Flip Tip Summary
Failure to start is the worst way to fail. Don’t hind behind never getting started in the first place, as you’ll never be successful in real estate investing if you don’t get started in the first place! Tony Alvarez shares this great Flip Tip to help you get our of the gate.
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 Tony Alvarez, who’s going to share a tip on how to take action, and get started in real estate investing.
Tony Alvarez: All right. So here’s what I teach my students, okay… what I’ve taught them over the years. If you really want to get from just listening and going to classes, and all that kind of stuff, and reading, just go out, and actually do the things that an investor would do, when you’re first starting out. And what does that mean? You got to go out there, and in many cases, start talking to real estate agents right in your market. But get inside, get to see houses. Now, this doesn’t have to be a house, by the way, that you’re going to buy. Just get to see as many as you possibly can, within the time that you have available. Some people work a fulltime job. Some folks are unemployed or whatever, and they can make the time.
I used to tell new investors to try to see 100 houses. If you can see 100 houses, by the time you’re done dealing with those agents, asking questions, being curious… you always want to be curious. You don’t want to be the guy who knows everything. You want to meet people, and want to learn. So then I brought it down to 50 houses, because I realized I’m scaring people, when I say, “100 houses.” They go, “That’s going to take me my whole life.” Whether it’s ten, some people will go out and see five houses. By the time they’re done seeing five houses, and meeting five different agents or maybe three agents, they have so much information. They’ve built up their confidence a little bit.
And don’t be afraid to ask those agents for help, for questions. “How do I check this out?” By the way, 100% of all the people that I ever used, when I first got started in this business, came as a result of referrals from a second agent I ever met. I still use those people today. How do you like them apples? So mix it up. Get out there, and talk to people that are in the business. And if you want to get a little bit more sophisticated than that, find the guys, the players that are in your market that already do what it is you want to do, and follow their transactions on the county records or through the MLS. You’ll see what they buy, how they fix it. You can go to the houses. You can visit with it. You see everything they’re doing. And then analyze their decisions to see if they made a profit or if they didn’t do the job well.
And you improve on what they’re doing. So my best tip is to get out there, and see some houses. Do what you got to do. Meet the people in your market. That’s it.
Mike Hambright: Thank you for joining us, for another FlipNerd VIP Tip.
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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.