Hal Elrod is the #1 best-selling author of what is now being widely regarded
as “one of the most life-changing books ever written” titled, The Miracle Morning: The Not-So-Obvious Secret Guaranteed To Transform Your Life… Before 8AM. It is also one of the highest rated books on Amazon with over 1,300 five-star reviews!
What’s even more incredible is that Hal actually died at age 20. He was hit head on by a drunk driver at 70 mph, broke 11 bones, died for 6 minutes, and spent 6 days in a coma only to wake up to face the news that he may never walk again...
Not only did Hal walk, he went on to run a 52-mile ultra marathon, become a hall of fame business achiever, an international keynote speaker, one of the world’s top success coaches, he’s a hip-hop recording artist, has been featured in the Chicken Soup for the Soul book series, writes for Entrepreneur.com, has appeared on radio and TV shows across the country, and the list just goes on and on.
Robert Kiyosaki, author of Rich Dad Poor Dad said the following about Hal: “Hal Elrod is a genius and his book The Miracle Morning has been magical in my life. As my rich dad often said, ‘I can always make another dollar, but I cannot make another day.’ If you want to maximize every day of your life, read The Miracle Morning.”
As the bestselling author of The Miracle Morning, I brought Hal on today to talk about how you can change any—or literally EVERY area of your life, by simply changing the way you wake up in the morning—even if you’ve never been a morning person.
During this episode, Hal talks about the ‘5 minute rule’ he learned as a salesman. It’s what helped him to stay positive after his experience with the car accident. This is a power rule to live by in and of itself.
A favorite quote of his is from Jim Rohn. Jim Rohn said, “Your level of success will seldom exceed your level of personal development, because success is something you attract by the person you become.”
That quote is HUGE! You must become the person required to achieve the success you want. Focus on improving yourself.
During the interview we also talked about SAVERS. That’s an acronym for each of the 6 practices that make up a miracle morning.
S stands for silence. This is where you spend 10 minutes practicing deep breathing and meditation.
A stands for affirmations. This is where you affirm who you are and who you want to be.
V stands for visualization. This is where you envision yourself doing the things necessary to become who you want to be in order to achieve what you want to achieve.
E stands for exercise. Do it. Feel better. Live better.
R stands for reading. Read and learn to grow.
S stands for scribing. Journal. It’s a great way to reflect on your days and how you are progressing. Plus, it will become a treasure that you can share and pass on to generations after you.
I want to personally thank Hal for being on the show and taking the time to share his story.
Marco has been interested in real estate since reading Rich Dad Poor Dad at an early age. After laying out a success strategy, he began to acquire the skills he would need in order to build a career as an investor. He gained valuable people skills by working in sales and the restaurant field. The experience he gained by working with a wide spectrum of individuals was critical to his success with investment properties.
Since obtaining his real estate license over seven years ago, he has worked for several investment companies in San Antonio and now successfully runs his own business independently.
He has spent time in all realms of residential real estate, from standard single family homes to small multi-family properties. Taking what he has learned in other fields, Marco has followed the philosophy that a transaction is never about the property, but the people.
In this episode Marco walks us through his start in real estate investing. He walks us through his reasons and how he setup his companies for asset and liability protection.
So many new investors use the question of which entity to set up to stay in their comfort zone and not take action. Marco advises against that and recommends you take action and then setup your company.
Obviously, if you have a lot of assets to protect you might want to set up the entity first. Otherwise, you should just get out there and make it happen and worry about it later.
Nathan Brooks is a dad, husband, worship leader, and real estate investor in Kansas City. He’s also a foodie, coffee addict and Crossfit junkie. He’s a real deal real estate investor that did about 60 deals last year and plans to do even more this year.
On today’s episode we talk about how to quickly realize what you’re good at and should focus on, and what you’re not so good at and shouldn’t be doing.
Nathan mentions that if there is a pile of papers on your desk, that’s a pretty good way to figure out what you don’t like doing…
A great piece of advice for hiring people to do tasks for you that won’t require a full-time position is to hire friends, family, neighbors, etc to work with you part-time. It’s a great way to spend time with people that you don’t get to see too often and get things off your plate.
We also talk about how being able to explain the exact processes you use in your work to other people helps you to clarify exactly what you exactly do, and improves the processes because you realize things that you wouldn’t if you just continued to mindlessly do the tasks.
An unexpected turn for the podcast was also a powerful realization. Forgiveness is a big deal in the health of organizations. As you start to work with more and more people, it’s very important to be open to forgiveness so that you can work through issues and improve the processes along the way.
This is the fifth episode of the flipping houses training series we are doing on the podcast.
We’re still in the foundation stage where we help you work on your mindset and improve yourself so that you are prepared to get out of your comfort zone and make things happen.
The podcast is being released every Monday now. This way you can listen in while headed to or from that job that you are working on leaving behind. :)
Mark J. Podolsky (AKA The Land Geek) is widely considered the Country’s most trusted and foremost authority on buying and selling raw, undeveloped land within the United States.
He has been actively investing in Real Estate and Raw Land since 2001, and has completed over 5,000 unique transactions. Mark’s company, Frontier Equity Properties, LLC, is an A+ rated BBB real estate company.
Mark has achieved this level of success largely due to his core business philosophy – “Happy Customers Guaranteed.”
Mark is the host of one of the top rated podcast in the Investing Category on iTunes, aptly titled: The Best Passive Income Model. He is also the host of the Land Geek Podcast: Work Smart. Earn More. Learn How.
In this episode, Mark shares with us his views on when you should quit your day job and start flipping houses.
We know that everybody is at a different place when it comes to how much money they make, what responsibilities they have, families to care for, etc. so we decided to talk about 3 different scenarios for where you might be when making the decision to go full time or get started in this business.
I think this boils down to each persons situation, so let’s try to cover several common scenarios:
1. In college, but realizing the corporate world isn’t what they really want. Have the opportunity to live and their parents’ house. Single, so don’t have to support a family. Don’t really have much money at all because either not working or working an entry level job. What do you recommend in this situation?
2. Second scenario: working an entry level job making just above minimum wage and have a family to support. They don’t really have any money available at the end of each month, creating a shoestring budget for finding deals. What do you recommend for this person that really wants to stop trading dollars for hours and provide much more for their family?
3. Working at a corporate job making a decent salary that is sufficient for themselves and their family. They’ve got a little extra money each month and can afford to take a little time off. What do you recommend for this person that wants to exit the rat race and choose their own hours and be their own boss?
The answers to these three questions are in the interview. Listen and enjoy. Thanks!
Jason got his first taste of real estate investing after joining a local real estate club. In 2012, he made his first transaction and hasn’t looked back since. Jason founded HoustonHouseBuyers in July of 2013. In its' first year they produced $3MM of gross revenue, through wholesaling, leasing, and flipping 70 houses. HoustonHouseBuyer's is expected to buy 100 houses in 2015 and produce nearly $6M in gross revenue.
In this episode Jason talks about some of the realities he feels most new investors aren’t prepared for. We want you to be prepared so we discussed them in length.
Key takeaways are that this should always be looked at as a business and not just something you can do willy nilly.
Always focus on a strategy and become the best at it because you will get nowhere fast by trying to learn and use every tactic out there.
Things I’ve run into:
Contractors don’t all do a great job, manage themselves, get done on time and all for a great price and you will have to have the courage to fire them.
There are a lot of people out there that are will to sign a contract and then not honor it (sellers, buyers, everybody in between).
When a seller says the house doesn’t need any work, rarely is it true.
There are places in town where druggies will attempt to jump into your moving vehicle.
Nobody is going to care about your work as much as you will (realtors, contractors, other investors)
The hours aren’t going to be 9-5.
I’m sure you’ve run into issues that you didn’t expect. What were they (let us know in the comments)?
Andy McFarland is a self-made real estate entrepreneur who started with nothing and currently makes seven figures a year in his real estate business.
After getting fired from his last W-2 job in 2004, Andy went into real estate full time and has never looked back. Andy currently focuses on wholesaling properties in three different states; Utah, New Mexico, and Indiana. In 2015 alone, he did over 150 deals!
Andy has been married for 10 years and currently resides in Farmington Utah with his beautiful wife and three amazing children. Andy enjoys being around family and friends and continuing to grow and learn every day. You can follow Andy on his real estate journey by going to his website: www.iloverealestatestories.com or on his YouTube channel by searching for I Love Real Estate Stories.
In today’s episode we talk about how people need to take action to overcome fear and find out what they need to learn.
Too many new real estate investors spend countless hours, days, weeks, months and even years study all there is to know about flipping houses but never take any action.
The reason for this has to do with fear and the Confidence/Competence Loop. Here’s an excerpt from the <a href=“http://blog.kevineikenberry.com/leadership-supervisory-skills/the-confidencecompetence-loop/” target=“_blank”>Leadership and Learning Blog</a> with Kevin Eikenberry:
Let’s take a task you likely know how to do well, like riding a bicycle. Are you afraid to ride a bike? Likely not, because you know how to do it. So if I give you a bicycle and invite you to ride, you likely will do it right away – there is no reason to delay, there is no real fear, you just ride. If I gave you a unicycle instead, for most people, fear would well up – and they wouldn’t even get on the seat.
So how do we get started?
We put our butt in the seat.
Action overcomes fear.
In the Podcast episode, Andy talks us through how he did his first deal by just jumping in and figuring it out.
We only need to focus on the immediate steps to achieve a simple, clearly defined goal. These simple goals can be, ‘get my first deal’, ‘get my first motivated seller call’, and/or ‘go to an open house’.
It doesn’t really matter what it is, just choose one. Focus on it and do the things that will get you to accomplish that goal. DO NOT waste time learning about sandwich lease options before you ever talk to a motivated seller. Work first on talking to some motivated sellers.
Marcus E. Maloney is a Real Estate Investment Strategist that has an eye for real estate oriented solutions. As the Founder and Principle of 3rd Generation Mgmt & Holding LLC, the firm has done and assisted with an innumerable amount of real estate transactions. Marcus holds a Master of Business Administration; which provides him a proper knowledge and understanding of business applications and practices. As a philanthropic effort Mr. Maloney also has assisted with the development of State licensed facilities that acquire property for transitioning youth.
Marcus’s childhood was a lot like mine in that we both did demo on rehabs as children. His parents were fixing and flipping and my dad was working as a contractor for real estate investors. We both learned how hard that kind of work was and that may be one of the reasons we both decided to aim bigger.
This episode covers a very important step in your path to becoming a successful real estate investor.
Marcus’s first goals when he was getting serious about real estate investing revolved around building the right connections. He hustled and hustled and stayed persistent. He talked to a lot of people and built lasting relationships where he was able to provide value and gain education.
This isn’t just for new investors. This is for anybody, at any stage in their life. There is always something to be learned and the best way to learn it is from someone already doing it.
Marcus talked about some of his goals for 2016 which include:
Writing his first Ebook about birddogging
Increase his deal conversion rate to closing 1 deal per 25 leads
Writing 26 blog articles
Giving away more money than he did last year
Here are the steps Marcus outlined and went into detail on during the interview:
1. Define Purpose - Who you are. What you are trying to do.
2. Visualize and Confess - Visualize yourself the way you want to be with regards to Spiritual goals, physical goals, family goals, community goals and business goals.
3. Association - Find someone that is doing what you want to do or being the way you want to be and ask them for help so that you can do what they did
4. Strategize - Determine your results for the end of the year and reverse engineer your goals so that you can get specific in what you need to do this week to get started
5. Take Action - Goals are worthless without action. If you don’t have your “why” figured out correctly, you won’t last outside of your comfort zone, which is where you need to be if you are to grow. Welcome embarrassment. Challenge your fears.
Brant is a full-time real estate investor, business owner, entrepreneur, author & speaker. He has been featured on Fox News, hosts local seminars and is even being considered to star in one of those “Flipping Houses” TV shows.
Brant is a proverbial ‘rags to riches’ story, while living in an apartment and having no money, was able to purchase his first investment property on a credit card! He went on to by 10 properties that same year with no money down and within only a few years later, has rehabbed hundreds of homes and now owns a portfolio of rental properties worth millions and routinely flips houses for fast cash.
Brant is a former police officer who prides himself on integrity and serving others. He is a husband and father of three and enjoys helping and teaching people to experience the freedom and success he has achieved through successfully investing in real estate.
“I want to see you succeed and I don’t want to let you down, I hope you take action today and see incredible results soon!”
In this episode Brant shares with us what he calls the 4 Pillars of Power: Mindset, Skill set, Environment and Accountability
His main takeaway here is that it’s of the utmost importance to be clear about what you want and who you want to be before anything else.
You’ve got to work on all aspects of your life to be a true success. His 4 Pillars of Success are Business, Faith, Family and Fitness. Work on all of these things.
Don’t just focus on business. You will grow much faster in each area when working on the others.
He has a “power hour” each day where his kids know that he has to turn off the computer and turn off the cell phone and focus and be present for them. They hold him accountable.
His wife and kids also send him a score card email each month that rate him on different aspects of his life. This is an incredibly good idea that we should all incorporate.
Here’s Brant’s process to determine what you want and how to find out who you are
1. Be ok with where you’re at - Eliminate self-abuse - That was the past, let it go
2. Go to a quiet place and really consider where you want to be within the 4 pillars of success
3. Start Living Your Passion Right Now by commitment to work on each area DAILY
He also like to create names for targets of goals so that they become more fun and easy to keep in his mind. He has Operation Adoption which is his goal to adopt by the end of the year (he already has 4 kids of his own).
Make a plan for yourself, otherwise you’ll end up a part of someone else’s plan. - Jim Rohn
Danny is explaining the new direction for the Flipping Junkie Podcast in this episode.
We are moving to a format where each episode flows from the previous one. The first episodes will cover mindset and then move into building your team, funding, analyzing deals, finding deals, negotiating, working with contractors, determine repair costs etc.
It’s basically a free real estate investing training course in podcast format!
Let us know what topics you want covered and who you’d like to hear Danny interview for each topic by leaving a comment on the Facebook page at http://facebook.com/flippingjunkie
Also Melissa (Danny’s wife) is going to be sharing more of what we are doing in our house flipping business for 2016 on the FlippingJunkie.com blog and on Instagram (http://instagram.com/flippingjunkie).
We’re going to flip over 100 houses this year. Follow along and let us know what you want to learn about.
Jason got his first taste of real estate investing after joining a local real estate club. In 2012, he made his first transaction and hasn’t looked back. Jason founded HoustonHouseBuyers in July of 2013, in its' first year produced $3M of gross revenue, through wholesaling, leasing, and flipping 70 houses. HoustonHouseBuyer's is expected to buy 100 houses in 2015 and produce nearly $6M in gross revenue.
Jason has more than a decade of experience in risk management in the private and public sector. He managed the risk finance program for The University Of Texas Health Science Center at Houston. During his tenure he managed the workers’ compensation program for 5,000 employees, property conservation program for $2B in insured assets, business continuity and emergency response program. He also managed the Fire and Life Safety program responsible for nearly 5MM gross square feet of laboratory, class room and office space. His program additionally reviewed plans for new biomedical research facilities, one facility built annually during his tenure at $250MM per project.
Jason has a BS in environmental Science from Sam Houston State, Masters in Security Management from The University of Houston and an MBA in finance from Houston Baptist University. He lives in Houston with his wife Sarah and two sons, Cameron and Carson.
This episode is full of great tips on getting funding from when you don’t have any experience real estate investing up until you’ve built relationships with small local banks.
It took Jason 6 weeks to buy his first house which was a rental. He worked through the tough times making 15-20 offers per week and not getting very far.
Then he decided to partner with someone and put a 40k budget to work for marketing.
That’s how you get the ball rolling!
So many people are afraid to spend money to get the deals. The fact of the matter is you can net over 40k on a rehab and do it multiple times for that 40k budget in marketing.
The numbers don’t have to be that big, but an investment will likely need to be made to get going.
Jason’s tips for finding a good hard money lender to get funding for your first deals are as follows:
* Go to local Real Estate Investor Association meetings
* Find out who does lending and how long they’ve been lending and how many deals they’re funding per month
* Narrow down your list to the ones that are doing the most and for the longest amount of time
He was paying roughly 3 points and 13% interest for his hard money loans in the beginning. Those aren’t bad numbers for hard money.
After getting some deals under your belt, put together a packet showing before and after pictures and the numbers for the deals to show to potential private lenders.
Private lenders are people that lend money to investors to fund their deals. They typical lend the money because the interest paid is much better than other forms of investing and a lot less risky.
The best thing to do when looking for private lenders and who to borrow from is to find the ones that are already lending to other investors. This way you don’t have to convince them to lend money. You don’t ever want to have to do that.
Nathan Cron is the broker at New Western in San Antonio and Austin. They did 370 deals last year!
Nathan is also a good friend of mine and we have done a lot of business together. He is one of my ‘go-to’ guys whenever I wholesale a deal.
In this episode, Nathan shares how he got started in this business by answering a newspaper ad after college. He credits his success to being blessed to get started with that company and getting the proper training. He now gives back by helping people get started through New Western.
He shares the stories of a couple of deals where he bought them, fixed them up and then rented them out for incredible cash flow.
Nathan shares my belief that it’s important to buy conservatively (cheap) and try to stay as debt free as possible. We talk for a while about how the market is always cyclical and if you want to be successful throughout each cycle, you have to be somewhat conservative.
Nathan’s strategy for attaining his goal of $10,000 month in passive income is just plain smart. He waits until he has the cash to buy the house without a loan. This way he gets incredible cash flow, tax benefits and security. He’s also a little different in that he rehabs these houses as if he is going to sell them. Most landlords do lesser rehabs for rentals to save money. He doesn’t want to have calls about broken toilets and clogged drains so he makes sure his rentals will be as maintenance free as possible. This also does wonders with attracting the “right” tenants. The tenants that won’t make your life miserable.
We also talk about how being resourceful is what separates those that succeed at real estate investing from those that do not
Anybody that’s followed the flipping junkie blog for any length of time knows I don’t care much for rentals (really, more specifically, managing rental properties). I really enjoy just fixing up a piece of junk house and selling it quickly for a nice profit. I’m sure I could learn to love rentals if I just knew how to do it with as little hassle as possible. That’s why I decided to have todays guest on the show. He is an expert on cash flowing houses and apartments.
This episode was packed for of information from Joe Fairless. He controls more than $21 million worth of real estate, attends more Third Eye Blind concerts than anyone else, is an author and comedian, and host of the very popular Best Real Estate Investing Advice Ever podcast.
Joe was very courteous today as I had problems with audio that delayed the recording of the interview for about 5 hours…. Luckily, he was flexible and was still able to be on the show. So, extra thanks to him for that.
In this episode Joe talks about the four single family properties he bought in Texas (he lives in New York) for cash flow (he sold one to cash out). He shares with us how he calculates the cash flow using the calculator mentioned in the links below.
He also shares insight into his first big apartment complex deal….168 units that he had to raise over a million dollars for!!!!
Do you know the difference between economic occupancy and physical occupancy? I didn’t. Joe breaks it down for us and why it’s so important to find out about economic occupancy when evaluating an apartment deal.
Joe also shares his ingenious strategy for determining if an area is improving or decaying by checking out two local restaurant chains that are in almost every city.
There are some great rules of thumb also mentioned throughout the show. Some are:
* 1 manager for every 100 tenants
* $250 per unit per year should be set aside for cap ex (capital expenses like roof replacement, exterior maintenance etc)
Enjoy the episode!
Mitch Stephen has been flipping houses in San Antonio for over 20 years. Over that time, he’s managed to purchase over 1000 houses!
He specializes in owner financing properties.
He is also the author of several books. One is My Life and 1000 Houses: Failing Forward to Financial Freedom, which details his journey in real estate investing and My Life and 1000 Houses: 200+ Ways to Find Bargain Properties.
And just to show you what kind of guy Mitch is, I want to share the story of how I got his first book.
I found out about it when it first came out and ordered it right away. I didn’t receive it within a day or 2 and, honestly just wanted to say hello to Mitch so I called him. He promptly drove 45 minutes to my houses and personally delivered the book to me. That’s incredible service!
In this episode Mitch talked us through a typical owner finance deal where he can buy a house cheap and owner finance it to a buyer as-is. There are a ton of benefits to doing this instead of renting.
First, he makes money on the sell with a down payment from the buyer. The buyer does the fix up so that Mitch doesn’t have to. The collateral for the loan is improved by the buyer making the loan even more secure. Mitch doesn’t have to pay the property taxes and insurance as he’s sold the house to the buyer. He also is not the landlord so he doesn’t have to fix toilets or anything else.
There was a lot more detail shared within the episode, so be sure to listen and be ready to take notes.
If you are planning on owner financing properties, you really need to be aware of Dodd-Frank. Mitch discusses how to make sure you are in compliance using a cool short-cut.
Mitch also discusses why he likes driving for dollars so much and some tips to make it even more profitable. He also discusses why he doesn’t feel bandit signs work as well as they used to.
You will also find out about his system for knowing which marketing he is doing is producing the calls he receives
Tucker owned a mortgage company and switched to investing around 2008-2009.
He wholesales, rehabs and does new construction.
Tucker talks about the transition from rehabbing to adding additions and moving into knock down and new build.
Learn how he determines which strategy he is going to pursue with the deals he gets.
He also tells us how he uses driving for dollars and direct mail to get his deals.
Tucker shares how he deals with the high levels of competition with key tips on how to talk to sellers to improve your chances of getting them to sell to you because they like you more.
Motivated sellers sell at a discount because they want the ease of disposing of a property. They know they are giving up equity in exchange for a quick, hassle-free sale.
“We’re in the business of getting people to exchange equity for ease of transaction.”
Mark Ferguson fixes and flips 10 to 15 houses a year and owns 15 long-term rentals. His grand plan is to purchase 100 rental properties by January 2023.
Mark tells us about how he got started working with his dad, who is a Realtor and house flipper.
In this episode, Mark shares his strategies for competing for properties on the MLS. Key points include:
<ul>
<li>checking for new listings multiple times a day</li>
<li>getting out to see each house and make an offer within hours</li>
<li>have assistant in his office draw up the offer contract and send it to him to docusign and then forward to the listing agent</li>
</ul>
He was also gracious enough to share his strategies on making his offers stand out by making them stronger. Some of them include, increasing the amount of earnest money, remove any contingencies (including the inspection contingency) and offering to close quickly.
Mark is smart because, even though his market is crazy hot right now as it is in many other places around the country, he has kept to his buying criteria. Others stray from their buying criteria and start to offer more for houses in order to get more deals. These are the same people that end up going broke when the market changes.
Seth Williams is an experienced land investor, residential income property owner and commercial real estate banker. He is also the Founder of REtipster.com - a real estate investing blog providing real world guidance for part time real estate investors.
This interview is packed full of interesting information about buying and selling vacant lots….and the really cool thing is that most of it relates to buying and selling houses.
Find out how he builds a mailing list that typically gets better than a 10% response rate along with the exact message he puts on his postcards.
Learn how he analyzes these deals so that he knows what he can offer and still make a great profit.
Seth also shares how he is able to sell these lots for passive income and make even more money.
There were several things that surprised me during the interview, like when he informed me that most people that buy lots from him aren’t going to build houses on them. Find out why, in today’s episode.
Top 3 Things We Love (and Hate) About Our Businesses
Love
1. Freedom to do what I want, when I want
2. Large pay days (and thrill of the chase getting deals)
3. Working the business with my wife
Hate - strong word, dislike is more accurate
1. Fleas
2. Bad contractors
3. Dishonest investors
Never a dull moment…ups and downs…
Seth’s Loves and Dislikes
Love
1. Thrill of getting accepted offers - that it’s possible to get great deals
2. Passive Income
3. Large Paydays
Dislikes
1. Times when properties don’t sell immediately
2. Uncertainty of whether deals will be consistent in his pipeline
3. Cumbersome and time-consuming processes for buying and selling
He got started investing in real estate during college around 2005 and 2006. The <strong>real estate market then was white hot</strong> and that <strong>made it difficult to get good deals</strong>.
<strong>Seth decided to start buying and selling land. </strong>
Seth finds his deals by tracking down people that own vacant lots that are delinquent on their property taxes. He does this by contacting the tax assessors and treasures for the counties where the properties are and asks for a spreadsheet with the addresses and owner’s information.
Some will give out this information quickly and without hesitation and then some counties will make it very difficult, if not impossible.
He gets these records anywhere from free to up to 25 cents per record.
With records in hand, he then sends out post cards to the people that are delinquent on their property taxes. <strong>He says he typically gets better than a 10% response rate (which is pretty damn good) with these postcards!</strong>
Kevin Ramirez is from Venezuela living and is doing business in Raleigh, North Carolina.
He started in Real Estate at 19 years old with a flip, found a JV partner to fund the whole deal and after that fell in love with the business. He currently focuses on rehabbing and wholesaling. Every deal he has done has been without his own money.
Currently 21 years old, still a one man operation, he is working on building systems to automate his business. With 19 deals to date in 2015 he is looking to close the year with 25.
He doesn’t yet consider himself an expert and stays open to learning more and more every day.
What you will learn in this episode:
<ul>
<li>How Kevin Ramirez was able to get funding for his first deals even though he was 19 years and new to the business</li>
<li>Find out how his first flip made a total profit of $65,000</li>
<li>Where he found his money partners and how he got them on board with him</li>
<li>What key points need to be covered in a Joint Venture agreement when flipping</li>
</ul>
<strong>Kevin’s first deal generated a total profit of about $65,000!</strong> Not bad for any deal, let alone a first rehab deal.
Sharon Vornholt is the owner of Innovative Property Solutions in Louisville, KY. She has been investing in real estate since 1998 and has been a full time wholesaler since 2008.
Sharon is the creator of the Louisville Gals Real Estate Blog and the popular podcast “Let’s Talk Real Estate Investing”. She is also a mentor and a coach who loves teaching others how to succeed in this business.
How she got her start
Sharon’s dad was a contractor that used to drag her to a lot of different job sites. She owned and operated a house inspection company for 17 years.
She then attended a Real Estate Investor Association meeting and learned about flipping houses. She then started rehabbing. Her initial plan was to rehab and get big chunks of money to buy rental properties with. That worked for a while, but then the market changed….big time.
Wholesaling houses
In 2008, she found it difficult to sell houses (as did everybody across the country). This is when she found out how awesome wholesaling was. She decided to try and sell a house she was going to rehab to another investor and see if she could make money quickly, without doing any fix up.
She’s been wholesaling ever since.
In this episode, Sharon talks about the differences between an assignment of contract and a double-close. The gist is that assigning a contract involves getting a house under contract and then selling the contract (as well as the obligation to close on the contract) to another investor for a fee.
Double-closing involves a little more complexity. Not much though. There are two transactions with a double-close. You have a A B transaction where the seller of the house sells the house to you as the buyer. Then you have a B C transaction where you are the seller and the investor that is buying the house ‘as-is’ from you is the buyer. he funding from the sale from you to the end buyer goes to fund the first transaction between you and the seller of the house.
For many people considering wholesaling houses, the fear of not being to find a buyer and not be able to close the deal if they can’t find a buyer scares them from ever getting started. Sharon shares how she allows for an ‘out’ by using escape clauses. During the show, we went over three good escape clauses that included: ‘subject to accepted inspected’, ‘subject to partner approval’, and ‘subject to funding approval’.
In this episode, Mike Simmons shares awesome information about his house flipping business.
Having an accountability partner in this business can make all the difference in the world. Mike’s wife was his main accountability partner that kept him in line and working to make his business a success.
Keys to finding and approaching a mentor:
<ul>
<li>Go to REIAs and Network</li>
<li>Provide value - If don’t have much money, donate your time</li>
<li>Ask around for who is doing the most deals and approach them to be your mentor</li>
<li>Get started by educating yourself and start taking action by doing some marketing to find some leads - when you have a lead you can take to a potential mentor, they will for sure listen to you and be more inclined to work with you</li>
</ul>
Mike shares how he found a great real estate agent to find him deals.
He also reads the copy of the post card that he uses to generate lots of leads and the criteria he uses for generating his mailing list.
Mike Hambright is a Real Estate Entrepreneur. He’s purchased hundreds of houses over the past few years, along with his wife, Lindsay.
Mike is a professional rehabber, wholesaler, and owns a single family rental portfolio. He is also a mentor and coach.
Some of you may know Mike as the founder of FlipNerd.com, the leading social platform for real estate investors where investors find and market wholesale deals, find and build a vendor team, build community with other investors, and much more…. a super cool site.
He and his wife were in the corporate world before getting into real estate and he came to the realization that he needed to be in control of his income. That’s when he got into real estate investing.
In this episode, we delve deep into how to determine repairs costs for typical rehabs. This is something many of you out there are struggling with and definitely something I struggled with early on.
If you can accurately determine repair costs for a rehab, you could lose money on a flip. Not good.
You’re going to get to hear some great rules of thumb for determine the most common repair costs.
Learn what domino effect to avoid when doing repairs to a house and hear how to determine just how far you should take a rehab and how to know the level of fixtures and finishes to use.
You will also hear how to make a decent guesstimate for an unknown so that you can go ahead with your calculations and make an offer quickly.
We covered a lot of repair estimate rules of thumb in this episode while virtually walking through a house.
Justin Williams has been a full-time investor for over 8 years. He’s flipped over 500 houses. He considers himself a house flipping machinist. What he means by that is that he is all about building systems so that he could scale quickly and do more with his time.
Here’s what you will learn in this episode:
I was busy doing most of the work in my flipping business and had a talk on the phone with Justin.
His excitement and approach to flipping through systems really inspired, so much so that I asked if he’d mind if I flew to California to hang out with him for a day to learn more. This was out of the blue, mind you and he still accepted.
I immediately booked a flight and spent a day of crash course learning from him.
Geremy Heath is the owner and founder of Texas All Cash Home Buyers. Texas all Cash is a residential redevelopment that turns around distressed properties for profit in the both the San Antonio and Austin areas. Since starting the company in 2009 Geremy has successfully completed over 150 rehab projects.
Geremy came to the US from Australia in 2006 and met his wife a couple months later. While at the airport to leave for their honeymoon, he purchased a book about real estate investing. Much to his bride’s dislike he burned through the book during their trip.
The fire was lit and he became passionate about leaving the rat race and working his way to financial freedom through real estate investing.
In this episode Geremy tells us how he developed the right mindset to be able to become a success with house flipping.
You have to expect to achieve the outcome you want. You have to believe you are going to make it.
Find out how to get the proper mindset in this episode so that your odds of success are greatly improved.
Brandon, house flipper, landlord, senior editor at Bigger Pockets, all around real estate investor shares what he feels is the best way to get started in house flipping.
He recommends people start with a live-in flip. The strategy involves buying a house that needs work and living in it while you fix it up and then selling it, either right away or several years later.
I completely agree with Brandon that this is an awesome way to get in the business and learn the ropes.
The benefits he describes makes this insanely obvious. Those benefits include:
* Getting a much cheaper loan than hard money
* Learning how to properly fix up houses
* Avoiding capital gains taxes when you sell the house (if you live in it for more than 2 out of the last five years - reference link here)
You can also get first dibs on HUD foreclosures as they usually give a 10+ day window where only homeowners can buy their houses. During that period, investors cannot bid on them. How awesome is that?!
Hello! Welcome to the brand new Flipping Junkie podcast!
This podcast was started to allow you to learn how to flip houses so that you can become your own boss and take control of your life. Don't you want to be able to take vacations whenever and for as long as you want? Don't you want to be able to take your kids to school, pick them up and make it to every single function they have? Don't you want to ditch that life-draining job?
I wanted all of those things and flipping houses has allowed me to attain them.
Now, my mission is to help you do the same with the awesome business of real estate investing. Thanks for listening!
* How my father inspired me to start flipping houses, which led to my wife and I flipping over 200 houses and changing our lives forever
* You’re going to learn the simple house buying rule that will make sure every deal you do will make you money
* Also, find out what major problem arouse when trying to buy 30 houses within 30 days…and it wasn’t buying bad deals
* He also shares his thoughts on what separates the people that make it in this business from the ones that don’t
Who is Frank Johnson? Frank Johnson has been flipping houses in south central Texas for over 18 years. He also happens to be my father.
He was my first mentor in this business and still helps me through tough situations and reminds me of things that I’ve forgotten…like always making an offer no matter what. If you go and see a house, even if it’s the last house you would ever want to buy…you should make an offer.