How to Get Success in Real Estate (Even if You Don’t Have a Real Estate License)
This is a guide on how to get success in real estate. Everyone is obsessed with getting a real estate license. However, that will not teach you how to flip houses. Read this to go into your first investment with confidence.
Your Guide to How to Get Success in Real Estate
Many people dream of flipping houses for a huge profit. This is the story of how I went from owning zero real estate to becoming one of the top real estate investors in my area.
However, I had no investments or strategies. I did not have any prior knowledge about real estate investing. Unfortunately, I wasn’t in the financial situation that I wanted to be in. But, I just knew flipping houses was my path to financial abundance and stability.
I’ve made every mistake in the book. My first investment was a disaster where I lost $120,000. For a single mother of two, that was a bitter pill to swallow, to say the least. But I kept at it, hungry to get success in real estate. I will tell you how to avoid such a huge mistake later.
This is when I became an avid student of my industry. I read every book, listened to every podcast, and watched every video until everything started to click.
Before I know it, I am jetting around the USA. I am meeting other successful real estate experts and teaching others who were in the exact situation I was in. I started to host real estate investing seminars and courses. Over the years, I have personally helped hundreds of people rewrite their money story and get success in real estate. I love that I can help to create future real estate rockstars. In fact, I am so addicted that I wanted a way to reach even more people with my coaching.
How I Moved Past a “Career-Ending” Loss and Got Success in Real Estate
One of the biggest losses was when I felt the crushing weight of a $120,000 loss bearing down on me. It was a massive debt hole to climb out of! The cause of this loss was a financial risk I took that I couldn’t afford. I had overestimated my profit margins and let costs of renovation spiral out of control. For this reason, I always recommend newbie real estate investors pay in cash. In the event that you go into debt to flip a house, you are at the mercy of risking interest costs. This is what happened with me. I saw the costs eating away at my investment and I became desperate to make a sale.
I had weeks pass, then months. My financial burden was making me desperate and it forced me to sell low and take a huge loss. However, even if my bank balance was ruined, I didn’t allow it to let my mentality be broken. I like to tell myself: “if I’m gonna fail, I’m at least gonna fail forward.”. At this point, I knew it was only a setback on my path to get success in real estate. It was a pretty massive setback, but it wasn’t an unsolvable one.
The reason I took the loss was because I had bit off more than I could chew. In my mind, I was a hotshot real estate investor and went into a deal without doing proper planning. I did this without knowing the market and without having a budget.
What made a huge difference was learning from my failures. Before I went into real estate, I had all these ideas about what it meant to be a successful real estate agent. However, reality turned out to be very different. This is why I suggest everyone does their research in order to know the facts from fiction. This is critical for getting success in real estate.
Some Real Estate Flipping Myths Busted!
The first uncomfortable truth I encountered was that success in real estate does not happen overnight. Before I got started in real estate, I thought I’d be flipping houses left and right. The truth is, it is nothing like those real estate flipping shows on TV – the ones where they take a real estate novice and have them flip houses in the span of 30 minutes. In real life, when you are two months in and haven’t seen a return, it can be hard when you are comparing yourself to these shows.
On the other hand, some of my students have progressed very fast. They ended up making a $20,000 profit in a couple of months. Understand that everyone’s journey is different. You shouldn’t waste time comparing yourself.
When I started out, I was only flipping one or two houses to begin with. If you are looking to get yourself into real estate investing but you have no experience, the best strategy is to dip your toe in the water first. Do not quit your day job and make sure you have a strategy for how much of your salary you want to invest in growing your real estate business.
Even if you want to quit your job, burning bridges won’t help you. In the event you get into hot water, you will need a plan of escape. Keep in mind, you will need to build experience so you can get a “sixth sense” for good deals. When you are a novice, make sure you start small and work your way up.
So, let’s talk about real estate licenses. I have found that this is a mental and physical block for many of my students, who think that they can get started without one. Allow me to shed some light on the question about real estate licenses.
Do I Need a Real Estate License to Be a Successful Real Estate Agent?
There are a few things you need to know about real estate school. The truth is, real estate courses do not teach you how to make money flipping houses. They teach you how to represent other people who are selling their houses. There is no legal license to flip houses. The only requirement is that you need to be 18 years old and be able to handle the responsibility of buying and selling houses.
Now, we know that you can’t become a successful real estate agent from TV shows or getting a real estate license. The caveat is, you have to take charge of your own education. This is where you need to be aware of your strengths and weaknesses as a real estate agent. So far, I have read books on flipping houses, as much as I could get my hands on. Any video courses that describe the real estate investment process are also a great resource.
Additionally, there are many free resources available. So, there is no excuse for not knowing your stuff. In fact, I often upload on my YouTube channel frequently. Every week, I take my followers through a real-life real investment that I make week in and week out. The information I provide on my channel will help any new or experienced real estate investor.
In this video I explain:
1. My philosophy on successful real estate investing.
2. The importance of knowing the market.
3. Strategies for fixing up and updating real estate.
Have a look: https://youtu.be/J1Jj10r3g70
House Flipper Tips for Success
1. Finance your house flipping hustle with cash
This is why you shouldn’t quit your day job straight away. If you go into debt to finance a house flip, the interest will eat into your profit, or destroy it completely. Always have a main source of income and a side hustle. Until you know house flipping can support you completely, keep your main income source.That’s because it could take months to flip your first house, which leads me to the next tip.
2. Be patient
remember, if it was easy, everyone would be doing it. You need to become a good student and learn what you can. Read books on flipping houses, watch videos to increase your knowledge. Every bit of progress is a step towards your financial freedom.
3. Plan and budget your investments and stick to it!
If you try making money from house flipping with no plan in place, you are setting yourself up for failure. If you don’t have a budget, your costs can spiral out of control. You need to figure out how much below market price you are buying, the cost of repairs and updates, and measure it against a conservative estimate for profit. It takes time to build up this knowledge.
4. Keep your mind on the bigger picture
Remember, tt takes some practice, and maybe a couple of setbacks, but you will make it if you keep going. If you take it easy, work within your limits, and don’t make any rash decisions, you will succeed eventually.
5. Don’t go it alone!
Network with fellow real estate investors. Seek guidance when you need it. Every seasoned real estate investors has been in your position at one point. Many will be happy to pay forward some good karma.
The good news is I have made every mistake in the book so you don’t have to!
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About The Jackie Jackson
Jackie Jackson is a Real Estate Coach & Investor, helping investors at all levels create profits and increased cash flow through Tax Deeds & Tax Liens Real Estate Investing. Jackie is the CEO and founder of Tax Deed Genius, the #1 Step by Step National Tax Liens & Tax Deeds, Surplus Overages Training Course for New and Seasoned Real Estate Investors. Learn how to buy properties for pennies on the dollar at deep discounts from local county public auctions. Sign up today click here.