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Flipping Junkie Podcast with Danny Johnson

Updated 7 days ago

Rank #81 in Investing category

Business
Education
Investing
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Flipping Junkie is a podcast for people addicted to flipping houses and real estate investing. Danny and Melissa Johnson started flipping houses over 15 years ago and have chronicled their 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 is a podcast for people addicted to flipping houses and real estate investing. Danny and Melissa Johnson started flipping houses over 15 years ago and have chronicled their 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.

iTunes Ratings

410 Ratings
Average Ratings
390
11
4
1
4

Thoughtful and planned

By vsarawat - Oct 05 2019
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Danny is an excellent interviewer. I love the variety and thoroughness.

Awesome content

By TonyL02 - Mar 10 2019
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Great podcast for house flipping. Got to be one of the best. Tony Ludwig

iTunes Ratings

410 Ratings
Average Ratings
390
11
4
1
4

Thoughtful and planned

By vsarawat - Oct 05 2019
Read more
Danny is an excellent interviewer. I love the variety and thoroughness.

Awesome content

By TonyL02 - Mar 10 2019
Read more
Great podcast for house flipping. Got to be one of the best. Tony Ludwig
Cover image of Flipping Junkie Podcast with Danny Johnson

Flipping Junkie Podcast with Danny Johnson

Latest release on Nov 18, 2019

The Best Episodes Ranked Using User Listens

Updated by OwlTail 7 days ago

Rank #1: 3: The Mindset That Guarantees Flipping Houses Success

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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.

Oct 16 2015

52mins

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Rank #2: 91: [Finding Deals] Landing Your First Flip Deals with Mike Newby

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Mike is brand new in the investing world but brings a construction engineering degree, and 10+ years of construction background, knowledge and business sense. Alongside him is his beautiful wife, Sarah, and loving father, Jim, who have helped get their real estate investing company, Newbyginnings, off the ground and now full steam ahead. They have big dreams for the company and hope to help thousands of families create their new beginning. Mike is also currently a full time construction consultant and his wife is a full time cardiac ICU nurse at a local Children's hospital.

When Mike started studying real estate investing, it only took him about 6 - 8 months for him to make the decision to jump into the industry. Mike found a wholesaler and got his first deal done. With a good foundation and knowledge base, he was confident in working his first deal for his real estate investing business. Where so many people give up before they hit this point, Mike kept going and is working everyday at making his business a success.

As soon as he decided to get into real estate investing, Mike found a wholesaler posting houses on Instagram. He sent a message, got into communication with someone on this wholesaler’s team, and started communication. This group has a wide range of buyers, so they were eager to talk to Mike. They walked through a few houses, and on the third property Mike made a bid and got it. It took 2 or 3 weeks staying in communication with this wholesaler before the property was Mike’s. What a great first deal!

For more connections, Mike has been networking in the Flip Pilot group on FaceBook. Finding other wholesalers is the key to starting up a successful real estate investing business. With both Mike and his wife still working full time jobs, and being full time parents, wholesaling felt like an easy way into real estate investing. As long as the numbers make sense, there’s no reason not to jump into it.

There’s a perception that wholesale deals don’t have much meat on their bones, but that’s just not true. Mike’s rule is 70% is the golden number. In his market, that’s tough to get, but you can expect to be around 80% - 85% ARV minus repairs. BiggerPockets has an ARV calculator, but Mike made his own in a spreadsheet to keep track of his numbers. With his spreadsheet, he determines if the numbers work for his marketing and business. This is the spreadsheet Mike uses, so if you decide to use this method, be aware that your numbers need to reflect your market.

For Mike’s first deal, Mike went through 2 wholesalers. Despite them both taking their cuts, there was still meat left on the deal. The property was a little rough, though. The property was supposed to be vacant, but it wasn’t. The sellers were there for 3 or 4 days after Mike closed on the house, which they weren’t supposed to be. Mike was still working on the plan for the property, but everything went well in the end. When the sellers eventually left, they left behind much more stuff than Mike was expecting.

Despite the unforeseen difficulties with this first property, Mike’s ultimate concern in with helping people like the sellers of this property. That’s where the name of his business, Newbyginnings comes from (in addition to it being a play on his last name). “You never know where your next deal is going to come from,” Mike said.

The sister of the seller had been waiting for someone like Mike to buy her sister’s house. After seeing the amazing success with her sister’s property, she mentioned that she’s going to be selling her house next year and wants to go through Mike. She even offered to make a testimonial, and took a picture with Mike, and wrote an awesome review for him. Her property will, hopefully, be Mike’s 5th deal for his business.

When it comes to actually rehabbing your property, communication is always key. Mike’s GC had brought in someone from other projects to help with the rehab, but staying in communication was a bit of an issue. Mike would talk with his GC, and thought that word was getting passed down to the other contractors, but with the mix up it didn’t. The plan in the future is to sit down over dinner with their GC and other contractors to get to know each other better, and keep the communication channels open. Making sure you know who’s responsible for what is important for keeping a real estate investing business organized.

Sep 05 2017

56mins

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Rank #3: 55: [Marketing] Online Lead Generation Part 1: High Converting Websites with Danny Johnson

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Show notes can be found at http://flippingjunkie.com/55

Register for the Online Lead Generation for Real Estate Investors Webinar at http://leadpropeller.com/webinar

This is the first of three episodes where Danny Johnson of Flipping Junkie and LeadPropeller discuss generating motivated seller leads online for real estate investors.

In this episode the focus is mainly on what makes a high-converting website.  Danny covers all of the details to make sure you build credibility, how forms should be structured, what questions should be asked, how to eliminate competition.

Be sure to listen to next weeks podcast where Danny will share with you how to promote your website to start generating leads even before it ranks in the search engines.  It’s going to be awesome.

Be sure to sign up for the webinar being held on November 15th at 7:00 pm CST by visiting http://leadpropeller.com/webinar

Oct 31 2016

57mins

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Rank #4: 155: Back to Real Estate Investing Basics with Anabella

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This is a very special episode of the podcast with guest Anabella, our youngest guest ever! Annabella is a big fan of the podcast and when Danny ran into her mother around the neighborhood, he knew he had to bring her on. In this episode she stops by to switch things up and interview Danny with some great, thoughtful questions that will be especially helpful to any newbies out there looking to gather the basics. We’re talking about how to be successful, how to find a mentor, the most effective way to get deals for your business, and so much more!

Jun 24 2019

34mins

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Rank #5: 4: Building Systems to Flip Over 500 Houses w/Justin Williams

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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:

  • How he won a car for a house flipping challenge from his mentor but never received it
  • How Justin doesn’t stress about those things and just focuses on the future and the fact that he learned how to make so much more money flipping houses that the car didn’t matter
  • How Justin was in a really tough spot when the economy changed and found the opportunities out of the adversity and ended up doing better than ever before
  • The question to ask yourself every time you do something during the day
  • Why it’s wrong to think you can do everything better than someone you could hire to do it
  • How he found the person that basically runs his house flipping business
  • What he’s noticed from the people that he coaches that succeed that is the reason for their success

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. 

Oct 20 2015

44mins

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Rank #6: 37: [Funding] Hard Money Lenders - What You Need To Know w/Chris Jameson

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Chris Jameson started investing in the San Antonio real estate market in 2011 and soon after entered the private financing market. He has facilitated over $60M in loans and acquired over 60 units for his personal portfolio.

In this episode, Chris and I talk about the ins and outs of hard money loans and how to work with hard money lenders. 

One of the biggest benefits for new investors is that hard money lenders can help keep you out of trouble.  They usually won’t lend if the deals isn’t likely to make you money. 

There are some hard money lenders that Chris calls “Loan To Own”.  These lenders are more interested in creating the loan with the intention of getting the house from you when you default on the loan… usually after it’s already partially or mostly rehabbed!

Check out the show notes page at http://flippingjunkie.com/37 to download Chris’s hard money lender checklist, hard money lending exposed pdf, repair estimates guide and his contact information.

In this episode we answer all of the following questions and more.

What exactly is a hard money lender? 

Why are they better than getting traditional financing?

What characterizes a “good” hard money lender?

What is typically required from a borrower for a loan?

What kinds of deals and/or how do you analyze whether you will lend on a given deal?

What is the process from start to finish for someone wanting to get a loan for the first time?

You guys loan throughout Texas right?  For people outside of Texas, how would you suggest they find a “good” lender?

Do you have any interesting stories about deals or borrowers that you wouldn’t mind sharing?

Jun 06 2016

43mins

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Rank #7: 159: Tips and Tools for Market Analysis with Anna Myers

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Anna Myers serves as Vice President at Grocapitus, a commercial real estate investment company in the San Francisco Bay Area. Anna is a modern entrepreneur who applies her 20+ years of experience in technology and business to the finding, analyzation, and acquisition of commercial properties in key markets across the U.S. Together with her business partner, Neal Bawa, they approach real estate as data scientists to create compelling profits for 300+ investors. As the lead underwriter for the company, Anna also teaches deal analysis for MultifamilyU both monthly via webinars as well as quarterly in MultifamilyU Boot Camps. MultifamilyU is an apartment investing education company owned by the principal Neal Bawa. In addition, she is an AirBnB Superhost in two markets in the US. Related to Syndication, Anna has participated with Neal Bawa and Grocapitus in equity raises of 8.5 million dollars for multifamily acquisitions in 2018, resulting in over 500+ units purchased.

In this episode Anna sits down with Danny to share a wealth of actionable tips, tools, and advice for investors. Anna shares with us how she made a complete pivot in her life and business multiple times, making the transition from computer science, to photography, and eventually on to real estate investing. She talks about how she makes the most out of a total pivot, which is great for anyone looking to break free from corporate America or another business!

Anna and Danny also touch on the art of market analysis and what it really means to be aware of your KPI’s and what they mean. They discuss why you need to not only be aware of your numbers but you need to fully KNOW and UNDERSTAND them to be able to make any real difference in your business, as well as what you should be looking for in a market. Anna also shares plenty of helpful tools for studying your market and more, so don’t miss out!

Jul 22 2019

46mins

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Rank #8: 14: How to Flip Houses With Minimal Risk w/Nathan Cron

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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

Dec 28 2015

49mins

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Rank #9: 62: [Marketing] Online Auction House Deals with Paul Lizell

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I’ve been hearing more and more investors talk about how they buy houses using online auctions like auction.com.  I’ve been fascinated by the strategy and was glad to get Paul Lizell on the show.

He’s buying 8 to 15 houses a month that he buys from online real estate auctions….all over the country.  How cool is that?

Paul started in Real estate in 1999, became a full time investor in the fall of 2004.  He had a background in commercial business loan underwriting and 4 years as a business development officer.  He’s been a licensed Realtor since 2006.  As a national real estate wholesaler, he does 6-12 fix and flips per year and owner finances 10 properties per year, mostly to investors.

You’d think that the ratio of houses to bid on to the number of deals he gets would be pretty crazy but he actually does pretty well.  He’s got online real estate auction thing figured out to where he bids on about 150 properties and ends up with between and 8 to 15 per month.  That’s awesome!

His favorite auction websites are:

auction.com

xome.com

hudsonandmarshall.com

realtybid.com

hubzu.com

He mentioned that hubzu is nice because you can get away with small earnest money deposits than the typical $2,500 the other auction sites require.

When looking for properties to bid on, he focuses on the smaller markets and targets in on the houses that have been listed for a long time.  The houses that are for sale for over 180 days or more are the ones that he puts bids in on.

During the episode he also gave several reasons why he prefers to close each of the deals at the title company of his choosing rather than the one preferred by the bank that owns the auction property.  The main reason was their hidden title company fees and lack of control over what is going on with the deal.

He was also kind enough to share with us his technique to get Realtors to tell us their BPO (which most don’t want to give out).  He does this by not asking for a BPO but by asking, “what would you list it at for a 30 day quick sale?” 

Brilliant!

Be aware that when buying auction houses online and then trying to wholesale them, you will not be able to assign them.  You will need to double-close…yet another reason to have a title company you know that can close the deals.

Jan 30 2017

46mins

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Rank #10: 125: 3 Deals in 2017 to 40 Deals in 2018 with Lee Taylor

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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.

Oct 29 2018

53mins

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Rank #11: 80: [Wholesaling] How Cody Made $500k Wholesaling His First Year

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Just a few years ago, Cody was selling insurance and didn’t know much about Real Estate. He heard about a little niche known as “Wholesaling” and got interested. He quickly decided to go “All in” on Wholesaling and generated over $500,000 in his first year and has since created a 7 figure Wholesaling business.

After going to a seminar in Utah, Cody jumped in to wholesaling. He took on what advice he was given and found a mentor. In 2015, Cody started listening to every real estate investing podcast he could find and that was it. He found a mentor and got in to wholesaling as fast as he could!

Wholesaling appealed to Cody because it was a great start. “I started with the end in mind,” he says. “You’ve got to build a cash buyers list. If you don’t have an end game in mind, it doesn’t matter because you can’t do anything with it.”

Building cash buyers is simple. There are a few ways to find them:

1 - Go to REIA meetings in your local town.

2 - Get on the phone on Craigslist. Call land lords or people trying to sell their rentals, they’re always interested in listening to what a wholesaler has to say. You want to look at a vacant landlord. See if those landlords are willing to sell. If they are, great! If they’re not, then try to see if they’re interested in becoming a cash buyer. Take notes from them on where they would prefer their properties to be, and boom. You just got another buyer to add to your list!

3 - Get with a realtor and have them run all of the cash deals that have been done in a certain market. From that list, look for the address and names of the buyer on the title and add them to your direct mail list. By doing this, you can see what they’re willing to buy for, and how active they are in purchasing for cash.

The bigger the buyers list, the better. 600 or more is preferable for such a large market like Salt Lake City. If you can get 20 people to inspect a home at the same time, you’ve just build up a feeding frenzy. Making scarcity and providing competition drives up your properties prices, which makes your profit even better. You want people to pay top dollar for your deals.

Because Cody markets the contract and not the property, he sends out a suggested price for the house in the promotional material material. That way, you can use that as a negotiation point to drive your profit.

Cody does anywhere from 7 - 10 deals a month, and every time there are always multiple buyers interested. Even though the market has been competitive, Cody is still bringing in a great flow of business!

A question Cody gets asked a lot is “Why don’t you just keep the properties to fix and flip?” The answer is simple:  

If Cody can focus on one thing really well, and continue to do it really well, then why not keep doing that? With house flippers, you have to focus on so many things. You have to deal with contractors, title companies, realtors, all of that. When you’re wholesaling, you don’t have to. “I’m in and out quick,” Cody said.

When it comes to marketing, it’s about 3 things.

The right thing, to the right person, at the right time.

In his first year, Cody had a budget of $1200 for marketing with direct mail. He was told to get uncomfortable because that’s where the profit comes from. At day 44 in his mentoring program, his first deal landed him $24,000.  

That covered the course, the marketing, and still had a lot left over. So now, Cody puts aside 50% of his profit toward marketing so that he can continue to grow his business.

Over all, marketing is expensive. It needs to be. But you have to hit a lot of people or else you won’t hear back. $1200 is a great starting point, but you need to keep your marketing budget up to make sure you’re marketing the right way.

Jun 26 2017

49mins

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Rank #12: 61: [Working With Sellers] Advanced Real Estate Investor Sales Strategies

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John Martinez, founder of Midwest Revenue Group, LLC (www.midwestrev.com)  is a sales development expert and a highly sought after consultant who brings humor, insight and real-world advice to his audiences. His practical, street-smart approach to selling has helped hundreds of investors, sales organizations, call centers, business owners, and independent professionals increase their revenue with more control, greater confidence and less effort.

Today I wanted to talk about how to handle negotiations with sellers so that we get the price we want and they feel good about the whole process.

This is an aspect of buying directly from motivated sellers that keeps a lot of people on the sidelines.

John shares with us today several tips for working with motivated sellers so that they feel good about the process and everyone gets what they want.

John’s first tip involves empathy.  You’ve got to have empathy for each and every seller and what they are going through.  Period.

Don’t hide what you’re feeling and how you feel about their situation.  Let them know that what they are going through is not easy and that you know it must be hard.

John’s second tip is to make use of price anchoring.  You’ve got to reset whatever initial price the seller is expecting to get so that your offer doesn’t hit them like a huge punch to the gut.  One way to do this is to share recent comps for nearby houses that have sold for low amounts. 

As you negotiate price, continuously lower the increment that you come up in your offer.  This will signal to the seller that you are nearing your max.  He also advises that you end with an odd number as your final as it appears to be your highest calculated offer.  Great tip!

If your max offer doesn’t do the trick, make non-financial concessions.  Offer to allow them to leave stuff they don’t want behind.

I asked John about common objections from sellers and how to handle them.  I absolutely love the approach he offered.

He doesn’t feel like there is ever any canned objection/counter that will work.  It’s always more of a situation by situation ordeal.  His approach is to find out the real reason for why they are selling and have them hash out what objections or problems they have with doing so. 

Then, understand that you can never overcome sellers’ objections.  They must overcome their own objections.  You can aid this by asking them questions that plays their objection against what they are trying to accomplish.  In this way, they will see that accomplishing the sale of the house and resolving the situation is much bigger than the smaller problem of the objection.

Jan 23 2017

47mins

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Rank #13: 131: Fast Success as a Rehabber with Joe Spence 131: Fast Success as a Rehabber with Joe Spence 131: Fast Success as a Rehabber with Joe Spence

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Joe Spence is an investor from Lancaster, Pennsylvania, whose journey began after he was laid off from his sales job in early 2016. It had always been his and his wife Sarah’s dream to become real estate investors, and this quick turn of events made them ask, “Do I really want to go back to a 9 to 5?” With a baby on the way Joe knew he had to do something, and there was no better time than the present to take action and make it happen.

Joe began by calling anyone and everyone he knew in real estate, asking if there was possibly anything for him. Within a week and a half he had his first deal from someone who knew someone who knew someone, and so on. He shares that his first time walking through the house calculating costs to make an offer, he had almost no clue what he was doing. He was familiar with the formulas because he had educated himself with books and podcasts, but he says that “there’s no substitute for the real thing.”

Joe and Danny also discuss contractors, and the importance of checking up on the progress when you’re rehabbing houses. Joe talks about the many lessons he’s learned along the way in regards to trusting and overseeing those carrying out his flips. He says that at first, it was intimidating to ask contractors what was going on in the rehabs out of fear of sounding uneducated or unqualified. Once he was able to get past this fear and speak openly with the contractor about what was going on in the project, he says that their relationship only grew stronger and now there is a mutual trust and respect between the two throughout the process.

In the beginning of 2018 he turned his business more towards wholesaling rather than rehabbing houses. When asked if it can be difficult sometimes to walk away from a bigger check by deciding to wholesale instead of rehab it yourself. “I’m not afraid to leave a little meat on the bones for the next guy,” says Joe. He gives a lot of credit to those who helped him in the beginning of his journey, and he hopes to be able to help others in the same way.

Dec 10 2018

52mins

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Rank #14: 137: 6 Months Into Full Time Investing with Doug Watts Jr

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This week Danny is joined by Doug Watts Jr, a new investor born and raised in Austin, Texas. His story starts out as a commercial general contractor where he stayed for 10 years as a field engineer and later superintendent. Like many of us, he was drawn in by the freedom that real estate investing can give you and he dove straight into educating himself and taking action to get started! Doug actually completed 2 flips while working full time, making a profit of $63,000 on the first and $109,000 on the second. Just 6 months ago, he decided to take his investing business full-time, and has since listed 2 houses for sale that he flipped (that’s a projected profit of $50,000 in his first 6 months working for himself. In this episode, Doug also shares a cautionary tale of sorts that anyone should be looking out for, about the importance of making sure that every box is checked when it comes to your business. While Doug may not be your typical, “House Flipping Guru,” he is determined to make it happen for him and his family and his resilience is something to be admired. His open-book take on both his successes and his mistakes allows us to see what a new investor actually looks like, as well as take a look at the internal struggle of being afraid to lose all of your money, but also knowing that it takes spending money to make money.

Feb 04 2019

59mins

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Rank #15: 149: Owner Financing Case Study with Mitch Stephen

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In this episode, Danny is joined by industry expert, Mitch Stephen, an experienced investor from Texas. Mitch, together with his wife, Tommi, and his daughter, Shannon created their company, Independence Day, Inc. They have bought and sold over 1,500 properties in and about San Antonio since 1996. This company specializes in buying distressed properties with OPM and selling those properties with Owner Financing. Mitch also offers Online Education, Group Coaching, and Full-on Mentorships as it relates to all the aspects of Owner Financing.

This week Mitch goes into great detail with Danny about what an owner financing deal looks like. He holds nothing back as he walks us through a case study with specific numbers and examples. Mitch also touches on the importance of being good at one thing before you move on to the next shiny, new thing, and he even goes on to explain how that ideology can be carried over into all aspects of your real estate investing business. We also get to hear one of the craziest scammer stories we’ve had on the show so far, so you definitely don’t want to miss this one!

May 08 2019

54mins

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Rank #16: 41: [Marketing] Direct Mail Marketing For Real Estate Investors w/Joe McCall

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Joe McCall has been investing since 2006 and has an excellent podcast called the Real Estate Investing Mastery podcast that he does with Alex Joungblood.  He’s doing deals in multiple markets across the us while traveling for months at a  time in Europe and traveling the us in an RV.  He’s been teaching and coaching investing since 2011.

In this episode, Joe goes into incredible detail on how he set up and runs his direct mail marketing for motivated sellers leads. 

We talk about the lists that he targets and how to get them.

He even shares when he sends postcards and when he sends letters.

A funny story during the interview was when Joe realized that he had been sending a postcard for years that he got from FlippingJunkie.com and didn’t put two and two together until that moment.

Bonus: get that postcard here http://flippingjunkie.com/41

Joe focuses on absentee owner mailings using postcards.  When there is a lot of competition, he focuses on high equity owner occupied houses.

He gets his list from Listsource.com using the following criteria:

Bought at least 10 years ago

At least 40% equity

At least 3 bedroom house

Owner at least 55 years old

Specific zip codes with lots of rehab activity

One way Joe finds the most sought after areas is Trulia heat maps.  He targets a county and the heat map shows cheap, median and expensive houses.  There is even a table of data that can be sorted to show the most popular areas.

During the conversation we shared some numbers for the typical marketing spend per deal for investors.  The numbers vary between $1,000 and $3,000 per deal and go as high as $5,000 per deal for some very competitive areas. 

Mailing intervals for probates should be about once per week for the first 6 weeks or so.  Mailing intervals for other lists usually are spread out from 30 to 90 days in between mailings.

One recurring theme throughout the episode was the discussion of how most investors fail to answer their phones.  If there is one thing you can do to eliminate 75% or more of your competition, it’s answering your phone or calling back a seller IMMEDIATELY.  Take that to the bank.

Jul 04 2016

1hr

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Rank #17: 134: Leaving the Starting Line with Danny Carter

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This week Danny is joined by Danny Carter, a Los Angeles based manager for songwriters and music producers who has been actively investing since 2016 (Fun fact- he did the intro for this episode!). Carter enjoys taking on challenges, as shown by his very first deal which was a remote burn house located halfway across the country. In just a few short years, his real estate investing business has acquired 9 rental units, completed 8 flip/wholetail deals, and 10 wholesale deals! In his own words, Carter says that this episode is concentrated on, “showing people how to go from sitting at the starting line, wondering how they’re going to get started, car parked, transferring into neutral, to getting into drive, into about 25 mph, then getting them started in those first few steps to get them to 100.”

Jan 07 2019

46mins

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Rank #18: 156: Create Passive Income From States Away with Rita Medeiros

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This week Danny is joined by Rita Medeiros, an investor out of Florida who focuses on out-of-state, single-family properties and has acquired over 21 residences in 11 months and 21 rehabs. In this episode Rita breaks down how she manages the properties from states away and how she’s used this model to create a long term flow of passive income, something she claims to be very serious about (as we probably all should be!). She walks us through her cash flow criteria and how she took care of estimating repairs from states away. Rita and Danny also discuss both the positives and the negatives of managing affordable housing within Section 8 areas. Rita breaks the stereotypes that a lot of us might have about certain types of tenants and explains the reward that comes with helping provide a single mother who might be struggling just to find a home for her and her family. Other topics covered in the episode include how she’s limiting her competition, funding the deals, and what she considers to be the biggest factor in her success as a real estate investor.

Jul 01 2019

39mins

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Rank #19: 8: How a 19 Year Old Got Funding For His First Deals w/Kevin Ramirez

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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:

  • How Kevin Ramirez was able to get funding for his first deals even though he was 19 years and new to the business
  • Find out how his first flip made a total profit of $65,000
  • Where he found his money partners and how he got them on board with him
  • What key points need to be covered in a Joint Venture agreement when flipping

Kevin’s first deal generated a total profit of about $65,000! Not bad for any deal, let alone a first rehab deal.

Nov 16 2015

44mins

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Rank #20: 74: [Closing] From Contract to Closing

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Geremy Heath is the owner and founder of Texas All Cash Home Buyers.  

Geremy was on the podcast during the early days for episode 3 where we talked about The Mindset That Guarantees Flipping Houses Success - Click Here To Listen

We talk about his Miracle Morning routine…which is incredible.  If you want to find out more check out my interview with the author, Hal Elrod: Click Here To Listen to My Interview with Hal ElrodThere’s a lot that goes on in between contracting and closing on a house. Especially when it comes to the numbers. You have to make detailed estimates of the labor costs, material costs, and other specific skew costs. If you’re not precise in your estimates, then you’ll run into some funding roadblocks. Geremy makes the suggestion of not going through with a property if the exact estimate is higher than 10% more than the original estimate. When Melissa and I were doing it before we got our team, we would know if something was off when we got to the rehab (which wasn’t too fun).

This work does need to be done regardless. And Geremy makes the point that it’s better to get it over with sooner rather than later. It’s better to know what you’re getting into before you start the closing process.

To get your invite to the new Flip Pilot closed Facebook Group, visit the

Apr 03 2017

52mins

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