Soap Box
One of the Local Radio groups is broadcasting Horror stories of flipping today. In Colorado we are up to 700 foreclosures a week now. They were talking about a group of people that bought 5 - 10 properties each and every one of them are now in Foreclosure. We as serious newbies must learn to avoid these same traps by both learning and mastering cash flow or as flippers learning and mastering the local market. I know in my area a lot of people are buying the infomercials and buying into them and they are fast becoming one of those 700 foreclosures because all they can think of is getting rich quick. They do not realize that any business needs a business plan and short, mid and long term goals for the business and the person. Heck I want to quit my job today but realistically that is just financial suicide for me as a newbie. I need that W2 for my loans. I have started a business with a planned future and if this one fails the same planned future will be set for the next one.
Will my business be successful? Well I hope so but all I can do is put 110% into it. I am not saying that it is up to the fates or good luck, what I am saying is that it takes hard work. This seems to be what the infomercials are leaving out. As many of you know I will have 5 SFH’s on May 1st well all but 1 has a tenant and that one house I have been working on. I can tell you that that one house has taken up more time that a normal 40hr week job. In the long run it will pay off but we as serious investors realize this. It’s the ones that get into it to make a quick buck who don’t realize that basically they have taken on a second job and unless they look at this in a future tense I believe they will fail. Now these are just my opinions and observations and they may vary from yours but lets here what you think.
Benjie