How long have you been involved in real estate investing? What were some of your jobs before doing real estate full time?

I’ve been investing since July 8, 1998.  I used to own a restaurant and have worked as a restaurant manager.  I worked in computer sales for a couple of years as well.

How did you first get started in real estate? What strategies do you use and why?

I started out Wholesaling out of necessity. I needed to make money just to survive, and nothing could generate profits as quickly as wholesaling.  I till prefer wholesaling today.  It’s quick easy money and the profits are much bigger for me today then they were when I first got started.

What types of financing do you regularly utilize?

I pay cash, will occasionally use hard money for short term deals and use banks for large longer term deals.

How did you go about finding properties?

I just hit the streets every day.  MLS lists, classified ads, and a cell phone in hand kept me pretty busy.

What is your average purchase price?

When I started out, it was about $40,000.  These days it’s more like $150,000.

What is your average net profit per deal?

Wholesaling is great and I average about $20,000 per deal.  I don’t care to say what I make on my other deals, but they typically net more then most people make in a year at their job.

Describe your first deal and how much you made on it?

My first deal that I actually saw through from beginning to end was one where I borrowed hard money ($41k), rehabbed the home $7k) and then eventually resold for $65k.  I did 7 deals after finding that one in which I bird dogged and made $1k per deal.  I did those 7 deals in six weeks.

Describe your biggest deal (purchase price) and how much you made on it?

My largest purchase to date is $1.4 million, however I haven’t realized my profit on that one yet.  Seven figures potential on this one. I’d also building a home in North Carolina that I’m into for over
$1,000,000, it will be a very sizable pay day as well.

What was your worst deal and did you loose any money on it?

Yes I’ve lost money a number of times on deals.  It comes with high volume. My worst was one that I sold with owner financing and had to foreclose on. I ended up losing about $30k on the deal when it was all said and done. My dead beat payor trashed the home.

Any favorite real estate web sites, books, software, mentors etc.? Is there anything else you want to add?

Of course my favorite web site is my own site: http://www.flippinghomes.com/

What are some of your philosophies on life and success?

God can’t give big assignments to those with small character!

What are some of the pitfalls of real estate investing, especially when starting out?

Eagerness and greed leads to mistakes.  A good teacher is worth their weight in gold.

What is the one thing you love most about your job?

That I don’t have one!  I love the freedom that being an investor gives me.

What is the most important quality someone can have to be a successful real estate investor?

Persistance.  It’s not easy, but those who get back up every time they get knocked down will eventually figure things out and be rewarded for doing so.