The Science of Flipping - Episode 48 – Secret To Creating Consistent Checks | Real Estate Investing Podcast

Episode Date: September 30, 2014

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Hey guys, welcome to Think Tank Thursday. I'm Justin Kolbe. You know, as you can see, I'm driving in my car and as you can probably see, it's pretty early out. Trying to get a jump on the day. Most of you guys are probably even still sleeping. And I'm heading into the office because I got a lot to do today and I'm a firm believer as the early bird catches the worm.

So I'm heading into the office shooting this video, which may not be the safest thing, but I really got to get this message out to you. And what that is, is as a fix and flip investor, we primarily always thought only about buying homes, rehabbing them and flipping them for a profit. And what we've done over the last, let's say, 10 months or so is we've really developed a side of our business that I truly believe all investors should really be focusing on, which is A, finding your own deal. All investors need to be finding your own deal. Don't just rely on the MLS. Don't just rely on real estate agents. Don't just rely on wholesalers. Don't just rely on the auction. Go out and find your own deal through direct marketing or Craigslist or however you can. I always prefer direct marketing with mailers.

But make sure you're finding your own deal, okay? Because as a fix and flipper, that's really where you're gonna get your biggest discounts. Now, on top of finding your own deal, the next thing that I'm gonna really suggest is don't just be single-minded okay have multiple exit strategies meaning wholesale some deals when deals maybe

don't fit your fix and flip make sure that you have a wholesale component to your business that you can get checks I posted or I didn't post, but we posted a couple photos this week on our Phoenix Wealth Builders Facebook page, as well as the Science of Flipping Facebook page. And if you haven't seen it, and I'm not sure where you're watching this video, you might be watching this video on YouTube, or you might be watching this video on our website the science of flipping calm go over to our Facebook pages and check out the photos we posted it's actually of several checks that we've got over the last week and a half or so that have come straight from wholesaling so as fix and flippers, we're used to making these big paychecks, making these big

chunks that can really kind of set you up for the entire year. But as you're waiting on those big flips and those big chunks, you should also be wholesaling. And what makes that easy is you are able to get your own deals. As I mentioned before, it's the first point I brought up is when you're getting your own deals, wholesaling becomes a lot easier because you're the only one in the transaction. And the key and the reason why we've decided to do it is because it brings in paychecks more consistently than flipping does. Now, the paychecks aren't as big, but if we can go out and make $25,000 a month just wholesaling,

then I absolutely urge you to go do that. And as well as take down those Grand Slam flips so you can go make that $50,000 or $75,000 pop four times every year, every quarter, or maybe twice a quarter, eight times a year, whatever that business is. But first, remember, go out and get your own deal. That's the key to all of it.

Secondly, don't just think single-minded and that you're a fix and flip investor. Go out there and wholesale some of these deals so you get some consistent paychecks involved in your business so you don't have to wait for these big deals. As I say, go to Facebook, look at the Science of Flipping page,

or go to our Phoenix wealth builders page Both of them have that photo on there with I think there's like five checks that we got late last week in this week And so, you know, I think it told up to about twenty five thousand dollars So it's a nice little supplement to our income And that's really the message is I want you guys to think a little bit more about possibly becoming a wholesaler if you are a fix and flipper. And if you're already doing that, great. You know exactly what I'm talking about. So that's what I got for you guys on this

Think Tank Thursday. Thank you again. If you haven't been over to thescienceofflipping.com, get over to thescienceofflipping.com and get your free ebook. But also I'm going to be giving away an incredible secret here in the next coming weeks that you're going to want to be receiving our emails. So go over and register for that because I'm going to be giving away something incredible as well as go get that free ebook, The 15 Most Costly Mistakes a Real Estate Investor Can Make in Today's Market. And I look forward to seeing you guys again here on Think Tank Thursday. If you are not watching this on iTunes, go over to iTunes, go under podcast, and look up The Science of Flipping, and you will then be able to subscribe to this podcast where I give

away all free information on how to be the best and biggest real estate investor in your market. That's what we got for Think Tank Thursday, guys. I'll see you next week.