Real Estate Investing Forums

Real Estate Investing => Bird Dogs, Wholesaling => Topic started by: javipa on March 05, 2012, 09:11:19 pm

Title: 3+ Flips Per Month...
Post by: javipa on March 05, 2012, 09:11:19 pm
Any pro flippers here willing to share...

1.  How you started...
2.  Who you learned from...
3.  What you recommend doing, if you had to start from scratch...

Title: Re: 3+ Flips Per Month...
Post by: javipa on March 05, 2012, 09:33:56 pm
I started out learning to manage our family's portfolio in Northern and Southern California.  I took seminars on options from a guy in Florida, Nothing Down strategies from Robert Allen, and creative financing offers from Barney Zick.  I also read a TON of books on creative finance.







 
Title: Re: 3+ Flips Per Month...
Post by: the maestro on March 15, 2012, 10:20:25 am
Housing market was booming and I wanted in.  I started out by seeking out a coach (not a shameless plug, but honest recant).  I hired a guy who was flipping tons of houses each month in my city.  Absolutely could NOT have done it without him.  7 years later, I'm making 5 times what I was making in my day job, and working less than half the hours. 

My advice, do the same as me.  Seek out a mentor.  Pay the person (it's an investment, not a cost).  Learn the right strategies and cut your learning curve 90%.  Be dedicated and determined and put in the hours necessary to make it happen.  Enjoy the fruits of your labor.
Title: Re: 3+ Flips Per Month...
Post by: Real Estate Seller on March 15, 2012, 10:28:48 am
A mentor is the only way to go if you are just starting in the business. I went to seminars where they were selling snake oil and not one single snake oil seller would take you buy the hand and show how to buy with no money down.
Title: Re: 3+ Flips Per Month...
Post by: javipa on March 15, 2012, 11:03:15 am

A mentor is the only way to go if you are just starting in the business. I went to seminars where they were selling snake oil and not one single snake oil seller would take you buy the hand and show how to buy with no money down.


I can believe that.  But there's a difference between "no money down" and "having no money."  


Housing market was booming and I wanted in.  I started out by seeking out a coach (not a shameless plug, but honest recant).  I hired a guy who was flipping tons of houses each month in my city.  Absolutely could NOT have done it without him.  7 years later, I'm making 5 times what I was making in my day job, and working less than half the hours. 

My advice, do the same as me.  Seek out a mentor.  Pay the person (it's an investment, not a cost).  Learn the right strategies and cut your learning curve 90%.  Be dedicated and determined and put in the hours necessary to make it happen.  Enjoy the fruits of your labor.


When you say "hired," what were you paying him, or doing, in return for the help and guidance?  Is there one strategy that, along with the hours and determination you applied, you would recommend?

Great posts.
Title: Re: 3+ Flips Per Month...
Post by: Real Estate Seller on March 15, 2012, 11:08:33 am
javipa  I thought it was pass your bed time? :banghead
Title: Re: 3+ Flips Per Month...
Post by: the maestro on March 15, 2012, 11:31:22 am
I scratched a check and split my profits 50/50.  Today's coaching programs are a bit more structured and often involves different levels.  In those days, though, it was kind of crude.  And my mentor wasn't even a mentor... till I came along. 
Title: Re: 3+ Flips Per Month...
Post by: Real Estate Seller on March 15, 2012, 11:37:10 am
It is still crude out there. We see so many new comers that will read one book and think they are ready to make a ton of money and if you ask them how much money are you bringing to the table to get started they look at you and say the book i read say I don't need any money.
Title: Re: 3+ Flips Per Month...
Post by: jmd_forest on March 16, 2012, 06:47:59 am
Although I don't do 3 flips/month .... I started out by reading a few books and then jumping in with both feet. My first deal I searched for 4 months until finding a townhouse that had been condemned due to a fire in the townhouse next door. I contacted the owner via tax records and leaving letters on the door.  I bought at 55% of ARV and spent $15K in materials and 5 months of my own labor rehabbing the property into very nice shape.  I have kept this property as my first long term rental. After rehab I had about $70k in equity in the property and get about a 9% COC return as a rental. I've had it for over six years now and have no plans to sell. I've picked up 2 other properties for long term rental and flipped a third  property since then.
Title: Re: 3+ Flips Per Month...
Post by: dukefan2014 on March 16, 2012, 11:26:46 am
Housing market was booming and I wanted in.  I started out by seeking out a coach (not a shameless plug, but honest recant).  I hired a guy who was flipping tons of houses each month in my city.  Absolutely could NOT have done it without him.  7 years later, I'm making 5 times what I was making in my day job, and working less than half the hours. 

My advice, do the same as me.  Seek out a mentor.  Pay the person (it's an investment, not a cost).  Learn the right strategies and cut your learning curve 90%.  Be dedicated and determined and put in the hours necessary to make it happen.  Enjoy the fruits of your labor.

Great tip maestro! I wish I wouldíve spent the money on a mentor early on. Instead I tried learning everything on my own. It worked out in the end but would have been a lot easier and I wouldíve been flipping a lot quicker if I wouldíve seeked out a mentor first. But now Iím the mentor.
Title: Re: 3+ Flips Per Month...
Post by: javipa on March 16, 2012, 02:10:42 pm
javipa  I thought it was pass your bed time? :banghead

Everything is before my bedtime!!!

 :biggrin :biggrin :biggrin
Title: Re: 3+ Flips Per Month...
Post by: Delondon on March 16, 2012, 09:00:26 pm
1. when I was still in the us army

2. mr legrand

3. don't waist as much time dealing with unmotivated people, and never try to rehab a house your self, even if its just 1 room. lol.  :biggrin
Title: Re: 3+ Flips Per Month...
Post by: javipa on March 16, 2012, 10:10:34 pm

1. when I was still in the us army

2. mr legrand

3. don't waist as much time dealing with unmotivated people, and never try to rehab a house your self, even if its just 1 room. lol.  :biggrin


Ron Legrand's training is very solid and effective.   :biggrin
Title: Re: 3+ Flips Per Month...
Post by: Rei Guru on March 18, 2012, 11:35:18 pm
Use automated systems that do the grunt work for you.  It wasn't until I found software that let me find buyers & sellers quickly did my wholesaling & flipping strategies really start to make me money.  I realized early that every aspect of my real estate business that I could automate or outsource ran more efficient and more effectively without me.   
Title: Re: 3+ Flips Per Month...
Post by: Real Estate Seller on March 18, 2012, 11:41:28 pm
I make it easy on myself and let a Realtor do all my work. A Realtor will find us deals before they hit the MLS and at a very good discount. Next week we are getting 100 SFR that was Indy mac properties, and 50 SFR from Bank of American..
Title: Re: 3+ Flips Per Month...
Post by: dukefan2014 on March 19, 2012, 10:39:06 am
Use automated systems that do the grunt work for you.  It wasn't until I found software that let me find buyers & sellers quickly did my wholesaling & flipping strategies really start to make me money.  I realized early that every aspect of my real estate business that I could automate or outsource ran more efficient and more effectively without me.   

Great point Rei Guru! To automate my wholesale business, I have hired unpaid interns to flip houses for me. I just teach them how and manage them. Now, Iím working with over 20 interns across the country and I donít even need to flip houses myself anymore. Itís great!
Title: Re: 3+ Flips Per Month...
Post by: Real Estate Seller on March 19, 2012, 10:44:47 am
Correct me if I am wrong. So you hire a intern to flip houses and you make a profit and the intern go home empty handed.
Title: Re: 3+ Flips Per Month...
Post by: dukefan2014 on March 19, 2012, 01:53:07 pm
Correct me if I am wrong. So you hire a intern to flip houses and you make a profit and the intern go home empty handed.

I teach the interns how to flip houses. When they flip one, we split the profits so both parties are happy.
Title: Re: 3+ Flips Per Month...
Post by: JLondon on March 25, 2012, 09:46:52 am
I've spent a boat load of money on programs and seminars. I love to learn. What I've seen lately is everyone thinks they are coaches. They dangle alittle cheese infront of you and get you to buy thier crap that really don't teach you crap. There are a few out there that don't charge hardly anything and have some really good information, then there are some that charge a ton of money.
My opinion is just find the person in your city that is doing really well and see if they will teach you for a split. Most will. If you do all the work and all they have to do is advise you for half of the deal, man I would do that all day long. Plus you'll be able to get in on his investors so once your on your own you'll know who is buying.
"MAN I just had a great idea" I need to be a coach.........LOL
Title: Re: 3+ Flips Per Month...
Post by: dukefan2014 on March 26, 2012, 10:55:19 am
Thatís a great point. However, I donít think itís so much that there are a lot of bad programs out there that donít teach you anything. Itís more a problem of the student no doing anything. There is no such thing as a ďpush buttonĒ coaching program that will guarantee you success. YOU have to use the information and go to work yourself. YOU have actually learn the materials they are giving you and take action. You canít just buy a program and wait for something to happen.
Title: Re: 3+ Flips Per Month...
Post by: dukefan2014 on May 14, 2012, 02:32:26 pm
If you really want a great coaching program, do your research on it first. There are plenty of forums within this site (as well as all over the web) on which coaching programs are "worth it" and which ones aren't.
Title: Re: 3+ Flips Per Month...
Post by: inve$t_ on May 17, 2012, 06:25:23 pm
Use automated systems that do the grunt work for you.  It wasn't until I found software that let me find buyers & sellers quickly did my wholesaling & flipping strategies really start to make me money.  I realized early that every aspect of my real estate business that I could automate or outsource ran more efficient and more effectively without me.   


What type of software allows you to find buyers and sellers quickly?
Title: Re: 3+ Flips Per Month...
Post by: dukefan2014 on May 17, 2012, 10:55:54 pm
FreedomSoft is the king of softwares that allow you to automate. Other than that, a buyer's and seller's landing pages can help you automate leads. I've been using interns to do all the "grunt work" in order to automate my business.
Title: Re: 3+ Flips Per Month...
Post by: NTexasWholesaler on June 10, 2012, 08:21:17 am
I took at Robert Allen class. I was out of work and put the 3-4k, fee on two credit cards, got a bad case of buyers remorse immediately. But I went to the class took a month to study the material and about 3 weeks after that I made 5k on my first wholesale deal. Wholesaled  until crash, then I got out.

I am  starting out again wholesaling. I like that part of it and I don't want to be a landlord or fix and sell, etc. This is my niche that I enjoy.
Title: Re: 3+ Flips Per Month...
Post by: Marco G on June 11, 2012, 08:03:37 am
Thanks guys for all the great posts. I am farly new in the industry and these are all great tips. I have being looking into the ******** program for myself. Any comments on this his programs??
Title: Re: 3+ Flips Per Month...
Post by: Real Estate Seller on June 11, 2012, 08:58:26 am
A mentor is the best way to go.
Title: Re: 3+ Flips Per Month...
Post by: dukefan2014 on June 11, 2012, 04:34:28 pm
I took at Robert Allen class. I was out of work and put the 3-4k, fee on two credit cards, got a bad case of buyers remorse immediately. But I went to the class took a month to study the material and about 3 weeks after that I made 5k on my first wholesale deal. Wholesaled  until crash, then I got out.

I am  starting out again wholesaling. I like that part of it and I don't want to be a landlord or fix and sell, etc. This is my niche that I enjoy.


Why would you only wholesale until the crash? Once the real estate crash came, it made it the best opportunity to wholesale homes. I GOT IN once the crash started. The crash made it easier than ever to find motivated sellers. I understand that it dried some buyers funds up but there are still plenty of buyers out there buying!

Now, more than ever, is the best time to get into wholesaling.
Title: Re: 3+ Flips Per Month...
Post by: Dynomac on June 14, 2012, 09:45:02 pm
Rei guru, you said you used software- what software do you use?
Title: Re: 3+ Flips Per Month...
Post by: ntxrewholesaler on June 15, 2012, 05:39:58 am


Why would you only wholesale until the crash? Once the real estate crash came, it made it the best opportunity to wholesale homes. I GOT IN once the crash started. The crash made it easier than ever to find motivated sellers. I understand that it dried some buyers funds up but there are still plenty of buyers out there buying!

Now, more than ever, is the best time to get into wholesaling.


The market was over saturated, if I remember correctly. There were a lot of bad dealing being done, and I refused to participate. Its  different market now but there are still opportunities. There are plenty of foreign buyers if you know how to put together a real deal.
Title: Re: 3+ Flips Per Month...
Post by: dukefan2014 on June 15, 2012, 07:33:05 pm
Excuses are a dime a dozen and nothing good ever comes from them. I don't know about you guys, but I never let the "condition of the market" stop me from flipping homes. I'm gonna go at it both in the up markets and the down markets.
Title: Re: 3+ Flips Per Month...
Post by: Real Estate Seller on June 15, 2012, 07:39:14 pm
There always been good deals out there but most investors read all theses snake oil books how they can make $50K plus on each deal and when they see there are only going to make $15K to $20 they pass that deal up and I say get out off the way let me have that deal.
Title: Re: 3+ Flips Per Month...
Post by: ntxrewholesaler on June 18, 2012, 02:29:49 am
At the end of the day you have to do whats best for you. And if you were able to make money flipping sfr in around 07-08 well I am happy for you. I wasn't.

Now is a good time, the market is different but if you know how to structure and find a deal the money is unlimited.
Title: Re: 3+ Flips Per Month...
Post by: Hooah1 on June 22, 2012, 02:13:54 pm
Use automated systems that do the grunt work for you.  It wasn't until I found software that let me find buyers & sellers quickly did my wholesaling & flipping strategies really start to make me money.  I realized early that every aspect of my real estate business that I could automate or outsource ran more efficient and more effectively without me.   

Would you mind filling us in on which software you use?

Thanks!