Flipping Houses
So you Want to Flip a House?
It was only in May of 2017 that I got the wild hair to get into real estate. That may sound like a long time but in the short 18 months I have... (deep breath in... and go) got laid off from a 6 figure job, purchased 5 rental properties for myself (with 2 more under contract), bought or sold 12 properties for others (with 3 more under contract), and closed on 2 house flips (with 2 more under contract), started 3 real estate companies and am in the process of starting a 4th, oh and we had a baby girl named Ellie... (deep breath out...).
The first point that I am trying to make here is that when you find something that you love to do, that's all you ever want to do. When I am chasing a deal or flipping a house, it never crosses my mind that I am "working" because even if I would have won that $1.6 BILLION dollar lottery a few weeks back, I would most likely be doing the same exact thing (but in a nicer truck). So if your going to work everyday and there is a little voice in your head that says "there is no way you could earn a living doing what you love" then you should really find out what it is you love and figure out a way to monetize it b/c once you do... boy does your life change. Even though I thought it wasn't possible, I stumbled on my passion and here I am. It is possible.
The second point is that if your going to do something, you might as well "do the hell out of it". There is no sense in going at something half way or being scared to fail. The wife and I just finished our first flip and listed it on the market today. I said going into this if we break even on this deal, I will consider a HUGE win bc I will learn so much along the way, it will be like getting a free education (a 6-8 hr day, 7 days a week, for 7 straight weeks education). Even if we lose money, that's still ok. Hell, I (and my parents) spent over $50,000 on my education throughout the past 15 years, so what if I lose $5,000 on this flip, I will learn so much during the process. Did I go over budget, YES, did I build a beautiful tiled shower that cost about $2000 just to have to tear it down and rebuild it again for another $1200, YES, did I paint the same wall 7 times b/c I should have waited until the end to paint, YES. But guess what... the entire process was AWESOME and I loved every minute of it. Oh and if your wondering, we stand to make over $30,000 on the flip... not to shabby.
In the morning (Saturday) I am going to wake up at 6:30 and drive 45 minutes to meet a fellow investor for breakfast before we go into a 4 hour real estate investing class that I paid $250 for (not to mention the $100 for the babysitter since Brittnay is working) where I will sit and listen to other successful professionals coach me on how to become more successful in real estate. Sounds boring huh... NO WAY, I AM PUMPED and cant wait. The only way to get better at something is to:
1 - do it
2 - spend time with people who have already done it
3 - read (or listen) to everything that is even closely related to it
If you think real estate investing may be your passion (or if you just want some passive income), I would love to have coffee or lunch with you. If you have another passion but don't know anyone that you can call, call me, I'm sure I can find someone for you to speak with.
Check out Pictures of the finished product below.
