Let’s face it, not everyone can be a real estate investor. It takes some patience, hard work and big time dedication to make money. A very small percentage of real estate investors come out the other side of their flips or rehabilitation making the money they thought they would make.
Now, don’t get scared. There is a way to get a better running chance at successful flipping. While it may not work for everyone, we at CEB Capital believe it is extremely important to have a real estate mentor. If you are working with us on your lending, we pride ourselves in mentoring each and every one of our clients as much as possible. However, there are some clients that are easier to guide than others.
That’s why we’ve come up with this list of traits that our most profitable and easy-to-work-with clients have had that help get the job done.
- Open Communication: We’re busy. You’re busy. We get it. But, we need to have reliable ways to get in touch with you. We aren’t talking about magazine subscriptions. This is a very huge investment and there will be questions from both of us along the way. Make sure we know when you’re available and we will ensure the same.
- Technology: We’re not talking iPads on every table of your house. But, you will need: a mobile smart phone, a computer and a printer. This should be the bare minimum to be able to manage your business from home.
- Honesty. We’re not here to help you “hide” money. Real estate investment is a very serious project. There is no money laundering or gray area. We will not help you and, in the end, you will not help yourself if this is your motivation. Also, don’t lie to us. This is the surest way to end your professional relationship and possible other serious issues.
- Realistic Expectations: If we could turn your $20,000 house into a $1 million payout, we would be on our own island somewhere. But, seriously, you need to thoroughly analyze cost of investment from every angle to understand what your final “win” will be. We can help you run the numbers and show you in black and white. You just need to be prepared and constructive with the answer.
- Funds to Invest: We know, you’re coming to us for money and to do that you need money? The answer is: Yes. Investing in real estate is not as easy as investing in primary residence loans (i.e. the home you live in). You won’t get 95% of the cost of purchasing and renovating your home in the loan. You need to be prepared to open your checkbook as well.
Now, that wasn’t so bad? With these five character traits, you’re well on your way to becoming a successful mentee as well as real estate investor. Need to know how to get started? Please contact us and we can help you on your way! Happy flippin’!