You Can't Handle the TRUTH!

By
Real Estate Agent with The Berkshire Group Realtors

Remember Jack Nicholson's famous line, "You Can't Handle the Truth?"

That's how I feel when I get a call from an "investor" who is just starting out. They just woke up the morning after watching a late night, "Make a Million Flipping Real Estate Part Time With No Money Down, in Less Than Month" cable TV presentation.  They are still waiting for The Tapes to arrive in the mail, but want to get started Right Now, by golly.

How can I tell?  Well  they usually tip their hat and give me a clue by asking to buy real estate "at wholesale".  Usually part of the conversation evolves around, "building my portfolio", I "only buy at wholesale" I'm looking for "fixers".  I want to buy a foreclosure.  No I don't do repairs.  I want to buy it cheap and only have to paint.

Sometimes I manage to bite my tongue rather than quip, "If I had one of those, I'd be buying it myself".  Or "sure, get in line."

Instead I ask them are you planning to pay cash?  If not, do you have financing in place?  Usually this stumps them because, well the TV said, "no money down."  Of course it didn't tell them that "no money down" doesn't mean you can do it with no money.  Duh.

The truth about flipping is this, if it were that easy, everyone would be doing it.  It's not easy.  If a property is in bad shape it's going to take more than paint to cure it.  Making it nice may mean, rebuilding parts of it, refurbishing or replacing many parts of it.  Sometimes IT will smell so bad you need to wear a mask to approach it.  Sometimes IT can't be fixed.

Are you the fixer-flipper millionaire to be prepared for this?  Save your money, cancel the TV tapes, the only person making a million is the one selling them.  Use your head.

Now that's the truth.  Can you take it?

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the truck to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Tags:
fix n flip

Comments 8 New Comment

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the car to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
35,722
Sara Lipnitz
SKBK Sotheby's International Realty

In fact,

The "urban real estate ledgend" has just inspired my next blog.  So thank you very much!

August 22, 2006 05:15 PM
Rainmaker
226,466
Craig Schiller
REAL ESTAGING, a nationally recognized leader in Staging.

Um... not to be a snot... but if am going to spell KRAFT correctly, you gotta qoute Jack correctly.  He said... " You can't handle the truth!" 

 

August 22, 2006 07:44 PM
Rainmaker
458,333
Alexander Harb
Dallas, Texas Real Estate Investing
Knights Investing
I am partially with Craig, sister....ya got the quote wrong babe.....;-D
August 22, 2006 08:07 PM
Ambassador
640,216
Kristal Kraft
Denver Real Estate - 303-589-2022
The Berkshire Group Realtors
OK, guys you are right.  I changed it.  Thanks for correcting me!
August 23, 2006 11:55 AM
Rainmaker
214,671
GARY DIGIORGIO -Denver- Arvada -Westminster
REOptions LLC
THE DIGIORGIO GROUP /(303) 898 - GARY (4279)

awe...did u copy my jack quote...great

Gary

March 15, 2010 12:14 PM
Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the woman to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Ambassador
640,216

Kristal Kraft

Denver Real Estate - 303-589-2022
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tree to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information

Soapbox musings for and about Denver relocation and real estate.

Author Bio: Kristal Kraft is a Colorado Real Estate Broker specializing in relocation to and from the Denver Metro area. She is an amateur photographer, cyclist, golfer and enjoys traveling just for the fun of it!


Denver Real Estate
The /Berkshire Group, REALTORS
Kristal Kraft, ABR, CRS, PMN
Denver Photo Blog
Denver Dwellings ala blog!
KrisTalks



Join Active Rain... Click Here!




Add to Technorati Favorites

Denver Real Estate

Denver Real Estate