Wholesaling VS Flipping
This is a continuation of “The Great Escape” interview with Eric Thiele. Eric is working with Sean Terry and Flip2Freedom.com to learn how to start up a successful wholesaling business. In this section, Sean and Eric discuss the recent problems Eric has run into.
Sean: So, when there is an alarm or someone can’t log-in or the server goes down, he’s on call 24/7, and actually even when we were out in Phoenix, he was on the phone solving problems. He’s literally tied to every beck and call of any type of urgent situation. So, he wants to escape out of that, take control of his life, and do that by real estate investments. Starting out, flipping houses, making some money, then going out and building a cash flow portfolio to where he can make six figures a year without waking out of bed, or having to answer a phone or deal with stress. And then he can go and fly that dream plane. What’s that plane you want to fly again?
Eric: A P-51. A World War II fighter, which is a prop-driven plane, but it’s outstanding, and I’ve loved it ever since I was a little kid. I got to fly one once about ten years ago, and I want to do a lot more of that.
Sean: Yeah. Now it’s time to buy one, right?
Sean: Forget renting it. Just buy it and go out and do whatever you want. So our last episode was number 2, and we talked about deploying marketing. We talked about how to get out there, get the letters out, get the calls coming in and just deploy marketing. It’s been 30 days since we recorded the last episode, so give everybody an update of where we’re at.
Eric: Well, I promised early on I would share the good with the bad. And I’ve had a little bit of bad, because a lot of these approaches do take a little bit of money to execute in terms of buying lists, paying for subscriptions to various services, etc. As I’ve mentioned before, I am active here in the Austin marketplace. I purchased two properties . . .
Basically, I have sort of hit a wall financially, with every red cent I have sunk into my rehab projects and I’ve had some bad news on one of them. I’ve had to pay for additional plumbing work, which was several thousand dollars. So I’ve sort of been sucking wind with respect to being able to buy any lists of potential cash buyers. I hit sort of a flat spot. I put in some bids with HUD to buy distressed properties, and then the lightbulb went on; hell, I don’t even have $1,000 to put down as earnest money, which HUD likes before they accept your contract. So I had to wait a few weeks until my personal cash flow got to the point where I could start spending money again.
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