How to Make Millions From Flipping Houses! (And Also Some Real Advice…)
You might call it obsessive, but I listen to Pandora Radio for at least ten hours a day.In case you are unaware of this amazing piece of technology, Pandora is an online radio program which plays only music that is similar to songs you already love. For example, if I only wanted to listen to songs like “Smells Like Teen Spirit,” I would enter that song in and would be presented with endless hours of music similar to the style, age, tempo, and genre found in that classic Nirvana song. The best part is – I can listen on my iPhone all day long, where ever I go (hence the “ten hours a day of Pandora”).
Pandora, http://www.pandora.com, offers this completely for free – but is supported by short advertisements that play periodically (unless you upgrade to the premium service). This afternoon – wedged between some great songs, I heard an advertisement telling me that I could, “make an extra thirty, forty, or fifty thousand dollars every month without spending any of my own money FLIPPING HOUSES.”Of course, the ad is for another “real estate guru” who can teach how to make millions from flipping houses. The advertisement seems so easy, so painless, and so attainable. All you need to do is attend the free mini-workshop, upgrade to the more intensive (and expensive) training session, and hire the guru as your own personal coach to get you there. Easy money without any work.It’s for this very reason that the “flipping shows” became so popular on television over the last decade. People love to see and hear the “rags to riches” stories and believe that they, too, can achieve these results. Yes, some have actually made that kind of money flipping houses. However, the vast majority of flippers make little to no money on their projects.Don’t get me wrong – flipping houses can be a successful way to earn a living and I, too, love the flipping shows. In fact, I entered the world of real estate investing after watching these shows and there is a good possibility that you did as well.
However, TV is TV and the real world is, well, real.If you are new to flipping, I wanted to share a few pieces of advice I’ve picked up over the past several years of flipping houses and investing in real estate. I hope the following suggestions will make their way into your psyche before you jump into the game unprepared, hoping to make millions flipping but end up just another sad story.1.) Flipping is Only “Sorta” Investing. The process of buying a cheap property, adding value, and reselling can be profitable and exciting; and yes, it does fit the Webster’s definition of an investment. However, at face value this form of earning money more closely resembles the buy-low-sell-high model of a clothing store than the wealth building strategies of a true real estate investor. However, flipping CAN be an investment if you use it as a tool to generate income to support a more robust investment strategy. In other words, flipping can help either pay the bills (like a job) or used as a source of cash infusion into your investment strategy.