The Naked Truth About Real Estate Investing
Flipping homes from what I see has become completely blown out of proportion.
Many people are looking at this as a get rich quick thing where they think you read a few eBooks, print out some papers, draw up some bandit signs and build this massive never ending list of cash buyers.
Well that is what it's about trust and believe it's NOT easy..
..
in the beginning.
Just like anything in life you have to get your name out there.
Get people talking about you.
Good talk hopefully but it's just like when you go out for a job interview.
You want to leave a lasting impression so that you get that call back.
Well you want to have cash buyers blowing your phone off the hook but the actual truth about real estate investing is they aren't going to unless they..
..
- Know who you are or..
... - You have an amazing deal
It's all about investing and you have to invest 1 of 2 things and if you have both, it won't take much for you to be successful in real estate investing.
- You need to have money to invest (money talks; no money then talk is cheap unless..
.. - you bring expertise to the table
The absolute truth about real estate investing: To be a great wholesaler, you must give out true and accurate figures, otherwise you make a bad name for yourself.
To be able to cook in the kitchen of flipping houses, you need these 3 main ingredients:
- The ability to contract RE at great discounts through negotiation tactics.
- The ability to build a real cash buyer list (larger, the better)
- Ability to evaluate your market and ability to give close estimated rehab numbers.
Both of these require a vast knowledge of the local market conditions and the know-how to quote repair items.
To add a 4th item, you should be honest, provide accurate numbers, and provide as much due diligence to your potential buyers as possible.
This will allow you to keep your buyers coming back for more deals.