Education Is The Key To Flipping Houses For Profit

I am writing about my experience in different stages of growing my real estate business so you relate it to where you are with your business

. It gives you a chance to can see where I started out. I am giving you the tip of the iceberg, the top of where I came from.

In 2001, I quit my corporate job. I had been in real estate since 1995 as you all know, thats when I got the Carlton Sheets home study system. I became enthralled with real estate and started flipping houses for profit. Covertly I was running my real estate business on the side. What I mean by covertly is I didnt go in and brag about it at my j-o-b because I didnt want to send a message there that might have been seen as disloyal. The corporate outfits dont like disloyalty. I wanted them to know I was a dedicated employee which I was. I also wanted to take care of my life so I started my business up like a lot of you. Finally in 2001 they had a layoff. A lot of you might remember that recession. It was a tough one. However it afforded me an incredible amount of freedom, so I accepted the package.

One day I was reading the Springfield paper and it said something about a speaker coming in to town to talk about land lording. I found out that these little get-togethers are called REIA groups. When I started out I didnt even know REIAs existed. So I went out and I joined. They were looking for new members and I was looking for an education. They bring in national speakers; it was a great learning experience. I got to hear some bright, experienced realtor speak. Now Im on the other end of it.

I could join this thing and start to get an education for $100 a year or whatever their dues were at the time. They are different now. On July 7, 1995 when I bought my first property, I realized that getting an education was the foundation for this business without question. Remember, youre going to get your education in this business one way or the other. Sometime that education comes the hard way. When you try something, it goes wrong; you get burned and learn a lesson in the process. Also remember that reading this is a heck of a lot cheaper then doing it outside that door and winging it.

You will continue to hone your education as long as youre in this business. Theres a lot to learn. Some of you are going to want to evolve. Some of you are going to want to do bank repo homes and then you want to evolve into owner financed homes or looking for deals at seized property auctions. Some of you are in single family houses but youre doing subject to, now you want to do short sells. Your business will evolve a whole another set of systems.

If Im in subject to heres my system. If Im in short sell heres my system for short sell. The foundation on this business is the education. I started to go to boot camps. I signed up for one boot camp and they would allow you to go back as many times as they held that boot camp throughout the year.

That boot camp was held three times a year. I was the only person in my REIA group that had taken this step. It was expensive. The rest of them didnt want to make that investment. When you look back on it some of those folks are out of business. Some of those folks are still there doing what they did before and struggling.

Fortunately for me, because I took the time to get the education my life totally changed. Its been a never ending change. I would recommend diversifying your education. I took this boot camp on making offers on property three times in the first year. Please get yourself educated as much as possible.

What I realized in this business was that I was only at one piece of the puzzle, making offers. When you take a look at the real estate business there is a whole lot of other pieces that need to go into place to complete that puzzle. One of the first lessons learned is that I did a great thing for myself by taking this boot camp three times a year because I really got a foundation on making offers.

The problem is, during that first year I missed a lot of other opportunities that I shouldve been taking. I could have been getting an education on other areas. I could have been getting more puzzle pieces.

My point is on the financial piece is dont give up. I started out with a local bank. I started out doing land contracts and putting money on a credit card. Then I went into a bank that was friendly to investors. Then that bank was audited and they werent allowed to do those loans. I didnt just surrender, I went to another bank. They gave me some money, I got about four properties and then they shut me off. This didnt make me surrender either. I turned around and got private lenders. I dont have to beg for money anymore. Its over. Moneys a phone call away. Dont give up. Be creative and be persistent in this business.

by: Alan Cowgill

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