The Science of Flipping - Episode 3 – Teamwork Makes the Dreamwork | Real Estate Investing Podcast

Episode Date: September 6, 2013

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Welcome to the Science of Flipping Podcast. I'm your host, Justin Colby. Welcome to the Science of Flipping Podcast, Episode 3. I am your host, Justin Colby, and I'd like to welcome you all here to another amazing podcast. It's about six o'clock in the evening. I've had an incredibly busy day, but I just found it that I had to get and record this podcast because I found it to be so instrumental in our success. So guys, welcome again.

If this is your first time to this podcast, we truly encourage you to visit our website, thescienceofflipping.com. There, we are giving away for free the number one e-book you can possibly get if you are a fix and flipper in today's market. It is the 15 most costly mistakes that real estate investors are making today. Guys, we put this together. My business partner, Eddie Rosefield and I put this together from our experience as well as being around and being an investor over the last seven years or so and having many friends and colleagues go through the same hurdles and the same speed bumps that we went through. So we put together this manual of what not to do.

I wish we had this e-book when I started. I wish someone put this together seven years ago so Eddie and I would not have had to go through the difficult times that we did. But you know what? We did it for you. We put together this e-book for you guys to look at as a manual so you know what not to do. Again, go to thescienceofflipping.com and download that free e-book. Today's lesson, guys, again, it's early evening. It's about 6 o'clock at night here.

It's a gorgeous night here in Phoenix, Arizona. And, you know, it really struck me. I was in meetings a lot of today with our team. And it struck me I needed to get out there and teach you guys how to build your team, how to find your team, where to find your team, where to find your team, who do you need on your team. If you want to be a successful investor, you can't just do it alone. You can do a couple flips a year. You could maybe even do 10 deals a year, but you need a team around you to truly become a successful investor.

And we've done a very, very good job at it. And today we were in meetings all day with our team from realtors to contractors to real estate agents, everything you can imagine. I had an hour long conversation with our web guy today. So guys, this podcast is going to be reviewing how to build your team. And the reason why we do that, guys, is we are trying to help you implement your systems to live the life that you want to live. That's why we put this podcast out there.

We want you to spend as much time on vacation with your family as you want. Spend as much time with your friends as you want. Because we all want to live a certain lifestyle and real estate investing is the way we are creating the means to do it. Well, we're here to teach you guys how to create those systems to live the lifestyle you truly want.

Whether you want to work five hours a day or if you're the type of personality that wants to work 10 hours a day or maybe 10 hours a week, that is what we're doing for you. We are creating this podcast to teach you exactly how to implement those systems in your day-to-day business as a real estate investor. Now, if you haven't heard, I'm your host, Justin Colby.

My background is my business partner and I started real estate investing in 2007. And it was not, again, puppies and rainbows. It took us almost nine months for us to get our first deal done, guys. Nine months. So if you're out there and you're struggling to get your first deal done, and if you're under nine months, trust me, don't worry about it. But here's what you have to do. Stay diligent. Stay focused. Keep pushing forward, guys. Because guess what? Last year, we did 96 flips. This year, we've done 50 and we're developing a townhome complex out in Mesa,

Arizona for 79 townhomes. So even though we've had speed bumps and we didn't start off like a rocket, we stuck to what we told ourselves we were going to do. And that was become successful investors. And yeah, today, you take a look at it and you would say that we're successful by anybody's means. We have an office here in Scottsdale. We have great lives. Financially, we are set and we're doing deal after deal here in this economy when people are telling us there are no deals to be had. But guys, it wasn't, again, if you've heard it once, you've heard it twice. It wasn't all puppy dogs and rainbows. We've taken our lumps. Again, we started out and we didn't get a deal done for the first nine months. In the first 18 months, we got two deals done.

So again, this podcast is for the rookie investor looking to get their first deal done all the way to the investor who has already done 20, 40, 60, 100 deals this year. Everyone's going to be able to find a golden nugget in these podcasts, guys. And that's why we're out here to give back to you guys and help you guys create the systems to live the life that you guys want. Okay, now that that is done, guys, let's jump right into building our team. Again, I mentioned previously that to be successful in this business, to really build a business of real estate investing, you need to have the right people around you. You're only as good as your team. There's plenty of slogans out there about

teamwork and you hear it all the time. Teamwork makes the dream work. I truly believe it. Eddie and I started out back in 2007. We had a dream of becoming successful real estate investors. We worked as a team to get there. Between him and I, we worked and developed a larger team. That includes real estate agents. That includes bird dogs. That includes contractors, lenders, private money lenders. You guys have heard another podcast about private money lenders. That includes lawyers. That includes accountants. That includes web guys, social media guys, assistants, you name it. We have built that around ourselves so that our company, Phoenix Wealth Builders, has the team to push forward no matter what economy we might be in. So the first question you need to ask yourself is decide who you're looking for.

You know, if you're a rookie investor, you might simply just be looking for a good real estate agent to work with. Or possibly your first private money lender to work with. Or your first contractor to work with or possibly your first private money lender to work with or your first contractor to work with. If you're a little bit more experienced and you have a contractor, maybe you're looking to get two or three so that you can get multiple bids so you can get the best price on your rehabs. Maybe you're looking to raise more money. Maybe you're looking for more bigger and better agents. Maybe you're looking for a more money. Maybe you're looking for more bigger and better agents. Maybe you're looking for a buying agent or another selling agent. Maybe you're looking for someone to really represent you on your website and build a website.

So guys, what you need to do is first ask yourself, what team member do I need? And maybe it's multiple team members. But you need to figure out what right now is the team member I need? And maybe it's multiple team members, but you need to figure out what right now is the team member I need. So what I did back when we first started is, you know, Eddie was, was working hard at the computers and looking up the listings and figuring out what was a deal, what wasn't a deal. And I told him, you know, what I'm going to do is I'm going to do grassroots marketing. I'm going to call these agents that we like their deals. And I'm going to do is I'm going to do grassroots marketing. I'm going to call these agents that we like their deals and I'm going to just simply set up meetings so that we can have a couple handful of agents to represent us as buyers. That's what I'm going to do. That's what I'm

going to focus on. And so what I did is simply I went down to Starbucks and you guys have heard it time and time again. I went down there and filled my days with meetings, interviews as such. And out of that, we found a great realtor. Now that realtor not only became a great buying realtor, but he also was a great listing realtor. So right then we actually filled two of our roster spots. We wanted a representation realtor who would go out there and represent us on the buy, but we also wanted someone, once we get a home, to list it to sell it. So after meeting, after meeting, after meeting, I finally found the right fit. And then he met Ed, and Ed said he's the right fit. And then Ed and I met and we just simply said, you know, he's going to be the guy that's

going to be willing to put in the work to get us a deal or two. I know he's willing to put in that work. So that was our first team member. And that happened in the first, let's call it four, five, six months. And we still didn't get a deal. You know, guys, this was the time in the short sale. So if you guys were around then, you guys were in real estate investing then, you know that the banks didn't know what they were doing.

Heck, no one knows what they were doing back at those times. You know, real estate or short sales at that time, it wasn't a novel idea, but the volume of short sales was crazy, you know, and no one knew how to negotiate them. And the banks didn't have anything in place to handle them. So still, we had an awesome real estate agent who put in the time and the effort to put in these offers for us to work hard and we still didn't get a deal for another three or four months. But you know what? We finally got that deal and we finally made some money. So that was our first team member. Next, we needed to, okay, now we got a deal.

Well, who the heck is going to rehab that? So how do you find that person? Well, let's focus on that question at this point. How do you find who you're looking for? How do you find your assistant? How do you find a contractor? How do you find who you're looking for? How do you find your assistant? How do you find a contractor? How do you find the right title company? How do you find the right real estate agent?

And there's a lot of different ways that people can find these individuals, that you can go out and find them. Let's just bring up real estate agents. As you heard, my technique back when we were just getting started was simply to cold call real estate agents that I saw had listings. We would jump on Zillow and we would just start calling these real estate agents. They didn't know who we were. They were probably thinking to themselves, oh, who's this guy? What are they all about? But that's what we did. We simply called

the real estate agents that had listings. Now, what happens in these meetings is I'm asking them a bunch of questions. They're asking us a bunch of questions. Well, while I'm in these meetings, I'm also asking questions about who their team consists of. Do they have contractors? Do they have good title representation? You know, who's their broker? Who do you typically use for lenders? Who's your preferred lender? So I'm asking all these real estate agents these questions. And you know what? Lo and behold, one of the real estate agents I met and did some work for us, but we never got a deal done. Actually, I think I take that back. I think we got one or two deals done with him.

He gave us a great lender and a great contractor before we even did a deal with him. We were using his contractor and lender before he got paid on one of our deals that we did with him. So guys, first and foremost, when you are taking meetings, I don't care if it's a title company, a loan broker, a real estate agent, a contractor. If you're taking a meeting, ask them about who their team is. Do they have anyone good to refer to you? Quite frankly, as far as I'm concerned, that's how I found some of the best contractors that we've had over the years. Now, contractors is another great team member

that is crucial in our business. Crucial. So, where do you find contractors? Well, again, I refer back to what I just said. Simply ask for a referral. Maybe your friends or family have great contractors who've done some work. Maybe a real estate agent has a good contractor that they've worked with before. Maybe another investor that you know of that you've networked before has a good contractor. I'll tell you a story. I bring these guys up a lot because they're an investor here in this market here in Phoenix that we've worked with very closely. And one day, they're actually a wholesaler for the most part. And one day, our contractor walked off three projects at one time. He had a personal meltdown. We didn't know what was going on, but there was things going on

in his life that he couldn't handle anymore. And he actually walked off three jobs that he was working on at the same time. Couldn't take it and was gone. Couldn't reach him. So what did I do? Well, I figured I have a bunch of real estate investing friends and colleagues. Why don't I give them a call and see if they have a contractor to very minimum finish these jobs? So I gave him a call. He's right away. He said, Hey, you need to call Luis. His number is this, and you need to go talk to him and see if he can finish these projects for you. Now, the first thing I wanted to know is to make sure if Luis was, was licensed here in the state of Arizona, and he was. And right away he said, you know, I'm a little busy right now, but I think I'll be able to finish these three jobs for you in the next four or five weeks.

So we got delayed. But you know what? The job got finished. We sold the homes. We made a profit. But the point to that is I just asked a fellow colleague, a fellow investor, what some people would view as competition. I simply just said, hey, we're in a bit of a pinch. Do you have a contractor that you've worked with that could help us out? And he did it. So first and foremost, always ask

for referrals. Now, contractors, again, where would you find a contractor? Well, you'd probably find a contractor down at Lowe's or Home Depot. You're walking around those places and you see some people with paint on them. They got little wood chips in their hair. Guess what? They're probably working on a home. Why don't you go up to them, introduce yourself, let them know who you are, what you're looking for, and see if they'd be interested in you buying them a cup of coffee sometime to talk about business. That's where I would probably start. Again, the next thing would

be real estate agents, title companies. Heck, if you're driving down the street one day and you see a home's being worked on, don't be scared to go up in there. Ask who's running the job. Who's the general contractor here? See if you can get a name. See if you can take them to coffee. Who else do you want on your team? Contractors, realtors. You know, it's funny.

I gave you the example of the realtors that I first called. One of our main top best team members that we have right now is Michael, our realtor. If he's out there listening, what's happening, Michael? But he works with us in the same office. He sublets one of our office spaces. He's working with us each and every day. Now, what he does is he doesn't focus on our acquisition. He focuses on our sales. We give him each and every listing. Now, how did does is he doesn't focus on our acquisition. He focuses on our sales. We give him each and every listing. Now, how did we find Michael?

Well, my partner Eddie has loved cigars for years. And one day, he was working in a cigar shop, which we used to call the office. And him and Michael ran into each other, started just BSing. And next thing you know, he says, why don't we work together? I'll offer on a couple properties. If we can get a property, possibly you'd let me list it. So he put a little work forward. He didn't really want to represent us as buyers, really. That wasn't his business. But his business was listing. So he said, why don't I help you find a deal? And then you'll let me list it when the time is right. Fast forward to today, he has, I think, 13 of our listings.

Or maybe a couple less, because I think we just sold some. He is a great team member. Where did we find him? At a cigar shop. Networking, in my opinion, and again, you guys have heard podcast after podcast to talk about networking. It's true. You got to get out there and just talk about what you're doing. Be excited about what you're doing because that excitement will craze, will raise other people's excitement. So get out there and just network. Go to a cup of coffee and work for a little bit and see if you possibly get into a conversation.

I've gotten into conversation after conversation at a coffee shop. Whether someone has overheard one of my phone calls, I've overheard someone else's phone call, I've heard a conversation, they heard my conversation, they say, hey, I'm a realtor, hey, I'm a contractor, hey, I'm a loan broker. Or I possibly say, hey, I hear you're a realtor. We're looking for deals. Do you have any listings that I possibly would like? I introduce myself. I say hello. I just make that simple introduction. Networking is the number one way to build your team. Now let's talk about a couple other people that are on our team. What about accountants, lawyers, maybe some more of the professional team that you may want or need? You know, we have not needed a lawyer, but we sure wanted one on our team

in case that day ever came. So we went out and found one. We needed an accountant. Where did we, where would you guess we would have found those? I'm not going to trust my livelihood to a lawyer that I don't know and no one's ever referred. I'm not going to trust my livelihood to an accountant that no one knows and no one's ever referred. I want referrals when it comes to that. No difference than anything else. But this type of industry, when it comes to law, when it comes to bookkeeping, when it comes to accounting, when it comes to IRS,

I want someone I know is good. So I want referrals. What about your social media? What about your website? What about that area of your business? You know, I've coached hundreds and hundreds, if not thousands of students. And a lot of students really want a professional look before they get started as a real estate investor. They say, you know, there needs to be some legitimacy behind my company. And I understand it. I absolutely

understand where you're coming from. So where do you find a web guy? Well, yes, referrals, absolutely. But you know, web guys, social media guys, maybe even assistants, personal assistants or an assistant for your company, where can you find them? How about down at your local college and give them an internship with your company? You know, when I was in college, and I'm sure you guys all can relate out there, you know, you were looking to build your resume. You were looking to have something built so when you got out of college, you can find that right job and say, I've already experienced all this. You know, there's nothing worse than getting out of college and having no experience and say, I've already experienced all this. You know, there's nothing worse than getting out of college

and having no experience and saying, well, I can't get a job because no one will give me a job because I have no experience. But how am I supposed to get experience if I can't get a job? So through college, I wanted to get that. So when people would post about internships, paid or unpaid, I would reply to them if it dealt with the field that I was interested in.

Guys, right now, I say this over and over again, you are seeing every television station has a real estate investing TV show on it. It's everywhere. The excitement about real estate investing is at an all-time high. So, if you're able to go down to your local college and post for an internship, paid or unpaid,

I would probably suggest unpaid, or depending upon what they're doing, paid, nominally. You go out there and you offer up an internship. You can find people to create you a website. Now, most likely you're going to have to pay for that, but you may not have to pay top dollar. You may be able to find a tech person down at college or a computer science major and simply offer them a

couple hundred dollars to build out your website. Same thing with your social media. Get your social media going. Get it connected with your website. Get it connected with your marketing. You could give that to your assistant. Maybe you just need an assistant a couple hours a day to answer the phones, to reply to certain emails, to send out some mailers, whatever that may be. Well, where do you find them? What about college, but what about community service type places? Or what about non-profits?

There's a lot of different areas. The Boys and Girls Club. People want experience in this world. Look into those type of places so you can find someone that will do these activities for you. So that's just a couple of suggestions on where to go find them.

Your realtors, realtors are a diamond dozen, right? But you got to find a good realtor. Well, where would you find realtors? Besides just looking on the MLS or besides just looking online, why don't you go to your title companies? They're probably going to give you a pretty good referral, right? They're going to know the real estate agent that's doing deals that's successful that's knowledgeable why don't you go down to your title company i don't care which title company it is it doesn't really matter go down to your title company and go see if you can get a

referral or two now here's one of the things that um a lot of people forget. There's a whole industry around virtual assistants, VAs. So maybe they're not a team member that you can go have a team meeting with in your office, but VAs are crucial when it comes to smaller tasks that you wanna do. Stuff like importing lists of buyers that you may have built and dealing with the marketing of that. For us, we're writing books and we're doing podcasts and we need art development and we need a lot of these different smaller things that a virtual assistant would be less expensive than hiring a full-time person to do.

Elance is a great company to find virtual assistants. Go to Elance, figure out exactly what you may need, and they will do it for $3, $4, $5 an hour. Whatever that project is. It could be simply putting together, again, like I said, your buyer's list, putting together some artwork for your website. You name it. They'll do it. Very easy to do. Another website, another company that a lot of people don't know about

or are just hearing about now is Fiverr. Fiverr will do the same thing as a virtual assistant would do. You know, for us, transcribing books, taking a recording, giving it to them, and saying transcribe this into a book has given us the ability for us not to have to do it. Right? So, Fiverr, you can get anything done on Fiverr. I don't care what you're trying to do as long as it can be done remotely. So, you know, I understand that, you know, it's not a team member that you can physically shake their hand and have a weekly meeting with, but still, as long as it's virtual, you can continually go back to that same person at Fiverr or that same virtual assistant and have them continue to work on the projects that you need worked on. One of the things that I wanted to teach you guys today is, you know, we're all

about systems here at The Science of Flipping, and if you guys are going to bring on a teammate if you guys are going to build a team the most important part about that is making sure that they have the systems in place to be efficient there is nothing more frustrating than bringing a team member on, two or three months later, you turn around to see what type of results they're making, and there's no results. Or they're not adequate. Or you bring on a contractor and he's way over budget on a deal. There is nothing more frustrating than bringing on a team member

and them not giving you results. You can't point at them. You've got to point at yourself, guys. Guys, remember, this podcast is built for you to systemize your business so that you could literally be in Europe if you want. If you're listening to me out there in Europe and you happen to be in Europe, maybe you're coming to America. But either way, you want to build a system to your business so that they know exactly what to do, how to do it, what you're expecting, so that they can give you the results you want. If you take nothing else away from this podcast, this is what you need to take.

Provide them with a system to do their job correctly. One of the best ways that Eddie and I give them a system is we simply record it on our computer. So if we're teaching a real estate agent how we analyze deals, we analyze it on our computer, record it, both the screen and what we are saying, and give it to them. There should be no questions after that. They may have one or two in case a deal looks questionable, but they have a 10 to 15 minute video on exactly how we analyze deals, what we're looking for. There should be nothing else besides them going and getting those deals.

Record yourself. Record whether it's your voice or the screen or both. That way you have that system. Now our project manager, we have a workflow. So one day we took the time to actually physically go through the day as if he was, or we were the project manager. And what we did, we created a workflow on a document simply saying, you need to be fulfilling these things on each and every rehab. And here it is. When we buy a home, you go change the locks. Next day, turn on the utilities. Give us power and water. Next day, make sure that the contractors

are out there starting their rehab bid process. Next day, so on and so on and so on. Two days later, review all rehab bids by the multiple contractors. Next day, pick it and get them started. Finalize the draw requests, activate the insurance, so on and so on. So we literally have a document that gives them the workflow that they can't mess up. And if they mess up, now I can say, you forgot forgot this I've given them everything that they need to have a system to do their job right so my expectation is as long as you do everything on this workflow we're gonna get the result we want and if they don't do it, the next key is you got to get rid of them. Whether it's a real estate agent, loan broker, contractor, I don't care who it is.

Someone you hired on Fiverr, some virtual assistant, your social media guy, your website guy. If they're not producing the results you want, you need to get rid of them. Don't keep them on the team just because you're nice. I can't tell you the amount of meetings that Eddie and I have had to walk into that we've had to basically say, get the job done or we're done with you. You're no longer working with us. Or simply, we've given you plenty of shots. We're no longer working with you. We've had meetings. I mean, it's countless.

Because not every realtor wants to work as hard as you want them to. Not every contractor can do the rehab in the budget that they said they can. Not every web guy can budget the website. Not every selling realtor can negotiate the contracts the way you want them to. Not every project manager can manage a project the way you want them to. So you keep finding the right team member. Don't be afraid to shed the fat. If you feel like your business can be more efficient without a certain individual, do it, but replace them because you don't want to be doing it yourself, right? That's the whole point. Don't do it yourself. That's not what we're here trying

to teach you. We're here trying to teach you how to implement others so that you can be out and about. So you need to realize if someone is not hitting the goals, you either can look at them or look at yourself. The only reason you would say maybe this is my fault is if you didn't give them the systems in the first place to do their job effectively and efficiently. Now, the next thing you can always look at is say, all right, team member, all right, real estate agent, how do I incentivize you to do a better job? Okay, project manager, how do I incentivize you to do a better job? Well, it's pretty easy for realtors. Give them more business.

Maybe if they go out there and get you your deal, meaning write an offer on your behalf, maybe you also give them the listing on the back end. Maybe if they're your listing agent, instead of just giving them 3% or 2%, if they bring the buyer, you give them 4%. But the easiest way to build loyalty with your team or incentivize your team member is simply keep giving them business and make sure you pay on time.

I can't tell you, you know, if you don't pay on time, people don't get very happy. They don't stay with you very long. We've made it a point to always pay on time. But you need to incentivize some people. You know, our project manager, we'll give a bonus to if they can get the job completed. You know, we just gave him a $500 American Express card for doing such a great job over the last two or three deals. He's been killing it. He's keeping the general contractor on budget. He's making sure the workflow works. He's doing a lot of work. So we incentivize him by saying, here, here's $500 on American Express

card. Go have a good night. Go have a good weekend. Take your girl somewhere. Here's the incentive. You think he's going to come back from that weekend relaxed a little bit? Maybe he bought himself a new pair of shoes, whatever. New pair of boots, I guess, because he's always on the site. Absolutely. Remember, you need to incentivize your team to do well. You need to incentivize them to be proactive and possibly handle things without having to come and ask you. People need direction. They want direction. That is why you build that workflow.

You can build a workflow in a system for every one of your team members. People need and want direction. As entrepreneurs, you're out there probably listening to me saying, you're the laughing saying, you know what, you're right. A lot of these people keep coming back to me and asking questions about this, that, and the other. And that's simply because you need to give them the direction. You need to give them the system to do their job. You need to give them a manual. That's the best way to really talk about it is give them that manual so that they don't have to ask you a bunch of questions. So that they can do their job efficiently so that they can do their job efficiently, so that you can, instead of doing one property,

you can do two or three properties. Building your team is fun, but do it correctly. We're constantly building a team. We just brought on another real estate agent. Steve, if you're out there, what's happening? He is an awesome buying agent, meaning he represents us as a buying agent for us. I think over the last two or three weeks, we've closed two deals with him. He works hard. He understands it. But you know why? Because Eddie

had a video that he gave him about how we analyze deals, where we want to buy, what we're looking at, how we run the comps. He gets it. He doesn't need to ask us any more questions. He just goes. That's what you want from your team member, guys. That's how you build a successful team. Replace the people until you can find the right one. Don't just keep them on the team because you're nice and you don't know how to let them go. That's not going to create a happy atmosphere for you. You're not going to get the results that you want. They're not going to get the results that they want. It's just not a good way to do business. Cut the fat, run lean and mean with the people who do their job

well. Building your team is not going to happen overnight. It takes time. So maybe again, if you're out there and you're a rookie real estate investor, maybe you need to build a whole team. Maybe you need to find a title agent. Maybe you need to find a loan broker. Maybe you need to find a real estate agent, a contractor, accountants, lawyers, web guys, whatever that may be. Maybe you're out there and you're an experienced veteran investor and you're killing it and you're knocking the cover off the ball and you're doing 50, 100 deals a year. Maybe you just need one or two people. Well, I'm sure today you got the advice to find that individual. And as you probably know,

it's not an overnight thing. You need to remain consistent because not everyone is willing to put in the work. So you need to put in the work to find that right person. The key is networking, guys. Ask for referrals. Ask if they know of anyone. That's how you're going to find the majority of the good people because someone's used their services before. Ask around. Don't be afraid to ask. And don't be afraid to create the system that you need and give it to them. Put it on their table to say this is exactly what your job entails, this is exactly how you do it, and these are the results I'm looking for. It's a fun thing, man, and when you build your team, they start to become family.

You start to enjoy and you start to go to, you know, you have Christmas parties. We're going to have holiday parties together. We're going to put on a big holiday party out here in Scottsdale, Arizona. It's going to be a blast. Then they start to become your family. You want to create a close-knit team, people that you can consider family. You run lean and mean. We don't need this huge organization.

All right, guys. Well, that's about it for podcast number three of the science of flipping. Again, go to our website. We have the number one e-book you could possibly want. Whether you're a rookie or you're a veteran, the e-book is the 15 most costly mistakes a real estate investor can make. All right, all right. That's about all for me. I'm your host, Justin Colby, and we'll see you on the next podcast. Peace.