I'm not going to lie. Real Estate Investing in NOT easy, especially when you first get started. Whether your flipping or converting or renting or whatever, there is a lot to learn and most of it comes the hard way. After completing my first renovated flip, I swore that I would never attempt another. I got over it and a few months later I was back at it.
This stuff is definitely not for the faint of heart. It can be stressful and there are deadlines. To be profitable you must have a good plan and when your plan goes astray, (and believe me it will) you have to be strong enough to hold it together and roll with the punches. Revise your plan and move on. Mistakes will happen, it's how you react to them. I know folks who have lost their shirt in this business. I also know people who have made a small fortune.
If and when you run into trouble, ask for help. Have a mentor, someone who has done similar deals to the one that you are doing. Be sure you trust your mentor or whomever is giving you advice. Don't listen to your grandma, your friend, and especially not the guy next door. Everyone thinks that they know something, but it's your money.
Make sure that you have a reserve funds for when things go bad. One of the biggest stresses is because of money, of course. Make sure that you have enough for your entire project. There will be many unforseans, even for seasoned investors. Running out of capital is enough to make you want to jump out of that new window that you just installed.
My rule of thumb is, if your too nervous, don't do it. Things are bound to go bad when you don't feel confident. Take risks, but calculated risks. Be sure that your profit potential far outweighs your risk of loss. The best deals are ones with almost no chance of loss. These deals are rare, unless your doing rental, but they sure are sweet.
You must expect things to go wrong. Plan for the worst and not be surprised when it really happens. This is a very exciting and rewarding field...if you can make it.
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