New Shows twice per week! Exciting interview with top entrepreneurs. I get to the bottom of their business to discover the secret to how they became successful. Every episode is full of actionable advice and tips that you can use in your business to immediately help you further your success in real estate.
7 Day House Flipper, Tyler Jensen
42:14Today's Guest: Tyler Jensen I am excited to have my friend Tyler on the show today! We are also fellow 7 Figure Flippers and he is just the kind of guest I love to have on - someone who is an expert in his field and willing to let me pick his brain! Highlights From The Show: We start the interview like we often do with Tyler sharing his real estate background. He began flipping houses in 2008 as a way to help pay for his college education. He was taking classes and working full-time, so real estate was a side hustle at that point. For years, while working another job, he continued to flip houses because he knew it was an excellent vehicle for building long-term wealth. Tyler talks about how he honestly thought his career was going to be in corporate America but realized he could be successful with flipping when he was able to pay his tuition with the proceeds from his third deal. Joining the 7 Figure Flipping Mastermind was a turning point for Tyler and his business because he was surrounded by very successful investors that encouraged him and helped him scale. Tyler explains his struggles with the lifestyle of being a corporate executive and how he was really trading time for money. He wanted to find a way to have both financial freedom and freedom of time so that he could be a good and present husband and father. After talking to his wife (and he tells us how this conversation went), he decided to pursue his dream of being a full-time investor. He went to Flip Hacking Live, joined the mastermind and his business exploded, doubling the deals performed several years in a row. We also dig into the process he created called the 7 Day Flip, in addition to Tyler’s thoughts on the current housing market. Make sure you don’t miss another amazing episode of the Just Start Real Estate Podcast with Tyler Jensen and learn how you can succeed in finding both time and financial freedom through real estate investing! Notable Quotes: “I knew that real estate was a great way to make income, so I started early.” Tyler Jensen “On our first flip, we did everything wrong, so it was a great education in real estate.” Tyler Jensen “When I started flipping houses, it was a side hustle with the goal of helping to pay for college.” Tyler Jensen “The year 2008 was actually a great time to get into real estate.” Mike Simmons “In my corporate job, I was trading time for money and I realized it was really hurting me because I could never unplug.” Tyler Jensen “We have amazing women behind us that have our backs.” Tyler Jensen “The biggest thing in any flip is that you have to control the time, the budget, and the quality of work you are putting out.” Tyler Jensen “That system and process is critical to getting things done fast.” Mike Simmons Thank You for Listening! Connect with Mike on Twitter, Instagram, YouTube, Linkedin, Facebook Help Out the Show: Leave an honest review on iTunes. Your ratings and reviews really help, and I read each one. Subscribe on iTunes. Resources and Links From Today's Show: Tyler’s Website 7 Day Flip 7 Figure Flipping More Resources From Mike: Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months WINNING DIRECT MAIL - How to CRUSH IT with direct mail!
Turning Her Wholesale Company Around with Erin Maney
19:46Today's Guest: Erin Maney I am excited to have my friend Erin on the show today! She is a fellow 7 Figure Flipper and shares her recent real estate investing journey with us with the hopes that it will encourage other investors who may be struggling. Highlights From The Show: Erin begins by sharing a bit of her background with us. She began investing about four years ago while still working full-time. She has a wholesaling company in the Milwaukee area and decided to put in her notice last June to focus on investing. With the manner in which the market changed last year though, she began to have some struggles. She said they had never had to give a lot of attention to their buyer’s list or their disposition process before, but then their buyers started dropping out. Erin was trying to build a company and hire employees, but thought if she couldn’t make it work for herself, how could she possibly empower others? Because we are both part of the 7 Figure Flipping Mastermind, when Erin expressed that she was having some difficulties, we were able to get connected and talk it out. She said she was thinking of their company as a marketing and sales company and was reminded through our conversation that her greatest asset was their buyers. Erin said that she had not marketed to grow their buyer’s list at all and so she set a goal of adding 40 people to their list every week. Very quickly she saw that her efforts were making a difference and it confirmed how important it was for her to focus on their buyer’s list. I asked Erin what her plan is for 2023 and she talked about how much she loves wholesaling, but because of the strength of her team, she is looking at exit strategies. She would like to take herself out of the day-to-day operations so that she can focus on building long-term wealth. What a transparent and honest interview with Erin Maney who is battling through some investing struggles and thriving! Don’t miss the latest episode of the Just Start Real Estate Podcast! Notable Quotes: “I was able to give her some advice to turn that ship around.” Mike Simmons “You can survive in any market.” Mike Simmons “I am a big fan of Mike Simmons.” Erin Maney “While initially, I felt like the wind was at my back, with the market change I felt like I was running into the wind, and I hadn’t experienced that before.” Erin Maney “I had so much fear as to what was to come.” Erin Maney “You really reminded me of the fundamentals of underwriting that I really needed to get back to.” Erin Maney “A wholesaling company’s value is completely linked to the strength of their buyer’s list.” Mike Simmons “You probably saved me from going back to federal government employment!” Erin Maney “Our most savvy, long-term buyers are not going to be our best buyers as far as profit.” Erin Maney “Execution is the key.” Mike Simmons Thank You for Listening! Connect with Mike on Twitter, Instagram, YouTube, Linkedin, Facebook Help Out the Show: Leave an honest review on iTunes. Your ratings and reviews really help, and I read each one. Subscribe on iTunes. More Resources From Mike: Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months WINNING DIRECT MAIL - How to CRUSH IT with direct mail!
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How to Stop Chasing Squirrels with Ted Bradshaw
50:11Today's Guest: Ted Bradshaw Ted Bradshaw served as an executive with Xerox and IBM, then left the Fortune 500 world to explore the thrills of entrepreneurship. What he found was a long string of success that looked great on the surface. But underneath it all, he felt anxious, exhausted, and stressed, chasing money wherever it led and wondering why he never felt fulfilled. Along his journey, Ted gained valuable insight into how a person can achieve fulfillment in all aspects of life and he shares those insights with his best-selling book, Stop Chasing Squirrels. Highlights From The Show: We begin the interview with Ted giving us a bit of his background, which is diverse and super interesting. From a dabble in real estate investing to video games, to online classrooms, and diagnosing cancer through nuclear medicine, it seems as though Ted has truly done it all. Today, Ted lives his passion in helping others find theirs. A leading proponent of the Entrepreneurial Operating System®, Ted is a speaker, author, an Expert EOS Implementer™, and the Community Leader for EOS Worldwide. Ted then breaks down the framework of the system for our listeners. I then asked Ted to talk about his latest project, his book, Stop Chasing Squirrels. He relates that he wrote the book as therapy because he got caught up in setting goals and never really felt successful, even though all of the external markers reflected exactly that. He confesses that this issue was affecting him in very serious ways, including marital discord and panic attacks. He saw it with other entrepreneurs, as well. As soon as they were able to get their businesses under control by implementing EOS, they were left with the reality that they were not personally happy. It was almost as though having business chaos was a distraction from having to work on themselves. Ted had mentioned that he had at one point followed a real estate squirrel, so I asked him to share that with us. Ted talked about how his father was in real estate and taught him that it was all about building value over time. He started investing in single-family homes, like many of us, and that led to multi-family units and then new construction. He saw that even when particular units were experiencing issues, real estate was still a successful endeavor for him. He decided to go all in on a larger project and unfortunately ended up working with a high-end construction company that went out of business and he spent the better part of two years cleaning up the resulting mess. Ted said that he learned so much from this experience, even with as difficult as it was. Don’t miss the latest episode of the Just Start Real Estate Podcast with Ted Bradshaw who openly and honestly shares his entrepreneurial journey with us! Go check out his upcoming webinar and course at TedBradshaw.com! Notable Quotes: “I have started six companies - four of them are success stories and two of them were learning opportunities.” Ted Bradshaw “It was a ‘go big or go home’ kind of idea and we ended up going home on that one.” Ted Bradshaw “You don’t just wake up one day and accidentally find yourself in that field.” Mike Simmons “I am a big believer in serendipity - things happen for a reason.” Ted Bradshaw “Please tell me you didn’t find yourself in the Middle East on some black market run.” Mike Simmons “In three hours we were working through things that previously it has taken us three years to get to.” Ted Bradshaw “I don’t pretend that everyone here hears all of my episodes and does everything I say, but I have been preaching the book Traction and the EOS system for years.” Mike Simmons “If your listeners look into EOS, they will find that it is a simple system, but it is also timeless.” Ted Bradshaw “EOS is systemized - it is the ‘how to.’” Ted Bradshaw “The picture can’t see the frame.” Ted Bradshaw “It does help companies move forward when people know they are going to be held accountable.” Mike Simmons “So how dialed in is your BS meter?” Mike Simmons “It is amazing how many people tie their identities to their business and stay in it longer than they should because of it.” Mike Simmons “It starts, fundamentally, with purpose.” Ted Bradshaw “We need some guardrails to keep us on track.” Ted Bradshaw “Go past Terry Bradshaw - that is not me!” Ted Bradshaw Thank You for Listening! Connect with Mike on Twitter, Instagram, YouTube, Linkedin, Facebook Help Out the Show: Leave an honest review on iTunes. Your ratings and reviews really help, and I read each one. Subscribe on iTunes. Resources and Links From Today's Show: Ted’s Website Ted Bradshaw LinkedIn Ted Bradshaw Twitter Ted Bradshaw Instagram Traction EOS Worldwide What the Heck is EOS? Stop Chasing Squirrels This Naked Mind More Resources From Mike: Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months WINNING DIRECT MAIL - How to CRUSH IT with direct mail!
Create Wealth Habits by Taking Ordinary Steps with Candy Valentino
42:07Today's Guest: Candy Valentino I am excited to welcome Candy to the show today because she has such an impressive and diverse resume! Candy started her first business at 19 years old with no degree, no corporate background, no money, and no internet. She successfully started, scaled, and successfully sold businesses in service, retail, e-commerce, and product manufacturing in addition to creating a vast real estate portfolio as a flipper and investor. At 26, Candy founded a non-profit charity. Through her business success, she bought and donated a building to the organization. Since then they have saved thousands of lives and Candy has been actively involved, personally raising millions for the charity. During her two and half decades as an entrepreneur, she has been named to Top Business Leaders 40 Under 40, Top 50 Women In Business, 10 People Making a Difference, Top 10 Business Consultants by Yahoo Finance, and was the youngest female to receive the Governor’s Award in Entrepreneurship in Pennsylvania. Candy was recently selected by Success Magazine as one of just 6 ‘Women of Influence’ and additionally listed to ‘Leaders Who Get Results’ with names like Will Smith, Gary Vee, and Brene Brown. Highlights From The Show: Candy starts the show by sharing some of her background. What makes her accomplishments even more impressive is that she basically came from nothing. Both of her parents had blue-collar jobs and gave birth to her in their teens. She thought initially she would be the first person in her family to earn a college degree, but was amazed that her professors were teaching her about running a business when they didn’t have one of their own! This launched her into her entrepreneurial journey. Candy has a lot of diverse projects, but I wanted to see what her real estate journey has been like and if she was still investing. She said absolutely she is still investing and part of what she loves about it is its flexibility. Candy talked about how much she loves the design process and managing contractors, so she has continued to hold some of her properties after rehabbing them, but she really loves the flipping process. She shares that it has been important for her to remain somewhat conservative with her investing because the only person she has to rely on for money is herself. Now she is able to flip in the millions and her last project was a $4.5M total gut property. We also talk a bit about how she was positioned in 2008 to avoid the housing market crash. Because Candy is involved in so many different businesses, I asked her what life hacks she uses for productivity and staying focused. She talks about how much she really loves being an entrepreneur and continually being pulled in different directions. She emphasizes how important staying disciplined and focused on your goals is and not following the next shiny object. Candy states that most people are not willing to put their heads down, focus, and play the long game, and so therefore, their businesses really suffer or never get off the ground. She says she has a productivity grid that she focuses on every day to perform the top three, absolutely necessary tasks for each project or business that she has to get done in order to move it forward. She also keeps her phone face-down and on silent all of the time until she is ready to handle the incoming texts and emails. We then spend some time discussing Candy’s book, Wealth Habits: Six Ordinary Steps to Achieve Extraordinary Financial Freedom. She calls it a no-BS guidebook because she wanted to be honest and clear with people about how to build financial freedom that isn’t couched in flowery language. She stresses if anyone just does these things and does them consistently, they can find success as she has. What a refreshingly honest interview with Candy Valentino who was a ton of fun for me to interview! Don’t miss the latest episode of the Just Start Real Estate Podcast with this very special and incredibly successful guest! Notable Quotes: “I just couldn’t reconcile in my 18-year-old brain how my college professor was teaching me about business when he didn’t have one himself.” Candy Valentino “We can tell you the best strategies for building wealth, but if you hate your life, you are not going to be able to sustain it for very long.” Candy Valentino “I don’t necessarily know how to repair cars, but I do tend to know more about cars than most of the guys in my circle.” Candy Valentino “The minute self-employed people stop working, they stop making money. That isn’t a business, that is a job.” Candy Valentino “I didn’t want to continually trade time for money.” Candy Valentino “When people know, like, and trust you, they want recommendations of what to buy.” Candy Valentino “I am not educated, I don’t have an MBA or some fancy letters. This is really just self-education by reading books in my office.” Candy Valentino “We learn from mentors or by making mistakes, and the latter is a lot more expensive and timely.” Candy Valentino “You didn’t have any pre-built doubt. Sometimes the most powerful thing you can have is ignorance.” Mike Simmons “When the expectation is low, you don’t have to do much to impress people.” Candy Valentino “I know people who basically committed business suicide in 2008 because they were so over-leveraged.” Candy Valentino “When we look at the data from any type of market, winter always comes.” Candy Valentino “I just stick with what I know.” Candy Valentino “If you haven’t been doing this for 20 or 25 years, you absolutely should be playing in this below-median house range.” Candy Valentino “I love entrepreneurship, I love investing, I love being pulled in a million directions.” Candy Valentino “Before my feet hit the floor, I find five things I am grateful for.” Candy Valentino “That would be my book - ‘The So-NOT Miracle Morning’!” Mike Simmons “To do anything new, you just have to have a little more courage than fear.” Candy Valentino “If you want to just make a bunch of money, you will miss the entire point of building wealth. Building wealth is so that you can have freedom.” Candy Valentino Thank You for Listening! Connect with Mike on Twitter, Instagram, YouTube, Linkedin, Facebook Help Out the Show: Leave an honest review on iTunes. Your ratings and reviews really help, and I read each one. Subscribe on iTunes. Resources and Links From Today's Show: Wealth Habits: Six Ordinary Steps to Achieve Extraordinary Financial Freedom Candy on Instagram Candy on Facebook Candy on TikTok Candy’s Website (for bonuses!) More Resources From Mike: Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months WINNING DIRECT MAIL - How to CRUSH IT with direct mail!
BRRRR Strategy, Property Management, and Mobile Park Investing with Ryan Murdock REWIND
55:43Today’s Guest: Ryan Murdock Ryan spent ten years in the electronics manufacturing industry before transitioning to real estate investing and property management in 2007. Today, he is VP of Acquisitions at Open Door Capital, a real estate investment company from Bigger Pocket’s Brandon Turner. Ryan has extensive management experience in many facets of real estate including retail, office, multi-family, HOA, nationwide consulting, and mobile home parks. He has been a licensed real estate broker since 2008 and owns and operates a portfolio of residential rental properties. Highlights From The Show: Before Ryan got into real estate investing, he worked as a production facility technician in the electronics manufacturing industry, traveling all over the world. His priorities really changed when he got married and found himself having to decide if he wanted to continue to live overseas. He bought his first rental property when he was thirty years old and has been building his “empire” ever since! Ryan’s first investment was in a duplex in Bangor, Maine and he lived on one side while renting out the other, “house hack” style. He financed this investment very traditionally and talks about how this was his first experience with having difficult tenants to deal with. He bought a few more duplexes and was looking aggressively at foreclosures to find other deals, while at the same time, he started his own property management company. He ran this company himself for about five years and then eventually paired up with a bigger management company that had a network of employees that he did not. At about this same time, he also got his real estate license so he could pursue his own deals. Eventually, Ryan got to a point with his own portfolio where he was able to leave this company and go back to managing only his rental properties, aided by much better systems, technology, and automation. As he started to broker other deals and do some consulting, it made sense for him to give the project management portion to his past employers so he could spend his time in more profitable endeavors. Ryan utilizes the BRRRR strategy with his properties, so we spent some time discussing how that worked for him. He talked about how he was completely reinvigorated by finding the BiggerPockets podcast and learning about different strategies that he had not yet explored. It made him take a hard look at his portfolio and get money out to use as working capital to invest in more properties. He encourages our listeners to take a hard look at their own properties in order to maximize their cash flow. I then asked Ryan what made him pick up his life and move to Maui and join forces with Brandon Turner. Ryan and Brandon had partnered to buy a mobile home park and developed a relationship through that process. When Brandon moved to Maui, he asked Ryan to come out and give him a hand, and a week-long stay turned into a month. Brandon eventually hired Ryan as his personal assistant. Because Ryan initially hooked up with Brandon by feeding him a mobile park investment lead, we spent some time exploring this investing strategy. Ryan talked about how to evaluate these types of investments and the techniques they used to add value to these communities. Once Ryan moved to Hawaii, they got really invested in Open Door Capital, Brandon’s company which exclusively buys mobile home parks. At the time of recording, they owned about 10 different communities with approximately 1500 lots. Ryan went into quite a bit of detail about what they look for in an investment of this kind and also the type of investor that they look for to partner up with them. He also pitched the “Bring Brandon A Deal” promotion they are running now if someone finds them an off-market mobile park deal. Ryan has an incredibly diverse background in investing and in life, so you do not want to miss this entertaining and informative episode of the Just Start Real Estate Podcast! Notable Quotes: “The real driving factor for getting into real estate was that I just couldn’t see myself in another corporate job for the next thirty years.” Ryan Murdock “I went on Amazon and bought every real estate and property management book they had because I had no idea what I was doing.” Ryan Murdock “Maybe if I had read some different or better books I wouldn’t have made so many mistakes.” Ryan Murdock “If I am going to be married to my own rental properties, I might as well start managing some for other people and generate a little income.” Ryan Murdock “If you feel like you are getting close to hiring help, you are probably already past the point when you should.” Mike Simmons “I think a lot of people are like me - I had 10 cents in my bank account and every day is a struggle to hustle.” Ryan Murdock “There are different tiers to financial freedom… it doesn’t happen overnight.” Ryan Murdock “Finding and listening to the BiggerPockets podcast really lit a fire under me again.” Ryan Murdock “I encourage other investors to keep an eye on their properties’ financials.” Ryan Murdock “I just want to buy and hold everything.” Ryan Murdock “Because of Brandon’s platform and reach, he is able to attract some extremely talented people.” Ryan Murdock “I’m always amazed at the ways you can make money in real estate.” Mike Simmons Thank You for Listening! Connect with Mike on Twitter, Instagram, YouTube, Linkedin, Facebook Help Out the Show: Leave an honest review on iTunes. Your ratings and reviews really help and I read each one. Subscribe on iTunes. Resources and Links From Today's Show: Real Estate Investing for Dummies Property Management for Dummies BiggerPockets Podcast Open Door Capital More Resources From Mike: Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months WINNING DIRECT MAIL - How to CRUSH IT with direct mail!
How Does Wholesaling Work Exactly
22:20Highlights From The Show: Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you another solo episode where I discuss the ins and outs of wholesaling. I can’t believe how many conversations I have had recently where people are interested in getting started with this investing strategy but don’t really understand how it works. I have been wholesaling at a high volume for seven years now and what to share that knowledge with my listeners! I hope you enjoy this latest episode of the podcast! Notable Quotes: “There seems to be a lot of gaps in peoples’ knowledge concerning wholesaling.” “You have three primary people in a wholesale deal: the seller of the home, a wholesaler, and a buyer.” “Part of building a business is building a reliable marketing strategy.” “Someone has to receive those inquiries and we call them lead intake.” “An acquisitions manager’s job is to ultimately negotiate an agreed-upon price between our company and the seller.” “A dispositions manager’s job is to take the purchase agreement from the acquisitions manager and market it out to buyers.” “The transaction coordinator works with the title company, supplies all of the pertinent documents, and gets a closing date set.” “A bookkeeper is a very important member of your team regardless of the type of investing strategy you are employing. Everyone needs a bookkeeper.” “Wholesaling is not hard, it is not complicated. Like anything else, it takes doing it once for you to feel comfortable in understanding the process.” “We don’t make excuses, we make money and have success. We move forward. That is the mindset I want you to have.” Thank You for Listening! Connect with Mike on Twitter, Instagram, YouTube, Linkedin, Facebook Help Out the Show: Leave an honest review on iTunes. Your ratings and reviews really help and I read each one. Subscribe on iTunes. More Resources From Mike: Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months WINNING DIRECT MAIL - How to CRUSH IT with direct mail! Be one of the 100! Email me at [email protected] or reach out via Facebook messenger @MikeSSimmons1
Ever Evolving Real Estate Strategies with Terry Burger
1:07:18Today's Guest: Terry Burger I am excited to have my friend, Terry, on the show today! He is a super smart investor that has pivoted strategies several times in his career and I believe he has a ton to offer my audience in the show today! Highlights From The Show: To kick our conversation off, Terry shares that he is a classically trained musician and believes that demonstrates that he knows how to work hard, be disciplined, and get the work done. He taught orchestra and band to middle and high school children and decided to leave that vocation when he felt like it was similar to the movie, “Groundhog Day” - just very repetitive. He moved into being a real estate agent, selling over 1000 houses in a fifteen-year span, and then transitioned into full-time investing in 2015. We really take the gloves off, so to speak, in this interview. We talk about different investing strategies, the pros and cons of scaling, how to achieve work-life balance, comping properties, and so many other pertinent topics. Terry talks about how he transitioned from flipping houses to holding onto the winners and turning them into short-term rentals. He explains that his motivation to do this was to build a true cash-flowing business and says that it is more of a challenge than flipping a dozen or so houses a year. We discuss extensively the large property that Terry has acquired where he says “life change” can happen in the form of church retreats, family reunions, micro-weddings, and the like. Make sure you don’t miss another amazing episode of the Just Start Real Estate Podcast with Terry Burger and take a look behind the scenes of a casual conversation I have with a close friend who happens to be killing it in real estate! Notable Quotes: “Everything Terry has done has worked.” Mike Simmons “I know what it takes to be disciplined and get stuff done.” Terry Burger “That has been the pattern of my life. When it starts feeling like “Groundhog Day”, I try something new.” Terry Burger “Terry, you have seen me when I am hungry, tired, and irritable, and you are still my friend.” Mike Simmons “I have always been a work-life balance kind of guy.” Terry Burger “I feel like I have never made more money than when I was doing 12-18 flips per year.” Terry Burger “I have to know the part of the symphony that is mine to control.” Terry Burger “It is like a mini hospitality business that you have started.” Mike Simmons “I have learned a lot of hard lessons in the STR world and the best lesson I have learned is that uniqueness matters.” Terry Burger “The bleeding is more like a hemorrhage rather than a slow drip, so it feels like a bigger risk.” Mike Simmons “They represent my middle-class upbringing and I like them.” Terry Burger “Instead of a Starbucks experience, I have a Dunkin’ Donuts experience.” Terry Burger “I hate it when people say, ‘I am waiting for the market to change.’ It just sounds like an excuse to not take action.” Mike Simmons “When I see someone do something, it gives me the confidence that I can do it myself.” Terry Burger “I try to surround myself with people who inspire me to go do crazy stuff.” Terry Burger Thank You for Listening! Connect with Mike on Twitter, Instagram, YouTube, Linkedin, Facebook Help Out the Show: Leave an honest review on iTunes. Your ratings and reviews really help, and I read each one. Subscribe on iTunes. Resources and Links From Today's Show: Previous Episode with Terry Bison View Lodge Airbnb Homes for Sale Terry on Facebook More Resources From Mike: Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months WINNING DIRECT MAIL - How to CRUSH IT with direct mail!
How to Crush It with a Partner
38:12Highlights From The Show: Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you another solo episode where I deliver my thoughts on building a real estate investment company with a partner. I am sharing a presentation that I gave concerning the important issues pertaining to whether or not a partnership is the right choice for you. Notable Quotes: “I have found over the years that there is a framework and guidelines you can follow to know whether or not a partnership makes sense for you.” “I know people that have lost millions in bad partnerships.” “I only ever want to talk about things that I am completely passionate about.” “I think what people do, without a whole lot of thought or research, is they jump into partnerships.” “Being an entrepreneur can be lonely.” “Having a partner can be very comforting because it is someone in the trenches with you and understands the struggle, but trust me - that is not a good enough reason to partner.” “You don’t need a partner to have a sounding board.” “One benefit to having a partner is that you can take time off.” “There is always a price to having a partner.” “You have to have a similar risk tolerance.” “I was sleeping like a baby because risk doesn’t bother me.” “We all know that we can recover from mistakes.” Thank You for Listening! Connect with Mike on Twitter, Instagram, YouTube, Linkedin, Facebook Help Out the Show: Leave an honest review on iTunes. Your ratings and reviews really help and I read each one. Subscribe on iTunes. More Resources From Mike: Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months WINNING DIRECT MAIL - How to CRUSH IT with direct mail! Be one of the 100! Email me at [email protected]
Flipping, Wholesaling, and Wholetailing Over 1500 Houses with Justin Colby REWIND
40:51Today’s Guest: Justin Colby Justin is the Founder and President of The Science of Flipping and Phoenix Wealth Builders. The Science of Flipping is a top-ranked real estate investing podcast and Justin now has a second podcast called The Entrepreneur DNA for those going through the entrepreneurial journey. His real estate investment company, Phoenix Wealth Builders, specializes in purchasing, rehab, wholesaling, and wholetailing properties in the Metro Phoenix Area and they have flipped and wholesaled over 1500 properties to date. Justin has been called a master at finding deals in a market that many say is the most difficult market to be a real estate investor in. Highlights From The Show: Justin began by telling us that he started as a realtor in 2005 and then bought a brokerage with a friend. He talked about how it was almost impossible not to make a lot of money in real estate in the years before the market crash. Being really young at that time, he spent a ton of money and had a really expensive car and condo, which all went away in 2007. He shares how he lost everything and ended up sleeping on his buddy’s couch. Things started to turn around for Justin when he and a friend decided to begin investing in real estate. They ended up using transactional funding for their deals, which was popular at that time, where they would get a deal funded and closed basically simultaneously or same day. I asked if, at this time, he was doing any work on these properties and he said no, effectively what he was doing was wholetailing. Justin talked about setting a goal for himself of calling 100 realtors a day in order to find deals and people to work with, and it took a full nine months before they had their first deal. After Justin talked about his resilience and fortitude in getting some traction in his new business, I asked him to share how he gets his deals. He addressed several different marketing strategies, including pay-per-click advertising, direct mail, cold-calling and auto-texting, and driving for dollars. Justin also examined the level of seller motivation and relative cost for each, as well. I then asked Justin to describe how he is brokering deals by working with iBuyer companies such as Opendoor and Offerpad. If a deal isn’t attractive to his company for wholesaling, wholetailing, flipping, or even buy-and-hold, he will inquire with his realtor about the price one of these companies will offer the seller for their home and take a portion of the transaction fees if he can successfully hook them up. This is a really creative way of working with them instead of getting swallowed up by them as a smaller investor. We discussed how the COVID pandemic was affecting his business and how he has been able to adapt. Justin says he really prides himself on the ability to stay flexible and make adjustments, if necessary. He talks about how he had refocused his energy on his business after a partnership fell through, and when the pandemic hit, it was actually good timing for him. Justin was incredibly transparent in his business dealings and if you join us on the Just Start Real Estate Podcast, I know you will get a ton of actionable wisdom! Notable Quotes: “The beginning years were the fun ones - when I was broke, busted, and disgusted.” Justin Colby “Pain is more of a motivator than the carrot.” Justin Colby “Just talk about what you are doing and people will get excited and gravitate toward you.” Mike Simmons “Here is my secret sauce - I’m a people person.” Justin Colby “I just had fortitude - I was willing to endure pain when other people can’t or won’t.” Justin Colby “I know what I want to achieve and I am relentless in trying to achieve it regardless of when I achieve it.” Justin Colby “People overestimate what they can accomplish in a year and underestimate what they can accomplish in ten.” Tony Robbins “You can get exactly what you want if you are willing to: (a) work for it but (b) have patience.” Justin Colby “You need to have more than one market strategy going at all times.” Justin Colby “I have been able to make adjustments and pivot when required, and remained very flexible.” Justin Colby “The only times I ever got hurt was when I chased money.” Justin Colby Thank You for Listening! Connect with Mike on Twitter, Instagram, YouTube, Linkedin, Facebook Help Out the Show: Leave an honest review on iTunes. Your ratings and reviews really help and I read each one. Subscribe on iTunes. Resources and Links From Today's Show: Propstream TSOFData.com Fortitude by Dan Crenshaw Launch Control Text Messaging DealMachine App Opendoor Offerpad The Score Takes Care of Itself by Bill Walsh The Science of Flipping Academy FB Group Justin on Instagram More Resources From Mike: Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months WINNING DIRECT MAIL - How to CRUSH IT with direct mail!
Don’t Change EVERYTHING Because of the Market
26:34Highlights From The Show: Welcome to this version of the Just Start Real Estate Podcast! I am excited to bring you my first solo episode where I deliver my thoughts and strategies for real estate investing in this changing market. Don’t throw the baby out with the bath water! You can still do what you love to do with a few tweaks in your business! Notable Quotes: “It is absolutely crazy trying to do five episodes of a podcast every week.” “There are definitely subjects I want to talk about that I may not get to if I am just doing interviews or Q&As.” “I know the majority of questions I am going to get are, ‘How can our business survive in this market?’” “You don’t have to change everything that you are doing.” “That is not a logical, rational reaction to a fairly small-to-medium-sized problem.” “I wholesaled when the market was down, I wholesaled when the market skyrocketed, and I am a wholesaler now.” “You don’t throw out the engine when you are having an engine problem - you tweak the engine.” “You wouldn’t do it with your car… why are you doing it with your business?” “You have to change the language that you use.” “I might be a little more helpful on the back end and more sympathetic to my buyers’ concerns.” “When the house prices were soaring, you had to focus on what your sellers’ motivation was in order to make your offer make sense.” “When it comes to real estate investing, you usually have a challenge with one end of the investing cycle.” “Zillow can be your friend. It isn’t always accurate, but homeowners don’t have anything else to look at.” Thank You for Listening! Connect with Mike on Twitter, Instagram, YouTube, Linkedin, Facebook Help Out the Show: Leave an honest review on iTunes. Your ratings and reviews really help and I read each one. Subscribe on iTunes. More Resources From Mike: Level Jumping: How I Grew My Business to Over $1 Million in Profits in 12 Months WINNING DIRECT MAIL - How to CRUSH IT with direct mail!