Flip Tip Summary
It’s easy to fall into the trap that “real estate” is “real estate”, but the many different flavors of real estate investing are indeed quite different. It’s important to stick to what’s worked for you in the past, and when venturing into new territory, make sure you’re working with or partnering with others that know exactly what they’re doing. Don’t miss this FlipNerd.com VIP Flip Tip, where Kathy Fettke of Real Wealth Network tells us more.
Flip Tip Transcript:
Mike Hambright: Hey, it’s Mike Hambright from FlipNerd.com, and we have a quick VIP tip to share with you from Kathy Feeke who is the Co-Founder of the Real Wealth Network. Today she’s going to share a tip on how to stick with what you know in real estate investing.
Kathy Feeke: Yeah, you know the biggest mistakes I’ve seen investors make, is trying something new that they just don’t understand, or they’re not experts at, or they’re not partnering with someone who’s an expert.
There are so many ways to make money in real estate, and so many ways to lose money in real estate. If you’re buying single family homes, and suddenly you want to invest in an apartment. It is not the same animal. And if you decide to do that you need to work with somebody or partner with somebody who’s an expert, and has done it for years and many, many times over successfully.
I have seen these turnkey providers moving into downtown high-rises, I’m not kidding and lose their shirts, and they’re investors will follow them. So if you’re an investor putting your money with someone, make sure it’s not their first go around at the project. And if you’re’ taking your money and doing something make sure it’s not your first go around. Experience is everything, and if you don’t have it, you need to work with someone who does have it.
Mike Hambright: Thank you for joining us for another FlipNerd VIP tip.
We’d like to thank our sponsors, RealtyMogul.com and National Real Estate Insurance Group.
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Mike: Please note the views and opinions expressed by the individuals in this program do not necessarily reflect those of FlipNerd.com or any of its partners, advertisers or affiliates. Please consult professionals before making any investment or tax decisions, as real estate investing can be risky.