Flip Tip Summary
Many that are interested in real estate investing never get out of gate. One big reason is fear of ‘doing it alone’. Marck De Lautour of SBD Housing shares a tip with us on finding a real estate investing partner, even if it’s just to get started. Take a look at this quick VIP tip to learn more about this great advice.
Flip Tip Transcript:
Mike: Hey it’s Mike Hambright from flipnerd.com, and we have a quick VIP flip tip to share with you, from Marck de Lautour, who’s going to share a tip on finding a trusted partner in your real estate business.
Marck: One of the biggest mistakes that I think people make is that they jump into real estate , their first deal out there, and they try and do it all themselves. I think it’s a huge mistake in the same way that you wouldn’t go buy a car without talking to someone who… a sales person or somebody who knows a bit about cars and is going to trust…and look under the engine. Take some time to find a trusted real estate partner, whether they be a good turn-key provider, or simply a landlord who’s been there and done that. You’ll get infinite wisdom from them, and as a strong partner in your success. I would say that in the same way that a financial service advisor is going to be your key to jumping into the stock market, and being out to build wealth in that way.
When you’re looking to build wealth in real estate, find someone who can locate deals extremely cheap, who can do a quick call and do a remodel for you, and knows the contractors, and has used them before. That’s one of the biggest flaws is someone can go try and think they’re getting a good, but then the budget they thought was going to be $20,000 turns into a $40,000 budget. I mean how many flip that house shows have we seen where people would just totally fall all over themselves trying to get the rehab done. So I would say, for those that are just beginning that are passionate about real estate and have read those books and are ready to go, think about doing it with a partner first, even just for the first one or two. It would allow you to use their expertise, claim all of their resources and their contacts, and trying to get all of the knowledge that they have, and don’t be afraid to split profits with someone who has all that knowledge because the biggest mistake you’ll make is trying to do it all yourself.
Mike: Thank you for joining us for another Flipnerd flip tip. We’d also like to thank our featured sponsors, Home Depot, Personal Real Estate Investor Magazing, and UglyOpportunities.com. To watch or listen to more flipnerd.com flip tips, or full interviews with the most successful real estate professionals in America, please check out flipnerd.com or the Flipnerd podcast in the iTunes store.