Jack Miller, who now lives with the angels, taught us that real estate investing is a thinking man’s game – not a running man’s game. He also preached that success requires imagination and persistence.
When most folks think about real estate investing, they only think about flipping homes: buying a house for a certain amount, then quickly reselling it for a higher price and pocketing the difference. Real estate investing is so much more than this!
Flipping is nothing more than a job – a highly taxed job! After flipping a house, the government steals roughly half of what you earned. If you need more money, you’ve got to go out and find another deal. It’s a hamster wheel that flippers never seem to escape.
Under the big tent of things, flipping is just part of real estate investing. But here’s something Dyches Boddiford taught us long ago: Flipping works as long as you aren’t hit by a bus. In other words, for whatever reason, if you’re unable to do another flip, the money machine stops then and there. If this happens, how will your family pay the…