I began flipping houses in 2006 and have made LOTS of mistakes.
Thankfully, no mistakes have cost me my desire and passion to pursue this business.
Thing is, it's not an easy business and with so many different options, in real estate, it can be overwhelming to a newbe.
Here's some recommendations -
Every day, I see countless ads, from craigslist to facebook - all advertising foreclosures and short sales "Buy our exclusive list", "unlimited access to our buyer's list", "one low, monthly, fee", "great leads", etc., etc, blah blah.
Let me clear this up for you - don't buy any of it !
Remember, mass-marketing ads are selling to mass-marketing buyers and the same list that you **might** be buying is also being sold to countless others, meaning everyone on those lists are being mass-marketed to and are, probably, tired of the solicitations.
Another fact is that most of the people, on those lists, are no longer reachable at the contact info in those lists.
Attend some real estate seminars
Most seminars, you'll find, do NOT provide you with all the information you'll need to succeed.
What they DO provide is a rough draft and, if you have some basic intelligence and common sense, you'll be able to figure out the rest.
Also, don't buy the coaching UNLESS it's from a local (Meaning the live and operate IN YOUR STATE).
*****SHAMELESS PLUG***** We live and operate in Western WA - check out http://www.WeBuyHousesCoach.com)
Familiarize yourself with local resources, like county websites, as well as zillow, trulia, estately and countless others.
Here, you'll find lots of great info, relating to properties you're interested in buying/flipping and want to gather more info on.
LIKE-MINDED PEOPLE (Some idiots, some not - you know what I'm sayin !!)
Join a REIA/REIC !!
REIA (Real Estate Investing Association)
REIC (Real Estate Investing Club)
These are one and the same - whatever acronym you use.
Just a bunch of real estate investors who can become a valuable resource to you and your growth.
While you're not, likely, going to find a buyer for your deals, here, you will find lots of great information - and maybe even a partner or 2.
Also, REIAs offer tremendous resources, like discounts on building materials/supplies - through partner retailers, national speakers, online content and forums, access to "investor friendly" attorneys, escrow and title companies and a whole wealth of support and services.
AT WHAT PRICE ?
At the end of ANY given day, flipping houses is a complicated business with LOTS of moving parts.
You'll find your schedule will be full, depending on the level of real estate investing you opt for AND how much of a player you evolve into.
Early on, you'll be giving up the freedoms you may be enjoying now, like weekends off, predictable schedules, vacations, restful sleep, money in the bank, sanity - to name a few.
Be ready for anything in this business.
Get to know an attorney, or 12 - just in case you find yourself operating in some "grey areas".
Also, be prepared to get your ass handed to you - early on.
If you're experienced and you're still getting your ass handed to you - find another gig.
Most recently, the video - as seen in this blog, was a real nightmare scenario.
We had the property sold, but during our ownership, the water flow to the house stopped flowing.....
I did EVERYTHING I had to do to make it right and we still sold this at a positive margin.
Flipping houses can be, incredibly, stressful - but if it was easy, everyone would be doing it.
Have fun !!
New To You RE, LLC
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