Have you heard this line in a radio or television advertisement recently? These are people who already have a successful formula for flipping houses profitably and who are willing to share that knowledge with you for a sum of money. We did this, and we have no regrets. Our real estate investment business is thriving, partially because of this investment, and partially because of our desire to continually learn more.
It Costs Money $xx,xxx!
Lots of folks have student loans ranging from five- to six-figures for their college degree(s). And, many of these degrees are for lower-paying jobs, at least for entry-level, that these loans may never be paid in full. Paying to learn a new skill for a lucrative career can be a wise investment, but you need to have plan to pay that debt off quickly.
Neither of us have student loans, and we had access to money to pay for this knowledge, so it was a no brainer for us. That said, many of the people we met and became friends with from this experience, extended their credit card debt to buy-in. They have regrets … and that makes us sad! We wish everyone were flipping houses together in this market!
It Requires Sacrifices
If you are interested in flipping houses, we agree that central Arkansas is a great market for starting your investment business. We made back the money we had invested in learning this process back from our very first project. But, it took us nine months to buy that first home to flip, and another six months before it was sold for a profit.
Carrying high credit card debt for eighteen months or longer is more than most folks can bear. Plus we worked our other businesses and worked this business on the side until we succeeded. We did this as mature adults, after our kids were grown and out of the house. It was easy for us to work evenings and weekends that first year to learn the business and practice our craft.
Can You Run A Business?
We had already successfully started and operated businesses before starting this one. Our knowledge allowed us to start this business without hiring expensive outside firms, while our other new friends paid large bills to start their companies and set up effective marketing.
I’d strongly urge you to start a small business and make it successful before starting your real estate investment business where success or failure will cost you dearly. Start a lawn service business, a cleaning company, or any other small business that requires a small investment of cash but allows you to learn what it takes to succeed. Even if that fails, you’ll be better prepared for a larger investment the next time.
Check Out Online Reviews
There are folks out their charging outrageous amounts to learn their systems. Some of these deliver, and many do not. That’s why when we started thinking about attending one of these seminars, we checked the online reviews of all the different companies offering these kinds of services. Some had lots of pending lawsuits. Most had complaints from people who had invested their money without succeeding.
We found two companies that we felt comfortable joining if we decided after the seminar. And, as luck would have it, we joined the first one of these that visited Little Rock after we had decided that. We still believe that either of these two companies would have helped us succeed. If you are thinking about starting your own real estate investment, like we did, do your homework first. There’s lots of free or low-cost training available, but we paid for the systems this company offered!
Follow the Systems Offered
You paid for the training, so follow their systems. We watched others selectively apply the training, fail to take advantage of the coaching offered, and complain that it didn’t work. Seriously, the systems work, the coaching is work, you just need to do what they say to succeed. Persistently following the systems, aggressively practicing the craft, and doggedly pursue your first deal will make you a successful real estate investor.
We wrote this blog as a sort of review of our own, explaining how we succeeded and others didn’t. To give you a clear idea of what it will take to succeed in this money, beyond the money you need to spend. Little Rock is a great place to start your real estate investment. Holler, we’d love to have coffee with you and help you get started on this path, too!