Can Felons Flip Houses?

Question

I am currently incarcerated. However, I am in a transitional program. Here in about 2 months I will be able to work and am required to save 75% of my money. I am currently reading Cash Flow Quadrants from the Rich Dad Poor Dad series as well as LLC's for Dummies. Based off of my calculations considering the job I am pretty much guaranteed due to the relationship they have with this program, after 6 months I can earn $26,000 before taxes. Wich is also the length of time I will be in this program. Though my main focus is my relationship with God and my sobriety, during these next 6 months I want to continue to educate myself about real estate and flipping houses so that in 6 months to a year when I have saved up over $30,000 to invest I can do so intelligently and efficiently. I want to open up sober livings and teach others how to flip houses. As of right now I'm going to look into the Khan Academy about real estate and business as well as continue reading the type of books I've stated. I have four children and I want to have financial freedom. Can anybody give me any advice? Thank You

Bryan Devitt · Answer

I was once at a spa at a major casino talking with a guy who had previously been locked up for a while. He cleaned up while he was in there, read a lot about business and came out to start a small construction company. He started bidding on state work and getting contracts. He was a multi-millionaire doing road construction and site work (grading, dirt pushing and seeding). Where you've been only means that you know where not to go in life, where you want to be sets a loose road map of how to get there. Once you pay your debt there is zero reason you can't do what you want with your life. One thing I have found helpful is to make sure that you always have a plan and road map of how to get to where you want to go. Anyone can look in the distance, point to a mountain peak and say they're going to get there some day. The people who actually get there break out a map, research how to get there, set a route and follow it. There is no Waze to bring you through life, so always have a map and a list of directions and you will get to where you're going. You're already here, reading the right things and asking the right questions, just keep going down this path and good luck with your future.

Robert J. · Answer

@James Nichols

Take it from someone who has waited, don’t. Your background is no problem as long as it’s not something that can reoccur and jeopardize your freedom.

I’d say while you’re educating yourself ride/bike/walk your neighborhood and start looking for houses you could flip. Write a letter, knock a door, see if there’s a house you can buy. Worse comes to worse you get zero houses and in a year or two you’re in the same spot, which is the spot you planned on being in anyways. If you found a house, a  deal, now you could find a partner and or the money to get it done. Guaranteed.

Just my two cents. Be great.

Account Closed · Answer

@James Nichols You may not be permitted to get a real estate license but that shouldn’t stop you from pursuing other avenues. You will have to put your nose to the grindstone like everyone else. Read books, listen to podcasts, watch YouTube videos. If you are able to get a job fixing up houses that might be a good place to start as well. Wake up each day and remember your “Why” - keep putting one foot in front of the other for your children. Best of luck to you.

Account Closed · Answer

Yep. You can do it. If it wasn't a financial crime or fraud you can do wholesaling without much problem. Don't do flipping. IT is too risky and too highly taxed. Join a Real Estate Investment group in your area. Don't pay for a mentor. But, you can Joint Venture with someone to learn the process. Look into Ron LeGrand and consider joining his inexpensive monthly program or simply watch his videos on youtube. There is a lot of great free information and that can get you the basics quickly.

Disclaimer: I am not an employee or student or associate of Ron LeGrand.

Eric M. · Answer

@Kevin Miller my thoughts exactly. Yes, you can do this. Keep focused on your plan and work.

And my first thought was Flipping Felons is a great reality show idea.

Kevin Miller · Answer

@James Nichols I've worked in prisons for 20 yrs and have seen dudes come back and forth because they didnt have a plan. Work yours

Brent Paul · Answer

Where there is a will there's a way.  I can't remember the podcast number, but they had someone on that was in your exact shoes.  Set yourself some goals of where you want to be physically and financially what you would be comfortable with.  I believe anyone can be involved in real estate in one way or another.  We all have our strengths and weaknesses.  Me I hate talking to people so I usually delegate that to someone else.  I have a good head for numbers and the financial part of it so that's what I focus on.

I am working on my communication skills by attending more local real estate meetups.  I have been meeting some fantastic people. It may be a great way for you to partner with someone in some way or another.  Maybe you could come in with some cash for part of a deal or you do the phone calls or help with rehab or something.

James Nichols · Answer

Thank you Eric.

James Nichols · Answer

Thank You Bent

James Nichols · Answer

Thank You very much Siobhan Cooney. I actually just read "Start With Why" by Simon Sinek, phenomenal book.

Can Felons Flip Houses?

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