Today I was able to somewhat create a flash effect for the text. I haven't found a script that actually works with my game but I was able to do a simpler method of creating a sprite and sub-images inside of it. I created multiple subimages containing the text and then other subimages where it is left empty. I then added a small script so that the images will change and loop from there:
image_speed = 1;
At this point, I am experiencing a little difficulties with resizing the objects as they are always too large or too small. I'm not sure why it is happening as resizing was easy to do when I first started with Game Maker. For now, the flash text I created is what I wanted.