7 Ways Real Estate Investors Fail

 

7-ways-real-estate-investors-failYou’re about to discover the 7 ways real estate investors fail. These are the most common ways that investors fall apart in real estate. They (1) quit too early, (2) run out of money, (3) do bad deals, (4) get into bad partnerships, (5) get sidetracked on “bigger and better” deals, (6) get lucky on the first deal, or (7) just truly have no idea what their doing. Here is a detailed discussion each of those 7 ways real estate investors fail. You can listen to my podcast version (7 Ways Real Estate Investors Fail [PODCAST]) or if you like video better, here’s the YouTube version:

 

I want to share with you the 7 most common ways that I see real estate investors fail miserably. Why am I qualified to be able to provide you such information? It’s because I’ve been a part of so much and I’ve experienced so much. I’ve been a part of thousands of real estate deals. I coach people all across America, Canada, and I get so much feedback, people send me e-mails, they make comments, “Hey I’m in this situation. I’m stuck.” I deal with all these motivated sellers that they get stuck. I’ve seen where things fall apart. In the real world where there are great opportunities to make money there are great ways to lose money and fail miserably.

 

The Signal

 

What I’m sharing with you is what I call the signal. It’s the accurate most truthful information on how it really works, as opposed to the noise. I’ll talk a little bit more about the signal versus the noise. I do it in some of my videos as well on the very last one.

Number 1: Quitting

 

  • If you quit, I’m about to sound simple and it’s somewhat cliché this idea that if you work at it long enough, you’ll be successful.

 

Here’s the bottom line

  • In real estate, first of all, a lot of people they quit too soon. I see it where they get some momentum, they get things going.
  • But there’s an epidemic these days in this country, where people see what’s happening with companies like Groupon that in 2 years went from zero to 6 billion, they see things like Facebook and they see the kind of money that can be created with some of these technology companies, and they think that translates to every other small business in America, and it just doesn’t.
  • What ends up happening is they don’t make money in the first 3 months and they quit, they give up.

 

Now they may not say they’re quitting or giving up. They may use certain excuses like, “Well, I didn’t see results,” or this is a good one, “Well, this is not a good use of my time because I’ve got a new opportunity that’s even better.” I call that the grass is always greener syndrome where people are always looking for something new and different after a couple of months it doesn’t work. You’ve seen this when people go on diets or people try to get healthy and those kind of things. It’s very similar. A lot of people quit too early.

 

Stick to It

 

I submit to you that if you get active in your marketplace and you start to find out who the other competitors are in your local area that are also real estate investing, that the majority of them in 2 years will no longer be there, in 5 years you’ll probably be the only one if you’re still sticking it out, and hopefully you’re extremely successful. Most people are so transient, whether it’s real estate or anything. So few people can just stick to it long-term. That’s where the power play is. The longer you’re in, the more success are. If you don’t … If you fall victim to any of the other 7 I’m about to share with you, if you just do this one, you’ll succeed. I mean if takes you 25 years, if you stick to it long enough, you’ll eventually figure it out. The number 1 way that people fail in real estate is they quit.

 

Number 2: Run Out of Money

 

  • This one seems pretty obvious. Well, running out of money is not just not having access to money for a deal.
  • It’s literally not being able to feed yourself and you have to go on and move on to something else. It’s getting excited about an opportunity but then not having the ability to stick it out long enough for things to really start to make sense.
  • I made this mistake in the beginning. I actually quit my job and started real estate full time. I didn’t have any money. I literally run out of money. I was living out of my truck, eating on beans. Bad idea.

 

Running out of money is very, very, very common. That’s why you’ll see in another video I say should you quit your job, the answer is no. Stick it out. You need to have a little bit of money coming in. A little bit of money goes a long way in real estate. It keeps you in the game long enough to be successful. A phrase we like to use in my coaching team and I, stay in power. If you’re in there long enough great things are going to happen. Running out of money is an easy way for people to fail. They just don’t have enough or they’re not making enough at it, so they literally move on to different pursuits and they fail because they quit. Does that make sense?

 

Number 3: Doing Bad Deals

 

This one obviously sounds simple enough. “Okay, yeah, I get it Phil, so I failed because I did a bad deal.” Wait a minute. This is what I mean by this.

 

  • It’s a lot more difficult to say no to a deal than it is to say yes, especially if you’re in a situation where you have to make a deal work because maybe you got started in this and make your spouse, significant other, parent, friend, family member, somebody is riding your heart and they’re saying, “Well, you’re not making anything happen. I haven’t even seen you do a deal yet.” So you get anxious and you start jumping on deals that aren’t that good a deals.
  • Typically, the reason why bad deals happen is either a) you don’t know what you’re doing, or b) even worse, you’re anxious, you have to have a deal happen. Maybe you’re in this full time and you need a deal to work so that you can actually keep your rehab crew active. I’ve seen that one before. That’s just ridiculous.
  • Just to keep your guys working you go get a marginal deal. So simple for people to take on a marginal deal.
  • What takes real discipline is being able to say no, especially when the deal is kind of close. If you’re really active and maybe you’ve got some competitors in the area and maybe you’re looking at a deal and some other competitors are, I’ve seen where people bid up just to compete and beat their competitors. Stupid. Every deal has to stand on its own 2 feet. Doing bad deals very, very easy way to fail and fail miserably.

Number 4: Bad Partnership

 

This is surprisingly common. There are some wonderful benefits of being in a partnership, or a partnership like arrangement where you’ve got more than one party involved in the deal and they both bring tremendous amounts of value. The problem is what most people do is they go out, especially if they’re brand new, because they’re nervous and they’re new, and it’s brand new in the industry, it’s got somewhat of a bad name. I mean, think about it, when you tell friends or family at a cocktail party, “Hey, I’m going to be a real estate investor.” “Oh, one of those we buy houses people.” It doesn’t sound all that attractive and exciting. What happens is to buffer someone’s confidence a lot of time they’ll go grab a partner, friend, somebody else to bring in, just so that they can both be doing it together. Well, that’s typically a terrible idea. I have seen so many good friendships, lifelong relationships bust-up over one bad real estate deal, one.

 

Examples

 

The 2 guys that invented big wave surfing. I won’t use their names, but these 2 guys they invented what’s now this incredibly popular sport. Those 2 guys did a real estate deal together to buy some land near one of these waves breaks, one of these big breaks, and it went bad, and so they don’t talk anymore.

Another example, the people I used to spend the holidays with, with my family will be 3 families. 3 different families would spend together on the holidays. Well, not my family, but the other 2 families, they did a real estate together. Went bad. Boom, they no longer talk. These people, we spent holidays together for 20 years, no longer talk, boom. 2 friends of mine from college. They graduated from college, they started doing deals. One was an attorney. One was a contractor. The attorney brought the money. The contractor did the renovation work. One deal went bad, they never talked again. They have been friends since they were kids. I mean, I can go on and on and on. Bad partnership is such a toxic thing. It happens all the time.

 

What’s the Solution?

 

Only do a partnership if the partner is bringing a tremendous amount of value, either extraordinary knowledge, money, or both, or just something that you don’t have. That’s critical. Then you also need to know exactly what is going on with the partnership, when’s it going to end. I know a lot of people don’t get married thinking about how they’re going to get divorced. But in a business partnership you need to know how things end.

Because what most people do is they grab somebody that knows as little or less about real estate as they do and they do it for an indefinite period of time partnership and things fall apart. This happens so common I can’t even tell you. It’s probably happening to you right now, some of you watching. I’m sorry. Now you just learned bad idea. I’m not laughing at you. I’m simply making light to the fact this is a very serious situation that you may be going through.

 

Number 5: Bigger and Better Deals

 

You quit, ran out of money, you do bad deals, bad partnership. Oh but there’s more. I call it bigger and better things. I’ll say bigger and better deals.

 

What do I mean by this?

Well, another funny thing that happens is that sometimes people are successful. Then they go, “Well, if I’m successful at this I can do bigger deals and I can do bigger deals.” So what they do is they leave their bread and butter that’s making great money and that’s killing it and doing terrific and they go up and they try bigger and better deals, and they go into something that they know little or nothing about, and in the end the whole thing falls apart.

I can tell you all kinds of business stories, both real estate and in the business world where somebody has a cash cow, something that’s extremely successful, but they get bored with it or whatever and they want to do something even bigger and they go onto that and they lose everything. You may know somebody that’s gone through. There’s a phrase that’s been used in some business books called stick to your knitting, stick to your knitting, where you stick to what’s working.

As you notice I stick to my knitting, I practice what I preach. I’m a residential real estate. I am doing the simple single-family home condo, and duplex triplex quad, simple residential stuff I’ve been doing for years and years and years and years. People ask me all the time, “Phil, do you do these big commercial deals now?” No, I stick to my knitting, because I know it brings in the dough.

 

Number Six: Getting Lucky

 

Here’s an interesting one. You get lucky. This is going to follow up with the last one too.

This can be very toxic because what can happen is you can do your first deal and make a killing. You may think you know what was the reason for the success, but you may be completely wrong about that. What ends up happening is you getting lucky gave you a false sense of security and you end up in falling apart in the next couple of deals. I actually like it if somebody has to struggle a little bit in the beginning, because it helps them understand what produced the success so you don’t have a miss-association, so you don’t think to yourself, “Well, it’s because I’m so awesome. I’m such a genius,” when it might have been just because the market was booming in that area for a short period of time.

Getting lucky is a very, very big reason why people fail. It’s because they get this false sense of reality where they think they were the ones in charge of that success, when it had nothing to do with them. It may have been some external factor, and then 2 years later they go completely kaput and they all fall apart and they realize, “Oh, maybe I wasn’t such a genius.” Getting lucky can definitely be a very, very common reason for people failing in this business.

 

Number 7: You Don’t Know What You’re Doing

 

Don’t know what you’re doing. If you were just getting started in real estate hopefully you are trying to amass some level of education. But you have a problem. You actually have 2 problems. The first problem is this. You may have difficulty with intelligence absorption. What does that mean? That means the ability for you to retain the information you’re learning.

In fact, what happens to a lot of people is as they distance themselves away from school year after year after year, they put their brain on auto pilot in a lot of ways, and their brain doesn’t get exercised. The brain is like a muscle. The more you use it, the better it gets, the stronger it gets, the better it gets at being quick, at absorbing things. It also has to do with your diet, your exercise, all sorts of things play a role in your ability to absorb information, especially intelligent information, the stuff that’s going to make you productive in life.

 

The first problem

 

Even if you have access to good information, if you’ve ever been in a situation where you feel like people have to tell you something 30 times for it to stick in that brain, it means you got to start exercising this thing some more. Now outside of having a legitimate medical issue the biggest thing you can do is exercise your brain by using it. That will make a big difference. So intelligence absorption.

 

An Even Bigger Problem

 

What is signal which is truth and what is the noise? What’s going to lead you astray? I submit to you that the majority of stuff that you’re going to watch, you’re going to read, you’re going to listen to, a lot of it is lousy. Now, you don’t know it’s lousy, but it is. It’s because in a lot of ways, in a lot of situations there are different, first of all,

  • there are different angles that the information provider has.
  • Maybe they sell turnkey properties, and so their angle is to tell you about a certain city and why now is the perfect time to buy in that city because of the jobs and bla-bla-bla. Well, that may be because they’re selling turnkey properties.
  • Maybe it’s a real estate like educator trainer guru that really hasn’t been involved in the real estate business in a long time, but they’ve gotten really good at selling. So maybe they’re just selling their information.
  • Maybe they’re just rehashing old stuff.
  • This is the worst, maybe they have all of the best intentions but they just are wrong.
  • Maybe they’re really good at their local area for investing, but there’s still inaccurate. You need to be able to find the signal.

My Angle

 

Now, whether or not you think I’m the signal, that’s going to be up for you to decide. I’ve been doing this thing a very long time. What is my angle? Well, what I do is I teach people, I train them. I hope they watch videos like this. I hope it helps them be more successful. For a select few what some of them do is they go, “Gosh, I can learn more about Phil.” So they watch my videos, they read my books, they do … Then some of them apply for my apprentice program. My angle, if you will, is that I out of the thousands and thousands of people who want to be in real estate investing, I select just the top ones that I want to work with that are going to fit for my program, and then we do deals together. That’s part of my apprentice program. That’s my angle.

 

My Apprentice

 

If you’re watching this and you become an apprentice I need to make sure that all my videos are accurate and they have just the absolute signal in here, because you may become one of my apprentices. I want to make sure you’re doing it right, you’ve got your head on straight, you know exactly what you’re supposed to be doing. Again, that’s up to you to decide, whether or not I’m providing signal or noise.

Find Your Signal, Absorb Their Knowledge

 

Not knowing what you’re doing is obviously a huge problem in any endeavor you move into, but especially in this business, because there is a lot of noise, a lot of smoke signals, a lot of rabbit trails you can go down that are just going to end up and you just feeling like, “Well, I’m more lost than I was before.” I can’t tell you the number of people I talk to, and after they really dig into this industry and they try to learn more and more about it, they get a year or 2 down the road and they’re like, “Phil, I’m more confused than when I was started.”

It’s very easy for that to happen because there’s so much information out there coming at you from so many different angles. It’s easy for me to say to you, “Okay, one of the best ways to not fail is to know what you’re doing.” That’s easier said than done because that means, number 1 you’ve got to find the signal, the absolute truth, the best information out there, number 2, you’ve got to be able to absorb it.

Recap

 

These 7 right here, these are what I’ve seen are the most likely places where people fail. Let’s talk about it. Number 1, don’t quit. Number 2, keep your day job. Number 3, have the discipline to say no to bad deals. Now, if you don’t know what a bad deal is, that’s another problem altogether. I would avoid partnerships unless you’re working with the right people that are providing a tremendous amount of value and you know the terms of that partnership, in other words, you know when it’s going to end, those sorts of things.

Bigger and better deals. As you’ve probably learned from technology upgrades are not always upgrades. Stick to your knitting. In your knitting you might end up going on to bigger deals. I’m not saying you don’t graduate maybe from single-family to apartment buildings and all that sort of great stuff. Maybe you end up building the tallest building in the world one day. But do it in a calculated fashion, whereby you don’t get rid of your cash cow. Keep your cash cow going and then go try something new. But don’t give up what was working so well to go try something new.

I would hope that you don’t get lucky on your first deal, where you think you know it all and then you start making moves that put you in a potential precarious situation, but you’re so confident from the luck, the deal you did to begin with that got you lucky that’ll put you in a bind.

Lastly, you’ve got to figure out what you’re doing. I am a huge believer in mentors. I do believe that there are some geniuses out there. They can read a book, watch a video, listen to an audio, and bang, go out and do it and they don’t need any more help. But I have discovered with real estate there’s only so much I can share with you from an easel board, there’s only so much I can share with you in a video.

Some of the greatest knowledge in real estate happens in the real world with you doing deals. I discovered that I couldn’t move forward and become successful without a mentor. You might be able to do that, but probably not. You’re going to need coaches or mentors around you, some people that have been through this, to really walk you through this if you truly want to learn exactly what to do.

 

Choosing a Mentor

 

Now, I do have a great video on that called “Choosing a real estate mentor,” because I’m not a good option for you by the way if you’re just going to be a traditional investor, you got a bunch of money in the bank, you’re to buy some properties locally, you may rent them out, you may fix them up, sell them. I’m not a good fit for everybody. I’m only a good fit for those that want to be in the creative style of the business. I’m obviously not going to be a fit for everybody either. We’re not a very big company.

What happens is you’ve also got the added task of being able to locate the right mentor. You can check out the video “Choosing the right real estate mentor.” It’s in one of my videos. I’ve got some other great videos that go into more depth on these subject matters. I got a great video called “The worst way to invest in real estate,” which if you look at the comments you hear all these stories, the terrible deals that people did. That teaches you some bad deals not to do.

Comments

  1. Steve Tafoya says

    Hi Phil, really enjoy your videos. I have some experience in investing, was a real estate agent years back. I was in the building maintenance business for years, so i did learn from my bosses and clients a bit about investing. My problem was a bankruptcy filed in 2007, i was seasoned 5 years and had some financial institutions willing to work with me.Though the loan limits were low,(i’m on disability)they were able to offer me up to $80,000.00. As of October 2012 I asked a lawyer to have a judgement removed from from my credit report, that should have come off with the bankruptcy. Anyway this bonehead reopened m case and courts started my bankruptcy as of October 2012. There went five years of seasoning. I’ll have 2 years under my belt this October and hope to hook up with a lender again. I have about $70,000.00 in the bank. I hate to go hard money. I could do some smaller deals, maybe a condo or two to rent and flip. I don’t want to use up all my cash. I do my homework on my prospective investments. should i go ahead and invest without breaking the bank and leave money for a downstroke when i am able to get financing or wait. Thanks Phil

  2. samir eltahan says

    I love you bro…i was just at a rich dad poor dad semibar he gave 1% information and then started marketing the bigger seminar for 1000$ to attend…you educate people for free and they try to rip people off money…big difference i talk about your beautiful work always and I did today…as soon as i think I am well educated with real estate i will choose mentor from you guys.
    thx
    sam

  3. Great video Phil. The first flip deal I did back in 1995, I ended up losing $3000 on it. If I would have just given up frustrated, I would probably be working some dead end job somewhere.

  4. Anh Nguyen says

    Very true for everything we do in life, not just real estate investing. Thanks so much for putting the list together, Phil!

  5. Vincenzo Zachary says

    I live in New York City, I’m trying too get into real estate. But I need help. Can you please help me out. Thank you.

  6. Don Shapiro says

    I’ve been a student of trading options and currencies for the last seven years and everything has begun to finally fall into place for me. What I did not know starting out is that trading requires a lot of discipline and patience. One thing that every successful trader does each day is to keep a daily journal.

    Maybe keeping a journal and writing an evaluation of each deal is something one could consider for your apprentices to help them determine their investor personalities, and avoid pitfalls.

    Just an observation after watching this video.

    Don Shapiro.

    PS: I enjoyed your presentation.

    • Phil Pustejovsky says

      It certainly can’t hurt to keep track of your growth. As Tony Robbins says, “If life is worth living, its worth recording”. A daily journal is a terrific idea. Thanks for sharing.

  7. Govind Kamath says

    I had a question on wholesaling.
    What happens when you find a good deal, you place an offer, get it and cannot find a buyer to wholesale it to ?

    How long do you have to find a buyer ?

    What is your opinion on OPI (other peoples inventory ? — getting the property from other wholesalers if you dont have time ? assuming the numbers work)

    Do you have a video on different types of contracts, double closing etc etc

    thanks
    Govind

    • Phil Pustejovsky says

      The length of the deal depends on what you negotiated with the seller.
      What happens if you don’t perform depends on what is in your contract.
      Getting deals from wholesalers can sometimes work but oftentimes they pit you against other investors and the deals get bid up. But sometimes you deal with a desparate wholesaler who is a lousy marketer so he doesn’t create a bidding war and you end up getting a great deal.
      I have a ton of videos that could really educate you on this business.

  8. Well am into real estate but the only problem am facing is fund. I will like to know more of it so that I will not fail in it

    OMOTOSHO G.A
    IBADAN

  9. Scarcello says

    As always, great information Phil has to share. Fantastic communicator and wise businessman. Thanks for taking the time to produce the videos and share your knowledge. Much appreciated!

  10. DAWN ALFONSO says

    YOUR VIDEOS MAKE SENSE. IT NICE TO LEARN MORE.

  11. Diane Hoesly says

    i do not have a wesite, HI i am Diane and I watch everything you send. copy write i journal everyday too.
    i write it down better to remember. and follow what you say. i cant wait until i get the kit i will sleep with it. my mind retains lots that way.
    i am not quitting i have not started yet i am trying to plan what i am or might be best at. i want to be creative. i have done so much and nothing….. so i know some but i am not up to snuff.
    as i will not do any sort of paper work without a mentor. and of course i have no money and trying to get out of debt.
    trying to lower interest rates and spending less and paying down. and some of my cards are not working as they are over. so i will hang in there. and learn. what i can
    thanks for all your videos.
    Di

  12. Kareem ramkhew says

    Phil I live in NYC how do I find sellers that’s my biggest issue

    • Phil Pustejovsky says

      When it all boils down, that’s every real estate investors biggest issue. You’re not alone. We spend hundreds of thousands each year (myself, coaches, top students combined) in testing different ways to find the best deals. It’s the most challenging (but rewarding) part of this business.

  13. Thanks Phill. It is interesting video

  14. Daniel Musquez says

    Thanks for the great video. Sure don’t want to fail.

  15. Thanks Phil!—I have spent what little monies I had on these “Summits” and now I need to reestablish my cash flow–
    Your videos are so good–I wish I had seen these before I jumped and spent all my amount of monies-$42,000 to be exact–

    I just want to learn and begin making offers—once I built my cash flows again! Keep up the excellent videos. Thank you again.

    CPR

  16. Phil how do I contact you regarding mentorship? Please email me asap!

  17. Hi Phil,great video,
    I myself was one those individual you described on video,I was lucky on my first deal.Than the second deal I failed miserably.I had my wife involved because she had better credits.But after the second deal fell apart,I ruined my wife’s credits..Now she doesn’t want to see or hear about real estate investing anymore. I’m from San Diego still want to invest in real estate in San Diego.But I was told by a few real estate agents that its almost impossible to do fix and flips. I just got approved by American Express on my card with no limits.Should I use the card to do deals? Since the agents informed me that the fix and flips in San Diego no longer avail. I know it has to be deals out there.Please advise me on this.I really want to get back into real estate investing. Thank you

    • Phil Pustejovsky says

      It would take a whole lot more than this little comment box to advise you on how to successfully, creatively, invest in real estate in San Diego.

  18. I Love your video, but I need help. I am dead broke and have no access to cash. can I start as a Birdog????

  19. James Blackwell says

    Hi Phil,
    I was into whosaling back in 2007,
    Did one deal for my first time on ugly abandon houses in Baltimore City. But everything fell apart afterwards… I was living off my credit cards, went debt. I learned how to wholesale but became frustrated because I did have funds to negotiate with sellers.
    I found it very difficult getting sellers to trust you with no money upfront… Does your course cover this area?

    James

  20. Hollie Guinn says

    Hi Phil,
    I am just in awe at all of the information you have to offer and thanks so much for the videos. I currently live in NYC, taking real estate courses and ready to leap into the world of real estate. I have a particular borough in mind that’s “in my own backyard” but still unsure how to approach it. The goal is to start with a residential/investment property (a house is a luxury, let alone just plain housing in NYC) but I am seriously into the idea of creative financing and investing because I just don’t have enough cash. Can you perhaps speak to this?

  21. Hello this whole thing about real estate investment is new to me. I was doing some research one day and it lead to I calk this gentlemen in my home town about or he call me one of the two. But any way he sent to this guy who he work with and turn out to be a great resource. Because this is how I can across you Mr. Phil, I have did some looking around on your site. There is so much info. Its good , but here do you start when you have idea or money when your income limited by monthly income? I know this business is for me, I know that I be successful, I know I have the time to do what is needed for me to became successful. My issues is I don’t where to started with the income I currently live on. What is you comment for me to do. Please email me on this matter thank you. In this business I need to know two things, 1. Trust 2. Who is the leading investors in this business. Thank you hard work and tools to help people who is for real.

  22. Bhairab Dahal says

    Hi,
    I would like to ask a question how we will know the deal we had done is the best or not ?.

    Regards,
    Bhairab

    • Phil Pustejovsky says

      The right education on what is a good deal and what is not.

      • lathan inscoe says

        Good Stuff ! i have spent out attending some classes from a well known guy from florida….i am very coachable,and need some mentorship….struggling to make my 1st deal and knowing whats the RIGHT one is key….how can you get me the mentorship i need….Lathan from Raleigh/Durham area in N.C

  23. Phil,
    I have listened to many instructors, and find myself always looking for you…. to listen to your videos
    When I am ready, In the near future…..I hope I will be able to work with you as your apprentice.
    I Need you to be my mentor…. I know it would be a good fit for both of us.
    I presently with a plate bigger than I can hold … so I am not ready yet …
    I run two businesses and looking for someone trustworthy to step in and help to free up
    my time to work on this full time.
    As I call it … I am getting my mountains out of the way.

    Thank You
    Anita
    “As I learn … I look to my Future”

  24. I have a question for you Phil. One article that I recently read said that with the market changing it is best to start to buy and hold instead of fix and flip. Do you agree? Are there still fairly good ideas out there? I want to get into RE investing but I have not taken the jump yet because most of the deals I can afford are homes that really need a lot of TLC.

  25. Thomas Costner says

    hey phil, i seen your inspritial video about giving up, i totally agree , i have been in the industruy for many years i have a class b cdl, hvac universal maintenance technican , i have been flipping homes and worked for many apartments communitys in the past , so i have decided to go get my real estae license, i am currently working on and study the ineternet yes you as a mentor , helps alot , i have been recently studying my pre license exam at a college in nc ,so what you say is definently the truth , so keep the good work up , i am watching and learning from you,, i would be great with rehab flipping have the experience and know costs to updating , just enough to sale the property and get my 6 percent , average commission depending upon the sale depends upon the sale price closing costs and t formula calucaltions sincerenly Thomas Costner

  26. Phil love your video’s please keep it up.

  27. Very New to the real estate game the video was very helpful, Phil what do i need to do to be mentored by you or your team? I have alot of questions but first things first….thanks big guy

  28. I went to a 3 day seminarand ended up only going 2 days, all they really talked about was trying to start a business, I’m not that much into that, I’m interested in learning just how to do the flips and then renting them out, can you give me some advice.

  29. Phil, with this fantastic video, you have squeezed a ton of valuable advise which only comes from years and years of bad and good hands-on experiences. Hopefully, it will help others if they are paying attention and stick to the rules of successful real estate investing. I have learned that more important than saying ‘yes’ is saying ‘No’. Thanks a bundle.

  30. Hi Phil,

    I always watch and keep updated with your videos. I learned a lot from you and I put into action. I was already able to have few deals because of your teachings. Keep it up! Your tips are priceless. God bless you always. more power!

  31. Your video tutorial about the 7 steps to fail is a very helpful for me as a new student of real estate path. How can I avail the help of a mentor to learn more deeply and quick about real estate? Who to contact since I have a tons of questions? Thanks.

  32. Shone wallace says

    Hi phil,
    I love your teaching and I have a huge interest in wholesaling duento the fact that Indont have the funds to go in any other way. I read books, definitely watch your videos and read your blogs, google everything I want to know. I think I am ready but what is the best way to get started?

  33. Larry Konyha says

    Really enjoyed your video. You always have a lot of useful information. I am starting a career in real estate at the age of 59 and I am having a ball. I love my job. Am I making tons of money? Not yet, but I am doing okay. I also read and watch everything I can about real estate to learn all I can. Thank you for what you do. Larry

  34. Do we need lisence to do the flips or rehabs.thanks.

  35. Mr. Phil I’ve seen this video before thanks for sending it to me again. Like you said your brain is a muscle that’s needs to be used constantly, to know what you’re doing and to make smart choices & know what you doing in real estate investing. Thanks david

  36. Thank you Phil for your videos -they are excellent. We bought a house at auction and fixed it up to sell in a location with a growing market, but during delays in the remodel, the economy there tanked. We have it listed with a local realtor, but with many houses on the market, it isn’t selling. The market won’t sustain the higher monthly rent to own price. It is a small village with no college. Suggestions?

  37. Rick Sheehan says

    I never invested in property. After watching your videos and reading your book, I just put an offer in on my first investment property
    Thanks you for the inspiration.

  38. Thank you!

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