The 7 Figure Flipping Podcast: House Flipping, Wholesaling, and Real Estate Investing
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.
Rank #1: 91: [Finding Deals] Landing Your First Flip Deals with Mike Newby.
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.
Rank #2: 114: [FUNDING] Buying With 0% Financing with Matt Recore.
Matt Recore first started working in the tech industry but realized it wasn’t his calling. He then began inviting in the pre-foreclosure world, focusing on houses that were on the way to auction. Matt would negotiate deals with sellers just before they would bring their houses to foreclosure auctions. “It’s not a great way to get into buying houses because of how stressful and emotional it is for the seller,” Matt says, “but you have to really put a lot of trust and look out for people in those situations. It was challenging, but that’s how I learned.” The market began really heating up in California in the early 2000’s. This made Matt nervous. He sold all of his rentals and stopped flipping to try and avoid the crash that he felt was coming up. Matt got back into tech and had gotten out of the real estate industry just before the deep decline in California. “The peak season for us was in 2005,” Matt says, “But I got back into real estate in 2012.” Once Matt got back into full time investing when the market began to get back to a safe place, Matt started building a strategy that was safer for the future. He wrote a book titled “How to Purchase Real Estate at 0% Interest” (the link is in the link section below). This book was written before the housing market crash with a strategy that’s been working for him. Let’s talk about what the strategy is! There are benefits on both ends. Buying at 0% interest means that every bit being paid is going toward the principal which means you’re building your net worth a lot faster than a normal 30-year mortgage loan. A 15-year loan is much better because you begin to see the principal paid out sooner. Basically, your net worth is going to be much better when you buy this way. The benefits to the seller are avoiding capital gains taxes. In California, the capital gains tax includes a state tax. When you sell with an installment sale, you can completely avoid paying those taxes. “It’s amazing how many sellers don’t want to pay the IRS,” Matt remarks, “The 1031 strategy is great, but you have to find another property that way. With an installment sale you can skip all of that.” There are a lot more details about the strategy that Matt’s been working on in his book. The link is in the link section below. Check it out so that you can start buying houses with a 0% interest rate too!
Flip Talk with Don Costa is a no BS podcast with the specific goal of giving real actionable information that you can use to start or grow your real estate business. No fluff, no bull, and no so called experts. Just real knowledge, tips and tricks form the guys who actually flip houses every day! Subscribe for our weekly episodes and get an inside look at successful house flipping businesses and learn from "real" investors who have forged the path of success. Join Don Costa to get tips and tricks on how to implement systems while avoiding common and costly mistakes to grow your house flipping business today!
Rank #1: Flipping Houses and Running It Like A Business with Justin Williams.
Justin Williams is a systems superstar in the real estate industry. He has been in business for over 10 years and his business virtually runs on autopilot. The systems and processes he uses in his business today has allowed him more time and freedom to do the things he loves while running a highly successful house flipping business. On today’s episode, Justin shares the story of how he got into the real estate industry, how he accomplishes what he does, and how he gets it all done using various systems and processes throughout his business. He also shares several tips on what you should be tracking in your own business and the mindset you will need to grow your business to a high level of success. “Your only goal in business is to create this machine that will work for you; that for every dollar you put into it, you’re getting 2, 3, 4, 10 times back.” – Justin Williams On today’s episode of Flip Talk: Creating systems and empowering others to do the same Overcoming the fear of sharing your company secrets with your employees, partners, and contractors Things you should be tracking in your business The attitude and mindset you need to succeed at a high level Justin’s Advice for New Real Estate Business Owners: Create a lead generation system first, then – quickly after – create an automatic follow-up system. Take massive action. Surround yourself with mentors and people who have been where you are. Connect with Justin Williams: House Flipping HQ House Flipping HQ Business Analyzer House Flipping Formula Coaching Program Rate, Review, Learn and Share Join us every Wednesday for a brand-new episode of the Flip Talk podcast. Flip Talk is your show to learn all about the ins, outs, and in-betweens of real estate investing and house flipping. Email your questions to Topics@FlipTalk.com. Subscribe to the show and share your thoughts by leaving us a review on iTunes, Facebook, join our Facebook Group, or visit our website.
Rank #2: Mastering Marketing with My Man Justin Cardenas.
Marketing isn’t cut and dry and it’s not a one size fits all – especially in the real estate business. When you’re new in real estate there’s so much to consider when you’re trying to grow your company. Promotion is an essential part of the real estate business because it is what draws your customers to you, but you need to know what type of advertising method works for you. On today’s show, I brought in one of the people who works in my organization, Justin Cardenas. to give you the straight talk on various marketing strategies. Justin talks about direct mailing, bandit signs, and other types of advertising to get your company seen by your future client. He’ll also give you valuable insights and advice on how to get out of your marketing rut so you’re successful in promoting yourself and your business. “If you want to make this business successful, you have to learn to be uncomfortable.” Justin Cardenas On Today’s Episode of Flip Talk: Justin shares his experience with bandit signs and how it changed his relationships with wholesalers and investors. We discuss timing, response, and conversion rates when using direct mailing marketing. Justin suggests that you need to talk to people in your market who are successful so you learn their methods so you increase your money-making potential. Justin strongly believes that networking is important and we share our views on its benefits. We talk about using the internet to generate leads. We tell you about the purpose of and the proper use of business cards. Rapport is vital in this business and Justin gives you his ideas on its value. Justin’s Advice to Real Estate Investors: When using bandit signs, you must be consistent for marketing purposes. Get yourself out there and do your drops consistently and test your market. Don’t be discouraged if your drops aren’t culminating in calls, find out why it’s not successful. Mentioned on the show: Episode 2 with Justin Cardenas Episode 3 with Cody Hofine Episode 7 with Danny Johnson REI Mobile Lead Propeller National REIA Rate, Review, Learn, and Share Join us every Wednesday for a brand-new episode of the Flip Talk podcast. Flip Talk is your show to learn all about the ins, outs, and in-betweens on real estate investing and house flipping. Email your questions to Topics [at] FlipTalk [dot] com. Subscribe to the show and share your thoughts by leaving us a review on iTunes, Facebook, or visit our website.
Learn how to flip houses with little to no risk. Steven Williams has gone from earning only a couple hundred dollars per week to earning a multiple six figure income within two years as a Real Estate Investor. Steven shares the secrets that he's learned over the last two years on how to flip and wholesale property successfully. Rich Dad Poor Dad author Robert Kiyosaki says "Real estate investing, even on a very small scale, remains a tried and true means of building an individual's cash flow and wealth." and we agree. Learn from investors who have plowed the path so that you can avoid common and costly mistakes and achieve quick results.
Rank #1: 002: Marketing for Motivated Sellers | Find Investment Properties.
Discover how to find the best real estate investing deals by working directly with motivated sellers. Steven Williams uncovers the best strategies to find investment properties at huge discounts! Learn about Direct mail, bandit signs, pay per click, networking and more.
Rank #2: 003: Lead Management With Podio for Real Estate Investors.
Learn how to properly manage your real estate leads so that you can explode your house flipping business. Remember the money is in the follow up so create your investment leads like GOLD and follow up relentlessly.
Want to learn how to invest in Real Estate? Want to work with your spouse but are afraid of driving each other crazy?! Spouses Flipping Houses is all about navigating the world of entrepreneurship together with your spouse or loved one, and taking the necessary steps to make money specifically in the field of Real Estate Investing. Whether you are just beginning to think about getting into the “house flipping” business, or you’re a seasoned entrepreneur with loads of experience, you’ll find the topics, tips, discussions & interviews will provide amazing value to help you take your business to the next level…and to do it all successfully with your spouse or loved one. Oh, and you can learn to do it all without killing each other! In fact, if done properly, we think your relationship will grow stronger in the process. Tune in to listen to Doug and Andrea Van Soest, seasoned Real Estate Investors, entrepreneurs and married parents of 3 who love working together, as they lead you down the path of growing your business and relationship together.
Rank #1: Episode 36: Dave’s First Flip! Questions from a Real First Time House Flipper!.
Episode 36: Dave's First Flip! Questions from a Real First Time House Flipper!by Doug & Andrea Van Soest | Spouses Flipping Houseshttp://traffic.libsyn.com/spousesflippinghouses/SFH_036_Daves_First_Flip.mp3Podcast: Play in new window | DownloadSubscribe: iTunes | Android | RSSShare: Twitter | FacebookEpisode 36: Show NotesIn today’s episode we are answering our close friend Dave’s questions, who recently got his FIRST house-flipping deal! During his process he’s had A LOT of GREAT questions for us. Questions a lot of people probably have just getting started.So today, we will be answering and sharing those Questions & Answers with you, so you’ll have a bit more confidence in getting started and landing your own deals!Episode 36 Transcript Download Episode 36 TranscriptDoug: Welcome back to the Spouses Flipping Houses podcast. We are back for Episode 36.Andrea: After a long and fabulous summer.Doug: Fabulous. It was a great summer. We thought we would take a break for a couple weeks when school got out, you know. Things were kind of busy. We had a couple trips we were going on, and we didn’t know that couple week break would turn into a couple months.Andrea: We just thoroughly enjoyed our summer. I wish I could bottle up that feeling of peace and relaxation that you kind of experience when there’s not as much hustle and bustle, and got to wake up, and go-go-go, and get kids to school, and then work, and then football practice, and dance. It was just so relaxing. Wish we could have stretched that out.Doug: Summer was really full, really fun. Our kids are at an age where, I don’t know. Normally this time of year when summer is coming to an end and school is starting, we start to do the happy dance when school is back is session.Like okay, back to normal kind of schedule. But I don’t know; we haven’t felt that way this year. We want the summer to keep going.Andrea: Yeah, they’re kind of at that age where it was just easier. It was so, so fun.Doug: So they’re back in school now. They started last week, and we are back to normality and a normal schedule, if you will.Andrea: If there is such a thing.Doug: If there is such a thing, but that being said it allows us some time to get back to the podcast, which we’re really excited about. We’ve been looking forward to getting back to record some episodes and getting some more feedback from you guys. So we are back!Andrea: Okay, so this is a little off-topic, but there is no way we can not talk about my current personal obsession. Do you know what that is?Doug: Oh, absolutely. It’s on NBC 24/7.Andrea: The Olympics. Oh my gosh, it’s so exciting.Doug: Yeah, so Andrea was the track star back in her day, in her heyday, and she’s always loved the Olympics, and she has kind of brought me into that too. And we’ve just really enjoyed watching the competitors compete, and just hearing all of the back stories, and watching them, I don’t know, celebrate when they accomplish this feat in their particular sport.Andrea: Yeah the looks on their face when they have worked for years, blood, sweat and tears to accomplish this goal, and they finally accomplish it. And they’re crying, and I’m crying. It’s so cool.Doug: It is. There’s really something inspiring about it, just watching people you know, I don’t know, live out their dream in that moment where they are accomplishing probably their life’s dream. When they are winning the gold, or silver, or whatever it is they’re doing.Pretty exciting. And then there’s the guy who does a false start, and you’re done.Andrea: Oh man, no second chance.Doug: Wow, you know that’s life.Andrea: Terrible.Doug: That’s life sometimes though.Andrea: I don’t know. I think they need to reconsider that rule.Doug: You blew it.Andrea: Let’s have a second chance people. One second chance.Doug: I know. My heart breaks for them, but that’s the way it is. Yeah, the Olympics have been great. We’ve got a cool thing we’re going to talk about today, so we have a friend named Dave. Dave was actually in our wedding.I was roommates with Dave in college, a good buddy of ours who has kind of worked with us off and on over the years. He actually read the book Rich Dad Poor Dad at the same time we read it. We were experiencing life together at that time, and the same thing happened to him.He just got inspired, kind of became entrepreneurial and was wanting to do real estate as well, kind of like we did. Life took us different paths. Dave actually got in a band, got married, traveled around for several years on tour, and different things.But Dave has always wanted to flip houses and has kept in touch with us over the years, and in the last several years he’s actually been living in Hawaii with his family. He’s been following the market, making offers here and there, asking for feedback from us on different deals that he comes across.And we’ll give him our opinion, and he’s just been trying to get into this business. Well, a few months ago Dave got an acceptance on a deal, and the numbers look pretty good. And so he is super pumped that he got his first deal under contract.Andrea: We could not be more happy and thrilled for Dave because kind of like the Olympics, he’s been trying and trying for this and finally got one. It’s so exciting!Doug: And we remember that feeling. We felt like we tried forever making offers, and different strategies, and just hovering around the industry for a long time wanting to just get that first deal. And when it happens, you’re just a wave of emotions, and fear, and excitement, and nervousness that all hit you.Andrea: Yeah, like the, “Oh no, why did they accept it? Was it too high?”Doug: Why didn’t anybody else overbid me? I must have done something wrong. Yeah those questions all come into your head. But through this process of opening escrow and getting things lined up for him to close and begin this project, he has had a lot of questions for us and understandably so.He’s sent us several emails, and we’ve talked to him on the phone quite a bit.Andrea: But the thing is, he had really been studying, and researching, and learning for years. So we realized and would have thought at that point that he knows it all. He’s ready to go, but he still got to this point and still had questions. So it made us realize there have to be other people that have these same questions.Doug: Yeah and you can take seminars, and courses, and really know a lot about real estate investing, and then when you get your feet dirty and get into it, you realize that you don’t know it all. There are questions; there’s always stuff you’re unsure of or that’s holding you up.And that’s just normal, so what we did was took a bunch of these questions that we thought were great questions, probably questions that a lot of people, especially on their first flip, would have.Andrea: Yeah, I think some of them are questions that probably scare people off not knowing how to do these things. So it’s good stuff.Doug: Yeah, so we thought it would be very informational for people, and they might relate to it. So we’re going to get into some of Dave’s questions on his first flip. So let’s go for it.Andrea: Okay, question number one: should I flip in an LLC, a corporation, or something else?Doug: Yeah, so here’s how we start this answer. We are not attorneys.Andrea: Disclaimer.Doug: Disclaimer, we are also not accountants, disclaimer, nor do we pretend to be by any means. But this is a very common question, very common, and a lot of people ask it. A lot of people are wondering what’s the best entity to do business in.What do you set up? Do you do a corporation? Do you do a partnership? Do you do an LLC? Do you just flip in your own name? What do you do?Andrea: We cannot tell you exactly what you should do. We are not telling you exactly what you should do. We’ll tell you what we did.Doug: We’ll tell you what we did and our opinions and thoughts on this thing. First of all, don’t let that question hold you back from even making offers, and that’s the danger here is thinking, I don’t know what company to form or legal entity to have and having that hold you back from even making offers.Don’t let that happen. Just make an offer in whatever. If you only have your own name to start, make it in your own name. Go for deal first. And I want to give kudos to Dave because that’s what he did.He got the deal first, and then he started to wonder what to do next and was asking this question after the fact. That’s the correct order in my opinion, so what we did is set up an LLC here in California to start our first flip.I don’t remember if we had it set up— I think we did have it set up before we actually got our first offer accepted, but that wasn’t that important. And we flipped homes in our LLC for I’d say the first year I think in the business.The reason we did an LLC was we had just heard from other investors. We asked around, and other people had said that it was a good entity to have I think because the paperwork was simple in our state, wasn’t a lot required in terms of the backend. It was fairly inexpensive to do and relatively easy to setup.And it was kind of a layer of protection between you and the actual house, so that’s what we did.Andrea: But…there’s a giant ‘but’ here.Doug: There’s a giant but. And this may be state-specific; I’m not sure. But in California, there’s a thing called the gross receipts tax that applies to LLCs. Gross receipts meaning your total gross sales. Once you hit a certain amount, an extra tax kicks in and in real estate, it doesn’t matter how much profit you make.They’re talking about gross receipts, and prices of homes are pretty expensive, especially in California. So if you have gross sales of a million dollars was I think the first tier, an extra $5,000 you have to pay in taxes regardless of what your profit was. So that’s like three houses here in our area.If you sold three houses, you’ve hit a million dollar gross receipt tax or limit, and then your first $5,000 tax bill kicks in, and then another one kicks in at like a million and a half or two million, two and a half. And it gets really expensive all of this extra tax, so we quickly changed out of that and now we actually flip out of an S corporation.Now that’s us personally. We recommend you seek advice on this; seek legal counsel. Ask an accountant and an attorney if you have those at your disposal because you’ll probably get two different answers from them even based on what’s good for legal liability protection and then what’s also good from a tax standpoint. And you just have to make the decision from there.Andrea: Like I said, don’t let that hold you back. If you get one under contract and you don’t have a corporation set up, buy it in your own name. Do it; figure it out on the next one. It’s not that big of a deal.Doug: Exactly. Yeah, flip it in your own name. Don’t be too concerned about that. Just do the right things. Get your insurance; go forward; you’ll be okay. Figure it out later.Andrea: Okay question number two: What do you call the binder agreement that you were referring to in the purchase? Oh okay, so this is actually Dave’s exact question that he emailed to you, and you had been telling him about how you purchased a binder for each deal that we do, and he didn’t quite understand what that was.Doug: Yeah, so let me try to explain a little bit. Some people might be thinking, what are you talking about? Binder, what? And that’s okay. This is again one of those things that is not essential to know before flipping a house.But typically in real estate when you buy a home, you’re going to get a title policy. We do recommend getting title insurance, and the title company is basically when you pay a one-time fee when you purchase the property. Usually it’s paid by the seller in a normal transaction.Like let’s say you go buy a home off of the MLS with agents involved. At least in California, typically the seller will provide title insurance to the buyer, and they pay that fee based on the purchase price. And what that is, is the title company guaranteeing clear title.So if something comes up later down the road that somebody raises their hand later and says, “No, I have legal right to this property,” for some reason (there’s all kinds of things that could possibly come up), well you’re insured. The title company is going to guarantee that you have clear title, and they’ll take care of any issues from that.So you definitely want to get that but as a buyer, if you intend to resell this house in usually I think a two or three-year period, you can purchase what’s called a title binder policy when you buy the home. So it usually costs about ten percent of whatever the title fee is.So let’s say the title insurance fee is $1,000; then you’re going to spend an extra $100 to get this binder. And what the binder essentially is, is a commitment from that same title company to reissue a new title policy within the two to three year period for the next owner.And typically since you are the investor here, you’re going to be providing title insurance to the next buyer, so that’s usually a fee that the owner would pay.Andrea: That you would have.Doug: Right, that you would have. And it’s based on the purchase price, so let’s say you’re buying a home for $200,000 and when you flip it, you’re going to sell it for $350,000. Well that policy might go from $1,000 to say $1,500 because it’s based on the sales price.But if you have a binder, you’re guaranteed a dramatically discounted rate on the next title policy for the next owner. So I hope I haven’t put anybody to sleep with all of this title talk.Andrea: Basically it saves you money.Doug: The bottom line is it’s a way to probably save $500, $600, $700 when you sell a home on title insurance. That’s it. It’s just a little trick to save money, so if you’re going to be flipping, look into the title binder policy while you’re in escrow with whatever title company you’re using. That’s all; that’s the short answer.Andrea: Kind of long, but that’s okay. Question number three: I am so excited to get going on this project. Do you ever get started on the rehab before you close? Here’s my answer to that.Doug: Bum, bum, bum.Andrea: No! No, no, no!Doug: Absolutely not.Andrea: Do not do that. There are a couple reasons. For one, you don’t want to spend money improving a property that you don’t own because anything can happen before you close and if that transaction falls out, you have just improved somebody else’s property for free. You’re not going to get that money back. Don’t do that!Doug: And you may think, nothing is going to happen. it’s a done deal. We’re moving forward, and everything is set in stone. Trust me, things can happen at the eleventh hour. Title issues can come up that we just talked about.Andrea: Right and reason number two is liability issues. You don’t own that home. You don’t have insurance on it, so just not a good idea. Don’t do it.Doug: That’s right. Somebody gets hurt on the job there, and you’ve got a real mess on your hands. Now it’s somebody else’s property where your person that you hired got hurt. It’s just a big mess. You don’t want to mess with that. It’s not worth the risk. Just be patient.I understand he’s anxious. He’s ready to get going, wants to get a jump-start. Time is money. We get that. Just line everything up, but don’t start doing work. Don’t start putting money into the house before you own it.Andrea: Okay question number four: What steps do I take to record the DOT (or the Deed of trust) and note for my lender?Doug: Okay so another good question.Andrea: Is this one going to be a snoozer?Doug: It might be, so grab a cup of coffee real quick while I explain this, DOTs or deed of trusts, now in some states it might be called a mortgage. In some states it’s called a deed of trust. I don’t know what it’s called in your particular state, but here in California when you lend money on a property and you’re getting security for that money you just lent, you get it in the form of a deed of trust against the property.And I think in Hawaii it’s the same thing. So to flip houses, we use private investors’ money a lot, so people that we know will invest money with us, and we’ll pay a rate of return. And in return for their money, they’re getting a deed of trust as security for that note just like a bank would, any bank that’s lending money to anybody.So Dave is also using private investors to fund this deal, and he’s wanting to know the process. Hey, how do I record this deed of trust for my lenders? Well there are two ways this can happen. The first way is in escrow. In your typical escrow process (or if your state doesn’t have escrow, you’ll use a closing attorney), you can actually have them handle all of that.So your private lender will fund the title company or the escrow company. They will handle all of the paperwork in terms of writing up the deed of trust and making sure that it gets notarized properly, and then when it all closes, they’ll go record it for you and handle it on the exact same day that the property closes.That’s kind of the easiest way. Now there are some scenarios, and I think that was the case here with Dave, where his offer was a cash-offer. And he was afraid to upset the escrow process and the seller by trying to have the escrow company record a note and deed of trust in the escrow because now it looks like there’s a loan on the property— which technically there is— which doesn’t meet the terms of the cash deal that he had offered.So he didn’t want to do that, so he was going to do it outside of escrow. So if that’s the case, the process is pretty simple. Basically you want to have your private lender get the money to escrow however that happens, either they wire it directly to them or they send it to you and then you send it to the escrow company.And then you want to have the deed of trust drawn up yourself. Now you may not know how to do this, and that’s okay. I would get online, and you can go to any title company’s website for your state, and they have the forms available for you right there with little fill-in-the-blank spots.You can fill them in, have a notary, a good one, look it over. Make sure it looks good, and then get the deed notarized, and then after the property closes you just walk it in to your county recorder’s office (search that in your area). Walk it in to the county recorder’s office; get a number; they’ll call you up to the window and say, “I want to record this deed of trust against this property.”They’ll look it over and if there’s anything missing, they’ll let you know, and then you might have to come back and make sure it’s properly filled in. But it’s pretty simple. Just figure that part out. There’s not too much stuff to get hung up on there.So that is the other process, and that is what I told Dave to do is do it yourself. Walk it in; make sure it looks correct. If you have a friendly title person who wants to look it over for you, that would be even more helpful just to make sure you filled in all of the numbers correctly and everything.Are you bored over there?Andrea: A little bit.Doug: Sorry.Andrea: We’re like peanut butter and jelly babe. I’m so glad you handle that side of things. The next two questions are not nearly so technical, so that’s why I’m answering them, and I just tuned you out right there because you got that.Doug: Well and you’ve got the right mindset, like the bigger picture you know. Hey, does the deal make sense? How’s the rehab going to be? Let’s get that thing sold, you know. But some people, me included, are kind of analytic and get hung up on these things like, oh I don’t know this process. This is confusing to me, and therefore if I don’t fully understand it, how am I ever going to do this deal.You don’t need to fully understand it. Just kind of have the bigger idea, the big picture in your head and then once you’re in it, then you figure it out. Like Dave’s doing here, asking questions: “Hey, uh I forget. How do we do this?”And this is nothing new to Dave. He’s worked with private investors a lot, so these little details he just didn’t do or didn’t know because he’d never really done it. So good questions that a lot of people will have, and just don’t get hung up on them.Andrea: Yeah. Okay question number five. I’m going to try to make this as understandable as possible to someone that did not read the entire email, just kind of a snippet of several questions, so he says, “Right now my running costs are about $30,000.” I’m thinking that means his total budget or what he’s spent so far.Doug: Yeah the total he’s spent so far.Andrea: Okay, “the major purchases left are windows, about $2,000. I decided I needed to do them because a lot of them were broken, and a flip across the street just put in new windows. I still have flooring to do that will be about $1,000 for material, a 12x12 concrete patio for $1,000, a new front door for $300. I still have to also do landscaping and gutters, so probably about another $5,000-6,000 that I need to spend on top of the $30,000 that I’ve already spent. So how do you know when you’re overspending?”Well I would say that depends on a lot of things. You really need to make your flip project clean, and functional, and competitive with your comps. That’s your goal: clean, functional, competitive. If you meet those goals, anything beyond that you’re probably overspending.So I feel like you’re on the right track Dave. Windows, if they’re broken, you’ve got to fix them. Flooring, got to have flooring; you already ripped out the other stuff, so you have to put in new.Doug; That one is kind of essential.Andrea: A concrete patio 12x12, that’s not crazy so that’s good. And then a new front door for $300, I think that will be a good $300 well spent, so I don’t feel like you’re overspending. I know you, and I know what you’re doing Dave, and I know you’re watching your comps, so for you I’m not worried about it.I know that you’re doing just the right thing, but I think that’s a really great question. People probably get into the thick of it, and they’re watching this money go out and wondering, oh shoot. Am I overspending? But if you are making that property clean, make sure everything works, and you’re competitive with your comps, then you’re not overspending.Doug: Now if his question would have been worded like, “There’s some other things I want to do like this water fountain feature in the front yard that I think will just be a really cool thing. Or a brand new vinyl fence all the way around the front yard would make this house sell.”Those are a little bit more of a question mark because now you’re talking about things you might not need to do.Andrea: Right, then I’d say, “You know what? You might be overspending.”Doug: Yeah and again, Andrea hit it on the head. It’s all about the comps and the neighborhood. Look at what has sold for the price you’re looking to sell for and ask what they had.If you can meet that and exceed it by just a hair, you’re way ahead of the game. Don’t do unnecessary expenditures for things like big water features and custom stuff that you won’t get the money back on what you spent there.Andrea: Right. Alright, question number six is our last question: For some reason, I thought I needed to match the exterior base color that was existing, which was blue. So I purchased a color-matched color (he said more words than that, but I’m trying to be concise here).So I purchased a color-match type of paint basically to match the existing color that was already there, but I was looking back through a lot of your before-and-after videos, and I realized that you guys mostly do neutral beige colors and grays. So should I spend the extra $180 to get another five gallons of a neutral color or basically use what I’ve already got?So the reason we threw this question in there, because I know it seems kind of simple, but these are the things that people get hung up on. And really, colors are not that big of a deal. So we tend to go with neutrals a lot of the time because you want to turn off the least amount of buyers as possible, and a neutral color is pretty much guaranteed to do that.Doug: You’re trying to appeal to the masses.Andrea: Right, with a bright blue you’re going to have a larger percentage of people that dislike that than a nice gray tone. So that’s why we tend to do that, but you know, he lives in Hawaii. Maybe blue is really exciting there— I don’t know.We do use a lot of neutrals but in a property we just did, we just did a bright blue house actually because it’s really cool and perfect for the neighborhood.Doug: Yeah it’s like a historic area that has kind of different colors going on, so maybe that’s this area. I’m not sure.Andrea: As a rule of thumb, I like to keep the base color of a property neutral. If that’s going to cost you $180 to do that, that’s nothing. Spend the $180 right, but it really depends on your comps. If the blue is okay and there are other bright, funky colors in the neighborhood because you’re in Hawaii on these islands, then sweet. Save the money and go with what you got.But if you want to be safe, I love a neutral color with a bright front door because people can see past the color on the front door. If they don’t love it, they know that it’s a super simple fix. But a lot of people can’t see past a color they don’t like on the entire exterior of the house.Doug: Yeah, and there are some colors that just make the house seem a little smaller maybe or if it’s definitely an odd color for the neighborhood like you mentioned, you want to avoid that. You’re trying to appeal to the greatest amount of buyers as possible. So yeah neutral colors are typically what we use, but in his case this blue might be okay.Andrea: Right, yeah I think it’s kind of fun.Doug: So great questions Dave, we’re super excited to see how this property turns out. I think he’s just about to wrap up the rehab here in the next week, so we’ll definitely check back in with him and see how it’s going throughout the process. We certainly wish him the best, and I’m excited to see how it goes.So that’s it for Dave’s questions. We will probably get some more later and maybe do another episode like this. We wanted to remind you that we are speaking at Flip Hacking Live in San Diego if anyone is going to be down here and wants to learn about real estate investing.It’s going to be a great event, so if you’re interested in checking that out or getting some tickets, go to SpousesFlippingHouses.com/FlipHack.Andrea: And if you are a social media person, you can follow us on Instagram and Facebook at SpousesFlippingHouses.Doug: Lots of good pictures of things going on throughout our business.Andrea: Well we shouldn’t say lots.Doug: A few.Andrea: I’m trying to remember to post more stuff. I’m one of those people just living my life. I don’t stop and think, Hey, I should post this picture of me doing this thing. I’m just doing this thing! I’m trying to get better because it’s kind of fun to share the process, and the photos, and the before-and-afters, and that kind of thing.Doug: Yeah, so check us out there, and we will I guess talk to you next week.Andrea: Talk to you later.Did You Like this Episode? Subscribe!If you would like to learn more information from our Podcasts, check us out on iTunes & Subscribe. Also consider leaving us a rating (5 stars would be great) and a review would also be helpful so others can learn more about us and get in on our upcoming episodes.For questions or comments please fill out the comments area below and we’ll answer them. Thanks!Subscribe HereSubscribe here to receive instant notifications of new episodes straight to your inbox!Success! Name Email CLICK HERE TO GET STARTED The post Episode 36: Dave’s First Flip! Questions from a Real First Time House Flipper! appeared first on Spouses Flipping Houses.
Rank #2: Episode 20: A Dummies Guide to Estimating Repairs for Your Rehab Project.
Episode 20: A Dummies Guide to Estimating Repairs for Your Rehab Projectby Doug & Andrea Van Soest | Spouses Flipping Houseshttp://traffic.libsyn.com/spousesflippinghouses/SFH_020_-_Dummies_Guide_to_Estimating_Repairs_for_Your_Rehab_Project.mp3Podcast: Play in new window | DownloadSubscribe: iTunes | Android | RSSShare: Twitter | FacebookEpisode 20: Show NotesWhen it comes to rehabbing properties it’s important to at least have a MINIMAL knowledge of the process to estimating repairs. This part of the process is where A LOT of beginning rehabbers can easily get stuck!When we got started, we had next to NO background in construction or repair estimation…but we have learned ENOUGH that has allowed us to still be successful in this business.In today’s episode, we’ve got 5 tips for you on how to estimate repairs without ANY kind of construction background, so you don’t get stuck during YOUR rehab process!Here’s a Few takeaways from today’s episode: How to NOT let the construction process hold you up Why You Need to Know about the Rehabs in YOUR Area & what they can teach you Why You Should Reach out to Other Investors & how they can help you What You Need to Know About Your Major Expenses Our Simple ‘Bid Tip’ for Your First Rehab Project A ‘Quick & Dirty’ Repair Estimating Tip to Save You Time when Speaking with Sellers, to increase your chance of getting the deal Episode 20 Transcript Download Episode 20 TranscriptAndrea: Welcome back to Spouses Flipping Houses. This is Episode 20.Doug: 2-0.Andrea: 2-0. I just told Doug, “I’m really tired. I hope I have the energy to do this podcast.” And he said, “Just slap yourself!”Doug: Don’t you know when we’ve been on long road trips, and I had to drive all night because you’re sleeping peacefully next to me in the passenger seat, I would slap myself every 30 minutes just to wake up.Andrea: That’s terrible.Doug: It works!Andrea: I’m just going to eat some candy. I think that’ll be better than slapping myself.Doug: I was doing that too, but there’s nothing like a good ol’ slap in the face to wake you up.Andrea: Whatever works, I guess.Doug: Well, we’re excited. We’ve got a great episode today, again, we hope. This one is called ‘A Dummies Guide to Estimating Repairs for Your Rehab Project.’Andrea: And it’s kind of appropriately titled because we don’t really have a background in construction.Doug: Just say it. We’re dummies.Andrea: Yep, pretty much.Doug: We’re rehab dummies, and we especially were when we first started.Andrea: Not anymore, but we were when we first started.Doug: Right, and we’re going to give you some tips today on estimating repairs and learning the construction business enough to be successful in this business. You don’t have to be super knowledgeable about any one subject, but you need to know enough about everything in order to do it, so we’re excited to talk about it today.But beforehand, we wanted to talk a little bit about what’s been going on this week with us. We had an awesome Sunday.Andrea: Yes we did.Doug: At least for me, being a lifelong Denver Bronco fan. I apologize for any of you out there who are Bronco haters, but great time watching the Super Bowl. It was kind of nostalgic for me to see my nine-year-old son there who has just in the last year become this huge football fan and watch the game with him.And it reminded me of when I was nine or ten years old back in the 80s, but a little bit different outcome in the Super Bowls for the Broncos then. We were getting destroyed by the 49ers and destroyed by the Redskins, and just getting killed, so it was nice to have a different outcome for him and see him celebrate that.But I thought there was a little lesson in the Super Bowl too, a little lesson in life. So you’re looking at me wondering where I’m going with this.Andrea: I’m listening, I’m listening.Doug: So coming into the game, the Panthers were favored. Everybody had the Panthers winning this game. They were 15 and 1 going into the regular season, and had just blown people out in the playoffs, destroying the teams, cruising on the way to the Super Bowl. And they’re the number one offense in the League, looking like they’re just going to roll over the Broncos, and no one really gave the Broncos a chance.And you know what, the Broncos probably were under matched. I mean, the Panthers had more speed, more talent, probably physically a better football team than Denver was that day. But for whatever reason, the Broncos prevailed, and in my opinion, it just came down to who wanted it more on Sunday.And you could tell, Denver came prepared, and they came ready to play ball, especially their defense. And you know, they won the game, and they won it pretty handily. So the lesson in life, I think there’s a lesson in life, and real estate, and business in that Super Bowl. You may not think you are the most equipped person or successful person in real estate investing.Maybe you’re not the best negotiator; maybe you’re not the best with numbers; maybe you’re not good at estimating repairs; maybe you don’t have all of these skills. But the lesson is that if you want it bad enough, and you’re focused, and you’re committed, you can come out on top. You can be successful, so what do you think about that?Andrea: That’s pretty good babe. You always find a way to relate sports to life.Doug: Hey, sports is a metaphor for life. I believe that. Teamwork also is another thing, but anyway, there’s a whole other lesson in that one. But yeah, I had a great time watching the Super Bowl. We also had a change in our rehab that we’re doing this week.Andrea: Yeah, we had a house that was a pretty light rehab, and we went through trying to look for ways to save money and not do too much to it, and so we decided to go ahead and paint the cabinets, which we do a lot actually.Doug: Yeah, kitchen cabinets.Andrea: And the counter-tops were decent.Doug: Yeah, they were like a corian.Andrea: Yeah, a solid corian all the way up to the back splash, and we thought you know what, those are good counter-tops. Let’s just keep it. We’ll do new floors and new appliances. We’ll paint the cabinets white. We do that a lot, but in this house for whatever reason, man when they sprayed that white paint on there, it just highlighted every crack and ugly thing on those cabinets.They’re very, very old. They’re not standard sizes; they almost look homemade, and they looked terrible once they were painted. And so basically the house was done. The rest of the house looked fantastic, and the kitchen looked awful. And you just can’t sell a house that way for top dollar. So we are going back in and ripping out that kitchen, kind of a bummer.Doug: Yeah, but you know kitchens, and bathrooms, and curb appeal are three of the most important things really in a house, and I think the curb appeal would get people in, and then they would walk around and go into that kitchen and say, “Oh. This is not…”I think that can be one of those tiebreakers that you don’t want to lose.Andrea: Yeah, it’s totally worth it to go back in and spend a little more, and I think in the long run, we’ll make a lot more because of it. But it just goes to show since we’ve bought and sold hundreds of houses that we make mistakes too.Doug: Yeah. Important to walk through your house after the rehab and just take a look and try to look at it from a buyer’s perspective. They’re going to come in here and what are they going to see? And they would have really been turned off by the kitchen.Andrea: I walked through it and was like, “Oh, no way.” And I had my assistant go to the house too just to get her opinion in case I was being too picky, and she was like, “Nope. Not good.”Doug: So now it’s going to have a brand new kitchen. It’s going to have the dishwasher that wasn’t in existence before because this was like a 50s house. It’s just going to shine, and someone is going to love that, and this might actually help sell the house at quite a bit higher price, hopefully.Okay, so let’s dive into today’s topic: A Dummies Guide to Estimating Repairs for Your Rehab Project. When we first started, we had zero background in construction or estimating repairs, zero experience. Now since then, Andrea has become our resident expert through her interior design training and also being our project manager. She has learned quite a bit.And I’ve learned to estimate repairs on the fly and do a real quick estimate, just because we’re analyzing homes all day long and making offers all day long. So you have to have that skill to be able to that. And we’re going to talk about getting those skills today.Andrea: Yeah, I think that for a lot of beginning investors, this is one of those things that can hold them up because they’re afraid because they don’t understand this process. And it’s just like anything else: you decide to go for it and you figure it out as you go.Doug: Right, right. So we have five tips for you here on learning how to estimate repairs. Now again, these come from us being house flippers, not contractors. But this is kind of a practical way, I think, to go about learning it if you absolutely no idea where to begin. This is sort-of how we did it.Tip number one: learn about the rehabs in your area. So, what do I mean by that? Well, are you in a high-end market or a low-end market? Are homes where you live million dollar homes or are you in a market where they’re $150-$200,000 homes? What part of the country are you in? Are homes in your area that you’re going to be flipping older? 100 year old, 150 years old, 30 years old?Where we live, almost every house is between 5 and 20 years old. It’s kind of a newer area, so repairs can be very different based on all of that. Are the homes large, on large plots of land, and there’s a lot of landscaping involved as well or are they small, mostly smaller lots, less landscaping?Maybe you’re in a desert area that doesn’t require that or natural landscaping is the norm. So just learn about your area and what might be unique. Another example of this might be if you, say, lived in the Palm Springs area. Well, you have a lot of mid-century modern homes out there that have a very unique style, and they require a certain type of rehab, finishing, and material in order to sell.Andrea: Yeah, that’s a great example because that’s one where you can really get it wrong if you don’t know what you’re doing. If you bought a home there, and you’re not from there, you can really rehab it the wrong way to where it will not sell in that particular town. So researching your area is vital.Doug: Yeah, and we don’t have these so much around here, but maybe back East you might have a lot of older, Victorian-type homes that would have a very similar reaction to the market. You’re really going to have to know what you’re doing in order to rehab those homes a certain way for what a buyer might be looking for.Also, there could be other issues that you deal with in your area, like maybe certain areas have soft soil and foundations are known to crack and be a problem in a particular city/neighborhood/area. Or maybe you’re in an area that gets a lot of rain, and there are mold issues that you always have to be looking out for.Certain things like that you need to know what you’re going to be dealing with in your particular market.Andrea: Okay, tip number two for estimating repairs in your area is to ask other investors what they spent on their last rehab.Doug: Good tip.Andrea: And really what you have to do is go to an investor’s club meeting or an investor meet-up group and get to know some other investors. You don’t want to just go to someone that you don’t know and ask them that question, because it might be kind of personal.Doug: They might feel threatened or something.Andrea: You probably won’t get a good response, but if you are a part of these groups, and you’re meeting other people, you might get to a place where you could ask them and figure out what the spending norm is in your area.Another thing that I always do, especially if we’re doing a rehab in a neighborhood where we haven’t done one before or in a new city, I will go through the comps that we find on the MLS that are in that surrounding area, and I will scroll through all of the pictures of the listings of whatever our competition is.So I’m going to see that if they all have new cabinets, then we probably need new cabinets. Is their landscaping fantastic? Or sometimes, some neighborhoods we have are just dirt, so it’s okay if we have dirt. I’m also looking to see what style buyers are wanting in this area, so is it super modern or is it more traditional.You can spend a lot of money and build a beautiful, very traditional style home, and kitchen, and bathrooms, but if you’re in an area where people want things super modern, it’s going to sit for a while. It’s going to be tough to sell.Doug: Yeah, or you might not get as much for it.Andrea: Yeah, so you need to look at the expectation out there by scrolling through pictures on the MLS, and seeing that this one sold really fast, it’s really modern. So did this one, so did this one— oh man, that one was on the market for 90 days, and it’s more traditional. Okay, bingo. I need to do a modern style home.Doug: You can get a lot of good information by diving into the MLS and looking at those things, good tip. So tip number three: know your major expenses, know those pretty well. So what are the major expenses?There’s a handful of them. First would be the first thing I look at when I drive up to a house or if I’m scrolling on Google Street View looking at a house, and that’s the roof. Roofs can be very expensive. Does a roof look worn, old? Is it a shake roof or something that’s going to be needing replacing?Because if it is, you want to definitely account for that and that can be anywhere from $3-$6 per square foot, just depending on the roof. So know that could be a huge cost. Also, windows, and this is one of those things, again, by researching on the MLS to find out if that’s going to be necessary in your area, but if you need to do new windows, that could be a major expense too.So definitely account for those, and that’s anywhere from $3,000 to $5,000 for a typical, average size house for retrofit windows.Andrea: Yeah, but that is definitely one of those things where I would say look through the pictures of your competition. If they all don’t have new windows, you don’t need to do new windows. Save the cost.Doug: You don’t need it, exactly. It just depends on your area, depends on the house. Another one would be heating and air conditioning. Once again, you may not need it depending on where you are, but if all of the competition has forced air and forced heat, and you don’t, you’re probably going to need it.So that can be a pretty large cost as well. I would figure $4,000-$5,000 for an average house, depending on what you need there. Another one would be foundation. This one gets a little more technical, and this is the one that I think freaks people out the most. But if you have a potential foundation issue, that could be a minimal cost or it could be a huge cost depending on how bad it is.So keep that in mind, and how do you look for foundation problems? Well the quick tip on that is to walk around the house and see if it feels level. Do you see places where the floor is protruding up or down? Are there major crack? You want to look for horizontal cracks in the drywall as well on the walls and above doors. Those are major hints for a potential foundation problem.And another big expense would be a pool. A lot of areas don’t have pools, but out here where we live in the desert, there’s a lot of pools. And if the pool has been neglected or if the equipment is old, that can be a $3,000 to $10,000 fix to get your pool up and running like it should.So those are just major repairs, major expenses that you want to note as you’re analyzing a house, walking through the house.Andrea: Okay, so tip number four is to get at least three bids on your first rehab project. And there’s a couple reasons that you’re going to want to do that. Obviously number one is to compare prices, but number two is that this is going to give you an opportunity to basically interview several contractors.There might be certain people that you’re just not going to work well with, and other people that you feel like you’ll work great with, and you’ll really hit it off. So you want to compare prices, but it’s also great to just meet several contractors. It’s nice to have a good, long list of several people you can call.Doug: Right, yeah definitely.Andrea: And then the other thing, if you have a chance and you’ve never purchased a rehab before, it might not be a bad idea to get a home inspection. We don’t really ever do this. I don’t know that we have ever done this.Doug: I think early on we did maybe once.Andrea: Maybe our first one, yeah.Doug: First or second, one of those two.Andrea: Generally, you really don’t have time. Once you get going and you’re in this business, you don’t have time to waste your seller’s time and your time with doing a home inspection. But, especially maybe your first time or two, to walk through the home with that inspector and see what they’re looking for, it would just be an education process for you to figure out what to look for in terms of repairs.Doug: I think especially if you have a question about the foundation or something. If it’s an older home, and you just don’t know what to look for, yeah get an inspection on that first one, and then walk around with them. Talk to them; ask them questions. What are you looking for in a foundation? You can get a good education that way so that next time you feel more confident.Andrea: The tricky thing here is that back when we started, we were buying mostly REO Bank-owned homes, and they were vacant. So we could bring anybody through there that we wanted to. We could bring in 10 contractors if we wanted to. We could do two home inspections if we wanted to.Nowadays, most people are buying homes directly from sellers, and if you have already signed a contract with a seller, and they’re ready to go, it’s going to make them really nervous if you bring three, four contractors through. And it’s going to make them really nervous if you bring a home inspector through.So you have to really gauge your situation and figure out how you’re going to do that without freaking out your seller.Doug: Yeah, you have to play that one by ear. But you know, like we said, especially on your first one, we recommend getting that done, getting bids, doing the whole thing because you want to make sure you’re not making a mistake, or getting into something that’s over your head, or have repairs coming in at 50 percent more than you expected, something like that.Andrea: One creative thing you could do would actually be to bring a home inspector through your own home, and it would cost you some money, but that would be a great way to educate yourself on what they might be looking for. Same with contractors, even if your home is not in bad shape, you could just find out what it would cost if you wanted to change out these cabinets, or redo all of your flooring.Just get some ballpark ideas, and then that way let’s suppose you do have a home under contract and you don’t want to freak out the seller, it’s just a good way to educate yourself.Doug: Yeah, it’s great. Tip number five, so this is the way that I am typically going to estimate repairs now when I’m doing it from the computer or just walking through a house quickly with a homeowner or something like that. And that is to use a three-tier repair estimate model.So, after years of doing this, and we’ve done hundreds of rehabs, it kind of boils down to thinking, for this type of house, we’d typically spend about this much money for a rehab. And we narrow it down to a real quick estimate based on price per square foot. So you’re not going to estimate based solely on that, but what we have is a three-tier system.So we have a light rehab, a medium rehab, and a heavy rehab. Light rehab might be if the house doesn’t need much work, maybe it only needs paint, or flooring, maybe you’re just going to paint the cabinets. It’s a very light fix, either because that’s all it requires to sell or maybe it’s going to be a rental property for you, and you don’t need to go high upgrades on that.But whatever the case, if you determine it’s a light rehab, ballpark right now we’re talking about $15 per square foot to do that rehab for the house. So, if it’s a 1,000 square foot house, $15 a square foot, you’re looking at a $15,000 light rehab for that property.Now, you want to add in the major items on top of that. So let’s say it’s a light rehab, but you need new windows because that’s required in this area. You’d want to add that on top of the $15 a square foot, so it would be $15,000 plus another $4,000 to $5,000 for windows, so you’ll come in right around $19,000 or $20,000 on your estimate for that house.Medium rehab would be about $20 per square foot. Now this would be a little bit stronger than the light rehab. You might be needing a new kitchen or a new bathroom, or both, maybe a little landscaping, possibly doing some more work like moving a couple of walls around or replacing some plumbing and electrical. It’s a little more involved, but it’s not a complete remodel.This is probably the most common that we run into and again, it just depends on your area and your homes, but this would be $20 per square foot and again, add in the major items on top of that. So if you need a roof and you need to redo the pool on top of the medium rehab, make sure to add in another $10,000 to $15,000 on top of that.And then of course, a heavy rehab you’re going to go $25 to $30 per square foot or more, depending. So this is something that’s going to need everything. It’s going to need all new interior/exterior landscaping, and most of the major items— add those on top of it. But we’re typically spending $25 to $30 or more per square foot for the heavy rehabs.So again, very quick way to do it. Is it going to be exactly accurate? No, but in most cases when you’re making offers, going through properties, and doing this on a high volume basis, you just need to be in the ballpark. You need to be within about a five to ten percent margin there on what the actual repair bill will come in at.You want to be as accurate as you can but without knowing everything and just doing a quick estimate, this price per square foot method plus adding in the major expenses on top of that seems to work pretty well for us. It seems to come in fairly accurate.Andrea: Yeah, and sellers usually want an answer right away. They want to know what you will pay for their house, and so you have to be quick. If you’re sending out contractors to figure out what you can pay for their house…Doug: Just to make an offer.Andrea: …you’re going to probably lose out because somebody else can do this real fast.Doug: Exactly, so you would use this method because you don’t want to waste time. You need to get a decision or an offer to these people. So that’s it. Just again to recap, the five tips. The first one was learning about the rehabs in your area— style, high-end or low-end, different things like that. The second tip was…Andrea: Ask other investors what they spent on their rehab and scour the MLS checking out pictures of your competition.Doug: The third tip was to know your major expenses— roof, windows, heating and air conditioning, pool, foundation. Fourth tip…Andrea: Get three bids, at least, on your first rehab project.Doug: And then the fifth tip was the price per square foot method. $15, $20 and $25+ for a quick estimate, so I hope that helped. That’s it for today. These are the methods we use, and just you know, I think the lesson here is don’t be afraid of this aspect of the business.I think it tends to be one of those fear points that holds people back from even making an offer because they’re afraid they’re going to be so far off on this that they don’t what they’re doing. Get in there; get your feet wet; get estimates; learn from people, and you’ll get more comfortable with it really quickly, and it’s not that big of a deal to determine.Andrea: Yeah, it’s totally a learn-as-you-go type of a thing. And eventually you’re going to look back and think, how funny, I used to be afraid of that.Doug: Well, that’s all for today. We hope you enjoyed it. We’re going to go head out of here and check out a few rehabs right now.Andrea: And eat lunch. Can we eat lunch?Doug: And eat lunch, yes. So we will talk to you guys next week!Andrea: Have a good week! Did You Like this Episode? Subscribe!If you would like to learn more information from our Podcasts, check us out on iTunes & Subscribe. Also consider leaving us a rating (5 stars would be great) and a review would also be helpful so others can learn more about us and get in on our upcoming episodes.For questions or comments please fill out the comments area below and we’ll answer them. Thanks!Subscribe HereSubscribe here to receive instant notifications of new episodes straight to your inbox!Success! Name Email CLICK HERE TO GET STARTED The post Episode 20: A Dummies Guide to Estimating Repairs for Your Rehab Project appeared first on Spouses Flipping Houses.
Real Estate Investing: Full time Real Estate Investor Justin Colby shares the systems to create the business and lifestyle you always dreamed about as a real estate investor. Flip homes while on vacation, flip homes while sitting on your couch. YOU will discover the systems and techniques to use in your real estate investing business. YOU will also hear from a diverse group of very successful real estate investors from across the country. The Science of Flipping podcast will help you become a millionaire real estate investor.
Rank #1: Episode106: How Brett has made over $400k in his first 10 months.
How Brett has made over $400k in his first 10 months in the business. Remember he was the corporate guy, who now is a real estate investing monster. Get a Free Coaching Call with TSOF team. CLICK HERE TO FILL THE FORM. JOIN MASTERMIND — APPLY NOW!!
Rank #2: Episode 60 – Want to learn how to wholesale virtually? | Real Estate Investing Podcast.
Justin Colby interviews master wholesaler Joe McCall. Joe and Justin discuss what it takes to build a wholesaling business virtually. Finding sellers, buyers, and collecting checks while traveling the country in an RV. Stay Tuned.
Real Estate Investing Unleashed: Quit Your Day Job in 19 Weeks or Less...and Live the Lifestyle of Your Dreams by Discovering How YOU Can Make a FORTUNE Flipping Properties in Your Spare Time with NO Cash or Credit Required Even if Your Just Getting Started Today!Discover Real Estate Investing Tips & Techniques from an Aggressive Full Time Real Estate Investor. Get a Unique Prospective from a Real Estate Mogul that Has Bought and Sold over $120 Million in Real Estate in the Last Several Years. We're dedicated to teaching you not only cutting edge skills but also the mind set necessary to succeed as a real estate investor. We want to Help You Make Money in Today's Market with Real World Case Studies and Success Stories that Prove You Can Make A Fortune in Real Estate Even in a Tough Economic Environment. We Know You'll Love the Show...
Rank #1: F2F 083: How to Write a Wholesale Real Estate Purchase Contract Step by Step.
Download Episode 083 The Exact Process on How to Write a Wholesale Purchase Agreement with the Seller and Buyer In this episode I break down the exact process on how to write a purchase contract with the seller and buyer. You’ll learn the step by step process line by line. I also explain how faith Keep Reading » The post F2F 083: How to Write a Wholesale Real Estate Purchase Contract Step by Step appeared first on The Ultimate Real Estate Investing Podcast | Flip2Freedom.com.
Rank #2: F2F 064: Rock Star Interview: $100K a Month Virtual Wholesaling w/ Cris Chico.
Download Episode 064 Rock Star Interview with Virtual Wholesaling Expert Cris Chico @ CrisChico.com In this episode I interview Cris Chico the master at virtual wholesaling. Cris has made upwards to $100,000 a month flipping houses from the comfort of his home only using a laptop, cell phone and a fax. In this exclusive interview Keep Reading » The post F2F 064: Rock Star Interview: $100K a Month Virtual Wholesaling w/ Cris Chico appeared first on The Ultimate Real Estate Investing Podcast | Flip2Freedom.com.
On The Flip Empire Show, Alex Pardo brings you strategies, interviews, and insights for smart real estate investors to help grow and scale your real estate investing business. The Flip Empire Show was created for YOU, the smart real estate investor and entrepreneur. If you're looking for ACTIONABLE and SIMPLIFIED advice, Alex Pardo has you covered with his Master Class Expert Interviews, as well as the Q and A shows. Learn from real estate's heavy hitters, as Alex Pardo puts them on the hot seat to reveal their best strategies for running a profitable, scalable, and automated real estate business. Get a fresh perspective from a Real Estate Investor, Entrepreneur, and Coach that has flipped well over 300 homes. We're dedicated to adding value to you and your business, and bringing you the best content to help you make more money, build your empire, and experience freedom through real estate investing. For more strategies, and recommended resources, check us out at www.FlipEmpire.com.
Rank #1: EP356: John Martinez Outlines How To Make More, Work Less, and Create a Lifestyle Business That Serves You.
This is John Martinez third guest appearance on the show! John has a sales training academy where he helps real estate investors get out of their shells and close more deals through the use of psychology, influence, and confidence. On this week’s episode, John shares how he only works about 3-5 hours a week on his core business and why he felt he had to cut back from all the things that weren’t making him happy. The truth is he was burnt out and he was saying no to a lot of the things he loved. Now, he has a three person team (including himself) and runs a six figure a month business. Find out more about John and his journey on today’s episode! Key Takeaways: John has built up an amazing business where he doesn’t have to kill himself hustling and grinding! John works 3-5 hours a week on his core business. How does he do it? You have to have your niche. Focus is key. Leverage what you know and see how you can expand it without taking more on your plate. The life of an entrepreneur is marketing, sales, and automation. What can wholesalers do to get out of the grind and start living a life with more time freedom? How did John begin to structure his life in such a way where he now works on his business instead of in his business? When you feel stressed or angry, take a step back and figure out what is the root cause of that emotion. John has a three person team and they are generating 6 figures a month in revenue. Learn how to make more and work less… What kind of technology does John use? John breaks down his overhead, everything from what he spends on ads to the tools he uses (and more). Where do John’s leads come from? How can wholesalers apply content marketing to attract motivated sellers? If John were to start a real estate investing business from scratch, what would John do to get it up and running as quickly as possible? What’s one piece of advice John would like to share to those looking to create a lifestyle business? Mentioned in This Episode: Interested in joining the Hybrid Coaching & Mastermind Group Alex & Steve launched? Apply to Join ASCEND Episode 78: John Martinez on How To Get More Contracts and Close More Deals (Part 1) Episode 80: John Martinez On Crushing It At The Homeowners House (Part 2) Website: Midwestrev.com Tweetables: “A wholesaler’s golden goose is your ability to market, your ability to establish relationships, and close deals.” “As I was saying yes to all that work, I was saying no to the stuff that really made me happy, the stuff that made my life worth living.” “The right eyeballs on the right content as much as possible. If you focus on that, any business will blow up because what you will end up with is a massive pool of people saying I want to work with you.” Ask Alex A Question: Have a question you want featured on an upcoming Flip Empire Show? Head over to the Ask Alex page, and record your question. We’ve made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally! Did you get your FREE Online Course? Text the word EMPIRE to 67076, and we’ll send you a link to get instant access to the “5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course. Subscribe To The Flip Empire Show, and Leave a Rating & Review!
Rank #2: EP332: How Joe Lieber Acquired 100+ Free & Clear Single-Family Rentals (and his Advice for You).
Joe Lieber has been in the real estate business for over 20 years and has learned a thing or two about the industry. Times were tough when the 2009 market crash happened, but he was able to pull through and acquire assets. Today, he has everything paid off, but it came with some struggles and some hard lessons learned. Find out more about Joe and how he’s living a life filled with purpose. Key Takeaways: Joe has over 100 free and clear single-family rentals. Who is Joe and how did he first get started in real estate? Joe always knew he wanted to live a lifestyle by design and not by default. When Joe first got started, he had a lot of debt, a lot of turnover, and he wasn’t cash-flowing on his properties. Joe quickly explains what rent-to-own means. How did Joe survive the 2009 real estate crash? Fast forward to today, what does Joe’s rental portfolio look like? How was Joe managing 200-plus rental properties? What does it feel like to have 100 single-family assets paid off? How can you achieve Joe’s success in a smaller amount of time? What advice does Joe have for someone who wants to have a rental portfolio? What are some of the challenges people need to be aware of when building a portfolio of this magnitude? Is rental property truly passive income? Joe shares a passive way to make money. Mentioned in This Episode: Interested in joining the Hybrid Coaching & Mastermind Group Alex & Steve launched? Apply to Join ASCEND Connect with Joe: Clevelandhousebuyers.com Tweetables: “I did not have a mentor or a coach from 1997 to 2009. And, don’t ever do that. Spend the money; get the coaches.” “It’s real freedom. It’s what I’ve chased from 1997 to 2017. It took me 20 freaking years to make this happen.” “You can’t go broke with a free-and-clear home.” Ask Alex A Question: Have a question you want featured on an upcoming Flip Empire Show? Head over to the Ask Alex page, and record your question. We’ve made it super easy for you, so let us know what challenges you are having, and Alex will answer it personally! Did you get your FREE Online Course? Text the word EMPIRE to 67076, and we’ll send you a link to get instant access to the “5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less)” video module training course. Subscribe To The Flip Empire Show, and Leave a Rating & Review!
Freedom Real Estate Investing Podcast. Flipping Houses, Wholesaling, and Cash-flow Real Estate
Rank #1: Wholesaling Houses 101 | Podcast 099.
Wholesaling Houses For Beginners Have you ever wanted to get started in the real estate business, but you wanted to get your feet wet first? Wholesaling houses is often referred to as the easiest barrier of entry to real estate investing. Over 16 years ago, this is how I got my start. I had no […]
Rank #2: Passive Income Real Estate Investing | Podcast 051.
How to Generate Positive Cash Flow that works for you every day! Our guest today is Mike Fisher. Mike is a real estate investor in the Midwest that worked most of his life at a day job. One day Mike woke up and realized that he needed to change his direction so that he could […]
The FlipNerd real estate investing podcast brings you access to expert real estate investors and other awesome entrepreneurs such as: Matt Theriault (of Epic Real Estate), Bill Tan, Larry Muck, Andrew Waite (Personal Real Estate Investor Magazine), Bill Bronchick, Charles Dobens, Ray higdon, Jeremy Veldman, Jean Norton (Rehabbing Remotely), Clint Coons (Anderson Advisors), Jason Medley (Collective Genius), Cory Boatright, Tony Alvarez, Kathy Fetke (Real Wealth Network), Shaun McCloskey (Lifeonaire), Joe McCall (real estate investing mastery), Vena Jones-cox (the RE Goddess), Ross Hamilton (Connected Investors), Larry Goins, Sensei Gilliland (Black Belt Investors), Greg Rand (own America), Lou Brown (Street Smart Investor), Brad Sumrok, Dave Lindahl, Kent Clothier, Linda Pliagas (Realty 411), Sam Sadat, Jason Wojo, Matt Andrews (Real Estate Freedom), and many more. We host the most successful experts in every facet of real estate investing, from single family to multi family, wholesaling and more.
Rank #1: Expert Interview #170: Buying Raw Land.
Is buying raw land and seller financing it the holy grail of real estate investing? My guest today, Mark Podolsky the "Land Geek", tells us why it may be. It's fascinating...check it out...only on FlipNerd.com! Try out our FlipNerd Elite Membership for $1 for 7-days! Learn more about our premium training HERE!
Rank #2: Expert Interview #102: How to really measure success in your real estate business.
What if all the success you've achieved in your real estate business didn't matter? It is possible that you've worked so hard to achieve the success you dreamed of, but the sacrifices you made in health and family are too far gone to enjoy your 'success'? Jason Wojo tells more in this FlipNerd.com Expert Interview...you need to watch this one! Get your copy of our FREE "Profiting with Rental Properties" Guide!
The Simple Wholesaling podcast is far more than learning all the real estate investment strategies you need in order to quit your job and make your dreams a reality. We are a community that stands to help you generate wealth, free up your time and then help you use that wealth and freedom to make a difference in the world.Each week we interview top real estate and business experts who we believe have been successful to that end. With our show, along with a lot of laughs, a lil’ bit of Jesus, and a lot of entertainment, we strive to bring everything you need to become a truly successful real estate wholesaler.Hope you enjoy the show!
Rank #1: SWP: 102 Wholesaling Your Way to a Flipping Empire.
Today we have Alex Pardo with us, a real estate investor, coach, adventurer, and sports enthusiast. He is the founder of FlipEmpire and its parent company, Creative RE-solutions. He began working in corporate America and after working stressful 75-hour weeks, he quit and found his calling in real estate investing. To date, Alex has flipped over 500 homes.
Rank #2: SWP: 163 How to be Rich and Generous through Your Wholesale Business.
Larry Goins has been investing in real estate for over 30 years now. Previously, he served as president of the Metrolina Real Estate Investors Association in Charlotte NC, South Carolina, a not-for-profit organization that has over 350 members and is the local chapter of the National Real Estate Investors Association. Larry is also an active real estate investor and travels throughout the United States speaking and training audiences at conventions, expos, and Real Estate Investment Associations on his strategies for buying and selling houses. Larry has also written several books on real estate investing that are available wherever books are sold. Larry and Kandas are also the host of the BRAG Radio Network. BRAG is all about investing in real estate to Be Rich And Generous. Between speaking engagements and mentoring other investors, Larry oversees the daily operations of his investing business that wholesales properties, seller finances properties, and holds properties for investment. On a personal note, Larry and his wife, Pam, have two children, Linda and Noah. He also has a granddaughter, Ember and a grandson named Keagan. They are members of the New River Community Church in Lake Wylie, SC. As a husband, father, businessman, and real estate investor, Larry holds true to his core values and moral integrity.
Michael Quarles is here to help you succeed in real estate investing. Whether you want to learn passive or massive investing, we will cover topics like Lease Options, Subject To, Seller Financing, Negotiation, Rehabbing, Marketing, Presentation, Shortsales, Rent to Own, and Owning Rentals. This show will offer solid information from seasoned investors that you need to succeed. It doesn’t matter if you are brand new to the real estate investment business or are a seasoned investor our podcasts will help you gain the information to be successful. Full show notes for all episodes are available at MichaelQuarles.com
Rank #1: Podcast 327 - 20 Things You Should Be Doing in Real Estate.
Michael goes over the 20 things you should be doing daily and weekly for your Real Estate Business! 1. Set goals – 6 areas 2. Say your affirmations about yourself 3. Create your to-do list 4. Pick your center of influence contacts to call 5. Prospects – cold call 6. Call your future vendors, 2 agents, 2 lenders, 2 contractors 7. Schedule to visit homes in your market 8. six packs 9. Return calls on schedule on purpose 10. If existing business – follow up confirming progress 11. Visit courthouse for unlawful detainers 12. Zillow for FSBO/FRBO 13. Schedule your time and drive your market 14. Always be on time to appointment 15. Six pack appointment 16. Role play your call script and presentations 17. Review past calls 18. Visit ribbon cutting in your city 19. Walk the streets and hang door hangers 20. Determine how you’re going to make today better More Podcasts! Listen to More Podcasts by Michael Quarles! – Click Here Listen to Recorded Live Seller Calls! – Click Here Listen to Interviews with Today’s Top Business Professionals! – Click Here Tweetable 20 Things You Should Be Doing in Real Estate CLICK TO TWEETJoin Michael Quarles’ Gold Coaching Program CLICK TO TWEETText Investor to 313131 CLICK TO TWEET Share the Show Did you enjoy the show? We would love it if you subscribed today and left us a 5-star review! Click this link – The Michael Quarles Real Estate Show Click on the ‘Subscribe’ button below the artwork Go to the ‘Ratings and Reviews’ section Click on ‘Write a Review’ Resources Please send questions you would like Michael Quarles to answer to support@MichaelQuarles.com and he will answer them on one of his upcoming podcasts! Looking To Grow Your Real Estate Investing Business? Join My Gold Coaching Program Yellow Letters – www.YellowLetters.com Want to be held Accountable to your GOALS? – Text the word WEALTH to the number 313131 Want to Learn from Michael Quarles? – Text the word INVESTOR to the number 313131
Rank #2: Podcast 387 - *Leaked* Private Coaching Call.
Today’s Podcast Covers In this podcast Michael shares a Private Coaching call he had inside his Apprentice program where he discusses subject to investing and so much more. Strategy Session To schedule a strategy session with us visit: Book Your Strategy Session More Podcasts! Listen to More Podcasts by Michael Quarles! – Click Here Resources Do you have real estate questions? If so please send your questions to email@example.com and Michael will answer them on one of his upcoming podcasts! Looking To Grow Your Real Estate Investing Business? Join My Gold Coaching Program. Text Investor to 818181 Need Direct Mail Marketing use YellowLetters.com Resource For Telephone, Email, Text and CRM – CallText.com
On the Real Estate Investing Mastery Podcast, Joe McCall will share with you the real world secrets on how to make a full-time income through investing in real estate - with a special emphasis on fast cash strategies like Wholesaling and Lease Options. You will learn how to escape the 9-5 through hearing the stories of other successful investors, and discovering strategies that Joe has implemented in their businesses to obtain the freedom many only dream of.
Rank #1: 717 » What Is Passive Real Estate Investing? » Marco Santarelli.
Marco Santarelli, who has a podcast about passive real estate investing, is my guest. You’re going to enjoy learning from him today. It’s good to have passive streams of income coming from real estate even if you generally wholesale for quick cash. Marco started investing when he was 18 with his 1st rental property…
Rank #2: Episode #001 – Our First Podcast! Alex Joungblood.
Well Finally! Welcome to our first episode of Real Estate Investing Mastery! This has been a much bigger task than I had imagined. We already have 8 great episodes ready to go. This is only the first of many! We will be releasing a bunch at first, and then one episode a week. In this episode, I will be interviewing Alex Joungblood and finding out a little more about how he operates his business. I have known Alex for a long time. He is the real deal. I trust him & his business ethics. Enjoy! And feel free to leave any comments below.
Get a behind the scenes “fly on the wall” look at my journey and the journeys of the most successful real estate investors and real estate agents from around the country as we grow businesses that truly provide freedom, flexibility, grows our finances far beyond where we thought possible... and, ultimately helps us make the impact we want to have on the world. We do this by helping you create predictable lead flow through inbound marketing. Also... the stuff I love to talk about the most is what makes YOU tick. How do you perform at a higher level as a person? What productivity hacks do the most successful real estate pros use? How do you keep motivated and build momentum as a real estate investor or agent? Are you growing a business that is trapping you... or one that sets you free? Dive in twice a week with us and finally create the business that you’ve always dreamed of! CarrotCast.comTrevor Mauch is the CEO of Carrot, a software and training company that helps some of the largest real estate investors and agents in the country generate inbound leads online. As one of the fastest growing companies in America rated by Inc. Magazine (and the #1 fastest growing software company in Oregon), Carrot has helped it members generate over 3,000,000 leads online over 5 years, and growing. Visit us at www.CarrotCast.com
Rank #1: EP 150: [Republish] Don't Blow It! The Psychology of Negotiation: How To Talk With A House Seller to Close More Deals + Help More People w/ John Martinez.
On this episode of the Carrot Cast, I invited a guest on named John Martinez. John is probably ... Not probably. He is the leading sales trainer in the real estate investing industry. I had a chance to meet him in person finally after following him for quite some time down in Dallas at a mastermind, at the Investor Fuel Mastermind that we're a part of. John blew me away at his presentation down there. I really loved kind of the role-playing that he did up on stage, talking through the way that high achieving and high performing real estate investors negotiate and discuss the transaction with sellers. What we're going to do is you're going to learn a lot about John's story, but then about 10, 15 minutes in, we're going to dive in knee deep on role-playing, and basically walking you through every step of the way, all the way from hopping on the call, to meeting the seller in person first, what you say, how you prepare them, how you set expectations, exactly word for word what to say. This stuff is pretty darn amazing. Now, the cool thing about this is this call isn't just, hey, jot this script down, because that's not it at all. What John teaches you is the fundamentals behind why these work, so now you can be empowered to go out there as someone who understands psychology and understands how to actually really, truly serve your sellers and your prospects, all right? I want you to completely shift and transcend your current mindset on how you're currently talking with sellers.
Rank #2: EP 178: Become a Negotiation Master | Top Techniques for Closing the Deal w/ John Martinez of REI Sales Acade.
With more competition in a crowded market, your ability to execute a sale has never been more important. That’s why we’ve brought back the most-listened-to CarrotCast guest of all time, the master of sales psychology, John Martinez. John has spent years perfecting his sales process, coaching and consulting real estate investors, helping them ensure that they're closing every closable deal at the highest margins possible. Listen in and let him walk you through his best scripts, word-for-word! CarrotCast.com
Real Estate Investor Summit Podcast is focused on teaching others to gain financial freedom through real estate. Interviews with investors, coaches, and instructors who tell amazing stories and give invaluable advice for real estate success. I want our listeners to be inspired to dream big and reach the next level in their business and personal life.
Rank #1: Episode 152: Dawn Rickabaugh: Seller Financer in Reno-Tahoe, NV Area.
Dawn Rickabaugh is the founder of Note Queen Capital. In 2004, she quit her nursing job and became a full-time entrepreneur. Through her small, family-operated investment company, she’s been building a portfolio of seller-financed notes since 2009 and helped many people get started investing in notes. She frequently consults in real estate transactions that involve owner financing and buys & sells real estate in the Reno-Tahoe area. She loves to use her expertise to increase homeownership in her local market. She helps retirees understand how to escape the wealth vampires on Wall Street and safely increase their accounts while doing something good for the community. When we understand “the dance between property & paper”, we can create home-grown financial solutions, just one Mom n’ Pop to another. What you’ll learn about in this episode: How to become a successful owner-financier Why you shouldn’t rely solely on Washington and Wall Street for financial security Alternative investments to diversify your holdings The importance of properly creating your notes to get paid top dollar Solid retirement income strategies that don’t rely on traditional financial institutions How to use non-traditional real estate strategies to help your community and build a legacy for yourself and your heirs Why mobile homes on land are a great place to get started in the seller-financed real estate investment market How Dawn’s ebook “Seller Financing on Steroids” can help spur your success Information about creating affordable housing options that are a wise investment Why the traditional financial system is a stacked deck against the average citizen Ways that financial freedom is not always about the money How to trust yourself and grow your business your own unique way Resources: REInvestorSummit.com/notequeen REInvestorSummit.com/noteservicing REInvestorSummit.com/Grow REInvestorSummit.com/100 REInvestorSummit.com/101 Love the show? Subscribe, rate, review, and share! Here’s How » Join the Real Estate Investor Summit Community: reinvestorsummit.com Real Estate Investor Summit Facebook Real Estate Investor Summit Twitter Real Estate Investor Summit YouTube Mitch Stephen LinkedIn
Rank #2: Episode 237: Keeping What You Make.
Garrett Gunderson is called a “financial genius” in entrepreneurial circles, but he wasn’t born with a silver spoon. In fact, Garrett’s blue-collar roots are what make him so passionate about helping entrepreneurs build Economic Independence. Garrett comes from a fourth generation coal mining family, raised in rural Utah. His great-grandfather left San Giovanni, Italy in 1913 to escape government corruption and excessive taxation. He came to America and was separated from his family for 7 years, living in a tent so he could build a better life for his family. Garrett’s approach to personal finance is firmly rooted in this history. His company, Wealth Factory, helps self-made business owners and entrepreneurs who understand hard work — but who haven’t been given the proper financial tools to build lasting wealth. Because even though Garrett’s great-grandfather understood the value of hard work, he never got to enjoy it. And without proper structures, hard work is like eating soup with a fork. You keep busy, but stay hungry. So Garrett imagined his great-grandfather was his client. How could he have helped him grow his wealth faster? And with that thought in mind, he built the kind of company that would have helped his great-grandfather build Economic Independence in 3-7 years instead of taking three generations to break the cycle of scarcity. The process Wealth Factory uses to help you is simple. First, they recover leaking money that’s rightfully yours. Next they connect you with experts who create a framework that preserves, protects and grows your money. And finally they build structures that help you live wealthy now while creating a lasting family legacy. This family legacy — and the burning desire to pass on what he’s learned to his children — are what drive Garrett to help others. He now spends his time innovating new financial tools and technologies that help small business owners and entrepreneurs like you build lasting wealth, live the life you love, and pass on a lasting family legacy of your own. He believes your legacy is defined not just by money, but by the values and contribution you pass along. Garrett lives in Salt Lake City with his wife, two children and a dog. When he’s not traveling, speaking, or spending time with his family, Garrett enjoys Crossfit, eats Paleo and makes people laugh at local stand up comedy clubs. What you’ll learn about in this episode: How Garrett started his first business at 15 years old and how it kick-started his financial education Why finding a good mentor and continuing your financial learning is critical for success Why it’s important to save as much money as possible on taxes and to have a new tax professional review your tax returns every three years How to build an effective tax team with four key people who can save you money and why you should meet with them quarterly Which questions you should be regularly asking the professionals on your tax team to turn expenses into deductions Why thinking outside the box and using the reclassification of income can find tax deductions you might have missed and save you money Examples of finding unconventional ways to get tax credits through the purchase and donation of artwork and historical building easements How to get a free copy of Garrett’s book “What Would The Rockefellers Do?” Why hiring a good team of tax professionals will more than pay for itself and shouldn’t be considered an expense Garrett’s advice for new entrepreneurs for keeping more of your money in your pocket Resources: REInvestorSummit.com/wwrd REInvestorSummit.com/noteservicing REInvestorSummit.com/privatelenders REInvestorSummit.com/100 REInvestorSummit.com/101 Love the show? Subscribe, rate, review, and share! Here’s How » Join the Real Estate Investor Summit Community: reinvestorsummit.com Real Estate Investor Summit Facebook Real Estate Investor Summit Twitter Real Estate Investor Summit YouTube Mitch Stephen LinkedIn
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Rank #1: The 12 Most Profitable 'No Money Down' Investing Strategies That Will Help You Buy and Sell Real Estate In Any Type of Market.
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