Lee Taylor is a real estate investor in the Middle Georgia area. Like many, he had a corporate job in transportation managing a trucking company. His career in investing began after he reached out to a friend of his who went on to help Lee with his first property. Lee bought his first investment property in August 2016, his first flip in August 2017, and was able to quit his job and begin investing full-time. With over 34 properties purchased already- most of those with some type of partnership- he has big plans for house flipping in 2018. “It was a challenge but we scraped and hustled and made it work, and we’ve just taken a lot of action,” says Lee. Lee shares with Danny the ins and outs of his business and how he decides which options are the best for house flipping in 2018. He explains that one of the most proven methods for finding deals and private lenders is networking and relationship building, and contributes much of his success to these methods. “I don’t believe in competition, I believe in collaboration.” He now focuses on lead generation, and later goes into detail about his various exit strategies depending on what is the best option for the given property. After establishing himself in his market, Lee made the decision to co-run his local REIA with a fellow investor, and dedicates a great deal of his time to helping and educating other investors in his area. He is appreciative of the opportunities that came to him from different events and groups, and wants to be able to share what he learned with others in a collaborative effort, rather than strictly competitive. As the market appears to be beginning to change, he hopes to one day expand into other areas of the industry such as property management and construction.
This week’s FlippingJunkie podcast episode begins with a FlipPilot update!! We’re so excited as we get closer and closer to the launch, and we appreciate your patience. “We’re working to make sure that when we do launch, everything that you need to run your business is in that minimum viable product,” says Danny. In the meantime, check out our FlipPilot Key Feature Videos on YouTube and join our private FlipPilot Facebook Group, and know that we’re working hard to put out the best product that we can!
Brad Woodall’s real estate investing journey began all the way back in 2005, when he was only 21. The market crash led him to a job in corporate America where he worked in fraud prevention and investigation for about 10 years. When his first son was born in 2015, he knew he wanted to be able to be around and involved in his children’s daily lives and knew that going from part-time to full-time real estate investing would provide him with the lifestyle he wanted.
Along with a new baby came a new mindset, and Brad dove back into investing while still working full-time. Like many of us, he binged on every podcast and book on real estate investing he could find. That same year, he set up his LeadPropeller website and now uses LeadPropeller Fuel to handle his site’s SEO (Brad mentions that he once got a lead from a blog post, and one even from a YouTube video thanks to his site ranking). In May of 2016, he sent out roughly 300 pieces of direct mail and in October of the same year he landed his first deal.
Fast forward to January of 2018, Brad was able to quit his job and go from part-time to full-time real estate investing. He goes on to discuss his typical walk-through method and what he’s found has worked for him in the past. With an offer already in his head, he tours the house with the seller and gets to know them and try to learn their motive for selling. Brad and Danny emphasize the importance of building rapport with your sellers. “Just be conversational, just be a real person. They just want a real person there to talk to,” says Brad, who prefers to take the time to sit and get to know the sellers and establishing a relationship beyond just the numbers.
Mike Hambright has been investing for a little over 10 years and operates FlipNerd.com where he educates real estate investors. After losing his corporate job due to downsizing and with a newborn son, Mike decided to dive into real estate investing. “I didn’t want to work really hard for somebody else anymore,” said Mike. He got into the business right before the market crash in 2008 (despite everyone’s advice not to), and he and his wife found great success in the downturn. When he first began, Mike was a little naive to the market. He had no interest in networking because he saw others as competition, but after a year of building his business he realized the value of networking and building relationships with others in your market. After doing a deal with another investor, he had the realization of, “why wouldn’t I want to be around more people like me?” Mike discusses with Danny how he formed his relationship with his bank in the beginning. While at first the lenders were hesitant, once he showed them his past deals and the transformations they went through it was much easier to get their support. He also mentions his “rehab live” method, where he takes people through the house at 3 different points: beginning, middle, and end. This is to really showcase the transformation that takes place in his rehabs and talk about the work he was doing, and through this he established many relationships and really built up his network. Mike also stresses the importance of laying your business’ foundation before anything else. Without systems and processes, your business will not be able to grow like it could. He mentions that while you may have gotten into the business for freedom, it’s going to take work to get there. After coaching other investors for almost 9 years, Mike says that those who have trouble finding success are the people not willing to put in the hours and work, and realize that the business is so much more than the glamour that you may see on tv.
Frank has done 38 deals using LeadPropeller Fuel.
Frank Heron from Naples, Florida. He covers the Southwest Florida market which is Naples, Florida, up the coast to Bradenton. He is married to his wife and business partner Jazmin of 12 years. They have two beautiful little girls, Valentina who's eight years old and the youngest Francesca who's two years old. Who often drive around saying, “Daddy that house needs money.” He has been in the business since 2012 and been a part of over 1,000 transactions. Now he just concentrates on 100% wholesaling.
This week’s episode is about the real estate success principles necessary for you to build your best possible business. Danny is joined by James Steffy, listen along as they talk about following up, making offers and the importance of understanding your sellers. James Steffy first got into the real estate investing industry 4 years ago after returning home from South Korea where he and his wife taught English classes. Taking the decision into their own hands, they took a mini tour across the U.S. to cities like Atlanta, Houston, and Sacramento so they could make the best decision about which market to dive into. Ultimately, they decided to stay in the Tampa-Bay area of Florida and it was there that Steffy started his own real estate investor business. Steffy started out by listening to various podcasts and the FlippingJunkie blog, but like many people, he was overwhelmed and unsure of where or how to start. “I was brand new to real estate investing at that time. I had been reading a lot about the business and knew it was what I wanted to do, but was feeling overwhelmed with actually taking the first steps to get started,” says Steffy in an email to Danny. After following a course offered by Danny at the time, he was able to find the courage to take action in his journey. His first deal was less-than-perfect and in a rough part of town, and while he put almost all of his money into it he soon realized he couldn’t sell it. At the same time, he began going to local investor meetings and networking, which pointed him in the right direction to take his business to the next level. Steffy also discusses his experience with cash offers versus owner financed offers. After finding that he was not having as much luck with his cash offers, he began offering the two options to sellers at the same time. “You never know what someone is after,” says Steffy. He goes on to say it’s important to know where your seller is coming from financially, but more importantly, emotionally, so that you can really understand their situation and better cater to it, which will in turn mean a better turnout for you as well. “The more appointments you go on, the easier it gets.” Danny and James go on into further detail about the importance of following up even after a no, the importance of making an offer, how they’re adjusting to the changing market, and more of the real estate investing success principles involved in building a successful real estate business. While there are some key steps you can take to set you apart from your competition, both agree that there is no “magic answer” to it all.