Just got back from vacation and put together this video for you about how to really learn what you might not yet know about flipping houses. You can spend an eternity reading blogs and forums to gain knowledge about how flipping houses works, but most won’t be retained because it’s not being used.
You can’t expect to learn everything and become an expert before you ever start to take action. Taking action is necessary to become an expert.
Let that really sink in.
Don’t concern yourself so much with trying to fully understand every single detail and get prepared for any conceivable situation before ever actually doing something with your knowledge. That’s impossible.
Start with baby steps. Start from the beginning and make a goal to do something small and move on from there. I guarantee you will learn so much more and retain so much more. Besides, you’ll start to feel like you are already becoming an investor.
If you have any other ideas you’d like to share for things people can do to get out and start taking action, please share them in the comments below. Thanks.
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I swear its like you read my anxious mind. I have constantly been worrying about that step from reading to doing. I have read plenty and there is a ton I don’t know but what better way then to just put it out there. Find some properties. Speak to homeowners. At least get a feel for how to speak to homeowners and investors. I want to start bird dogging and wholesaling and I always think “I’m not ready. I wouldn’t know what to look at or how to figure out this or that. I don’t have MLS access. What if. What if. What if.” It’s crippling.
Thank you so much for this video Danny. I told all my friends to visit your site if they are interested in real estate. I have learned more on this site then anywhere else!
Glad this post was timely for you.
Getting out there and looking at houses and talking to other investors is the best way to start ‘really’ learning.
Thanks for recommending the site to your friends. I appreciate that.
You really do a good job motivating me every time i read an article of yours, but it is still soo hard to just get up and do it. I have been driving for dollars and may have some properties to pursue but the little things of knowing what to say in the letters or fear of what to say when they do call always slows me down. I am currently reading the power negotiating book by roger dawson to build confidence and really enjoy it so far.
Was it awkward for you the first call you got? Were you nervous to meet with them?
Great site by the way, I have to do some catching up!
Glad you are reading that book. It is a really great book.
You just have to put a simple letter together, mail it, and take some calls. That’s the quickest way to get rid of those fears.
YES. I was very nervous for the first several calls and meetings with sellers. There was so much I didn’t know and I quickly realized it was ok because if they asked me something I didn’t know, I could just tell them I didn’t know and would get back with them. No problem. They appreciated the honesty.
The first phone call we received I was so nervous that I threw the phone to my wife because I was too nervous to speak…
Great video and timing for me Danny! I have been reading and reading and its just to the point where I need to be taking action and learning in the process. Taking action is where its at. I thought about joining the real estate investment club in my area but I am so introverted I didnt think it would be worth it. A lot of people mention driving for dollars but what do you do when you find a property that you are interested in? I mean I have found a few but then I usually stall in the process. Would you suggest getting homes in good neighborhoods or does it even matter if you can profit off the home if sold? Thanks in advance.
You should still visit the meetings. You don’t have to talk to anybody. When we used to go, it was more for motivation.
For driving for dollars questions, please see this post as those are answered there:
I really believe that Europe would be a great continent to start flipping homes. Some minor challenges, such as no MLS selling system may make it more challenging, but the prices are just incredible over here in France.
Great to hear, Meanwhile. Heck of a name you have. 🙂
I go by Peter, but living in Europe now, made me play around with names.
Hi Danny! I LOVE your blog! I’m learning so much! and this post is SO timely for me, as I think I’m really close to my first deal! However, I’ve encountered TWO problems! 1. ARV’s and Comps!! Ugh! how do i do these without an agent?? No one seems to be able to give me an answer on this one, and I find myself as the mercy of my buyer, because I can’t KNOW if the deals are good or not, because I don’t know the ARV.. and 2. Contracts, I have a buyer for this deal, and I have no contracts set up because I’m very unclear as to how this works and which contracts are needed? Does you’re buyer just KNOW what you’re up-charge is? and they don’t mind? Also, Do you work with the BUYERS title company? and how exactly ARE closing costs factored in?? All these realization came to me after realizing that I’m probably very close to a deal, and haven’t been able to get clear answers on these things yet!! hah! any help would be appreciated!! 😀
The answers to all of these questions could fill a course. I will try my best to help where it’s most important right now.
If you are going to be assigning your contract to buy the house (contract between you and the seller of the house), you will need to sign a purchase and sale agreement with seller. Then, you would sign an ‘assignment contract’ with your end buyer. The assignment contract basically says you are selling your purchase and sale agreement to your end buyer. They are then responsible to close and meet all of the what was agreed by you and the seller for the deal. They are paying to take your place. The assignment contract spells out how much you are receiving and will get that amount at closing (unless you get it from the buyer when you sign the assignment contract).
You need to find a title company that works with other investors and can explain it to you so that you don’t have to deal with difficulties arising from them not knowing how these closings work. ALWAYS close with your title company so that you remain in control.
I’ve got something special coming very soon that covers everything in a ridiculous amount of detail…:)
Great advice on starting to talk to other investors via conferences and through adds, which will get you in touch with other people involves these processes. You mentioned something about bank owned houses, why do you think it would be advisable to look into those? are the usually under the market value, and are they known to be better deals?
Yes, bank owned houses can be good deals. There is a lot of competition though and just because it is a bank-owned houses does NOT mean it’s a great deal. A great deal is determined by how much below market value it is, not who owns it.
Thank you for your elaboration! Bank owned houses are therefore worth looking for in any case.
It hasn’t been that long ago that I decided to invest in real estate. Right now I am doing what almost anyone would do when starting a new adventure and that is researching. It is unbelievable the amount of information there is available to everyone who has the time to read, listen or watch the videos. I have been consuming as much as I can as quickly as I can. Yesterday when I was driving down the road, I told my wife, exactly what you wrote about in your article, “I need to get out of my comfort zone”. I need to talk to people in order to make a deal.
The reason I haven’t called anyone or even sent out any letters is the fact that I assume that I don’t know enough of the answers yet. Your article and video just confirmed that I am definitely not alone. It’s time for the next step.
The main thing to remember is that you cannot learn everything behind the computer and then remember how to handle every situation as it comes up. The key is to learn what is necessary for the ‘first steps’. Take those steps and find out what you still need to learn. Learn that. Take some more steps and so on.
Glad you are finding value in this house flipping blog.