How does tax lien investing work and Real Estate Flipping Myths, Busted!
My first uncomfortable truth was that success in real estate doesn’t happen overnight. I expected to be flipping houses left and right.
It’s not like those real estate flipping shows on TV where they take a real estate novice and have them flipping homes in the space of 30 minutes. When you are two months in and yet to see a return, comparing yourself to these shows does not help you.
Of course, some of my students progress fast and make $20,000 profit in a couple of months Everyone’s journey is different, so don’t waste time comparing yourself.
I was only flipping one or two houses a year, to begin with. So if you want to get into real estate investing with no experience, it’s best to dip your toe in the water first. Don’t quit your day job and have a strategy for how much of your salary you want to invest in growing your real estate business.
Burning your bridges probably won’t help you. If you get into hot water, you need a plan of escape. Remember you need to build up that experience in order to gain a “sixth sense” for good deals. While you are a novice, it’s best to start small and work your way up.
Now we’ve got that cleared up, let’s talk about real estate license. This is something that is a mental and physical block for many of my students, who think they can’t get started without one.
Let me shed some light on the issue of real estate licenses.
Do I Need a Real Estate License to Be a Successful Real Estate Agent?
One thing you need to know about real estate school:
Real estate courses do not teach you how to make money flipping houses. They teach you how to represent other people who are selling their houses. There is no legal license to flip houses. All you need is to be 18 years old and be able to handle the responsibility of buying and selling houses.
So we know that you can’t become a successful real estate agent from TV shows or getting a real estate license. You have to take charge of your own education. You need to be aware of your strengths and weaknesses as a real estate agent. I read all the books on flipping houses I could get my hands on. Video courses showing the real estate investment process are also a great resource.
There are many free resources available, so there is no excuse for not knowing your stuff. In fact, I often upload videos on my YouTube channel where I take you through a real-life real estate investment that I make week in week out. The information will help anyone investing in real estate or thinking about starting.
In this video I explain:
- My philosophy on successful real estate investing.
- The importance of knowing the market.
- Strategies for fixing up and updating real estate.
Have a look:
