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Flipping Junkie Podcast with Danny Johnson

Flipping Junkie is a podcast for people addicted to flipping houses, wholesaling houses, and real estate investing. Danny started flipping houses in 2003 and has chronicled his journey to help house flippers both new and experienced. Subscribe for weekly episodes featuring interviews with people just getting started as well as big name investors like Brandon Turner of Bigger Pockets and Justin Williams from House Flipping HQ. The podcast covers a range of topics like what is working today to find great deals for flipping, how to properly analyze deals for flipping, renting and owner financing, determining repair costs, finding contractors and managing rehab crews, what improvements to make and how to quickly sell your houses for big profits and so much more. Don’t worry, we won’t leave out the serious mistakes that you need to avoid when get starting and growing your real estate investing business. Join Danny Johnson to get the inside scoop on how to get started and how to stay successful to create true financial freedom for yourself and your family.
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Flipping Junkie Podcast with Danny Johnson
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Now displaying: September, 2018
Sep 24, 2018

In episode 120 of the FlippingJunkie Podcast, Danny is joined by Mike Cowper to discuss how he got into real estate investing, his rapid growth, and how he did it all with the help of a CRM software. After tossing the idea around for many years, Cowper jumped into the industry in 2014 when he realized that it was time to stop talking about it and finally make it happen. He started out by trying to obtain as much knowledge as he could by joining every group and attending every meet-up, constantly surrounding himself with people who were better than him at what he was trying to accomplish. Through the help of a mentorship program, he quickly bought his first house. Cowper went on to work for Mike Simmons, a real estate investor who at the time was moving toward wholesaling rather than flipping. With a strong sales background, Cowper had a skill to offer Simmons so it became his responsibility to acquire properties. Now the two have a division of labor that allows for a system of checks and balances and really pulls to each of their strengths, and both credit their success to “creating systems, processes, and hiring people,” which ultimately pushed their business from earning $250,000 a year to $1,000,000 a year. Cowper later discusses his hiring process with Danny, and how he’s found a great significance in systemizing the entire process. He compares it to his LeadPropeller website, saying “We always want to find leads, you have to do that with people also.” This leads to a conversation about the necessity of a software to help your flipping business. Danny and Cowper discuss the problem with the automation softwares available now, and Cowper shares how his current systems are unreliable and often make mistakes that have potential to cost his business money. He states how this is not just an issue of liability, but an issue of credibility in how his business is perceived by the public. Ultimately, he hopes to find a CRM software for his flipping business that will make him feel confident that things are going to be taken care and can trust the system and let the stress go, and mentions his eagerness to see how FlipPilot will solve any problems he’s currently facing in running his business.

Sep 17, 2018

Darren Smith has been into real estate investing since 2003, and throughout that time his business has been through a series of dramatic changes via the help of a solid team and business coach. After spending many years in the army and later in IT, Smith became attracted to the idea of real estate investing through a good friend. However, not long after taking action he realized he was in over his head and his business shortly crashed. After deciding to go back to school to get his masters, Smith shifted his focus back to his job in computers, but he found that his love for real estate never left so he decided to jump back in about 5 years ago. After signing up for every wholesalers website he could find, including LeadPropeller, he got a call from someone in the market who took Smith under his wing. While he made next to nothing, he was able to learn things like rehabbing, contracts, and more without any of the financial risk of losing his own money in the process. Smith and his wife moved to Colorado shortly after and he began his own business there- Sell My House To Smith. At the time, he was running the entire business himself as he always felt like he just wasn’t there yet and was concerned about the added stress that came with being responsible for others and their livelihoods. With the help of the Mastermind group that both he and Danny are apart of, he finally found the courage and within 30 days had hired 3 new team members to work for him. He found himself surprised at the talent that came in to apply for him and the experience helped him to realize the, “huge difference between having someone who’s good at their job and having someone who is just so much better than you at what they do.” Aside from a strong team, Smith and Danny also discuss the guidance and the peace of mind that a business coach provides for their real estate businesses. “I wouldn’t be here today without him,” says Smith in regards to his own business coach whom he met at via The Alternative Board, which offers business coaching and advisory board services. All it took was one session for Smith to realize what his business coach had to offer him, his real estate business, and his team. In fact, Smith is so confident in the help that his coach provides him that he meets with him himself every two weeks, and his operations manager meets with him monthly, as well as a team session that Smith says helped to really bring his team together and form a stronger unit. Smith also discusses his excitement for the upcoming release of FlipPilot, and mentions how his own team was blown away after the chance to sit in on an hour-long demo with Danny. “We love all your other products you’re doing for us, so we can’t wait to get FlipPilot going.”

Sep 10, 2018

In a few short years time, Henry found himself transitioning from a single lifestyle- where he only had to worry only about himself- into a married man trying to provide for his family. That’s why one year ago, Henry Washington decided that taking action and pursuing his real estate investment journey was the next step, and it’s been a whirlwind ever since.

Even with a full-time day job in IT Project Management, Henry was unsure how we was going to be able to take care of his family. Desperate, he began looking into his options and decided that the financial freedom that comes with real estate investing was the best option for him. Still though, the fear of spending it all for nothing in return kept him from making the first leap. This fear was essentially keeping him from taking action to achieve his dreams. “We wouldn’t have had as much success that we’d had if my mindset wasn’t in the right place,” says Washington.

Entirely unsure of where to even start, Henry starting taking action and began by reading books and listening to the FlippingJunkie podcast. This education led him to the decision to take action again and create his own real estate investment website using LeadPropeller. After first taking action, in his first year alone, he has acquired roughly 30 deals, including flips, wholesales, and rentals and his business only continue to grow. Listen along as Henry and Danny discuss taking action and how Henry was able to get over those fears with creative problem solving, the first steps he took to get into the industry, and how he’s expanding his clientele and establishing credibility and trust in his area through networking and maintaining relationships!

Sep 4, 2018

Dave Rose has been flipping houses in San Antonio, Texas, for over 8 years. He is a firm believer in keeping it simple. His plan is to build a huge rental portfolio that will allow him to achieve true freedom. Dave has been interested in real estate from the time he was young. He started as an adult with wholesaling, then started picking up rental properties in any condition and has continued to grow his real estate portfolio. He occasionally does flips to bring some variety into his routine. Dave talks about being a pioneer and using the BRRRR Process, (Buy, Rehab, Rent, Refinance and Repeat) that helps you be in with little to no money on the deals if you buy them right. Danny and Dave talk about how the deal volume and how the wholesale market is being driven up by competition and watered down product raising prices that caused Dave to shift from wholesaling to focusing on building a rental portfolio and doing more rehabs. The power of networking is what helped Dave get started in the industry and when the opportunity presented itself, Dave wasn’t scared, didn’t hesitate, he jumped in and hasn’t looked back. He started on a 100% commission based structure working as acquisitions for both buying and selling. This experience helped him understand the industry and that many people don’t “think like he does” and are willing to take different offers on their properties. He learned a lot about making offers and ultimately that you don’t know what people are willing to accept, especially when they are treated with respect and care. Dave says, “we aren’t here to make their decisions, we are here to solve their problems.” when it comes to talking with potential sellers and before he goes about making an offer on the property. Danny reflects on how important it is to connect with motivated sellers to understand where they are coming from to really serve a need and help them. Only around 10% of people they buy homes from are in a really sticky situation where they need their homes purchased right away. A small percentage of the overall. Understanding these components can really help you understand how to convert to more deals when making offers. They discuss an example of a property where Dave worked with the seller to give an extended closing date and how things like help with moving, help with finding a place to go are factors in the seller’s decision making process. Dave takes a more personal approach instead of a cut and dry business approach when making offers and conducting his business. Money isn’t everything, there’s a lot more to the business than just making money - they discuss how they are in the business of truly helping people and how this factors into every offer they make. Dave still goes on appointments and discusses his approach to this more personal than business approach. He talks through several examples of how he’s able to connect with the different sellers he meets with on a regular basis. Danny and Dave talk about strategies to still be able to spend the time with potential sellers rather than just treating the deals like a conveyor belt and how this has helped him when making offers. . Especially when you have a team working for you and you aren’t on every call. Dave speaks about how majority of his business at this point is repeat, word of mouth and referrals, he credits a lot of this to the personal connection he’s making with the sellers and his ability to hear and help them. Danny asks Dave for any predictions for the changing marketing upcoming and how that might affect them making offers. They discuss how their strategies and integrity can help them weather the storm. Dave predicts the market slowing and prices dropping, he predicts that certain areas that are really overpriced will come down and will be helped by the interest rates to bring that down. He doesn’t expecting anything like ’08-09 but more of a healthy dip in the market. Dave is wanting to buy more rentals and do more flips moving forward, isn’t as interested in owner finance. Dave is more interested in building his portfolio so he has a steady stream of regular income. He feels like rental properties are the path to creating his true freedom. He’s looking to bring in around 120 rentals in 5 years and wants to be at 300 rentals in ten years. Dave and Danny talk about different types of rental properties he seeks out and what is in his portfolio. His portfolio carries a blend of different types of properties including multi-unit and single family homes in all different areas of the city. Dave talks about what materials he uses in his rentals. He uses IKEA cabinets in all of his rentals and actually uses quite a bit of materials from IKEA. He buys higher quality materials that are used every day like door handles, and even uses solid doors. Even though they cost more up-front they end up saving money in the long run. He recommends to make sure there’s a clean out on your sewer line because they will always back up. They talk about how the process doesn’t change from a flip to a rental, putting in floors is putting in floors. Take it room by room and follow the process. Dave talks about how he doesn’t want a big business so he’s not looking to bring in a big staff but is looking to hire someone to help with property management and possibly some sales and acquisitions. Dave had a first look demo of the new FlipPilot software so he reflects and gives his first reaction to seeing the system. He says that what’s out there to manage REI businesses isn’t really that great, and says he saw a very well polished system. He said the system was thoughtful and seemed to include a lot of functionality. Dave mentions the value of what you will be getting with all of the different parts at the cost and that at first glance if you utilize the program it should make you 10 fold what you pay for it if you use it properly. For more information on FlipPIlot, sign up for our emails on flippilot.com and get ready for our beta launch in September. Dave’s contact information: 210-632-1432

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