Back in the Game

[Jon Moore]

Hey guys,

I'm back in the Real Estate game after a bad flip sunk me 5 years ago. I'm a Journeyman Electrician and am getting my masters in march. I plan on going out on my own and doing electrical work half time and wholesaling half time.

Anyone have thoughts on staring two business at the same time?

I look forward to meeting all the crazy BP members in Denver at one of the up and coming meet-ups.

I live in south Denver (Centennial) anybody live close?

[Jon Moore]

Thanks for the warm welcome.

The problem with the flip was I put all of my cash in it, over improved it. Then instead of selling it and getting a small percentage of my capital back, I held out for more as the market moved the wrong direction. It's now a rental I'm upside down in.

Here is what I learned or what I call 'my $20,000 education'.

Cash flow is like oxygen, without it your business will die.

Make sure to have a job, business, rental properties or some sort of cash coming in.

Don't try to do all the work yourself, even if you have all the skills. The time it takes will cost you more than hiring subs. Especially if you are using Hard Money.

Use permits if required. (Most of the time you can get by without)

Don't be a perfectionist and over demo a rehab. Everything you take apart you have to put back.

Have a budget and timeline for every part of the construction process. It's really easy to put your nose to the grindstone and just try to get it done.

I realize these May sound like common sense but at the time they just didn't seem that important.

The profits really are in the pennies.