The Science of Flipping - 3 BEST WAYS TO GET DEALS IN THE REAL ESTATE MARKET

Episode Date: August 25, 2022

The #1 training and coaching system to launch, grow, and scale your investing business!𝐋𝐞𝐚𝐫𝐧 𝐌𝐨𝐫𝐞: http://www.thescienceofflipping.com Become a 𝐓𝐒𝐎𝐅 𝐈𝐍��𝐈𝐃𝐄𝐑 and get access to exclusive training and resources:https://insider.thescienceofflipping.com 𝐈𝐍𝐒𝐈𝐃𝐄𝐑𝐒 𝐆𝐄𝐓 𝐅𝐑𝐄𝐄 𝐀𝐂𝐂𝐄𝐒𝐒 𝐓𝐎: ✔️ Science of Flipping Academy  ✔️ All the systems and software I use in my business✔️ All the tools you need to run your business ✔️ All my Scripts, Contracts, Spreadsheets✔️ Special Discounts✔️ And Much More... 𝐇𝐚𝐯𝐞 𝐚 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧?Get immediately connected with a team member on messenger:http://split.to/tsof-messenger 𝐁𝐞𝐬𝐭 𝐑𝐞𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐅𝐨𝐫 𝐖𝐡𝐨𝐥𝐞𝐬𝐚𝐥𝐞𝐫𝐬✅ 𝐁𝐞𝐬𝐭 𝐑𝐞𝐚𝐥 𝐄𝐬𝐭𝐚𝐭𝐞 𝐒𝐨𝐟𝐭𝐰𝐚𝐫𝐞: http://bit.ly/tsofsoftware✅ 𝐁𝐞𝐬𝐭 𝐃𝐫𝐢𝐯𝐢𝐧𝐠 𝐟𝐨𝐫 𝐃𝐨𝐥𝐥𝐚𝐫𝐬 𝐀𝐩𝐩: http://bit.ly/tsofd4d✅ 𝐁𝐞𝐬𝐭 𝐒𝐤𝐢𝐩 𝐓𝐫𝐚𝐜𝐢𝐧𝐠 𝐒𝐞𝐫𝐯𝐢𝐜𝐞: http://bit.ly/tsofskiptrace✅ 𝐁𝐞𝐬𝐭 𝐓𝐞𝐱𝐭 𝐁𝐥𝐚𝐬𝐭𝐢𝐧𝐠: http://bit.ly/tsoftext✅ 𝐁𝐞𝐬𝐭 𝐃𝐢𝐫𝐞𝐜𝐭 𝐌𝐚𝐢𝐥 𝐒𝐞𝐫𝐯𝐢𝐜𝐞:: http://bit.ly/tsofmail✅ 𝐁𝐞𝐬𝐭 𝐃𝐚𝐭𝐚 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫: http://bit.ly/tsofdata 𝑾𝒉𝒂𝒕 𝒕𝒉𝒆 𝑷𝒓𝒐𝒔 𝑯𝒂𝒗𝒆 𝑻𝒐 𝑺𝒂𝒚 𝑨𝒃𝒐𝒖𝒕 𝑱𝒖𝒔𝒕𝒊𝒏: “Justin is one of the best trainers in this space. He really gives everything to his tribe.”– Brent Daniels (TTP) “Justin’s ability to connect with people and help them understand what he is teaching, is unparallelled”– Kent Clothier (REWW) “We have been in the trenches flipping homes in Phoenix for over a decade, he is one of the best to do it.”– Sean Terry (Flip2Freedom) 𝐀𝐛𝐨𝐮𝐭 𝐉𝐮𝐬𝐭𝐢𝐧:Justin Colby is the founder of The Science of Flipping Podcast and The Science of Flipping Coaching Program and is an active Real Estate investor having flipped over 1500 homes in multiple markets across the U.S. Justin runs an 8-figure real estate wholesaling business that closes 20+ deals each month in multiple markets across the U.S and has helped 1000s of clients learn how to become successful real estate investors. Justin subscribes to the philosophy of "Wholesaling To Wealth" and is the foundation of his coaching program which teaches you how to get started wholesaling or streamline and scale an existing wholesaling business as well as build long term wealth through wholesaling, flipping, and building a rental portfolio. Subscribe To Justin Colby:http://youtube.com/justincolby View All My Videos:https://www.youtube.com/c/JustinColby/videos   

My business is fluid and changing real time just like yours, but it's still moving, it's still getting done, money is still rolling in, deals are still happening. So if I can do it, I know you guys can. The only way you lose is if you quit, you need to have marketing stamina and you need to keep making offers. What is up, everybody? What is up? Welcome back to the Science of Flipping podcast. I am your host, Justin Colby, and this episode is all about what to do in the economy because this is a great time to be buying real estate where a lot of the other gurus are telling you recession, fear, no, no, no. This is when you can gain authority, credibility, influence. You become the guy or gal that gets the deals remaining consistent. So check out this episode

because you're going to hear the top three reasons I believe this is an incredible market for you to keep running as hard as you can. All right, guys. So as always, this is brought to you by our main sponsor, MinutePages. If you go to MinutePages.com, these websites are all for real estate investors. There's automatic SEO built in. It's at a fraction of the cost and it gives you the credibility, influence, and authority that you need in your marketplace. It's always important because no matter who you're talking to, their first thing is to Google you. So if you don't have a website for yourself or your business, you must get one. Go to minutepages.com and get your website. All right, guys, welcome back to this episode.

As you see, if you're watching this on YouTube, which you should be watching this on YouTube, youtube.com forward slash Justin Colby. So everyone, everyone, everyone is talking about the economy and real estate and is changing. I have three simple things that I want you guys to do. The very first thing is do not quit. You only lose when you quit. The reality is the market is shifting, but that's why you need to be a dynamic real estate investor. You need to move with the markets. If you are a one trick pony that only makes offers at 70% or 80% of ARV minus rehab minus wholesale fee, then you might not be getting the deals that you need. You need to be dynamic. You need to change your offer formula. You need to figure out what is

going on on the sale side. Part number two, you need to understand your buyers. If you're local to a market that you do a lot of deals in, or that's your one market and you're not national, then I would be reaching out to every single buyer that you've sold a deal to already if you haven't sold a deal to a buyer i would be reaching out to all those buyers that you still need to connect with because what you need to understand is their new buy box some of them have decreased drastically some have stopped buying others are actively buying like me yours truly i'm looking to take advantage of a market that is on a downward trend. I personally am looking to buy as many rentals as possible. So if you have buyers like me on your buy box,

then you understanding my buy box and what I'm looking to buy, what I'm not looking to buy, why, then you can easily keep the business running and still be making a great amount of money as a wholesaler. So do not freak out because the only way you lose is if you quit you need to understand you know as you are changing your formula as the offer price again most Mayo formulas are 70 to 80 percent of ARV minus rehab minus wholesale fee will change it be fluid and dynamic so you're not just a one-trick pony with how you make offers I shot an episode last week just about creative finance deals and the best way to structure the creative finance deals,

whether it's a seller finance note, whether it's a sub two, whether it's a wrap. I went into detail on my last episode, so listen to that if you haven't or watch it even better on youtube.com forward slash Justin Colby. By the way, if you are watching these, make sure you give this video a like and make sure you are subscribed. Lastly, and lastly, the three things that I want you to keep a mind of is that you need to keep making offers because your competition isn't. The one thing I know to be true, the best way to start to analyze these deals because the market is shifting and you're going to, you know, point number two is talk to your buyers to help understand where they're at. Well, then you're going to talk to them, but based around the comps, right? The

comps are what is kind of hurting us right now as investors, meaning the rollback or the, you know, depreciation of the house, if you will, that isn't going to show up yet in comps in the statistics that are going to help support you of what you're trying to do so you need to immediately take anywhere from five ten maybe even fifteen percent off of the arv value that you see on your comps now i'm having my team do more five to ten percent above fifteen percent depending upon the price point is just such a big discount right um at 300 000 home at 15 you're taking 45 000 off the arv i don't know if we've seen that kind of drastic rollback yet maybe phoenix in vegas but i would encourage you five to ten percent off of what you see as arv when you're running the comps then you need to keep

marketing you need to keep making offers because there's no way for you guys to get deals if you stop making offers i don't care if you're using privy which is an incredible deal we just got another deal in vegas done on privy on the mls by the way uh fifteen thousand dollar assignment fee on the mls yesterday that just got sold to a buyer so deals are there a hundred percent but guess what we had to go back and renegotiate that deal two or three times to get it to the number. Actually, I think three times to get it to the number that made sense for our buyer. Our buyer liked it. We're making 15 grand and it was on market property. So do not, do not get in your own head and listen to all the hype about the markets crashing

and this is over. It is not. You just need to reframe the three things I told you guys about, right? Understand you got to be dynamic with your offer pricing. Instead of 70 to 80% of ARV, you might need to go lower or stick to 70 and not 80, right? You have to understand your buyers. You need to talk to them. You need to figure out where their buy box is, how it's changed, has it changed, et cetera. And then you need to basically keep making offers, right? You need to keep pushing because whether you're using Privy on the MLS, whether you're making offers to homeowners, do not, do not quit. You need marketing stamina. You need to be able to stay in the game. The only way you lose is if you quit. My business is fluid and changing real time just like yours, but it's still moving. It's still getting done. Money is still rolling in.

Deals are still happening. So if I can do it, I know you guys can. The only way you lose is if you quit. You need to have marketing stamina and you need to keep making offers. All right, guys, if you like that, give me a five-star review on iTunes, like, and subscribe to my YouTube channel, youtube.com forward slash Justin Colby. And I'll see you guys on the next episode.