One of the coolest moments of this past weekend's Flippin' Real Estate Radio Program was having Ryan Taylor on the show. I had the opportunity to meet Ryan and a few other members of the Green Bay Packers, (now Miami Dolphins) last fall when they invited me in to talk to the players about $ and investing in Real Estate. He is looking to get into real estate just like many of you.
His response -- He is very interested and wants to dig in…but just like all of you, he isn't really sure about the best way to get involved. He is a great example of someone that has the money/means to do it, but not the education in real estate he feels that he would like to make the leap. He would like to create partnership with realtors that buy houses to his mitigate risk and he does not want to take a big loss in trying to figure real estate out the hard way. Once he does buy, how does he manage it. He knows how to manage his personal house, but how do you get your property ready to flip once you purchase or get renters in the house after the flip.
Many people that want to get into flipping and real estate have heard stories and do not want to lose their money.
1) GET YOUR POWER TEAM TOGETHER
2) Have a Real Estate Agent that offers cash for houses you trust.
3) Really vet a Property Management Team you know and trust. It costs a little money to do so, but the investment can be so worth it. Property management can background check the renters interested in your property, as well as take care of repair costs. Using a property management company allows you more time to search for new investment properties and make more money.
4) Do your research to make sure you find the houses that have cash flow. Know your area. Check out locations, and know about the market that you are getting into. Pay attention to rent, repair budgets, and current prices. This will help you figure out which deals are the best.
In case you missed the show, head to iTunes and download the latest podcast to hear what Ryan had to say about where he is with Real Estate and how he is just like many of those of you wanting to jump into flipping.