One of my favorite teaching moments was telling a group of young entrepreneurs that I loved being in a business where I could study 24 hours a day, 7 days a week, and never know it all. They were horrified, but it’s the truth: you can’t learn everything about real estate in an instant. There’s just too much.
Today we’re going back to the basics: what you need to create your plan and get started in real estate investing. I’m going to walk you through what you need to accomplish in the next 30 days to get you on your way to making money in this business.
More and more people are getting into the market of real estate investing, but as the investing base grows, so does the number of “new” gurus. A lot of these gurus have a few deals under their belt and are pushing their students into getting started as a wholesaler. There’s nothing wrong with being a wholesaler, but the misleading part is the idea that wholesalers will make bank in this area of investing.
A wholesaler is someone who gets a property under contract, then turns around and sells that contract to another investor for a profit. They are being paid for putting the deal together, and once they get their profit, they’re out of the deal entirely. Sometimes a wholesaler will “pre-hab”, such as painting, landscaping, or putting on a new roof, to increase the value for the new investor who will take the contract over. I, personally, do not do “pre-habbing”; if I don’t want a property, I don’t want any more money than necessary tied up in it so I can assign the contract and move on to a deal I DO want.
If you’re buying, selling, and rehabbing a property, that is NOT wholesaling. Wholesaling is meant to be a way to get cash to pay your bills, build capital, or make a profit on a property you don’t want for yourself. There is ALWAYS a cost to using money, no matter how you use it. Guaranteed.
If you need help to get started in real estate, check out my online courses, the Cashflow Blueprint and the Cashflow Foundations. You can find them at my website, LarryHarbolt.com.
Good Luck and Happy Investing.
Today I’d like to talk with you about something I think a lot of people are failing at in their investing business: naming their land trusts. Please note: I am NOT an attorney, but I do present a live event a few times a year where I teach people how to protect their real estate assets by placing them in a land trust.
I believe every investor who plans on keeping a property long-term should learn how to create a land trust. Once you know how, it takes very little time, effort, and money to put one together. The land trust can protect you from bottom-feeders, but it will NOT excuse you from paying your taxes to Uncle Sam.
There are two reasons to have your property in a land trust:
If you’d like to attend my next Land Trust event, visit LarryHarbolt.com/events/category/bootcamps/ for all of my upcoming bootcamps and live events.
Don’t forget to visit me at LarryHarbolt.com for all your real estate investing education needs.