So many great potential entrepreneurs come to hear Tarek and I speak at our Investors Summit. They come to us to learn how to flip houses, but the students who go on to become really successful flippers know that’s only part of the key to making it in real estate investment.
So, other than learning the ins and outs of flipping and how to get started and keep going in real estate, what else do you need? Honestly, you need to get out of your own way! I’ve seen so many people with so much potential give up and go back to their day jobs because they just couldn’t see that they were their own biggest roadblocks. So, are you standing in the way of your success? See if any of these scenarios sound familiar.
You Keep Finding Excuses Not to Move Forward
You look at the listings. You do all of your research. You find a property, and you think, “It looks like a good deal, but . . . I need to know more about being a realtor first. I’ll pass on this one and make my first flip when I know more.”
I’m not saying that you shouldn’t be prepared to start house flipping, but at some point, you have to recognize that you’ve learned enough to get started. You don’t have to buy the first property you find, but you do have to start somewhere.
If you keep finding reasons and making excuses not to move forward, you’ll never get anywhere. So what can you do? I recommend taking baby steps forward.
Be the investing partner for experienced flippers. Instead of flipping, try wholesaling a property to get your feet wet without having to hire all of the contractors, stagers, etc. Make a deal with another flipper to go in together on a property so that you can get a better idea of the work that goes into these projects. Find something that you’re comfortable with doing that isn’t just research and education about the market. Make your first real move!
You Insist on Perfection
There is no such thing as a perfect flip. If you insist on finding the perfect house in the perfect neighborhood at the perfect price in the perfect market, you’re never going to buy a property!
As a real estate investor, you’re an entrepreneur. You’re your own boss, and that means you need to make decisive moves and keep your business running. If you hesitate because a good deal isn’t perfect, you’re going to fail. I know that’s really blunt, but it’s true.
Entrepreneurs all over the world live by the mantra, “Perfect is the enemy of good.” You can wait your whole life for the perfect deal, but you’ll miss out on a lot of really good deals along the way.
You Doubt Yourself
This is the big one. Do you really believe that you can learn how to flip houses and make it as a real estate investor? Do you believe that you’re going to quit your job and be a real entrepreneur and your own boss? Everyone has doubts, but you can’t let them get out of control and rule you. So every time you feel that self-doubt coming on, push it out of your head and look at how far you’ve already come. You can do it!
Tarek and I couldn’t have kept our house flipping business going, let alone founded Success Path Education, if we hadn’t believed in ourselves. If you want to learn how to flip houses and be really successful at it, you need to get out of your own way and get started right now.