Today, I had the honor of welcoming David Montelongo of Monelongo House Buyers and the hit reality television program "Flip this House" as a guest on our radio broadcast the Real Estate Today Show (http://www.realestatetodayshow.com/). I admit that I am a fan of real estate reality television and I think the programs on both A&E and TLC serve to show what is possible as well as the potential pit falls when flipping real estate. I think that the Montelongo's represent what is possible in a very entertaining way; they have a wonderful family story. Needless to say, David's appearance on our program was greatly anticipated.
During my research for the show, I discovered that both David and his wife Melina share a heart to give back to the greater real estate community as they wish to share their success with others. I believe the cycle of living, learning, succeeding and giving back is the essence of significance. The response to our show was wonderful resulting in great questions on air from our listeners; and following the show calls from Realtor partners and several investor clients of mine who regularly listen to the program. The subject of fix and flips is a popular one on our show and the opportunity to learn from an expert was tremendous.
David shared ten tips for becoming a successful real estate investor and he provided me with permission to post his tips on my blog at http://www.realestatetodayblog.com/. I also wanted to share David's tips with the Active Rain Community.
Here are David's Tips:
- Forge strong relationships with foreclosure agents so that when a new listing comes up you're the first to hear about it.
- Create a power network of fellow investors, a TRIBE, if a deal doesn't work for you, it may work for someone else in your network.
- Try not to see other investors as competition, but as allies. This will create opportunities to be involved in more deals.
- Set your construction budgets early, do everything in your power to stick with your budgets.
- There are always unforeseens give your budget a line item for cost-overruns.
- Have your Contractor visit the property with you BEFORE you close. This will remove some of the unknowns.
- We are all motivated, both positively and negatively. If you find your positive motivation, it will be easier to find the next deal.
- You are the greatest asset you possess. Invest in your education. Every time I attend a RE workshop I come away with a new technique.
- Join your local Real Estate Investor Association; this is a great resource for rehab lenders.
- Don't be afraid to partner on a deal, partners can leverage each others strengths to create a win-win situation.
We also discussed the upcoming Texas Real Estate Investor's Boot Camp Education (T.R.I.B.E.) to be held in Dallas, Texas July 27-29, 2007. The event will launch the creation of a dynamic network of lenders, Realtors and investors who share a common goal to create wealth with real estate.
I trust that these tips will add value for you as they did today for me and our listeners.