So you’re sick of your job and you’re ready to put your stake in the ground as an entrepreneur in real estate…
Remember though, hating your job does NOT make you automatically an entrepreneur by default. You have to be ready to be extremely uncomfortable and do things most people of the world aren’t willing to do.
The bottom line is that real estate is one of the oldest and best business models in the world and you don’t need to be a genius to do it. It’s fun, rewarding, and extremely profitable. To scale it huge, all you have to do is rinse and repeat and you don’t need to hire managers, executives, and add a bunch of fancy stuff to your company…
Now, you might be thinking, “yeah that’s all fine and dandy, but I don’t have much money and I need to know how to flip houses from scratch”.
You may be coming from a place of pain or lack in your life. Maybe you just filed bankruptcy. Maybe you are about to get laid off and need to figure something out fast…
Well, I can tell you from personal experience that you can get yourself out of ANY financial hole if you take the right action. I was bankrupt and came back.
The bottom line is that whether you’re at financial ‘scratch’ or knowledge ‘scratch’, you can get this business going asap.
You are going to be a problem solving entrepreneur. You’re simply going to find sellers of homes who are in distress and offer them a solution. Then you’re going to put that house under contract by agreeing on a price and having you and the seller sign it.
Then, you’re going to tack on a fee for yourself (usually minimum $5,000) and quickly flip it to another cash buyer who will close on this home with their funds. You, then, walk away with your fee without ever taking ownership of it.
To do this deal that I just described above, you didn’t need and down payment, bank loan, or credit. All you needed was to find a motivated seller that was willing to sell at a discount because they had a distressed home or situation, and then find a willing buyer who is hungry for more good deals.
That simple process that I just described above is called wholesaling. It’s a concept that isn’t as talked about in the conventional real estate world, but it has a low barrier to entry and you can make large sums of money pretty quickly. After you have successfully done some of those, you can get into the next area of my Single Family Triad™ which is Rehabbing and Selling…This is where you actually close on the homes, rehab them, and sell them to a retail buyer for tens of thousands of dollars in profits.
After you do some of those, you can park some of your profits into solid single family rental properties. Now you’ll get passive income along with appreciation for long term wealth creation. I love single family rentals over multi units for many reasons (too many to even list here now).
The bottom line is that I just laid out a complete business plan to make you wealthy for a lifetime in this very simple post. That’s what I mean about real estate entrepreneurship. So when people ask me how to flip houses from scratch, I simply show them the most brain dead simple approach with a super low barrier to entry.
Most education out there complicates this biz for no reason. Just hustle, put some buyers and sellers together, and get paid!