Hey Guys! What’s going on?
Are you like a Katy Perry song when it comes to real estate investing?
Ya know how the old song goes:
‘Cause you’re hot then you’re cold
You’re yes then you’re no
You’re in then you’re out
You’re up then you’re down
You’re wrong when it’s right
It’s black and it’s white
That’s how I tended to be. I was like super hot on the idea and then when things didn’t go my way, I was feelin’ pretty cold.
Has your partner ever looked at you and wondered what the h$LL you did to the finances?
The pic above is how I would like to envision it, but it never seemed to go down like that. You know with that slightly seductive “I love you through anything” look, even if you screwed up royally. LOL
No Way Joseph! (<- yes I did that on purpose)
It simply didn’t happen that way in my case. I lost it all including my partner (eventually), but that is a longer story.
When it comes to breaking the news to your partner that you lost a bunch of money, there is no good way to say it.
-Honey, “I made a mistake” just sounds so lame. My solution? Don’t DO IT!
So, if you have ever sung the Ramen Noodle blues, you will wanna pay close attention to what I am gonna say here.
I know what it is like to lose it all in the REI game.
So, what’s better? Hold on.
I will tell you at the end of the review.
Just in case you might wanna know who I am you can read about me, the Real Estate Spy here.
It all changed when I met James and got the proper mentor in my life.
Mike Lacava could be a good guy to learn from, but I am not sure how hands on he will be when it comes to your success.
He is brilliant, and he teaches people to flip their way to freedom,
>>but I am still OUT!<<
Why?
B-rad showed me a better way. You can learn more here.
Now on to the review.
A Review of Mike LaCava, Real Estate Master
Maybe you have been around the REI scene long enough to realize that the real estate is a world of complex ideas, variables with which to contend and numerous paths available for the taking. This market has its ups and downs, more so than many other sectors in some areas. Hence the song!
Countless people have tried their hand at making a living by buying and selling homes; some have ridden the well known waves of the industry to moderate success while others have been crushed by them like a scene from North Shore.
Only a select few have truly mastered the art of flipping homes.
Among those is Mike LaCava.
With a real estate career beginning in 2006, he has firsthand knowledge of how the market operates. He watched the bubble swell until it burst and has since stayed his course. Though furthering his empire while others struggled to rise from the ashes of 2009 couldn’t have been easy, he continues to make a name for himself while helping others do the same.
Widespread Uncertainties
Aspiring entrepreneurs can never be absolutely certain the business they hope to build is going to reach its full potential, yet the dedicated and truly fearless ones forge ahead regardless of the risk of failure. The real estate market is no different. Moguls in one branch of the industry build state-of-the-art office complexes from the ground up expecting lease-providing businesses to flock to them.
>>Does this always happen? >>No.
Though flipping homes perhaps lies on the opposite end of that spectrum, those uncertainties still remain.
This level of unpredictability is the element most often driving people away from such a path; on the other hand, it’s also the challenge drawing many into the process.
Author Marilyn Ferguson summed up the situation quite succinctly by noting, “Ultimately, we know deeply that the other side of every fear is freedom.”
For those who are equipped to make it in the world of house flipping, freedom could be considered the reward for facing their fears and finding that other side.
Mike LaCava aids in that process with his efforts geared toward individuals who are interested in purchasing homes, making improvements and selling them for a nice profit. His teachings start with the basics and move up from there.
Flipping 101
Almost everyone has some level of leadership knowledge whether it be heading an entire multi-national corporation or simply learning through life experience to manage oneself more effectively.
With the right guidance, these skills can easily transfer over to the housing market. LaCava has taken this factor to heart in his website, House Flipping School.
Beginners are catered to via these online tutorials.
Topics ranging from finding the right lender for getting started in the industry to fixing up a house with almost no capital upfront are covered.
Among the points emphasized here is the persuasive speech known as the elevator pitch.
While this art form varies depending on the situation in which it’s being used, LaCava mentions a number of approaches.
Through his House Flipping School, LaCava provides an eight-module course teaching the basics of flipping.
These include:
- Module 1: Acquiring the House Flip Mindset
- Module 2: Assemble Your House Flipping Team
- Module 3: Find a House to Flip
- Module 4: Secure the Funding
- Module 5: Analyzing and Sealing the Deal
- Module 6: Manage the Renovation
- Module 7: Sell for Max Profit
- Module 8: Exit Strategies
From beginning to end of the process, these chapters help aspiring real estate investors learn the important points of the industry. These are all available for download via the House Flipping School website.
Gateway to Success
A single successful deal holds the power to generate greater confidence and open doors to further triumph whereas failure on that initial attempt can lead to, well, depression.
Aside from hopeful anticipation, most first-time flippers are also riddled with fear, anxiety and extreme cases of over-thinking every aspect imaginable.
LaCava addresses this issue and provides a great deal of advice to see his novice followers through their first transaction, so they can move forward with confidence.
The House Flipping School delves into both what to do and what not to do going into that infamous first flip and beyond. LaCava strongly cautions against eraser math commonly resorted to by newbies, going into detail on avoiding such a scenario. Ultimately, he encourages investors to move on without regret should a first attempt not pan out in their favor.
–A Complimentary Lesson in Lending Vocabulary
When the term “real estate” comes into play, lenders still retreat into their shells a bit.
This is understandable given the great collapse of 2009, but it’s not exactly favorable for those on the borrowing end of things.
As important as finely tuned versions of the elevator pitch is in various legs of the flipping process, approaching lenders is a turning point with the possibility of only one of two outcomes.
That being said, when asking for a loan, a specific list of words and phrases can mean the difference between walking away with funding for a project and utter rejection. LaCava is well aware of this fact and has covered his students’ bases here as well.
He offers a downloadable write-up dubbed “The 17 Words You Must Say to Get Money from Any Potential Money Lender”. These hold true regardless of current financial status or past credit history, and the download is free to those who sign up for tutelage.
–Doing the Math
In flipping, figures span far beyond the typical buying versus selling price of a home. The key here is obviously to purchase a viable property for as little as possible and sell it at top price, but investors arrive at the party knowing full well refreshments aren’t furnished.
In other words, repairs have to be accurately figured into the equation. Though it’s best to err on the side of caution, overestimating can ultimately be a beginner’s worst enemy.
LaCava mentions the common pitfalls of both over and underestimation. Not only that, but he provides advice on building technique, as well as confidence, in the area of calculating the entire process before making the purchasing leap.
>In many cases, making a few deals on paper rather than in reality may help nurture skills in this leg of the strategy.
Saying “No” to the Oversights
Though the majority of real estate moguls turned mentors are ready and willing to guide students in the right ways of doing things, learning about the typical industry mistakes is largely a trial-and-error scenario.
Mike LaCava certainly offers guidance in strategy building, but he also emphasizes the what-not-to-do portion of his trade.
Numerous articles, blog posts and House Flipping School courses generated by LaCava focus on avoiding common mistakes. Since he’s learned these aspects through experience rather than solely by-the-book teachings, he could be considered more than qualified to offer this type of advice.
–United, We Stand; Divided, We Fall
Countless individuals enter the house flipping realm with a lone wolf mindset.
I know I did, and it cost me big time!!
Contrary to this popular ideal, it takes a village to raise an empire. As alluded to earlier, success comes as part of a team effort. Though the aspiring investor is a key player in the game, he is not the only member of this team. Depending on the project at hand, an effective group is comprised of:
- Attorneys
- Contractors
- Bird Dogs
- Insurance Agents
- Real Estate Agents
- Wholesalers
- Accountants
These are only a few of the professionals who may be necessary for a given house flipping venture, but the entrepreneur is in charge of effectively and efficiently managing them all.
While hovering over these team members may be a tempting thought for the team leader, allowing each to do his job without interference is vital.
A sentiment constantly reiterated online is completing thorough research before choosing a professional, and LaCava assures us this holds no less weight when building a house flipping power team.
–A Crucial but Seldom Accentuated Element
Some may have noticed this specific aspect well in advance whereas others still have yet to realize. Mike LaCava and others of stature similar to his definitively have success born of life experience on their side, but they also have an additional element few experts mention: advertising.
Only a handful of the population would have heard of LaCava, as well as other industry front-runners, without effective marketing strategies.
Entrepreneurs have technology at their full disposal these days. Articles mentioning a professional in passing, write-ups offering more specific details, links both to and from authoritative industry-oriented websites, occasional press releases noting current accomplishments and listings on consumer advocacy websites all play into this scenario.
Still, the importance of going back to the basics can’t be stressed enough.
Resorting to the old ways of knocking on doors culminating in leaving behind flyers and business cards is a time-tested strategy for success.
That dreaded and highly under-credited art form of cold calling also has its place in finding deals and completing profitable transactions.
A well-rounded combination of these tactics is key in spreading the word for house flippers regardless of their current standings in the industry.
–Summing it up
From inarguable success in real estate investing to uniquely approaching mentoring others, industry guru Mike LaCava uses his personal experience to teach hopefuls what to do. He also thoroughly covers what to avoid when it comes to flipping homes. Successful entrepreneur, teacher, author of How to Flip a House in 5 Simple Steps and recent subject of a Bigger Pockets Blog podcast, he has propelled himself to prosperity while also lighting the path for others.
But! we need to take notes on another level. Mike Lacava is a internet marketing expert too. He is reaching his students and potential students through his internet marketing strategies.
I didn’t find success in real estate, at least not enough to be a guru. But I did build a successful business online doing what the gurus do rather than what they tell us “sheeples” to do.
Wanna know more. Check out the information that James and Dan have put together. They became my mentors and showed me hands-down a better way to make money with WAY Less risk.
