Flipping Houses Is Harder Than You Think – Comments

Late in the summer one of our new WREIA members sent the  office an email with a link and wondered what I thought about the article content.

The email went something like this:

“John, what do you think about this article?


It makes it sound like flipping houses is really hard and risky.  What do you think?

My reply was “If I was grading the article, I would give it an F.  Obviously whoever wrote the article has never flipped a home and is pasting together a few snippets from the internet to create this article.”

The article gets off on the wrong foot by saying you need cash.  Totally wrong.  I went on to give a recent example of people who didn’t use any of their own money to flip a house.  Not a dime.  If you were with us at our WREIA meeting in Sept. you heard Justin talk about a recent project – using none of his own money.

Articles like this on the internet are dangerous.  They have just enough stuff in them to sound good, but obviously the authors have no practical experience.

At the time, the writer of this article had written dozens of articles on the fool.com site.  It’s pretty obvious the he knows very little about real estate investing, but maybe has some experience trading stocks.  (And he thinks my business is risky?)

Risky is reading these “expert” opinions from people who have no experience.  In my humble opinion – you need experience before you can be called an expert.

Non WREIA members can Register for the Oct. WREIA meeting Here.

Is this business risky – absolutely.  But so is driving on the DC Beltway.  That doesn’t mean you don’t leave your house!  If the Beltway is too scary for you, choose another road!  You need to get to work, or get to the store, and you need to find a way.

If renovating houses sounds scary to you, it’s because you don’t know enough people that are doing it.  Or, maybe you don’t have all the tools to successfully complete a project.  We can certainly help. It’s why I started WREIA well over a decade ago – to help people find the missing pieces they need to be successful.

Every month at WREIA you have an opportunity to meet people who are making money in real estate.  Some are making a fortune, some are barely getting by, but some are making a nice extra income “on the side” only working part time.

That last group, part timers,  is who we are going to talk about this month at WREIA.  You part-timers are an encouragement (and sometimes role models) to people who are just starting.  Some of you are semi-retired, but some of you are working full time jobs and flipping homes or renting homes part-time.

This month at WREIA I want to show you a few ways to make 75K part time in our business – in 2015.  To do it, you need to start in this last quarter of 2014.  Trust me, the next few months will go fast.  I hope you are getting ready for 2015….. it starts now.

Have a great weekend,

John Peterson

Washington REIA Network, President

Profitable Property, Founder