I am starting to get more quality leads than I can handle financially, but I know I could make it work by taking on some extra risk (balance transfer from credit cards). I have an income from my job, but this doesn't cover all bills, leaving real estate to cover the rest. To this point, I have been successful in covering my costs of living plus enjoying the extras in life through flipping houses, but I would like to scale. My dilemma is that I've got my cash tied up in 2 flips at the moment, and I'm getting more quality leads than ever before. Should I just turn these deals away to avoid taking on more than I can financially handle, or should I risk it all by taking balance transfers from credit cards to purchase these additional deals? My real concern is covering so many payments every month, since flipping comes with such a delayed payday. Is this just typical growing pains for a growing real estate investor?
@Austin Works Slow your roll brother. Dont do what I have done and get caught up in the sprint. This is a long distance marathon. Continue to live below your means, save your money, invest in RE wisely, grow your RE IQ, build your network and team and focus on quality not quantity. I had to learn the hard way. You dont.
@Austin Works let me add that you will reach your goals and probably far exceed them but just take your time. In no way am I saying stop thinking RE investing 24/7. I still do but I have learned to temper my desire with good decision making and patience.
@Alex Deacon Agree 100%
Find a way to monetize the additional leads, wholesale, sell them, no risk partnerships, etc... Never leave meat on the bone. Sometimes you eat like an elephant and sometimes you eat like an ant.... Either way, keep eating.
@Danny Webber - can you tell me what you mean by no risk partnership? I actually decided to wholesale my most recent lead yesterday, but ironically it's probably the best deal I've ever had come across. I'd much rather be involved in the deal than make a fee for selling it.
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