Learn about real estate investing. Share your Wisdom and Grow Rich.
All day long TV flipping shows, and huge fantasies about popping $60,000 in a few weeks then cut to commercial! Is this Reality TV or Acting? I guess it depends on the show and episode.
These TV real estate Flippers who flip homes in short time frame makes it look easy as pie! But let's be REAL, house flipping requires a lot of work and wearing a lot of hats to cross the finish line and collect a nice payday.
We buy houses that most homebuyers aren't able or willing to renovate and improve them to the point where buyers will get into a bidding war to make it their home. The John and Mary type homebuyer want a move-in ready home or "turn-key ready" if you prefer, not a fixer-upper aka junker!
I'm sure there are lots of investors reading this that have been approached by a neighbor, contractor, friend, family member or somebody in the checkout lane that says they want to flip homes just like you. (Careful what you wish for!)
I'm always kind, and graciously tell people, "it's not like it is on television, it's a business that requires a lot of hard work and a lot of education to make it turn a profit." Typically, after I say this, I get one of three responses.
One, the glazed over, deflated, I just told them there's no such thing as Santa Claus look. Sometimes followed up by a skeptical stink-eye.
Two, they say "I understand, it's just something I've been interested in and see there's big potential to make a lot of money and take care of my family" type response, followed by no stink-eye and look of sincere interest.
Last but not least, there is a 3rd type of response that happens on a full moon when the person rejects my answer and claims "your loaded, you flip houses, work for yourself and vacation all the time!" This type of response is my que to exit stage left and avoid a no-win debate with my accuser.
However, when I get the "I understand, it's just something I've been interested in and see there's big potential to make a lot of money and take care of my family" type response, I will pause my day and share with that person as time permits. I always try to promote education, education and more education as I know this is truly the way. I typically say "check out YouTube and investor websites and forums." Now that I am a member of BiggerPockets.com I recommend this resource too!
There have been several people in my career that have shared their wisdom with me, and it made all the difference. I guess, putting it in the old karma bank and paying it forward is one way of looking at it. Maybe being a kind human being just because, perhaps is a better way to look at it.
Give what you seek and share your wisdom.