BiggerPockets Real Estate Podcast - 341: Getting Started with No Cash to 30+ Deals Per Year and “Free Houses” with Jared Holland

Episode Date: August 1, 2019

Real estate flipper, broker, contractor, and more! Today’s guest, Jared Holland, is doing 30 deals a year and profiting from all different phases of a flip-and he shares exactly how he does it! Today’s show gets into the nitty gritty of Jared’s business and how he grow from one wholesale deal to running an entire business in a short period of time. You’ll love Jared’s advise on using a multitude of methods to find deals, how he handled the transition of going from employee in his business to manager of his business, and how he got his first deal from a hedge fund! You’ll also find some fantastic advice about finding the right mindset in an employee/partner, how to find deals if you have no money, and why you should NEVER assume the person you’re talking to doesn’t want to work with you. Jared gives some great advice on why taking big action matters, as well as how to decide which actions you should start with. If you’re looking to level up your investing, or take your business from successful to great, download this one today! Learn more about your ad choices. Visit megaphone.fm/adchoices

This is the Bigger Pockets podcast show 341. I literally jump out of my seat, like as high as I can in the air. And I like yell when I see this because I'm so excited after this insane process of renovating this house and going through this crazy ordeal to get that off for 24 hours on the market. Just like, it made it all worth it. You're listening to Bigger Pockets Radio. simplifying real estate for investors large and small. If you're here looking to learn about real estate investing without all the hype,

you're in the right place. Stay tuned and be sure to join the millions of others who have benefited from BiggerPockets.com. Your home for real estate investing online. Hey, what's going on, everyone? This is Brandon, host of the Bigger Pockets podcast. Having an incredible week here with my buddy, David Green. David Green, what's up, man?

Not much, man. I just had, I think on a podcast a couple episodes ago, I was talking about how I've been trying to go running in the hills to get some exercise and how I had to start icing my back. I've been at it and it's getting easier and easier. I just did two six mile runs, one on Saturday and one on Sunday. And it is a blast. I'm getting some sun. I'm getting some exercise. So I'm all just getting easier for you.

Yeah, way easier. Just like in real estate when things are hard. Like, were you going there. That's where it's going. And you got it. I know you're going there. Yep. That's why we share the same brain.

You can't focus on how it feels in the beginning. You got to focus on consistency. And I think like I always plan on, oh, it's going to take me 12 months to get this down. And then four weeks later, it's like, oh, this isn't so bad. Yep. Today on my Instagram, I wrote like something along the lines of like, I didn't want to be at the gym at 6 a.m. This morning. But it's a good thing I don't live my life by feeling.

Right? Like, I mean, a lot of people live the life by feeling. It's a good thing I live my life by intention and by goals and by, you know, what I want out of the future, not by how I'm feeling right now. That sounds like. So my question to everybody. today, including you, David, is what are you going to do today because of intention, not feeling? That's great.

I'm going to look through my list of contacts to find someone that could be a buyer's agent on my team to help me close some of these buyer leads. I love what you said, though. That sounds like Jocko Willink. He's one of my favorites. He's a good dude. I probably stole it from him. Who knows?

With the way that you are. It's probably true. Yeah. So other than stealing quotes, what have you been up to you? I've seen that your Instagram has some pretty cool stuff you're posting. Man, okay, so I got a quick story and then we're going to get on with today's show because today's show is incredible with a guy who's just like just crushing it started with no money whatsoever, has some really creative ideas for investing with no cash. And then now is doing like 30 flips a year. But anyway, before I get there, let me tell you a quick story.

So we do this 90 day challenge every roughly 90 days over on bigger pockets where we do like a webinar and we launch this big thing. And I did a Facebook group of private Facebook group last time. all about like what are you going to accomplish in 90 days and my 90 day goal was to get a mobile home park under contract 50 units or so under contract by the end of the 90 days well on day like 85 I got a 168 unit mobile home park under contract on day 85 and I my lead measure if you know what that means my lead measure to get there was to make eight offers per month I was to make eight offers per month and I should get something under contract with my theory on day 85 I got a 168 unit under contract. I'm day 87, I got another 130 unit under contract. So in two days, I mean, the final week of the quarter, the final week of my NAA challenge, my lead measures panned out. I ended up getting almost 300 units under contract. Now, I'm in due diligence, going to be going through that, going to be doing the whole money raising thing and syndicating those. And I'm pumped. Can you imagine if you had quit a week earlier? I know, right? Like, if I was like,

you know what? I've been making offers. It's not really working. I'm going to go back to doing it was easy. I think Dance With the Stars is on tonight. I'll go watch that instead. Yeah. Like so many people do that. It's like that famous cartoon that you see the meme on the guy mining for diamonds. Yeah, mining for diamonds and he's like giving up because he's two inches away from it.

Yeah. Anyway. That's what I've been doing. Congratulations. Very proud of you. You're carrying the torch and showing us all how it should be done. Well, I'm such a huge believer in that. You set lead measures.

You set the action. I mean, I learned that from you actually more than anybody else. He's like, you set the actions that you. do if you follow them over time, those actions will result in what you want. I mean, like, you teach me that with the real estate agent stuff. Like, if I make the right number of phone calls. And then I read that four disciplines of execution book. And it just took that to a whole new level of like, here's my 40X.

So I did the exact 40X to acquire these properties. Yeah, that book does a good job of taking that principle and giving you an actual blueprint of how to execute it. Yeah, like a framework of how to do it. Yeah. And then I track it every single day to give a quick plug. I track it every single day in the 90 days of intention journal, which is today's quick tip tip.

Quick tip is coming out soon in the next couple of weeks. I don't know the exact date, but we have a new edition of the 90 days of intention journal coming out. So we'll announce it here on the podcast when we do. I just want you to be aware it's coming. It's even better than the last. And like I said, I actually would attribute, like I would not have got these properties under contract if it wasn't for that journal. I do it every single morning. So that's our quick tip.

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who actually understand real estate at nreg.com slash BPPod. That's n-R-E-I-G.com slash BPPod. Do you ever notice how every passive investment somehow turns into a very active lifestyle, active spreadsheets, active phone calls, active stress? Here's a better question. What if you could buy brand-new construction homes, 10% below market value,

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Jared Holland, a real estate investor out of Seattle. Got started with no money whatsoever. Has some really great stories. I mean, really fantastic stuff. Like his, how he gets houses, what he calls free houses, quote unquote, free houses. His advice on raising money from private lenders, one of the most like, shock, like, I don't know how it was shocking, like mind blowing things I've heard relating to that. Like, you'll hear it let my mind got blown by something he said. David actually goes into this like, I don't call rant, discussion on two opposing mindsets. I love that, David. I didn't say that during the show, but like, man, that was so good. And why like one of those mindsets, most people in the world have, but if you can shift to the other one, it can just change everything.

And then Jared's answer to the question, how are you finding deals? So good, including advice for anybody who's brand new getting started. Like, I ask him, what would you do? Like, if you're just getting started today, what's the exact thing you should do? And he lays that out for you. So listen for all that today and a whole lot more. But without further ado, let's just hear from Jared. So here we go. Let's get into it. Jared, welcome to the Bigger Pockets podcast, man. Good to have you here. you so much. I'm excited to be here. Yeah, all right. So let's get into this thing. Let's go into your story. How did you get into real estate investing? What was that very first journey? What was that early journey look like into your first deal? Yeah. So for me, it kind of, I fell into it

a little bit, I guess. My background has been in construction my entire adult life. So my very first, I guess, brush in with investing is when I had a painting franchise. And I was painting some nice houses is in Mercer Island out in an affluent part near Seattle. And, you know, I just, I was talking to the homeowners, and they were telling me that their neighbor across the street had just sold their home that they'd only owned for, I think, a year or two. They were renovating theirs to sell it. And, you know, they told me basically their neighbor made about $200,000 plus

just on a really quick sale. So at that point, that was when I even first realized, I guess, what real estate was kind of as a profession. And after that, I kind of got the bug and just started learning as much as I could and went into the industry. All right. So walk us through that very first deal. The first one you did.

Yeah. Like your business, your flip or whatever you did. Was it a flip? Yeah. So I do primarily now, but my very first deal was a wholesale deal. So I guess I gave you maybe a little bit more background on getting into real estate also. So like after, yeah, after that again, I had never even seen real estate. I didn't know what it was.

I didn't really know anything about it. I know a lot about construction, though. So that gave me kind of confidence moving forward. When I first kind of realized real estate was a thing, I invested in a mentorship program, like, you know, a good amount of people do. And then it was a year of learning before I actually really got much traction. So it was about maybe eight months or so. And I, you know, joined the mentorship program, started just drinking from a firehouse.

was basically learning as much as I could, networking, kind of doing all that stuff. And then the first properties I actually got under contract was actually through a hedge fund. And it was through just a really random connection. And they gave me three houses, basically the worst houses that they could possibly find. They were like, you can take these houses, you know, and see what you can do here. So I got three houses under contract. And then I just, man, I tried really hard to sell all three. I was able to get one of them sold.

So one of the three ended up being sold. And I ended up wholesaling to an investor that I know now. And I've actually done a bunch of deals with her since then. That's cool. Okay. So you got these things. Why wholesale to begin? I mean, was that like in that paid mentorship you did this?

Was that focused on wholesaling? Or were you just like, hey, that's the only thing I can do because of lack of money or what made that choice? Yes. So for me, my end game was always flipping, right? So I always wanted to do a development and flip houses. And for my background and construction, it just felt like a good transition. But wholesaling, you know, like everybody says, that's the best place to start, right? You can get into it. You can learn a lot about the industry with a little risk. And so for me, that was just the best place to start. You can actually understand the process of, you know, buying and selling a house.

You know, you're going to be meeting with sellers. You figure out actually how to put together an estimate and repairs for a property also. So just that it's kind of the natural progression, you know, to be able to get into actually doing, you know, bigger, bigger things. Okay. All right. That's cool. So walk us to do what happened next.

So with that one deal, because that woman's kind of boring. Okay. So my very first, my very first deal, I only made $1,000 bucks on. And, but at that point, though, I mean, $1,000 is $1,000, right? And at that point, that's when it becomes real, though. you know up until then you're chasing this mythical industry right thinking that you know you can make all of this money and do these deals and these great things but until you actually get one done it feels like man you're just running up this hill that never ends and just really trying to like

you know get your bearings and see again if it's even real so I would say that was probably the biggest coolest thing for me is getting that first deal done just like it lets you realize holy crap, man, I can do this. Like, anybody can do this. It's just, you know, keep pushing and when it finally comes together, I think that's the most exciting part for sure. That's awesome, man. What would you say was the biggest key contributor to you getting that first deal?

The biggest key thing would be persisting, like, through everything. So, like, I sent out a ton of direct mail. And to be honest, the first property I ever got under contract, I had no right having under contract. Like, I ended up getting a commercial development deal under contract for my very first deal. Really? You know, that was something that I was just sending out direct mail and, you know, meeting with sellers and just super excited and kind of the fake-it-tel-you-make-it thing, right? It's like, oh, yeah, I can do this. I can do it. I can sell a commercial development deal. So, you know,

just pushing past all those failures and like realizing, okay, well, this one didn't work out. Let's, you know, keep moving forward. And then just, you know, not giving up, man, I tried to sell the house. I had three of them, right? So I was trying to sell these three properties from a hedge fund that everything was supposed to go perfectly. Oh, here, you guys name your price is how it started. And I was like, oh, great, this hedge fund's going to give me these properties, and I get to just pick how much I pay for all of them. So it seemed like this beautiful scenario.

I wrote offers on all of them. They came back about 10% plus higher, I think, on all of them, anywhere from, you know, 20 grand to about $60,000 higher, which basically killed all three almost. And so it was, it was tough, though, man, like trying to sell these properties. I met a bunch of cool investors doing it, which was amazing. But, you know, just making sure to keep pushing forward when you keep getting no after no after no.

And you can't figure out why it doesn't work. Because in your mind, you have a unicorn, man. This is the best deal out there. So here's why I ask that question. I want to dig a little bit deeper if that's okay. We tend to look at the result and just focus on, did we get it or not? And the advice is usually, we'll just keep trying, keep persisting, keep going eventually you're going to get it. But that's not a very strategic approach to what you're trying to do.

So like Brandon the other day was asking me like how I've been losing weight and doing better. And the reality is I'm eating better. But I wasn't able to eat better until I started working out and it made me feel healthier and I didn't want bad food as much. And now I'm seeing, okay, it started with working out, which led to eating better, which led to the result. So if I want a better result, I need to trace it back to the very first step to the first step to the, take. But we often don't take the time to kind of reverse engineer how we got where we got. So you got this first deal from sending out direct mail. But I bet if you like really look at the thing, you'll see, well, I went to this meeting. I met this person. They said this thing.

I saw how they did it. It helped me go do it. Can you for the newbies that are out there that are struggling getting that first deal, can you kind of pick apart, maybe reverse engineer the steps you took to get that deal under contract. And then we'll jump back in and say like, okay, once you had that deal, where you took your career. that's a fantastic question actually because you're right you just say just keep pushing forward and you are pushing forward but you're changing a lot of things as you continue to move forward so uh i would say for that maybe the first contract might be a better um opportunity since that the first deal that i actually got was through a hedge fund and it wasn't kind of the same you know situation that

you do when you're sending mail or you're meeting with sellers so you know maybe for that the first contract i would say it's so it's definitely a lot of trial in there right i met with a a lot of different people before I finally was able to get a contract. So my biggest thing was, yes, you're persevering, but after each failure, you got to step back and reflect on exactly what you could have done differently to be able to make that a success. So like I would meet with a lot of sellers and kind of fumble through things and not know exactly what to say. So I would go to an appointment. First of all, you need to have some sort of structure when you go meet with these people, right? So I have like seller lead sheets that I work through and you ask specific questions,

make sure you ask all of these probing things because you're working towards, you know, buying their house, right? So getting the correct information and then working with them through that appointment to, you know, obviously you're building rapport and you're doing all of these things to get a good relationship with them. So once I was able to do that a few times

and understand the process a little bit better, then after each appointment, I would be able to get a little bit further, right? I maybe didn't even get a contract presented for the first several times I went to meet with a seller because I was too scared and I didn't understand like what to say. But the next time I would get a little bit further. And then by the time I was finally, you know, ready to actually present a contract, I was confident in understanding the process. Right. I had seen, okay, well, okay, what do you do once you get a contract? What's the next step after

that? Like I have, I have no idea. I've never bought a house before. Right. So making relationships with, you know, title companies and escrow and understanding. okay, well, once I have a contract, then what I do? Oh, I have to put earnest money down. Oh, then what do I do? Then you bring it to the title company and you go through this whole process. And until you understand all of that, it's a lot harder to make that connection with a seller and show them, you know, hey, this is the process we're going to work through.

You know, that just came up at a meetup that I was doing in San Mateo the other night. Someone asked me a question about debt to income ratios or if I buy a rental property, can I still get a loan for a house? And I realize there's so many people that are trying to understand all of that stuff before they start taking the steps. When the reality is, what that person should have done was call a lender and ask that question to the lender. And when they say, no, you can't get the house.

You should say, okay, why not? What would I have to do so I could? Walk me through your criteria. Walk me through the matrix that you use to make a decision. And that's how you learned about lending. You do the same thing with a title company. Hey, tell me what title insurance is. What does that mean?

What am I paying for? Of course, they're going to tell you. they're charging you to do that work. You're going to learn a bunch about title. It's going to increase your confidence. And then I think that's what you're saying. That translates into the conversation that you have with the seller. So you're walking in there assertive and knowing what you want to do instead of,

I know I'm trying to get this thing under contract, but I don't know what to do with it after. And naturally, that's going to affect, you know, like the confidence that you have or how bold you'll be. Yeah. No, it's exactly right. And again, it takes a lot of trial and error, just like anything else. But once you understand the full process and you see, okay, well, this is where it starts. this is where I'm actually going to finish by buying the property, then that translates to the seller also.

And it just gives you a lot more confidence with them. And you're able to get a contract signed. And I remember the day that I left, I met these sellers out of McDonald's in South Seattle. Funniest thing. And there was nine people who own the property. So coordinating signatures for that was really difficult. And I remember when I got that contract signed,

I was so happy and excited. I blast it out to the world. I'm a real estate investor. You know, that first contract is so exciting. Yeah. You know, I worked out it for a really long time. And to be honest, I made some really good connections to developers. But yeah, that one, that one didn't pan out.

But one of the best learning lessons getting started in the industry for sure. So walk us through the beginning few years or a few months or the beginning. I want to get like an overview of how you got into this. You started with that first deal. What came next in terms of deals? how were you getting them? How many were you doing? Were you working a job during this time? I know it's a broad question, but I want to just get a good picture of what that was like when you were getting started. And when was that as well? Yeah, no, totally. So I'm going into year five right now.

So I started my company officially the very end of 2013 is when I created the business. And, you know, for me, the number one thing that I knew is that I had to market to find properties. So literally like, as soon as I formed my company, very end of 2013, I immediately started sending direct mail, literally like before I really even had my name picked out, like just right away, I was like, okay, well, how do I find deals? So I can't remember. I think I pulled a list from like list source, something like that. And it wasn't a very big list, but it was high equity, non-owner occupied, like probably the most saturated list out there, you know? Yeah. And I started handwriting letters, you know, 50 a week is what I started at. And at that

time, man, I was getting like four and a half percent response rate. It was fantastic. I couldn't believe it. And when that phone started ringing again, it was so exciting that, you know, it's just this crazy emotion of, you know, this can really work. And so those are the small things that really keep you motivated at the beginning, right? Like just getting actually traction throughout the process. Yes, yes, yeah. You know, and so like, and that's where I got that commercial leave from, right? And I still have calls that I generate from that original lists or those original mailings. And so I started there. And at that point, so I had quit my painting company. I did a painting franchise. And I did that for one year. And I was riding this incredible high. And that's when I just

kind of doubled down on myself. Like, again, real estate was new for me. I spent more on that mentorship program that I should have. And I put me in an uncomfortable situation, but I think you have to be uncomfortable to make big moves and really push yourself beyond your limits. And so, you know, I thought I was going to be flipping a house within a couple months. Turns out that's not the case. It took me, you know, I went back. I ended up spending, like I said, about eight months or so learning. And I went back and ran my painting company second year. And so this was then 2014. I finished it. And then I almost doubled my business with the painting company. And I had enough cash in the bank at that point to like be comfortable and like really figure things

out. So 2014, very end of 2014 or early 2015, I think is when I went full time. So I, when I first decided to go into real estate, I also got my broker's license. So that was, again, I just wanted to learn. Like I didn't understand the terminology of real estate. Like I just, it was a foreign thing for me. So I got my broker's license and then I hung it a year later. So I did it just to learn. Then in 2015 is when I hung it and I went full time. At that point, I think I'd only done one wholesale deal. I had met with sellers a bunch of times. I had, you know, learned a lot. I was networking two to three times a month even. And so I was building the buyers list. You know, all the things that they say to do when you're getting started, right? Just get out there, network, meet the right

people for buyers, try to find contractors. I'm trying to do everything at once. And then it really took off when I went full-time. So basically, the year I went full-time, I did a couple of transactions as a traditional broker just to kind of, again, learn the process, right? Understand this is what a transaction should look like. And then after that, I was like, okay, this is it. Now it's full-time investing. So once I decided to just really hone in on that, I was still sending direct mail, still networking. My first flip that I ever got, I like to joke and say, I'm able to get free houses. So in my career, I've gotten maybe about 10 of these free houses. Explain that.

So a free house is, it's a seller financing deal essentially. But when I first got started, I had no money really to speak of. And so I was able to negotiate deals to have 100% free from the seller, no money deposited to them at all. I had them pay for the carrying costs, taxes, all of their own closing costs, everything. And then I borrowed the money to do the renovation. So absolutely zero money out of my own pocket. And the sellers were stoked also.

It ended up being really good deals for them too. So why would the seller do that? Why would somebody sell their house and then have to not get any money? I mean, like, you know, right away. Yeah. You know, every situation is going to be different. So I'll tell you the first flip that I did. First ever flip I did was down in Tacoma. This was a, it was not technically a duplex, but it was set up as a duplex. I met these sellers through direct mail. I met with them. I got this under contract to wholesale. They just didn't want to list it. They were like the house is, it was in, it was an okay shape. It wasn't like most of my projects are now. But it was like really cosmetic. And they just didn't want to list it. They didn't want to deal with the process. They just wanted an easy sale. They were just done with it, right?

And then when I wasn't able to wholesale it, I was like, I know this is a deal. I guarantee this is a deal. So I went back to the sellers. I was like, hey, let me flip your house. I was like, I can get this done for you. I know that there is, you know, money to be made here for both of us. And I can do this for you. I will finance the renovation.

I had no money to finance the renovation, but I knew I would find that money. So, you know, I told them I'll do everything for you. I'll list it when we're done and it'll take, you know, maybe three or four weeks max to renovate the house and we'll list it and it'll sell really quick. So, so they said, yes, I put together this hodgepodge contract of lease options slash purchase and sale agreement slash no idea what I was doing. But they were happy with it, right? So they did everything. They signed it all. They continued to pay the mortgage payments. And then I borrowed about, I partnered with another investor, which is something that I definitely recommend to anyone who's new and that doesn't

understand the process of a flip. And I did that. And then we both put in, I think it was like $12,000 each, something like that. I borrowed it from a friend. They financed their side. And then it was super cosmetic renovation. Like, we just did hardware paint to fix a portion of a roof and just a bunch of little miscellaneous things. And then, yeah, listed it and sold it, you know, within a couple weeks and first flip was was done after that. That's, that's cool. All right. So the seller financing angle, I mean, I talk a lot about seller financing,

because I talk about my first apartment complex. I mean, that was also a smorgas board of different creative things. But like, I talked about my mobile home park recently. Like, I really like seller financing where the seller carries that contract. For those who don't know what that means, the best way I can explain it in like simple terms is imagine you wanted to sell your car to your brother and your brother didn't have any money. So you give him the car and then he makes me. payments to you, you know, you sell them for 5,000, but he just pays 500 bucks a month for the

next 10 months. Like that's seller financing. And people seem to understand that with cars, but then when you get the houses, they go, well, I don't understand seller financing. Same thing. Isn't that funny? It's the same way with the birth strategy. Yeah, yeah. Wait, wait, wait, what do you mean you don't use a loan when you buy the house? You get it later. But if you turn it into a car, they're like, oh, I could go take a note on a car that's paid off. Yeah. Yeah. Yeah. I get that. Okay. Yeah. Exactly. Yeah. It's like, people understand the car thing much easier. All right. So I love that strategy. That's super cool. I think I think more people should ask about that.

I did this study. Now, it's been a few years since I did this research. It might be slightly different today. But back when I wrote the book on Investing in Real Estate with No and Lominee Down, I done research that showed that it was a third of all houses in America were owned free and clear. It was like a third. It was crazy. Like, which means that those are all good opportunities for seller finance.

And even if it's not owned free and clear, like you said, you can do a wrap, you can do a lease option. You can do a subject two. There's a lot of different ways to do it. The key, though, with all of that is you got to get a good deal that you can actually make money on if you're going to flip it. You know, if you can't resell it, then you're going to be in trouble. But, you know, the foundation, I say it's a lot. The foundation of creative investing is getting a great deal, which clearly you did there. Now, I want to go back real quick.

I'm curious, looking at that period of time, which was, it sounds like, I mean, correct me if I'm wrong here, but it sounds like it was a couple years between I paid for this mentorship or I got excited about real estate. And now I'm full time. I'm actually doing this. I'm a real investor. I'm doing this. was like that was a time period. If you were looking back on that, giving yourself advice, you got in a time machine, you gave yourself advice during that period, like the beginning of that period, what would you tell yourself to shorten that period? So you didn't waste or not even

waste. I don't call it waste because you were working, you were networking. But what would you do differently if you give yourself some advice from the start of that? Does that make sense? Yeah, yeah, no, totally. And for me, it was about a year. So it was like a year of like just trying to learn and really get into it. So I would say, I kind of appreciate that it took me a little. bit of time because I know how difficult it is to get to that point. But I think if I were able to accelerate it quicker, I would say to spend more time finding someone that I could have more as not like a maybe a weekly mentor, but someone that I could help more to be able to help me, right? Because you need to add value to other people also. And I did, I think I did a really, really good job of

networking and meeting a lot of people. But me just as a person, I suck at asking for help. Unless apparently I pay for it, then I'll ask for it. But in terms of finding the right connections to be able to help kind of grow together, I think I would have found someone in the industry that was already successful at doing this, which I met a lot of people like that, and just maybe tried a little bit harder to really add value to their business or help bring them deals or whatever it is they were looking for. I think that would have accelerated it quite a bit for me.

But because I'm someone that I just really wanted to do it myself, and I was like, oh, I can just do this on my own. It definitely took me a little bit longer to really get my bearings and kind of push into the industry. So, yeah, I would say, you know, finding a solid, you know, investor slash mentor slash best friend. Nice, nice. I met this guy the other day here in Maui. We ran into each other and he's a bigger pockets guy.

And he got his start. He's flipping houses in LA. Alex. So what's up? What's up, Alex? So he got started flipping houses in L.A. And the way he got started was by like working for a big flipper where he basically was gone and like door knocking and like just really like to hit in the ground, you know, like getting deals. And then eventually he got to the point where he was out there doing, you know, he got understood it.

Then he went and worked for another investor where he got a piece of the equity in the flips. And then he did like 60 flips for this guy where he got like, I don't know what it was, 25% or something like that of whatever they did. But they worked together. So it was almost like he was a part owner in those. And then just recently went on his own now and has done a hand. handful of deals on his own and he's going full time now. And I love that progression. Like not that everyone has to do that, but he's like, rather than just like, I don't know what I'm doing. I'm doing this. Like he's like, I'm going to learn from people who are just like the best

that are already doing it. And I'm going to take my steps up. And I just thought that was super cool. So, and it's kind of what sounds like you're saying is find somebody that you can, you know, meet regularly with, mentor from. If it's working for them or if it's being a partner with them, whatever, it's just growing along someone else who's been there. Yeah. Yeah. I know that's the best way for sure. I think actually get traction a lot faster in this business. But again, it's a fine line, right? I have people that call me all the time and they're just like, hey, teach me.

And I'm like, just go ahead and teach you real quick. There has to be that given take to it also. It's difficult to find that good balance. But if you do, man, you just hang on to that and you just be a sponge and learn as much as you can. Because then when you really do decide to make that leap and go all in, you know, you're the person supporting yourself. So make sure you know what you're doing. Yeah. Well, for a long time that the world's been spinning, that's exactly how people learn new

traits is they were an apprentice and they worked for somebody else for free and they got an education and then they were valuable enough that they could get a piece and they became an employee. And then eventually they became a partner. And then if they were really good, they would take the business over or they would go leave and do their own thing. That's really the best way to learn anything. It's just kind of in the society we live in now. We've got these concepts like minimum wage and labor laws. So people feel like if they're working for free, being taken advantage of. But in reality, you're getting way more from an on-the-job training than most people probably get paying for education at a college. There's people that will pay $100,000

to get a four-year degree in something that may or may not make the money, but they wouldn't give up four years of their life to an apprentice and learn that trade. And when they're done, they're crushing it, selling tons of houses. Yeah. Yeah, exactly. So true. So tell us, can you give us an overview of like, how many houses are you selling a month right now? Are they wholesale? Are they flipping, like what's an overview of your business right now? Yeah, so my business right now. So I have the brokerage side that I'm currently building out. So I have two buyers agents on my team. I then have my flipping business, which I'm shooting to purchase around 30 this year flips. And then I have my general contracting business, which is kind of starting to go hand in hand,

kind of with everything else as I grow. So in terms of properties per month, I'm doing a few traditional transactions right now. And then right now I have six, six houses for sale. I have one that's closing tomorrow, which is going to add one that was sold last week. I'm looking to buy three more houses to flip. And then I also have a six unit townhouse development, which I'm really excited about. I'm looking to break ground on that in about a month. That's awesome. Yeah. All right. So I mean, that's 30 flips is not a small insignificant number. I mean, that's pretty awesome. So what is your, I don't go through a few questions about this, but like first, what does your company look like in terms of the, let's talk just the flipping side. How many people are doing, is it just

you? I mean, you have operations managers, you have regional manager. Like, what's the actual structure your business look like for that? Yeah. So right now, it's, I try to run things lean and mean, right? So like just for, so just for my investing company, J-H-1-H-H-H-H-H-H-H-H-H-Oms is just the investing company. So I have myself, I have an office manager who does a lot of the paperwork, as you know, buying and selling real estate. There's a good amount of paperwork. Then I have a full-time project manager, and then I have an acquisition manager. And then recently, as I'm working really, really hard to remove myself from the business,

I enjoy the business still for sure. And I enjoy designing and project managing and a lot of that stuff. But as I want to grow and expand in all these different areas, I'm working really hard to have the right people in the right places. So now I have a designer as well. And then I'm still working on really fine-tuning everything to where I'm not the, you know, the person holding things up, whether it's material orders or design choices or, you know, whatever it is.

So that's something that I'm actually working really hard in my business right now to do. So I can spend my time to find the bigger, you know, more exciting deals like development deals or maybe a mobile home park to be like you, Brandon, I don't know. Yeah, you know, that's something Brandon and I are hearing all the time. And I think we're both talking to each other about it. We're hearing other people say it's this concept that's always coming up that I'm trying to remove myself from the business. So what happens is there's this progression of I need to be an apprentice and I need to learn everything. And then you learn it.

And if you're good at it, then you become successful. And you very quickly realize, man, I'm flipping all these houses, but I could save money if I had agents. to sell it for me. And if I own the construction company, I could save money there. And when I'm not flipping a house, I can make money, you start seeing all these ancillary ways that you can create income. So then you go do all that. And then you realize I'm spread too thin. That piece right there is where most people just keep hitting this ceiling and they can't get any higher and they get stuck in this washing machine of getting turned over and over and over that they can't get out of. Can you give us some advice about, or maybe some strategy of how you got there, what you're doing to get yourself out

of it, what skills are required in order to make that transition? Yeah. So for me, it's exactly we were talking about, right? So, and it's, it's really easy to just start saying, okay, well, I'll just do this. And then I'll just do this. And then when you, you know, have that many projects going and you're spread thin across everything. It really makes you sit back and think, okay, well, now I'm wearing too many hats and I'm trying to manage too many things on my own. And so for, for me, it really has been a big focal point to figure out how I can systemize everything. empower all of my, you know, team members to own their roles also and be excited about it. So for me, something that it's interesting to see the natural progression of a business.

Like, I used to love being on site doing the day to day, man. I'd walk on to a job that they just put flooring and I'd almost jump out of my shoes. I'm like, this is amazing. Like, holy crap, we have flooring in here. You know, so it goes from that kind of feeling to now I have eight houses under construction. I'm not getting that excited about flooring going yet. I'm like, come on, guys. The flooring should have been in last week. So figuring out how to empower your employees and team members to feel that same way

has been something I spend a good amount of time on. And, you know, it's really just figuring out how to be a good leader, figure out what motivates people, how you can, you know, keep everyone excited about the job is something that is kind of a continuous struggle, I think, and then making sure that you have the right people in the right positions. because you may have somebody who may not be as detail-oriented being a project manager, and they have no right to be in that position because you need to be on top of all of these little details. So I think understanding the roles really well is super important.

And then understanding kind of what the team structure should look like to be able to run smoothly. And that's why again, so like I do have my brokerage side of the business and then my construction side and then also the investing side. and I'm trying to figure out how to make all of that work cohesively to where I'm not the person who has to be telling people what to do or asking where we're at on projects. It's, hey, we have a team meeting every week. Hey, here's where we're out with all the projects. Here's what the timelines are.

Here's what we're projecting to be done. You know, what do you need for me at this point? So one thing that I've noticed is there's two kinds of mindsets that usually everybody has one of the two. There's one mindset that says, hey, I'm here to help you out, Jared. If you need some help, let me know. I'll make a phone call.

I'll handle a thing. I'll go check on a job. I just want to learn. I want to help. And there's another mindset that says, I want to take responsibility for a result. And it sounds like a subtle difference, but it manifests itself wildly different.

Whereas the person who says, I'm taking responsibility for this piece of your business or this result, you don't have to check in with that person and say, where are we with this or go do that? You're not giving them tasks. their responsibility is to figure out what needs to be done and to go do it. And they're reporting to you how well they're doing as opposed to the person with the helper mindset, which is really just a way of that person avoiding responsibility so they don't have to fail.

They don't have to feel like I messed up. Right. There's no pressure when you're just helping out someone. Those people you're constantly going to and you're like, can you do this? Can you do that? Why didn't you do that? Okay, go do that. And then they do it and they come back to you and say, what's next?

And it's really not saving you that much time because you're still having to figure out the solutions to these problems that are popping up. Has that been something that you've seen as well? And have you figured anything out to help navigate that issue? Yeah. I mean, I wanted to say yes about six, seven times as you're talking. Just nodding right as hard as I can't.

Yes. Yeah, and you hit it literally like right on the head and the fact that that comes down to having the right people in the right positions. You know, if they're asking you what's next, what's next, what's next, what's next? Like, why do I need you? Like I'm just giving you all of these tiny little tasks that here's the outline you need to follow what the flow is for the job, right?

You need to understand what it needs to look like. So what was your question again? Because I got distracted. Well, have you found any method of like ways you interview people or where to look for people or how to set a tone? Like, what have you done to be able to pull people into the you need to take responsibility mindset as opposed to that you're just here to help out? Right.

I think a lot of that is going to be, man, I guess, yes, the interview process is definitely important. You need to be able to, I guess, understand people's personality types also. You know, I'm someone that's been around. I'm one of seven kids, first of all, in the middle. So like, I've seen all of the personalities, right? So understanding people's kind of mentality early on, I think is really important. And yes, going through a proper interview process is very, very important. And I'm a believer in this slowed to hire quick to fire mentality. Right. So first project manager I ever brought on, it was someone that kept asking me for. work asking me for the job and I was like I don't really need someone right now and then what I did

it was kind of more of like an intern type of move right you can come on here let me show you what I'm doing and then kind of earn that role so I'm a big believer in you know I'm gonna I'll kind of show you what to do but you need to be able to earn the rights to kind of grow within that position as well so like show me what you're worth right everyone wants to come on and pay me $100,000 a year right away I'm like okay, well, I'm gladly pay you that, but let's prove that you're worth that, right? Let's put you in this position that we have clear guidelines in, and then tracking everything is really important too. You know, understanding the full process through a project, right?

Seeing what it should look like all the way through and making sure that you give your employees and team members and whoever a proper guideline so they know what to follow also. Because if I'm not giving them clear enough instructions from the beginning, then it's just as much on me if they're not falling through and getting things done. That's great. Yeah, I think that if you're listening to this and if you're the person who the majority of our listeners, I believe, are that's thinking, how do I break into the real estate game? And you'll hear Brandon and I say, well, find a mentor or go learn from someone else.

If you understand what Jared's saying, he's basically saying, I'm dying for someone that can step in and take something off my plate and do it well. I will assist you. I'll give you all the pieces I need. but I need someone that can run this project and I have a world of opportunity for that person. And you know that the thing of the missing is that most human beings have a helper mindset, not a responsibility mindset. That's what you have to approach that person with.

If you show up to that person that you want to mentor with and say, let me run these projects. Here's the pieces that I need to know and I can do it for you. You're way more likely to get that help than when you show up and say, hey, just tell me if there's anything you need. I'll go walk a property for you every once in a while because I see this from my role. I'm in the same position you are with my growing real estate team and my investing and the books I'm writing and everything else. There's a big gap between the people that want to break into an industry and the people that have done it that are trying to go to the next level.

And if we can get everybody with the same mindset, I feel like that gap would be bridged a lot faster. Yeah, totally. All right. Jared, how are you finding deals today? I always joke and say it's not one thing, it's everything. For me, because I run this as a business also and it's not a hobby. for me. So like I'm just constantly marketing in a lot of different ways. And I try different things also, which I enjoy. So one of the biggest things that I'm very, very consistent about, though, is every time I buy a house, we are, I put signs outside of the properties. So I'd say I've Jared buys houses,

signs that I put out there. And then I also have a nice like company sign, right? Says J.H.1 homes, a quality renovation coming soon. The company info, the website. And then also, you know, we also buy properties, market value, blah, blah, blah. So I put signs outside of all of my property's very first thing. And then I immediately have my acquisition manager go introduce himself to basically the whole neighborhood, right? Well, canvas a good portion of the neighborhood. And it's not to knock on their door and say, hey, I want to buy your house. It's to say, hey, we actually just purchased this house right down the street. We're going to be working here for about six to eight weeks. You know, here's our information. If you ever have any questions or issues or you're interested

to see the house when we're done, you know, here's all of our info. Please let us know if you need anything at all. And by the way, we are looking to buy another house while we're in the area. I love that. Yeah, man. So it's like a, it's like a, it's like a warm intro, right? It's not a 100% cold call. It's we're in the area. We want to be nice. And, and I've gotten deals that way, too. And on top of that, because I work in South and West Seattle is like my primary areas I work. I'll do like 30 minute radius of downtown Seattle. But that's kind of where I, I spend most of my time. A lot of people know me now, right? So like, I've had people come up. I'm like, oh my God, you're Jared.

I'm like, yeah, I need to buy a house if you know anyone. Look at the cell. You know, so. That's, I like the branding. Jared buys houses. I love just good branding and that's good branding. Yeah. You know, people get to know you.

They know what you do. It's very clear. Yeah. And it's easy. And I've had, I've literally had a neighbor, the house that I currently live in, actually, I had a neighbor call me one day. She, I've done a lot of business again in West Seattle. She's seen a bunch of my projects and she loved it.

She called me on it. Hey, my neighbor's outside. He's mowing his lawn. I know that it's no longer rented anymore. You should come buy the house. I literally jumped in my car. I drove over there, parked, and I casually walked over. Oh, hey, I was just driving by.

And I noticed, you know, you're maintaining your yard, whatever. And I ended up buying that house. And I, yeah, it was terrific, you know. And I did an addition on it. Now I live in that neighborhood and I kept it for myself. Because, again, like, you know, it's cool to be part of this community that I'm rebuilding also. And people, again, you know, appreciate what you do. So by me broadcasting that, I think it sets me a little bit apart too because, again,

I'm not doing this as quickly as I can, as cheap as I can just to get in and out. This is a business for me. So I treat it that way. So back to your question in terms of marketing, that's one thing that I'm religiously consistent about is getting my brand out there as much as possible. Then when we finish, we invite neighbors over again, hey, come look at the house, you know, come to the open house. So that's one big way.

I don't do as much direct mail anymore. I kind of stopped off on that a couple years ago because I was getting a lot of wholesale deals sent to me. So just because I've networked so much and I know a lot of people, like I get several properties sent to me each week and their deals in quotation. So still analyze those and make sure that they're done right. And then something trying,

doing like a little bit of a combination of marketing now. I'm actually, I have a small billboard above the West Seattle Bridge and then I'm actually getting a larger billboard. that goes live actually like this week it should go up. And I'm going to, that's just going to say Jared buys houses on it. And so it's going to drive traffic to my website. So I'm hoping that's going to be able to get me some good.

What do you pay for a billboard? I have deals on the billboard actually. Oh, okay. What does a typical person pay for a billboard like that? So honestly, it varies. So when I joined the BBB actually, they started calling me, just giving me lots of advertising opportunities.

And so to be honest, that billboard above the West Seattle Bridge is only going to cost me about $1,100 a month, which is amazing. And it's part of like the deals with the BBB that they get. And just by forming this relationship with this marketing advertiser, she would just constantly call me and be like, you know, I'd be interested in a billboard opportunity. If the price is right, that price is right. So, so I said, you know, yes on that. But it depends on location, everything. They can be, that's the cheapest I've seen. And they can be, you know, 10 grand a month if you just go straight through like, you know, that Lamar, the company that

owns the board. Sure. Well, and here's what people, I know, I'm sure there's people right now listening, and this is just marketing 101, but it might, it might change somebody's mindset. I know somebody out there is thinking, 10 grand a month, you know, for you, $1,100 a month, but it could be 10 grand a month for a billboard. I would never pay 10, I could never afford 10 grand a month. But the beauty of marketing, like, when people ask me, what's my marketing budget? I'm like, that doesn't, that's, there's no such thing. It's, it's, it's unlimited as long as the marketing produced a result. If I spend 10 grand a month on a billboard and I make $100,000 a month a month, on flipping properties because of that billboard, it pays for itself.

If I paid a billion dollars for a billboard, but I made a billion and, you know, $1.1 billion back in return, then it's worth it. And so it's just like a shift that a lot of people just say, well, my marketing budget is this. And I'm like, well, stop thinking in terms of my marketing budget, start thinking, what's my return on investment of my marketing? That's the more important thing there. So anyway, and then just, I love that you said, it's not one thing, it's everything.

Yeah. You know, and in the beginning, though, like, if you, if you're just getting. started. Somebody's listening to this show right now. They're trying to get their first deal. They're where you were five years ago. What would you advise for them to do? Just what's the first thing they should do to start getting leads coming in? Like if you just give them like, do this, do this, do this. You'll get something if you're consistent. Yeah, I would say first it's going to come down to I think you either need to trade your time or your money. Right. So if you have one or the other, then you need to figure out which one you can

contribute, right? So if you are broke and you don't have any money to finance anything at all, no marketing budget, then I would say network, right? Get your butt out there and you put as much time as you can and knock doors and network, do everything that's free, right? Look online for all the for sale by owner websites, classified ads, anything that's what you need to concentrate on. But if you have more money than time, right, then it's really more concentrate on one thing, right?

For me, I diversify my marketing because I think it's fun, honestly, and I like to do a lot of different things, but I can afford to try, different things, right? So if you have, you know, a good amount of money for a marketing budget, then, yeah, it's important to focus, I think, really on one thing and hit it pretty hard. Because if you just do like a little bit of direct mail and maybe a little bit of online marketing and a little bit of bandit signs, you're going to get a little bit of results, right? You might get one call off one of those and then you think that this is stupid. It doesn't work and nobody can do this. Yeah, that's a great answer. I think a lot of people, yeah, they jump from thing to thing to thing.

I think it's good to get consistent, get good at something. And once you're like awesome at that and you're, it's cranking out leads, whatever, yeah, expand to something else. Expand to something else. And pretty soon you might have 20 different ways to find deals. I made a video on the Bigger Pockets YouTube page a few, I don't know, a few weeks back, called like 27 ways to find incredible deals. And it just walks through like, there's a lot of different ways.

And yeah, one of them was Billboard because I, you know, I've not done a billboard, but I know a lot of people have. I know people have done TV commercials and paid $100,000 for a TV commercial. but it made sense to them. Yeah. So I put this really, really elaborate marketing plan together a couple years ago

when I was like, business was just starting to take off and it was like, it was everything from who was on the ground marketing to putting posters in neighborhoods to bus bench ads to geo fencing, to billboards, to SEO,

to like this really, really cool, long marketing plan. I did with a group of people and when it came time to put the money up, like everyone fizzled out. And I was like, okay, well, I'm still going to do this guy.

That's funny. It takes me a little bit of time. But yeah, like you said, there's so many different ways to market. And being consistent at whichever one you really want to do is what's going to generate, generate leads for you. Yeah,

that's great. I often hear the phrase, you know, what's the best, like, what's the best workout in the gym? It's the one you do consistently. You know,

what's the best CRM? It's the one you use consistently. What's the best marketing technique for getting real estate deals? The one you do consistently. Like the one that you can just get out there and do. Yeah. All right, cool, dude. Last question I got before we get to the deal deep dive. What habits do you have in your life or habit or habits that most contribute to your success? Is there anything that you do regularly or a habit that you have that you feel like really helps in your business or in your life?

Yeah, one habit. That's a good question. I would say, you know, for me, I think they just drive to push myself, I guess. Like so for me, I don't have one specific habit. Yes, being consistent in doing all of these things and, you know, follow through on your goals and goal setting. And, you know, I could rattle off like 50 things. But I think for me is the motivation to continue to want more because whenever I set a goal for myself, if I hit it, I feel like I said it too low. I feel like I cheated myself, right?

So like whenever I set goals for myself is continuing to push it to a point to where it makes me feel uncomfortable or I think I can't quite get there. and then if I do get there, then I think I said it too low. Right. So I think for me, the biggest thing is not settling and continuing to want to kind of push back past these glass ceilings that I, you know, run into as I go through my business. I like it, dude. Everybody should read The One Thing by J. Papp is in. And Gary Keller read it too, Brennan, do you know?

Yes. Yeah. And in chapter two, they talk about geometric progression. And it's this idea that a one-ish domino can knock down another domino that's one and a half inches bigger. So when you realize that your goal is more than what you're able to knock down at your current domino, you just need to put a domino in between them or maybe three or four dominoes in between them to build up. So if you say, man, I want to be able to buy $100,000 or put that much money into putting a billboard up, but I don't have that much money.

One bad month that I'd be wiped out or I don't have the infrastructure in place to handle all the phone calls. Well, then the domino right before that would be have a budget that I can support 100 grand a month for six months before I do it. and one domino before that might be put a team in place that can handle this many leads and then slowly start working back with what you have to do to get to that point and now you've got a business plan like a legit a to g whatever the steps are to get to that point you're trying to get to and you just systematically start working your way there yeah and i think on that on that same note like if if you were to ask me five years ago if i if i thought i could be flipping you know 10 12 houses at once and also about to break ground on a six-unit townhouse development,

I would have, you were crazy. Like, I thought it was insane to own two or three houses at once. You know, so like I've just continued to push past these whatever goals that I set throughout the time. And then you start realizing, oh, I can do this. You just have to have this infrastructure. You have to have, you know, these things in place, checks and balances. And that's how you'll be able to continue to kind of push past that.

So it's spot on. That's fantastic, dude. All right. Well, let's head over to the next segment. one of the show, it's the deal, deep dive. There are two kinds of real estate investors, those who have reviewed their insurance, and those who think that they have. Most don't realize their coverage wasn't built for how they actually invest. Vacancy periods, rehabs, short-term rentals, or LLC-held properties. These

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Indeed.com slash rookie. Terms and conditions apply. Hiring Indeed is all you need. All right. This is the part of the show where we dive deep into one of your deals. Jared. So you got something in mind? I do. I do. Another one of those free houses that I like so much. Perfect. All right. So that's the question is what kind of property is it? Is it a single family rental? I mean a single family or multi. Single family flip. All right. And how did you find it? Found this through direct mail and a lot of follow up to be honest. It took a while to put together. Okay.

How much was the property? So I ended up getting a seller financing deal for $405,000. All right. And how did you negotiate that price? So as I told you guys earlier, I really do my best to offer as many options as possible. I think that people love their options. And so this is a house that it was in North Beacon Hill, very old house. and this was, I think, in 2016, I believe.

So the market was pretty hot in Seattle still, but not a ton of really solid flip comps in the area. So I had offered $3.75 to the seller cash, which still made me a little bit nervous at the time, but I felt like it could be a deal. And then I offered, I think, to list it for him for like $420. And then 405 was the partnership offer. So I gave him those three options.

We went back and forth for a while. and then he agreed to 405. He's like, I can wait a few months. He's like, I'm not in a hurry. This is a rental. So he agreed to 405. And on top of that, he agreed to finance the entire renovation for me. Really?

Okay. So that's cool. Again, the question is I asked earlier and I'll ask him, why did this guy want to do that? Like, why would he do that? And not just sell it to somebody else who didn't have to carry the financing. Yeah. You know, so what's funny is this person actually is one of my primary investors in my business now. And what I want to point out here is the fact that you literally never know what the person on the other side of the table is thinking.

You have no idea. You don't know what they're looking for out of this transaction most of the time or you don't know what their kind of long-term goals are. So it turns out this guy had met with a lot of people. He owns a lot of real estate and his family does. So they get letters all the time. They're always having people reach out. And apparently there have been a lot of people that sat in that chair in front of him and, you know, gone over these potential. options and he was very interested in starting a investing relationship. And I didn't know this until

the deal was over either. So like, so, you know, what I offered in these three, three options, he felt confident that I knew what I was doing. At that time, I had done, I think, two flips, but none like this. And I'll explain in a little bit. And so, you know, when I gave him these options, he felt good about it. And he, you know, told me, hey, look, kid, if you can do this, he's like, if you can do this deal, then we can do big things together in the future. That's cool. Yeah. And so I gave him the options.

He chose that one. And yeah, that's what he decided. I love the options thing. Yeah. I love that you said you don't know what the other person is thinking. God, that. I know that and I forget it all the time. This just happened yesterday with one of my buyers agents that there was a house listed for like

580 or something. And we wrote an offer at 540. And they didn't even respond to it because it was so low. and the buyer's agent was really frustrated. Like, I just don't know what to do, right? They don't want to, they won't sell it for 540. And I said, have you asked your clients if they're okay, just paying asking price? He goes, no.

Well, why don't you try that? Like, ask them if they've even run the numbers to see if it will work at asking. So he does. And they come back and they're like, oh, yeah, we would totally pay asking for this house. This is a great deal at asking. We just wanted it cheaper. We almost walked away from that whole thing because no one thought to even ask the clients, what price are you okay for?

So we came up with something. in the middle, which was still better for the buyers and much happier for the sellers. We're going to contract today. And it was just a reminder of like, how many things in life do I miss out on? Because I don't even bother to ask a question. I just make this assumption that this is the way it is. But yeah, the seller might not even care that he could sell it to someone else without seller financing.

They don't, doesn't mean anything. Or you say, well, I'll give you a return on the money that you handle with the seller financing of extra three or four percent. And they're like, oh, cool. It's more than I'm getting right now. Let's do it as you ask. So thank you for bringing that up. I think it's really good for people to be reminded,

including me, don't assume that stuff. So this property, what did you end up doing with it? Oh my God. I rebuilt the entire house. And by I mean, I don't swing a hammer.

So like my contractor rebuilt the entire house. More, a little bit of more details on the deal. So when we're negotiating all of this, you know, I say I can bring the, I plan for $100,000, I think $20,000 renovation on it. This house is built like 1910, I think.

And he was like, okay, well, what if I financed that for you? I was like, well, I mean, I might be able, that might work. It scared the crap out of me, to be honest, because I'm doing this partnership with this guy. I'm thinking I'm going to work for free, right? He could use me. We do have joint venture agreements and we sign everything, and I actually secured the funds with Adida trust on the house.

So we put a second and Adida trust is a lien, right? So we put a second on the house to cover $120,000. And I was still kind of worried. I was like, this seems too good to be true and kind of scary to have. have this guy give me a house for free and then he's going to finance $120,000 for it also. By doing that, though, I paid him 10% on his funds for the renovation. Okay, so this is all looking really good for him. He's going to get paid more because we're going to partner on the deal and he gets 10% on the 120 grand. Yeah. So we get into the end of the project. It's all great. I'm having

fun. I'm jumping out of my shoes and flooring goes in, you know, all that, all that good stuff. But we start on this, we start on this house. And The original plan was down in the basement. So this is one story with a basement, again, early 1900s home. And my original plan was, okay, well, there is about maybe an inch or so flooring on the ground. We can remove that. We're hoping to be able to shave maybe three quarters of an inch or so off of the ceiling. And we'd have like six foot four, six foot, no, it's like six foot five, six foot six foot six foot six basement, which is short.

Right. Like that's now I don't, I won't even look at anything if it's at least six foot seven because it's just. getting too small down there. So that was the plan, right? We started doing all the demo. We demo the downstairs and I find out, okay, well, we don't have that extra room and on top of that, this slab is beat to crap. Like it's just cracked, it's broken, it's in terrible shape. So then I'm like, okay, well, I mean, we can dig it out, right? So that's super easy. Not in the budget either. We had like a couple thousand dollars or something for like, you know, the headroom in the basement or whatever. So I get hit with this and I go back to the seller and I'm like, hey, so here's the first thing that we ran into.

And it was partially his idea also like here's what we can do. Like, okay, well, let's just dig the basement out. Like, okay. I go to my contract. I'm like, hey, man, can you do this? Like, do you know how to do this? He's like, yeah, yeah, we can do that. That's no problem.

And he has a lot of experience and he did know how to do it. So we start doing that. We end up demoing the basement walls. And they were furred out like really far. And for those of you that don't know what furred out means, it means there were studs outside of where the foundation walls were. So they were like a foot or so away from it. And so, you know, I'm out looking for more deals.

And my contractor calls me and he's like, hey, Jared, I have some bad news. And I'm like, no, thanks. I don't want any bad news. Let me some good news. He's like, the house is literally. falling over. And I was like, what do you mean? It's falling over. He's like, yeah, you should come over here right away. And I'm like, oh my God, like I can't, I don't know what to do and go over to this house, go down to the basement. And he shows me these walls. The previous owner at some

point in the early 1900s had literally built walls about a foot away from it because the house was completely falling over, like the pony walls that go from the foundation that connects to the floor joists on the first level had all started to lean about six to eight inches. Oh, no. So the entire house had a little bit of a gangster lean, just kind of leaning to the side, you know, and they supported it by putting two by fours around it. And then they just furred all the walls out to make it look like it was supposed to be that way. On top of that, the two by fours were cut at the angles at the top.

So you had about an inch actually supporting the second floor. So that was a pretty scary thing for me. And I asked my contractor, like, well, what are we going to do here? And he's like, well, we have to pour all new foundation walls around the entire perimeter. We also have to rebuild the entire pony walls all the way around. Meanwhile, and I pull permits on all my projects also. So like everything has to be done to code, done right. Yeah.

We're doing all this. He's like, oh, we'll also have to seismic retrofit it. We also have to build sheer walls. like this humongous addition of work that just came out of nowhere and he hits me. And again, like, what do you do? I go back to the seller. Hey, by the way, your house is a total piece of crap. It's falling over.

It's going to cost us about an extra $20,000 to do this work. Like, what are we going to do? And he's like, well, I mean, we have to do it, right? Like, we can't do anything else. Like, yeah, we do. So that happens. And when we keep moving forward, I, and this is the biggest project I had done to date at this time.

And I'm dealing with phone call after phone call. The city comes out. They red tag it because my electrical, my electrician hadn't pulled his permit before he started work. So they saw some wiring done. So they shut me down. I had every single department from the city come by. Street use comes by.

Oh, hey, what are you guys doing? Oh, you need to have a permit to be able to park next to the house in case you pull over onto the driveway. My hummer is like everybody comes by scariest, crappiest, worst couple weeks of my investing career at that point. But everything gets ironed out. We get it all taken care of. We were only red-tagged for a short time until my electrician got his permit pulled and then got

everything handled. And then one additional thing, kind of icing on the cake, we then found out when my electrical starts going and kind of getting everything done, that probably the same time, you know, time that the previous owner had built these janky pony walls. They had also bypassed the electrical meter from the city power and just ran it straight to the basement of the house. So they had been stealing power for. Oh, wow. Yeah, man. It was like so many crazy things happened on that house that I just never, ever knew could happen, which is amazing learning lessons for me, though. Yeah. And so we get it done though, right? Everything keeps.

moving forward and we complete all of the work. And I'm really stressed out at this point. We're into it about 165, so we're 45,000 over budget. Thank God the owner still had the funds to be able to pay for all of this, right? Otherwise, I'd be hunting for new money and, you know, trying to figure everything out. So we finished the house, put it for sale, and I put it for sale about, I think about 20 or 30,000 higher than I had originally planned. I originally planned on listing I think at 620. We put it at 650. I'm just really stressed out. I'm the broker as well. So I hold the first open house. It goes really great. This lady comes out. She's in the house for about an hour. She comes back with her agent later. I had no review date at the time. And then I ended up, I went to a show

with friends that night. And I'd been texting with the real estate agent from the lady that had con to view the house. She's like, hey, would you guys accept an offer early? Or like, would you accept an offer now. I was like, yeah, we totally will. I was like, it needs to be really strong, though, because we're one day on the market. Yeah. I did a pre-inspection on the house as well, and they send me an offer $70,000 over asking. Whoa. I literally jump out of my seat, like, as high as I can in the air. And I, like, yell when I see this because I'm so excited after this insane process of renovating this house and going through this crazy ordeal to get that off for 24 hours on the market just like it made it all worth it dang that's awesome so then it's sold

seven seven something uh 7 20 yeah sold for 720 one day on the market which man i earned that let me tell you yeah that's awesome all right so then then remind me you mentioned it earlier but did you end up splitting some kind of profit with the the seller that who carried it all or did you get all the profit he just got his 405 yeah so he got his 405 and then he got paid 10% on his money to finance it as well. Okay. And that was, we had 120k net profit on that deal. I was so happy. I was like, I gave the seller a $10,000 cash bonus. I was like, bam, we earn this together. And then I bonus my contractor also because it was just like, we had, we'd all been through. Yeah. You went through, you went through hell and a war

together there. There was a day my contractor called me. He's like, Jared, I had a drink. I had a dream that the house fell over. I was like, don't you know, we never asked this question, but I wonder how much the contractor learned from that job with you that increased his confidence when he went to bid other jobs or maybe more efficient at stuff he did. Like we always talk about the nightmare things like, oh, it was horrible. But I bet if we reverse engineer success, a lot of the skills we picked up that led to us being successful came out of those projects.

Oh, that's, I couldn't. you can't pay for that education. Yeah. I mean, like going through that, it gave me so much confidence in him. He's been with me since day one. Like we've done, you know, probably 40 flips together, I would say. And he's done $300,000 flips for me. Right.

So that was like, that was the biggest one at that point. And after that, I was like, man, if you can do this, like, we can literally do anything. You guys, you went to, in a firefight in Afghanistan together and you came out best friends. And now you're joined at the hip. Oh, my God. Yes. That's funny. That's what it's like with Brandon and I

because he tried to teach me how to surf. It was horrible. It was exactly the same thing as a firefighter. All right. We got to move on to get to the next segment. It is our fire round.

All right. It's time for the fire round. All right. This is the part of the show where we pull questions from real life BiggerPockets members over in the Bigger Pockets forums, which of course everyone listening

should be checking regularly, biggerpockets.com, slash forums, posting in there, answering questions, asking questions. So it's a great community. But let's do this. Number one from Karen S. Hello, everyone. We have a great realtor that we work with, but we're also interested in making an offer

for a house that is not currently on the MLS or even up for sale. I know that people do this every day, but I wanted to hear your advice for making a cash offer on a property without the help of a realtor. What do I do? So first thing, know your numbers, I think is the most important. And then I think something else that it goes back to never know. what the other side is thinking. What I do every single time when I meet with a seller is, I ask them some form of, you know, what is your ideal situation? Right. So you need to know,

do they want to be out quickly? Do they need to leave it as is? Do they need to maximize how much they make? So I would say, finding out what their ideal situation is and then being able to tailor kind of your offer around that. Because everybody, again, we never know what the other side is thinking necessarily. And again, no those numbers, making sure you're confident in your offer. So what about the part that isn't just the numbers? What about the actual like the escrow and understanding contingencies and like how to communicate what you're thinking to the seller? Because that's typically where agents are good.

They have practice. And these people, they don't necessarily know any of that. How would you advise them there? Okay. Then really explaining the benefits of working with someone like yourself, right? So it's important to be prepared when you go to that meeting for sure. Write out a little list. Like, why should they say that?

So here's the benefits to selling. to an investor directly like myself. You know, we can close when you're ready. You don't have to do any repairs. You know, just listening through all of the reasons that why they should work with you is going to be important because, again, it'll give them confidence that you're going to be able to perform and explain them why they should want to work with you. Beautiful.

I love that. So don't just tell them what. Also tell them why. That's a big thing. Don't assume they know. All right. Next question from Stacey White. I actually really like this.

What rules, tips, and systems do you have in place to make your real estate investment runs smoother. What would you have done differently if you were building your business systems knowing what you know now? For example, would you use the same color paint for all your properties, have a no pet policy, etc? Yeah. So I would say that the rules, tips and systems. So the biggest thing for me, right? So I do a lot of a lot of flips. So being organized early on. So things that I have in place are, first of all, contract with all the people that I hire and then setting a solid milestone schedule. So basically, you plan out the entire project, so you know when it's going to start, when you're going to be hitting these large milestones throughout it, like having the

flooring done and cabinets installed, that kind of thing. And then having finishes picked out earlier is a lot easier also. You know, when you do more than one house at a time, it can be kind of cumbersome to decide on exactly what everything should look like. So having everything systemized and organized and to your contractors in everyone's hands before they need it is one of the biggest things I think that's important. And then if I were to change anything now, I don't think there's any one specific thing that I would, I guess, change right now. It's really just refining and holding people, I think, accountable probably, because for me, I get a little bit laxadaisical with holding people accountable for finishing on time, contractors getting done or going over

or change orders happening, that kind of thing. So that's, again, something I'm currently working on in my business is trying to streamline things a little bit better. So there are less questions from people as you go through the process. Awesome. Yeah. Good answer. Number, what are we on?

Number three. Number three. With tech companies like Zillow and Open Door getting into the house buying game, how can investors set themselves apart from these eye buyers? That is, I think that's a good question and kind of a hot topic nowadays. I've had similar conversations with people a few times recently. And I think more than anything else, it's being kind of the individual instead of going to,

you go to Zillow, they like this estimate forever, for instance, right? They get this random arbitrary number that they don't really have anything to back it up as. So if you have the opportunity to actually talk with a seller, or you can explain to them, hey, look, we're not just a computer out there running the numbers on this and shooting out a price to you, right? We're here to talk to you and really listen to what you need. And then we can help you get to that together instead of, again, just plug us into an algorithm. And this is what it tells us to pay for your house.

So I would say maybe trying to touch on the personal level with people more. I think that could be a way to set yourself apart. I love it. It's a great answer. Yeah, that's another thing where don't assume that the people that you're talking to even know about those companies or that they're going to give a better deal, right? a lot of people have no idea who they are and don't care, they don't trust them. Or maybe those companies wanting to be around two years from now. You don't know.

You can't assume that. I think the other thing, I'm pretty sure Zillow charges, I think, like a 7% fee to the sellers, if I remember correctly, for that, you know, electronic buy whatever that they offer. Shocking. We see that a lot with these, there's like companies that will auction off a listing. And they're like, they list it for like, you know, 50% of market value. And they get all these buyers that show up and they want to participate in this auction thinking they're going to get a deal.

And then they set a reserve that's at fair value anyways that'll never go for. And they charge the buyers a premium to buy the house. So they're paying for their real estate agent fees thinking they're getting a great deal. And people just assume like, oh, how could I compete with that? Well, if you look at it, it's not that good. And if you can explain it to the client, why it's not that good, then they'll use you. It's really just, you know, sales skills that are applied in non-sales roles. That makes sense.

Read that fine print, man, you know? Yeah. Thinking it's great. Ooh, a cash offer. And then the investor actually is. going to charge you those extra fees. But if you go to Zillow for that cash offer, oh, by the way, there's 7% you have to pay us also. Good, good advice. All right, last question. I live in a fairly expensive market and I've flipped a few houses, but really want to crank it up and do more flips

this year. For those who have done that, what are you doing for financing all those deals? Finding, yeah, so the private lenders, I mean, that's what I have found. So, you know, at this point, I have a few private lenders that I work with. And once you have done enough of those deals, if you're working in a more expensive market like I am out here, they take a lot of cash, right? So each of my deals anywhere could be, you know, the lowest $150K to a quarter million. That's using a hard money loan. So that's a lot of money.

And so what I would say, once you have a track record of doing a few of these deals, having a credibility pack and about, you know, yourself and returns, so I have like investor credibility packet that I use when I meet new people. that could be interested in investing. And giving that to these people that you meet are just always being ready for an opportunity to come along. You never know when somebody would be interested in investing. And again, you know, I'll go back to that example of that house that I ended up,

that I told you guys about the DOD dive. That person now invests an amazing amount of money with me. And it just happened kind of organically, right? So being open to these relationships or, open to talking about money and giving people returns and investing, I think there's a lot more people out there that are open to doing this than you're even aware of. So do you have any advice, you know, I'm venturing into my foray of raising money and syndicating and all that here this summer. Do you have any advice on how to talk to individuals like, you know, credit

investors? Like, what do you say? How do you open those conversations? I mean, this is a total personal selfish question here. But yeah, I mean, you've done a lot more of that, I think, than I have. Maybe. I mean, for me, it's, I think the biggest thing is building that confidence in you. So I'll give you an example. I met someone one time that was referred to me from another investor I work with. She met him in a garage sale, right? And he expressed some interest in investing for passive returns. Right. So the first thing you really need to figure out is, first of all, Are these people actually investors? Do they have that mindset?

Because there are people that can invest. And first of all, you need to let people know, this needs to be money that you don't need to have any time in the near future. Like, this needs to be disposable income that you just don't need to think about or touch. That's first and foremost. And so going back to this other investor, so he expressed some interest in investing. And if you have the ability to show them that you know what you're doing,

that's the first thing, right? So I walked him through a house that I put about $280,000 into at the time. I show him the process. We pull permits. Here's the information on the wall. Here's my job site folder. Here's all the contractors information. Be organized and know what you're talking about, right?

And just walk them through it. And then just continuing that conversation, right? Find out what capacity they want to invest in. Because again, this is another example. You have no idea what the other side is thinking. Yeah. So I met this guy one time. I have websites. I gave him my website. I gave him a credibility packet information.

He then messages me, I think a week or so later. He's like, I'm interested. Let's find a property. He sends me a house in Magnolia, which is a nice, that's very established neighborhood in Seattle for $900,000. And he says, hey, this looks like a house you could flip. And in my mind, I'm like, damn, like you want to go for the high end stuff. Okay, this is great. Terrific. Let me look into this right away. So I look at it. I look at it. into the house and it actually looks really good. And I make an offer on the house and I end up getting an under contract for $888,000. And I say, hey, so here are the options to finance this project. And again, people love options. This is something that I just really hammer home with everyone

on my team. Here are a couple options. Option number one, you can put the 20% down. I'll finance everything else through my hard money lender. Option number two, you can be 20% plus the renovation budget. this house we're going to put about $200,000 into. We sell it for 1.5. Option three, you finance the entire renovation and the acquisition. Everything. 1.15 million. And I walk through the house with him.

I show him. We walk around the neighborhood. I'm explaining these options as we're walking back down to his car. And he looks at me and he's like, okay, well, I think I'm leaning towards option number three. 1.15 million cash. I did a backflip inside of my chest. It's like, I never expected him to say that.

You know what I mean? Like you don't expect, you don't expect that. So, you know, and he did. And so he financed this deal and he put that cash up. Firstly, he positioned did everything. So, you know, I tell that story because you have no idea what the other person is thinking. You don't.

You don't know what ability they have to finance or what capacity they have to invest. And then this guy tells me, hey, by the way, I want you to keep me in mind for deals like this and larger scale things in the future. So, you know, he's someone that I plan on doing developments with down the road as well, because that's the capacity that he wanted to invest. So, you know, being always ready for opportunities like this to come along and just being prepared and understanding the value that you bring to other people because it's a two-way street, right? You're bringing them a ton of value.

You're giving them an opportunity to make a great return on something that is back to, buy something tangible. And in return, you know, you're starting this relationship with them. So it's really a two-way street. And understanding that is super important. Yeah, that's so good. That's so good. I really like the options thing, too, about that.

I've never, you know, I do the options a lot of time when I, when I offer on a deal, I'll be like, how about, you know, this price with seller financing or this, whatever. I love giving two or three options because it makes people think which one versus yes or no. But I've never, ever thought about it in terms of private lending. I've never thought of that. So you just blew my mind just now. So this is all worth the cost of this podcast right there.

Well, you know, Brandon, you say this all the time. And since you started saying it, I noticed it where people like options, even if they're all the kind of the same. They just don't like it when you try to pigeonhole them into, I'm forcing this down your throat. You have to sell the house. Give it to me. If you give them three options that are all more or less the same to you and similar to them,

they're way more likely to take it. He just took that and he took it like one level deeper, like inception, right? options within options. Well, one option is seller financing. Now, within seller financing, here's three ways that we can do it. Okay, you're okay with that. Maybe here's three ways we can make that work, which makes it easier for that person to take your hand and kind of walk them down to the result that both of you need to get to. And on that same note, so, you know, Brandon, you said it right. Like all of these options work for me also. Okay. So like for that, for that deal that he financed, I spent 30, 45 minutes, an hour maybe really scratched my head.

and looking, okay, well, if he puts up this much money, here's his return. So it was a graduated scale. The more money he invested, the lower his return actually was percent-wise. But because he put more up, it was higher because for me, this is a numbers game also. Like, I have a hard money lender. I can finance it for less than I would pay you. But for the ease of transaction, I'm willing to pay you a little bit more percent for this just to be one person and deal with it that way. So, you know, whether you're buying a house and you give them three options that you went on all of them, they net slightly different amounts. It's the same thing with a private lender. And I have several different deal structures with private lenders as well.

You get a set percent if you just pay for the 20 percent down. And then you get a different percent if you finance the renovation also. It's their risk tolerance. And it's what they're willing to invest also. And they can get paid more for that. That's so good. Yeah, so good. All right, dude.

this is fantastic and I could probably sit here and chat with you all day about this stuff. But we got to move on. All right. By the way, a little quick, quick side story. We're in the middle of potty training, my three-year-old right now. And when she uses the princess potty chair, she gets a sticker to put on her sticker board. It's the same way that you got her to brush your teeth. Yeah, so the sticker that says, I've had that lesson before.

A new lesson, she doesn't want a sticker. She needs to decide which sticker she wants. And so we give her a packet of stickers. and she gets she spends she literally spends like five minutes going hmm hmm like this dainty little like looking at each one too many and then she'll grab yeah too many out there too many out that's actually and then she gets a little piece of candy either a chocolate chip or this little gummy bear thing and we have to put both in front of her and she sits there going hmm hmm and like she just keeps saying hmm until she finally picks one and then it's super excited about her choice anyway people need choices

People. All right. But not that many. Keep it. Not that many. Keep it simple. Yeah. Cut the pad into stickers like a three.

Yeah. I got to get three sticker options. Right. She'll just sit there and just go back and forth. It's so cute. Anyway, all right. Moving on. It's time for.

Famous for. All right. Time for the famous four. The same questions we ask every guest every week. But before I fire these four questions at you, Jared. Let's hear what's going on this week over on the bigger pockets business podcast. Hey there, guys. The real estate crowd is going to love this week's episode of the Bigger Pockets Business Podcast. We have a guy named Max Maxwell, who's built a $100,000 per month wholesaling business.

He tells us exactly how he structures his business and how he fires himself from those tasks he doesn't like or isn't good at. Check out this week's episode of the Bigger Pockets Business Podcast and subscribe. We'll see you on Tuesday. All right. Let's get to this. Number one of the famous. Jared, what is your current favorite or past favorite, real estate related book? Yeah, that was, it took me a while to pin one down, to be honest, so many good books. And it's funny that actually we talked about it earlier. So the one thing by Gary Keller is, I think, a really good one that can give you guys and also confuse you a little bit.

Yeah, that's as all good books can. Yeah. Absolutely. How about your favorite business book? Favorite business book, I think, is going to be Emith Revisited. Man, that one was like one of the very first books I read getting into this business and just getting in that mindset. It's super important. I'm rereading that right now.

Like every day I'm in there, like underlining tons of stuff because it's been a few years since I really dove into it. That's a good one. Yeah. I was going to bring it up earlier, actually, because you mentioned something. I was like, oh, Emeth. And then we didn't get to it. He got interviewed on the podcast, right? He did.

Yeah. Michael Gerber was episode number. I'm not sure, but it was a long time ago. We'll see if we can put that in the show notes. We will put that in the show notes. Thank you. Maybe you should have him back again. That might not be a bad idea to go over some more stuff.

Okay. He was a smart dude. Back to you, Jared. Number three, what are some of your favorite hobbies? Some of my favorite hobbies, growing my business is a top one. And then... It's a great hobby. Yeah.

Traveling for sure. And then trying to get out to golf a little bit more as I get some more free time here. Awesome. All right. Final question from me. Jared, what do you think sets apart successful? Real estate investors from all those who give up, fail, or never get started. I really think, you know, not to be a broken record, I guess,

but like consistency is so important and just persevering through things. Like, I think those are the biggest things is just staying motivated and consistent, pushing through whatever you do and goal setting also. Again, it's not one thing, it's everything. It's like a lot of little things. But for one word, yeah, man, I would say consistent, I guess. You got to be careful. bro, Brandon is known for biting other people's quotes.

And I wouldn't be surprised if we see this on his Instagram with like a cool background and like something that relates to it. I always, I give credit what credit is due. I might be a quote guy, but I will give credit to you. Oh, man. It'll say he's going to put it's not one thing. It's all the things instead of everything. And then it'll be mine. Just different.

Yes. I've literally, here's my belief with all quotes, all quotes that have ever been done in the last 30 years. Everyone has been ripped off from somebody else who's been ripped off somebody else who ripped it off Jim Rohn. That's why I believe is like everything has just been stolen from Jim Rohn. So if we just put that, uh, the six degrees of Kevin Bacon, that everyone can be related to Kevin Bacon within six steps. I think you could like every quote came out of,

every quote came out of Jim Rone. And he probably got out of the Bible or some, some ancient text or something like that. That's funny. Probably. All right. Final question. Gets out of here.

Last question of the day. Tell us, Jared, where can people find out more about you? You can find me, let's see, best places. So Jared buys houses.com is one of my websites. And then if you want to follow me on Instagram, Jared flips Seattle is where I am there. So yeah, just Google me, man. I got a few websites out there if you want to connect. All right.

Good deal. All right. Well, let's get out of here. This has been a fantastic show. Jared, you are a rock star. I look forward to getting to know you even more over the next few years. And yeah, keep it up, man. Thank you guys so much.

I had a blast. Thanks, Jared. You did a great job. This is David Green for Brandon. Mr. Steele. You'll quote Turner, signing off. You're listening to Bigger Pockets Radio, simplifying real estate for investors large and small.

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