How I started flipping houses
- Frank Luna
- Jun 11, 2016
- 4 min read
I am frequently asked what the secret to successfully flipping houses for a living is. I've told this story at family events, networking events, the real estate investing club I am a member of. 7 years ago I was laid off from my job. Now for most people in 2009, being laid off was a nightmare. I saw an opportunity to reevaluate what was important to me and realized I hadn't spent enough time with my family. I knew real estate investing and flipping houses was a solution to my unemployment and getting out of the rat race. I'd grown tired of my job and the long hours, deadlines and pressure from balancing wife, kids and work. Not to mention not having any personal or down time.
Back in the 90's I had done some research and had my first experience with real estate education in Carleton Sheet's no money down program. I quickly lost interest when I couldn't see how to get started and work my 60-80 hour job. Fast forward to 2009 and I had yet to flip a house or capitalize in real estate. I had considered getting my real estate license to get my foot in the door but just wasn't motivated to be a realtor. So I am laid off and have no job prospects and frankly had no idea what I was going to do for money. Granted I was collecting unemployment but that wouldn't last forever and the pressure was tremendous. There were bills to pay and food to put on the table for my family. I had my pension incase things got desperate but I didn't want to touch that unless I absolutely had to. My friend had told me he was making a living flipping houses now and it had replaced his income from his business as a tax accountant. This intrigued me because this guy was a friend someone I knew. He wasn't on TV or pitching me from a late night infomercial. But I was not feeling confident, more like scared and not wanting to let my family down by wasting time chasing a pipe dream. I took a deep breath and gave myself 1 year to make it happen in house flipping.
I was laid off in February of 2009 and attended my first real estate investing seminar very shortly after and began with short sales. My first few leads and conversations did not encourage me. But I said I was giving myself a year. I closed my first deal and actually made some money. I eventually began wholesaling real estate and fixing and flipping auction purchased properties. This process seemed too slow to me but before I realized it 3 years had passed and I wasn't broke. I was doing it. I was a real estate investor and all my income came from that business now.
My first 2 years were my toughest and relied heavily on referrals from friends and family. I didn't give up. No matter how discourage I became, my friend and mentor was there encouraging me which made all the difference. My wife was very supportive and believed in me more then I did. My mentors had poured their time energy and effort and assured me it was only a matter of time before I began to think like an entrepreneur and develop new ways of being that would cause me to grow and be successful flipping houses.
Currently I drive most of my leads from the real estate investing club I am a member of and also a real estate mentor myself. What I would say to anyone getting into house flipping is to find a good mentor who will not only teach you but partner with you on some deals to help you get going. That was a huge element of being a house flipping success story. Currently I mentor about a dozen people at a time and support on going real estate training at New Wealth Advisors Club. My website has info and I would like to help others like myself find success flipping houses by taking them under my wing. I managed to stay clear of the hotel seminars by connecting with the right people who are local real estate investors and business people. I suggest you do the same.
Well this is my first post and I will be posting real estate investing tips and how to info. I hope my story encourages you to follow your dreams whether it is flipping houses or being a dancer. Thru this process I learned so much about myself. Far more valuable than just making money. I learned I have a lot to give to people and that I have purpose. Our real estate investing club gives back to the community by donating time and money to Path of Life Ministries here in Riverside, CA. If you have any questions or would like to work with me just let me know. I'd love to help others like my friend helped me. Most importantly for my success was changing my mind set and believing that I could truly become whatever I chose to be if I dedicated enough time energy and effort and did not quit until successful. You can flip houses with me too.
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