Mentorship vs Self-Taught Investor? Pros & Cons of both!

[TJ Reiley]

Hello All,

Happy New Year, this year, 2024, WILL be the year i acquire my first fix and flip project. Since being in the investment real estate industry for a little over a year now, i know the exact steps i need to take in order to pull the trigger. 

My biggest concern is obviously the risk factor, like any investment, risk is the name of the game "no risk no reward". But i would like to hear everyone's thoughts on guidance in regards to getting started. 

Do you suggest a mentor/ guru of some sort?

or

Would you suggest diving in head first? (obviously doing due-diligence before)

I do sell investment real estate properties, buy & holds as well as fix & flips. So i understand numbers and the process from analyzing to close. But as a newer investor im just curious to see what some other thoughts are one this,

TJ

[Henry Clark]

Two parts

Would gorge first on everything free.  Podcasts, BP, YouTube, books, etc.  While doing that lay out a checklist for both buying the property and also flipping.  Then decide if you want a mentorship. Start to build your team.

Risk management on your first deal.  

Do an easy flip. Flooring, paint, landscaping, roof, windows, bathroom, kitchen, etc.  Stay away from foundation issues, knocking out walls, floor leveling, rewiring, etc.  These are the type of things that tend to open up a can of worms.  

Don't go for the Great deal out the gate.