I retired. Well, I sold my third company and hadn’t started a new one. I didn’t have enough money to live out the rest of my life, but I did have enough to take a break and think about what should be next.
I had sold the last of my daycare centers, years earlier, then my half of a training business, and finally the real estate development company (that I was just a minor shareholder in). What would be next? What could I do that would be fun, lucrative & play to my strengths & skills?
How about real estate on a smaller scale. Not buying raw land, getting financing set up, bringing in utilities, building roads, and everything else that is part of developing raw land into a successful master planned community on 800 acres of land. That was a lot. I had acquired skills while working on that project, but to be honest, it was not a great fit. Buying real estate did seem to be, though.
So, I approached my former general partner, who was also my mother, and suggested that we look into different types of real estate investing. We went to classes, and workshops, read books, and watched TV shows. One workshop really delivered the goods. It was put on by Real Estate Education Group, which is associated with Amie & Scott Yancey, of Flipping Vegas.
We went through their entire series and learned a tremendous amount, and stayed engaged because they have such great presenters. However, what was more important was that we IMPLEMENTED what they taught. We went out and looked at hundreds of properties after having looked at thousands online. We made offers. We bought things. One of the things we bought was a house to flip.
Flipping on TV is amazing. Scott & Amie Yancey for Flipping Vegas, who I think of as my mentors, are very clear that reality is quite different. They have missteps along the way, the just have the advantage of the editing bay. If their gamble didn’t work out…they can cut that footage out. They actually don’t flip most of the houses they buy. They fix them up and rent them. But “Buy & Hold Vegas” isn’t as sexy as “Flipping Vegas.”
What we learned from the Yanceys and their training team, was invaluable in our process. Actually in this whole new real estate venture. Their training helped us to know what to look for in a property, where to look for them, how to run the numbers (which has led us to pass on some deals that seemed great, before the numbers), and gave us confidence.
I have gone to their introductory event 3 times, getting new inspiration and tips each time. I have gone to Vegas twice and plan to go again this winter. On one of the trips to the Buying Summit in Vegas, one of our properties was recognized for it’s excellence.
Vegas flipped us into real estate investors who DO! If you get a chance to go to one of their events, either in your area all the way up to the Summit in Vegas, I encourage you to go. Learn from experts. All of the staff I met with have real life experience. They have been there. They invest in real estate as their primary business. They teach because they are so darned excited about it that they can’t help but talk about it. If they are going to talk about it anyway, they might as well get paid as instructors, coaches and speakers. I get it. I am totally psyched about it too!
Making money in real estate can be hard, but it is easier with the Yancey’s behind you.