Flipping Houses

So you have decided to start flipping houses. Maybe you recently caught the latest edition of "Flip This House" or have diligently been doing your research online. This is a very exciting time for any new investor. Now that you have all that adrenaline pumping, the next question is "What exactly do I do with it?" How do you take a calculated risk, applying all the knowledge you have gathered over the last couple weeks/months/years into something tangible? Your answer is simple yet profound. If you intend on being very profitable in this business, you must find a mentor who is already succeeding in your chosen niche. Let's discuss what you need to look for in a mentor.

Most importantly, a mentor should be someone who has very similar values to you. Since you will be coming underneath their wing for guidance, it is important to never place yourself in a compromising position. Obviously, you may not be able to fully gauge this at the beginning, but it is important for you to stand your ground if this ever became an issue. In other words, clearly define your non-negotiables before you start and always hold on to your integrity. Remember that you are the sum total of those you surround yourself with. Therefore, join groups of like-minded people and eventually you will find someone to team up with.

Next, it is vital to find someone who is already flipping houses successfully. Ideally, they should still be actively involved and have several years of experience under their belt. That way, you can follow exactly what they are doing and learn from both their successes and failures. By doing so, you can avoid a lot of unnecessary house flipping mistakes and save both time and money. Study and follow the big players in your market. Review Craigslist ads, call the phone number on investor signs, look at classifieds, etc. Also, be sure to get an opinion from others that you can trust, such as those in your local investor group.

Finally, you should look for someone who is willing to give you both quality time and advice. This may seem fairly apparent, but you will be surprised at how many people want your assistance without any reciprocation. For example, you should be able to easily reach your mentor via phone or email throughout the day. Additionally, they should be willing to accompany you when inspecting houses or help manage the details of your first deals. If you find that it is difficult to communicate, you may want to consider looking for another mentor. Your mentor should want to work with you, and not see you as an added burden to their schedule.

Without a solid mentor, your house flipping business will not reach its full potential. Therefore, make it a priority to find someone before you dive right in. Give careful thought to your dreams and goals, and then search for a person who falls in line with your overall strategy. You will be amazed at what opportunities will arise when you search hard enough.

For more great real estate investing training and tips, visit us here: Flipping Houses.