I’ve been asked several times– “Should I attend one of those house flipping seminars?” “Did you attend one of those seminars?”
The simple answer: No.
Thousands of people are paying big money to attend these conferences, but what’s important to note is that you do NOT need to. I’ve said numerous times, based on the narrow definition of house flipping, I am not a house flipper. But, I started real estate investing without much knowledge of real estate, remodeling, or finance.
I did have one resource though: my dad, the Realtor. You may not have my dad as a resource but the premise is the same- a mentor. Someone that is doing what you want to do and willing to give you some advice. Maybe that’s a Realtor in your area. Maybe it’s a house flipper. Maybe it’s an investor. Finding the right person is key.
The big question is how do you find that person?
I don’t have a one-size-fits-all answer. But I do have a couple suggestions:
- 1. Call some Realtors in your area. Tell them you’re wanting to learn the ropes of investing. Maybe they’d be willing to meet with you, or maybe they’d be willing to get you in touch with an investor client.
- Attend house auctions–watch the bidders. Talk to them. Get to know them. You’ll see a lot of repeat faces at auctions, so forming a relationship could be easy and beneficial.
I’m not an expert on house flipping– remember, I’m technically not a house flipper? But I’ve been in this life long enough to have made really stupid mistakes, really good money, and learned really important lessons. For me, the risk was lower to live in the house while I flipped– it was more protection for me, more beneficial on the tax side, and, honestly, all I could afford to do when I started. Maybe that’s a good avenue for you– buy and LIVE in a fixer upper. You learn the ropes and make mistakes without extreme risk of a 2nd investment property.
Whatever you choose to do, don’t fall into the trap that you have to PAY someone to train you. Yes, you’ll pay….you’ll pay in 4021 late nights painting, scraping, demolishing, crying, cursing, and stressing. You’ll pay contractors–more than you want–to get the finished product that you want. You WILL pay…but don’t think a class will teach you all you need to know….honestly, experience is the only way to know.