cash flow and profits.
A few of our Wonder Women have worked out their ideal strategy and are giving up their jobs. It is a good idea to try and always have two projects in the pipeline to retain something that’s giving you long-term wealth. One of my favourite ways to do this is with a micro development; it gives you much more equity and growth.
If you are wondering how you will afford to purchase your first investment property, it helps to think outside the square. You may have to look nationally, especially if you live in Sydney or Melbourne, where property prices are particularly high. Regional Queensland or Perth have a lot to offer, with lower prices. No matter what your income or your borrowing amount is, different properties might be part of your long-term renovating and holding strategy.
Keep An Eye On The Changing Property Market
The one thing you can count on in the property business is a shifting market. The current spike in interest rates has created a lot of fear. People are worried that property prices might go down, and those wanting to sell are putting their properties on the market, giving us more to choose from. It is a great time to buy as people wait to see if the prices will drop. It means you must build extra risk management into your strategy to ensure you still make a decent profit.
As a renovator, you need to keep your eye on the market. You need to find out what’s happening and be flexible and fluid in your approach. Michelle suggests cutting back on spending; make clever choices about the value-adds you are using.
We Are Highly Motivated By Our Inspiring Women In Renovating
I am inspired by the motivation and success shared by our Wonder Women. Renovating for profit is a journey with many speed bumps and stumbling blocks. Working on your own can be extremely lonely and frustrating. When we work together and bounce ideas off each other, we can reduce our stress and develop more creative solutions to the problems we face in each renovation project.
If you are thinking about building renovating into your repertoire and like working with some amazingly creative and supportive women, consider signing up for our next free Women In Renovating Workshop.