I am highly motivated to start by flipping houses since I have no capital. I have attended a lot of seminars and have been reading up a lot on flipping houses, now I feel its about time I got my feet wet. The only problem is i have no idea where to start. Do i necessarily need to pay a mentor to do my first deal?
It’s highly recommended you hire a mentor. It’s an investment, not a cost. It’ll save you tons of time, effort and especially money in the long run. Think big picture.
I had one. My mentor had one. In fact, I still have them, just not in wholesaling. But, for other things I want to accomplish in life.
Quick advice. The best mentors aren’t always the top wholesalers in your city… rarely, if ever. Think in terms of sports. Who make the best coaches? The superstar, or the guy who had to work harder and smarter to make up for lack of talent…
And free coaching is the same as no coaching. You want to pay. That way, you are high priority. Free coaching means you are low priority, get low priority attention and coaching… if any at all. And, when you have no skin in the game, you have nothing to lose, making it easy to quit at the first sign of a challenge.
While I agree wholeheartedly that having a mentor is extremely helpful (I wish I had one but cannot afford one), it is not necessary to do your first deal. I think that mentors and REI education courses, etc. in general are important and helpful, and that one should get them if you can, but not being able to get them should not be a barrier to getting started.
I do not have a mentor and have taken no classes, courses, seminars, bought no CDs or books, and have not paid anyone a dime for my real estate education to date. Everything I know I found for free on the internet. And I started marketing for my first wholesale deal in December 2011, signed my first contract in January 2012 and then closed in February 2012, and collected my first check of $6000.
I employed my simple 3 step process:
Goal Set: Get my first deal;
Plan: Figure out the steps and resources needed to achieve my goal, wrote out the steps, gathered the needed materials, conducted needed research;
Execute: Carried out the plan, dealt with roadblocks or challenges as they occurred, did not stop executing my plan until I acheived my goal.
Rinse. Repeat.
I have a ton of free resources that I can send you that will help you with getting started. Shoot me an email if you’re interested and I can send them to you.
Assign contracts so you don’t have to use your own funding
Exactly! I can’t tell you how many people come to me, telling me stories of how they lost thousands of dollars of their ernest money (or worse, their entire purchase price) on a deal gone bad.
Three letter: O-P-M