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Learn how to make money in real estate. We cover news, trends, styles, markets, demographics, and technology that affect real estate investing. We also talk to market leaders and trend setters. Lastly, there's a bit of how-to information on nearly every show, with topics, Q&A from listeners, and presentations from our guests. Learn how to make and grow a fortune in your spare time or as a new career.

Oct 15, 2018

FAR 195 What NOT to Do

Expected Air Date: 10/07/18


Good morning. We have market news today. There is increasing evidence that the shift we predicted a year ago is happening. Sales are slowing down and we are moving in the direction of a buyers’ market. Are we heading into a crash? In a few minutes I’ll cite a story that says “yes, no, and maybe.” That’s right - a classic example of bold predictions in the real estate market. What I’m going to do is cut through all of the hype, equivocation and prevarication and get right down the the heart of the matter - how does this impact real estate investing. And then today I have a great question from one of our fans - “How about giving us a list of what NOT to do?” I love it and I’m going to spend some time on that. All that plus news, headlines, and information you need to continue to do well in real estate investing coming up.

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  • TONIGHT - speaking at Atlanta REIA, 5pm. “Real Estate By the Numbers”
  • FlipStarter Nov 2-3, Atlanta, GA  
  • Lunch with me every Wednesday.
  • Flipping America App is in the app store. You can listen to the show, read the show notes, and the entire catalog of shows is now available to you. It’s a free download and there are no upsells or in-app purchases. Free to download, free to listen. Go ahead and give it a try and drop me a line and let me know what you think.
  • Want a quick analytical tool to tell you how strong a potential fix and flip deal is? Download the Property Grade app. You answer 10 simple questions about the property and the app instantly tells you what you can expect to make, your return on investment, your return on cash, and then the program gives the project a letter grade using the proprietary Flipping America Investment Property Grade algorithm.  





Topic: What NOT to do in Real Estate Investing

  1. Do NOT pay 30k to learn how to flip houses.
  2. Don’t stumble into the business with no knowledge.
  3. Do not risk your money without understanding the risks.
    1. Takes longer
    2. Costs more
    3. Sells for less
  4. Do NOT automatically trust another person’s conclusions
    1. Realtor
    2. Wholesaler
    3. The Flipping America Guy!
  5. Don’t invest counting on an optimal experience. Things go wrong.
    1. Buy based on a sub-optimal.
  6. Do not let emotions direct your decision.
    1. Your instincts (your gut?) plays a role, but that role is not “director”
    2. Facts and logic should lead you to action.
  7. Don’t fail to establish and understand your buying criteria.
  8. Don’t violate your buying criteria
    1. Unless you know specifically when it’s OK.
  9. Don’t make hiring decisions based on first impressions.
    1. Realtors
    2. Contractors
  10. Don’t wait for the perfect deal.
  11. Don’t wait until you believe you are ready to do a great job.
  12. Don’t lock yourself into one method
    1. If my only tool is a hammer, every problem looks like a nail.
  13. Don’t stop learning.
  14. Don’t stop improving.
  15. Don’t stop thinking about tomorrow… Fleetwood Mac.
  16. Don’t pay $50,000 to anyone to teach you the Fix and Flip Business.

Comment Line calls and Questions

Call 404-369-1018, press 1 and leave your message!

Emails:  Tell us where you’re from!

  • Monica, Macon, GA. “How about giving us a list of things we should NOT do?”

Motivational Thoughts for the day

  • Don’t talk - just act. Don’t say - just show. Don’t promise - just prove. -anon