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Updated over 6 years ago,
Flipping gurus? Just getting started
Hi! My husband and I have recently launched our real estate business with our first flip and are looking to expand in order to replace our income and grow our family's legacy. I wanted to ask about the flipping gurus who come through town to sell their very expensive real estate mentorship programs. Robert Kiyosaki, Donald Trump, Than Merrill, Nick Vertucci, etc. all say they will mentor you and walk you through the process, offer a network of ready and willing investor resources, and teach you everything you need to know about real estate. I am typically one of those "they're just trying to get your money" kind of skeptics, but I now see the value in the education and mentorship they offer if it will save me years of learning (which I don't have as I'm in my 50s) as I go and learning from my mistakes. I biggest question is can I get that kind of education, mentoriship and resources from the people on this site or if anyone has gone through those big bus tours and mentoring program, was it worth it? We want to be "job" free within a year and debt free within 2 years.
With the flip we are currently working, we have to put up about $30k in our own cash for points and closing and up-front rehab before the lender will give us reimbursement draws to complete it. All of our cash and lines of credit are tied up in this one flip so we can't really move on to the next until we sell this one and realize a profit. There should be ways to start on other deals with all OPM, right?
With over $180k in student loan debt, I have a hard time justifying another $40k in "student loans" on my credit cards but I want to learn and get moving FAST in this business.
I would appreciate all truthful, experienced comments and not "I think....".
Thank you!