Seeking Words of wisdom from pro/seasoned rehab/flippers WWYD?

Question

What Would You Do?

Knowing what you know now from experience ?

So i was having lunch with a friend of mine the other day and he said something that I know but at the same time really hit home.

He told me that you cant fight a war today with a bayonet from the Civil war era. The metaphor here being that in my local market here i cant approach investing in 2018-19 with 2008-2009 investing strategies and tactics.

Makes sense right?

So I can ramble on forever but ill leave that to Led Zeppelin alright. . . . . .  .

If you were starting over and looking to get into rehab/construction/flipping what skill or skills would you seek out to become the BEST rehab/flipper in the LEAST amount of time?

Should i go to a trade school

should i network and find a local rehab/flipper guy here and try to apprentice with him for free or small amount of pay for grunt work?

what skill should i learn or skills?

Electrician, Masonry, Carpentry, Plumbing Painting, am i missing anything.

knowing what you know now, how would you redo what you did?

any and all opinions and insights are welcome.

looking to learn and grow here so thank you all. . . . .

Mike G. · Answer

@Dennis Pressey Jr

@Mike G. Skill 1 is marketing. Skill 2 is time ans people management. Skill 3 is making logic based decisions and leaving your emotions at home. Being a successful wholesaler or rehabbed has nothing to do with going to trade schools or picking up hammers - learn how to manage people. The hardest workers are the poorest, smart workers are the wealthiest.

Sound advice Dennis. Focus on the business and marketing and lead gen and leave the hammer swinging to the people i hire the jobs out to and manage while running it like a business and leaving my emotions at home.

"hardest workers are the poorest, the smartest workers are the wealthiest"   <-------KILLER!!!!

Andrew Faukner · Answer

Jeff, yes! You should have kept working on Spanish! (Sorry, I have to say that. I'm a recently retired high school Spanish teacher).

Remember, you can always take some of the profits from one of your flips and go to Mexico, or Costa Rica, or Spain and take a one, two or three week intensive Spanish course. You might even be able to write off the trip. I'm not a CPA, so check with your CPA to be sure.

Brian Pulaski · Answer

It is hard to say regarding what skill I would want to learn if I could go back. I have only been flipping a few years, but I can say my previous careers made flipping a no brainer. I have a degree in Architecture, worked for a millwork company as a designer/CAD operator, then construction design and administration (focus was on housing), then got into management for a General Contractor ($1-25 million projects). I had all of this before I entertained a flip. I didn't need any of the experience but it sure helps tremendously. A flip is a small combination of all my experience plus I enjoy swinging a hammer!

I think experience is the best educator. That's how I learned what I know, verse classes or books.

Mike G. · Answer

@Uriah D. ok that is good. valid point, I will have nothing to rehab or flip if I dont go out and find the deals i want that work for my business model myself. I could rely on other wholesalers, MLS, agent, craigslist, etc but why when i can do that marketing and lead generation myself.

Mike G. · Answer

@Jeff Cagle i took Spanish in high school and forgot it too. So unbelievably simple yet so impacting on that business. love it!! thanks

what about what trade or trades should i try to learn and what method?

I welcome your feedback

Jeff C. · Answer

I've spent quite a bit of time in central and south American countries, and it does surprise me how much I can begin to remember after a few days when I'm immersed.. but the level of understanding required to negotiate a real estate deal in Spanish or explain the terms of a contract is just something far beyond what I've ever had. It would take a looooot of work for me to get there.

Mike G. · Answer

@Brian Pulaski

It is hard to say regarding what skill I would want to learn if I could go back. I have only been flipping a few years, but I can say my previous careers made flipping a no brainer. I have a degree in Architecture, worked for a millwork company as a designer/CAD operator, then construction design and administration (focus was on housing), then got into management for a General Contractor ($1-25 million projects). I had all of this before I entertained a flip. I didn't need any of the experience but it sure helps tremendously. A flip is a small combination of all my experience plus I enjoy swinging a hammer!

I think experience is the best educator. That's how I learned what I know, verse classes or books.

Brian thank you for the fantastic input of your experiences. That is really good stuff to take perspective from. I've constructed a few custom sound proof studios and drum rooms so i have a little experience in carpentry. My gut feeling is that like you said, just go work for a contractor and get some real world on the job experience and learn on someone else's dime.

Seeking Words of wisdom from pro/seasoned rehab/flippers WWYD?

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