The Science of Flipping - Episode 29: More Money More Problems | Real Estate Investing Podcast

Episode Date: March 28, 2014

document.addEventListener("DOMContentLoaded", function () { podlovePlayer("#player-5eb5ab322789d", "https://thescienceofflipping.com/wp-json/podlove-web-player/shortcode/post/488", "https://thescienceofflipping.com/wp-json/podlove-web-player/shortcode/config/default/theme/default"); }); <p>[podlovevideo src=”http://thescienceofflipping.com/audio/Podcast-29.mp4″ type=”video/mp4″ duration=”” title=”Real Estate Investing Podcast – Episode 29 | More Money More Problems”]<br /> Do you feel overwhelmed? Do you feel like once you start having the success you have been striving for, you will realize that you will only have more stuff put on your plate. In this podcast Justin will speak about how to handle the feeling of being overwhelmed. Justin advises you on how to take one thing at a time.  You have to start somewhere.

Hey guys, welcome to the Science of Flipping. I'm your host, Justin Colby. Hey guys, welcome to the Science of Flipping podcast. I am your host, Justin Colby. Now, if this is your first time here at the Science of flipping podcast I highly suggest you get over to our website the science of flipping calm at the website you'll see I've created the number one ebook on the real estate market today it is the 15 most costly mistakes a real estate investor can make in today's market. Get over there, thescienceofflipping.com, get your free eBook. This is the eBook I wish I had, my friends wish they had, our colleagues wish they had. Get over to thescienceofflipping.com and get your free eBook.

Now welcome, I can't believe we're already on episode 29. Today's a beautiful day as you can probably tell. I'm actually in my house here in Scottsdale, Arizona. You can probably hear the windows are open and the doors are open and the birds are chirping. It's been a wonderful, wonderful month. We're concluding the month of March. We're jumping into April. Spring is a great month here in Phoenix. And if this is your first time listening to me on The Science of Flipping, I'll give you a little background about where we started.

We started back in 2007, and it was brutal, very tough to get into the industry not easy at all is the short sale days so we did whatever we could to get our first deals done now it wasn't that easy we didn't have any money we didn't have any experience but we knew we were gonna push forward and drive through so it took us about nine months to get that first deal done. Now, if you guys heard the story, you understand the first year we only did two deals. Not a lot of deals, but it was the start of something. And from that point, we obviously invested in coaching and mentorship to help us reach that next level. And from that point, we started the year after

six deals and then 20 and then 46 and then 96. We sit here today, again at the end of March. We have a 79 unit development going in Mesa. We flipped over 50 deals last year. We have a wholesale department of our company that is up and growing and continually doing more and more wholesales. So sitting here today I guess you could say at some level I have a point of success. So it wasn't always that way guys and that's the most important thing that I can stress to you is I'm an overnight success. But trust me, we were in the trenches. We were working our butts off each and every day. But now, guys, the point to this entire iTunes podcast is to teach you guys the systems that we have learned so that you can do

this business, fix and flipping, remotely from the comfort of your own couch so you don't feel like you are doing all the roles, swinging the hammer. There's no one there to help you. Why did I create this podcast? It's because I've been there myself. I get it when you feel like you were doing everything and there's no help. And how are you going to get out of this? So this podcast and the website, thescienceofflipping.com, revolves around creating the systems the infrastructure the outsourcing so that you yourself don't feel like you do it

all so you can do 50 flips while sitting on your own couch or we bought a development while while in Costa Rica of all places you need to learn the systems within the business so that you can do it on your own time. See, there's no point in becoming a real estate investor unless you want to live the life people dream of. Take the vacations people dream of. Fly first class. Go to Costa Rica.

Whatever that may be. Go on a mission for your church or whatnot. That's the point about being a real estate investor. Create that life you live by. Create a life by design. So anyways, guys, welcome. I'm excited. This podcast is going to be all about what I like to say, more money, more problems. I have students all across the country. If you're interested in possibly being one of my students or taking your education to the next level, please email us at info at thescienceofflipping.com. It doesn't matter what part of the country. I have students from New York to California. If you're looking for a little bit more help, a little bit more mentorship, give us an email at info at thescienceofflipping.com, and we will be sure to reach out to you to see if we can be of help to you in your business.

But anyways, I have students from across the country and I was talking to a student this week, actually in California as a matter of fact, and he's had some moderate success but really wants to get to the next level and he was talking about how he feels like there's all these things bringing him down or that he's he's his inability to get to the next level is because life happens in he has a lawsuit with on a tenant who is trying to basically squat in his house in say that he now owns the home in he has a his investing business in yes

all these other different things in life that is not allowing him to have the progress in his business. And so I was talking to him kind of about the idea of more money, more problems because in life you're always going to feel that. You're always going to feel a certain amount of being overwhelmed, especially the more success you have, especially if you're driven, especially if you want bigger and better and more things in your life. You're going to feel that sense of where do I start or why can't I make more progress or I'm totally overwhelmed with what's on my plate. For some reason, he thought because

of the position that I'm in, in the financial position we're in, in the businesses that we have, that that feeling goes away at some point. That at some point, you feel like, oh, I don't even have to wake up in the morning, not a big deal. If you're an entrepreneur and you're driven and you have a certain amount of success, you're always going to feel like, where do I start? How do I handle all this stuff on our plate? And I give you an example of myself, my partners in our businesses. We have I think four or five flips going. We have a 79 unit development. We've wholesaled something like 10, somewhere around 10 homes

in the last two months. We have this coaching platform. Obviously, I'm very attentive to our students. So there's a lot going on. So I can easily say I feel that same thing but the difference is how I approach each in every day you see what I what I was talking to my student about was on you know very likely it much like when you were back in high school or college in you had four different classes that you're taking your 5 or 6 whatever that is.

And they all were requiring homework, tests, essays, presentations. They're all requiring a piece of you. And it's no different than that in life. You're always going to have, and especially with a certain amount of success, you're always going to have pieces of your business and pieces of life requiring a certain amount of your attention and focus and dedication. And what I mentioned is the only way to handle it all is one step at a time. One thing at a time. You know, one of my mentors talks a lot about multitasking

and his disbelief in what multitasking really means. And by that, we talk about, or he talks a lot about, if you have 100% of your time and effort in a given day, and you're doing four things simultaneously, multitasking, you only have 100%. So how much of a percentage does each of the four things get from you? You can't give all four things 100%. And it really resonates with me. You know, maybe you give one thing 80% and you divide up the rest. Maybe there's a certain amount of importance. But the reality is if you don't focus and take extreme measures to

focus on one thing at a time, you will never have extreme results. You will never get done with the things that make you feel overwhelmed. If you feel like you got to attack all the things at one given moment. You see, you got to figure out a way that you say, okay, I have this one task in my left hand and I have this other task in my right hand. And, you know, they both need my attention. Whether it's, you know, my student's case, it was like a tenant was, he was going through a lawsuit with a tenant. He was thinking about moving. He had his real estate business going on. He was answering the phone through his real estate business, so on and so forth.

So he felt torn at all times, like he couldn't really focus on one given thing. And so you just got to make that decision. That is up to you to make that decision. That is up to you to make the decision on what task you handle first. Again, just like in school, you have economics, you have English, you have history, you have math, you have science, you have all these different courses you're taking. And they're all asking you for homework and tests and essays and labs and whatnot. So what did you do as you were a student? You just did one thing at a time. You said,

okay, I got to do my math homework now. You sat down. You didn't have your math homework open. You weren't writing an essay and you weren't doing a lab all at the same time. You just did your math homework. The same is to go in real estate investing, fixing, flipping, wholesaling, developing. You need to handle one thing at a time. In our development, for example, we have probably five to ten things all going on at the same time. And I'm just including the actual development of the buildings as one thing. We have setting up the HOA. We have closing the deals that are in contract. We have handling the insurance and what goes along with the insurance

after you sell homes and things of that nature we have marketing to sell more the list goes on in on with open you know we have we have brokers opens with public opens it goes on and on and on. And if you look at just developing, it would seem overwhelming. But the key is to do one thing at a time, focus all your time and energy behind it, and get it done. Don't try to spread yourself thin and do everything at once. It doesn't work. You won't find the same extreme results you're looking for if you try to do seven things at a time.

So I hope that makes sense to you guys today. Again, this podcast is all about creating the systems and even the mind frame and organization that you need to create a very successful fix and flip, flipping real estate company. So I'm excited to give you that words of wisdom, so to speak. I'm your host, Justin Colby. Again, if you need anything from us, if you're interested in taking your game to the next level,

email us at info at the science of flipping and we'll be happy to get back to you. And I can't wait to see what I have in store for you on the next podcast. Talk soon guys.