In this episode, I’m going to discuss my decision to become a house flipper. If you have yet to start your real estate investing business, but have been doing a lot of reading and research, I’ll tell you how I made my decision years ago to flip houses as opposed to any other style of real estate.
When I first became interested in real estate, I really didn’t know what I wanted to do. I just knew that I loved the idea of making money through real estate. It seemed like a great business, and I’ve always loved real estate. My initial research into real estate investing produced many different paths for me to choose from. By many different paths, I mean there were a lot of gurus pushing their method of real estate investing. Everything from flipping, wholesaling, landlords, note buying, lease options, mobile homes, etc.
I ended up choosing to be a house flipper for a number of reasons. Actually, when I sat down to create this episode, I realized that there were seven main reasons why I chose to flip houses as opposed to any other style of real estate investing:
- My mentor primarily flipped houses.
- It made sense in that economy (cheaper house prices).
- The pay-off is bigger.
- I was comfortable managing projects.
- I hated the idea of being a landlord.
- I really didn’t understand wholesaling.
- Most people of my network were house flippers.
Some of these reason were specific to the timeframe that I started in; the economy and real estate industry was much different back in 2008 when I got started. But a lot of the reasons would still hold up today.
I firmly believe that deciding on a mode of real estate investing is a lot like being matched up on a date. You should find out what you like and what your goals are, and match the mode of real estate investing to those goals and interests. If you pick a style of real estate investing that doesn’t match those goals and interests, you probably will not be very successful or at least not as successful as you would be if you had picked a style of investing that is more in line with those goals and interests.
If you would like to contact me and talk about picking a style of investing that is most suited to you, you can do so by emailing me at firstname.lastname@example.org.