Does Flipping houses for profit requires a good mentor?
How a great mentor can help you to multiply your success?
Does any one like to share good, bad and ugly experiences as well as success?
Your feedback will be greatly appreciated.
I never spoke to a mentor before I got into flipping. I have never spoken to one since. So far my running average for profits is hovering around $45-50,000. I am nowhere near the successful flipper as a LOT of the board posters, however I don't think you NEED a mentor to get started and be successful.
@Nav Sing Hi Nav. Flipping does not require a good mentor however it does help. Especially if it's one you have a genuine connection too who wants to see you succeed. My wife and I started out without a mentor and needless to say it was a disaster. Not because we did not know the process per say but because we fell for every trick in the book that a shady contractor can throw at you. We spent two years scratching and scrapping to survive the project before we could get it on the market and sold. However we pushed on and got it done along with our other partners. It definitely taught us a lot. But I cannot help but to wonder how it would have gone had we had someone to make sure we were making the right calls.
My advice...find someone who has experience and pick their brain. Offer them coffee or lunch and just talk shop. It could be very beneficial in the long run.
Flipping isn't as easy as it looks in TV. I don't think you need a mentor but I definitely know from a lot of experience that you need trustworthy, hard working , and reliable contractors on your side. Delays with complete construction in a timely manner will cost you money because holding costs will start to add up. Especially if you have taken out a loan. My advice is to attend a real estate meet up group in your area and ask experienced investors who they use and trust.
As a coach and seasoned investor my answer is totally personal. I think there are many people who can do this business without a coach, but they will never know what they are missing by not having the experience behind them by hiring a coach to open their eyes to ideas they would have never thought about. A good coach will pay for the investment in their program time and time again by the knowledge you'll get.
We've hired several coaches over the years to up-level our business and change our strategies. Without exception, they have all been WELL worth the money. While it hurts to take the leap and spend the money hiring them, it also gives us FIRE and DRIVE to make it work.
The best coach we ever had charged $50,000 and looking back I would have paid him that and then some all over again for the ability he gave us to live the life we now get to lead.
It's all very personal. If you think you can (and more importantly WILL) do it without a coach, then do it. If you know you'd be better off with a system to follow and someone to hold your hand and keep you accountable, then look into a coach.
I didn't even know a flipping mentor was a thing until I found BiggerPockets, and had multiple flips in multiple cities under my belt.
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