Horane Haughton is a Managing Partner at Virtus Investment Group, a Real Estate Investment company based in North Carolina. I connected with Horane while he moderated one of Clubhouse's chatrooms and discovered he was a wealth of REI knowledge. An ex-Marine, he followed his time in the military as a Software Development Engineer, working for large corporations including Monitech Inc and Deutsche Bank. Horane currently creates systems and processes for Virtus to understand the real estate market better and ensure his company's growth in the face of fluctuating economic conditions.

In today's episode, Horane joins me to discuss his early success in wholesale investment and why such early success can weaken business planning foundations. He discusses the lessons learned when he and his business partner 'scaled too fast,' leaving them with a lot of bills and not a lot of deals. Horane reveals how they had to reset their mindset in the property game and learn how to construct a solid plan of action and formulate strategic planning to understand if and when they were spending too much money. He also explains how a mentor in the business can help you cancel out the noise of the YouTubers' advice and save your business a lot of money in the long run.

"One of the biggest challenges is to try to reset your mindset. Reset. And learn the things that you didn't learn in the beginning" Horane Houghton

"One of the things that we learned is that our backyard is not always the best yard to play" – Horane Houghton

"Not scaling properly - for us - was a failure to actually put a proper plan of action in place" – Horane Houghton

"You can't just throw money at the wall and say, 'Hey you know I've $10,000 I want to make $100,000. That's just not how it works. You still have to have a proper plan" – Horane Houghton

"For me, scaling is understanding your market -understanding how you're approaching your market every single day" – Horane Houghton

"Now listen. Pay that extra dollar to get that mentorship. Trust me. It will save you a lot of money" – Horane Houghton

This week on Flip Talk:

Why early success can teach you the wrong lessons in Wholesale Investing
What happens when you scale too fast
What it means to 'scale' properly
What your Plan of Action for scaling should entail
How seeking out a Mentor will save you a lot of money
Why cold calling is Horane's marketing tool of choice

Resources Mentioned:

Clubhouse

Connect with Horane Haughton: