The Science of Flipping - Episode 81: Welcome to 2017 – Real Estate Investing Podcast

Episode Date: January 13, 2017

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Welcome to the Science of Flipping Podcast. I'm your host, Justin Colby. What up, what up everybody? I am back for 2017. I am Justin Colby and welcome back to the Science of Flipping podcast. I'm excited to be back. It is a new look, a new feel. Forgive me for the time off that I've been taking. Business has been booming. Things have been incredible. But for all you loyal listeners, I just want to continue to say thank you so much

for continuing to follow me, continuing to listen. I love giving back. I love being here. I love being here. I love teaching you exactly what I'm doing in my business. And that's what this podcast is all about. Here in 2017, I am going to be blowing your mind with content, with systems, with strategies that you can implement in your business.

This podcast is for the fix and flippers, the rehabbers, the wholesalers, the wholetailers, the developers, anyone who is in real estate in terms of real estate investing. It is all about the systems and the implementation of strategies and tactics for your real estate investing business.

I'm going to be talking about it all as I have done it all, from rehabbing to developing to wholesaling. We have a full-blown office here in Scottsdale, Arizona. Welcome back. Welcome to the fresh start of 2017. I'm always your host, Justin Colby, excited to get you guys going. So if you are here for the first time, and it just so happens to be your first time, and it's the first recording in 2017, I want to say welcome. You can go over to the Science of Flipping podcast.

I actually have my best-selling book on there that I'm giving away for free. And also, if you are a loyal listener, and you want something bigger and better and I'll talk a little bit more about this but you deserve something bigger and better. You're tired of wasting time and money. You need to be around people like myself

and Kent Clothier and Sean Terry and Joe Taylor and so many other really successful real estate investors. There is a button at the top of Science of Flipping called Mastermind. Kent, Sean and I have put together a mastermind called the Boardroom Mastermind, and we are looking for the right people who want to get in the front of the line, stop wasting their time, stop wasting money, and want to get dead serious about this business, right? For those of you who are just tired of tire kicking, for those of you who are the hustler mentality

to just getting started, to all the way to people who are in the business doing 10 deals, 20 deals a month, but have no time. It is for everybody. And I am excited to invite you guys to work with me and Kent Clothier and Sean Terry and many others in our mastermind format.

So go to the Science of Flipping, click mastermind, fill out the application, and either myself or one of my team members are going to call you back directly to see if that you can be approved to join our mastermind. So with all that being said, guys, let's jump into it, man. I'm very, very excited to be here. It's 2017. Business was booming in 2016. We doubled our deals in 2016, which is phenomenal. Couldn't be happier for my team and the success that they had. And I'm just ready to get this year started, get it really started right. And so what I would say, guys, is of the biggest questions uh I guess we all have even

even myself and I'm always thinking of ways to uh get more deals and get better deals and um you know that is what seems to be on everyone's mind and I I you know work with roughly 20 or so people in our mastermind that I just talked about. And they range from people who are doing 100 grand a month all the way down to people who are just getting started. And each and every one of them are asking that one question. How do I get more deals? And what I'll tell you is before you even get there,

you have to understand where you're trying to go. And everyone, again, from the people doing $100,000 a month and the people trying to get their first deal done, they say, well, Justin, I need to get more deals done. I need to find the right list. I need to get my first deal. You need to take a step back. You have an opportunity right now at the beginning of this year. It's 2017.

It's January. To really paint a picture of what you want as a real estate investor. For those of you that are sitting on the sidelines, this is your time, period, hands down. Real estate is hot, it's moving, there's a lot of money to be made, and you owe it to yourself to create that type of income, to be your own boss, to fire your boss, to get off the sidelines and get in the game. And by doing that, you need to see what your end result looks like, or you need to have a finish line or even, you know, start three years out. What does your life look like three years out? Then what does it look like two years out, one year out, six months out, a month out, you need to start having a plan moving forward.

And you need to start setting goals. Now, this episode isn't all about setting goals. There will be a future episode all about setting goals and things of that nature. But this is legitimately about knowing how to attack this business. This episode, this podcast is all about the systems, right? The tactics that you can do and take actions to implement in your business so that you can create a life that you truly love, that you truly want. So this is really you understanding to figure out how to get your first deal done,

to figure out how to go from $ deal done, to figure out how to get, you know, go from a hundred a month to 200 a month and create a life you actually want rather than owning a really good job. Um, you need to understand how are deals coming to you? How much money are you spending? Right? So I'm going to list some things off here, um, that I train about all the time, uh, that I have here in my notes is you want to need to understand how much money do you have to market? How much, you know, some of these questions are going to pertain to you. So let me take a step back quickly. Some of these questions for those of you who are already fixing, flipping or rehabbing or wholes, or developing, some of you already

have a business going and some don't. So some of these questions are going to pertain to you. And for those who are just getting started, they might be some questions you need to be thinking about. But how much money do you spend every month to get a deal? What is your average cost per deal? How are you getting those deals? Are you door knocking? Are you cold calling? Are you doing direct mail? Are you doing PPC? From those lead types, how many deals come through to your business? Again, how much money are you spending to find one deal? How much does one deal cost you? Meaning I know in my business, if I spend $3,500, I get one deal. I also know that that

one deal averages $13,000. So if I just do simple math for every $13,000 I want to make, I need to spend $3,500. So if I want to have a six figure year, I know every month I need to be spending $3,500 and every month I need to be getting one deal. And in return, it will be $13,000. Subtract the cost of my marketing, which is $3,500, and I'm making $10,000 a month. So I'll walk away at the end of the year with $120,000 in my pocket. I know those numbers. So you need to know those numbers, right? You need to know, um, the cost per deal, what your marketing strategies are, and don't fool yourself. Marketing is absolutely door knocking, cold calling, uh, direct mail, pay-per-click advertising on Facebook, Google, Bing, uh, SEO advertising online where you're ranked organically

within Google, Yahoo, Bing, right? Those are marketing strategies. Know what marketing strategies you're going after. For those of you who are just getting started, I highly encourage you to keep your costs low, right? Do some of the time, like I call it sweat equity, right? Where you're cold calling, you're door knocking, you're finding people on Craigslist for sale by owner, doing the grunt work, we call it grassroots marketing. Then you can actually

understand what is your business generating? Where are you getting your deals? Where's your most profitable business, right? Because I literally had a conversation today with one of our boardroom mastermind elite members, right? They're already running and rolling. They're already, I think they're doing $25,000 a month in profit, right? And they're in the elite membership. And we were just talking about him knowing his numbers, right? And he kind of knows, but I said, you need to break out a spreadsheet, right? How much are you spending every single month, right? From that spend, how many deals are you getting done? What is your average profit margin per deal?

From the different marketing types, what marketing type is bringing you more deals? What marketing type is bringing you more revenue? Because some marketing types can absolutely have higher motivation, which potentially will give you potentially not guaranteed, will potentially give you higher profit margins because you can negotiate deeper, right? And you really need to go into this business. Again, this first episode, guys, this is about if you're on the sidelines and you just want

to get started, if you're already rocking sidelines and you just want to get started, if you're already rocking and rolling and doing $100,000 a month, this episode, this podcast, each and every week you hear it, you are going to be hearing the systems, the tools, the strategies, the tactics to implement in your business from rehabbing to wholesaling. It is called the science of flipping, baby, and we are going to knock it out. And so jumping into this year, if you don't know these numbers already, if you don't have a spreadsheet, you need to get yourself one. Because if you're going to start this, you need to track your numbers and you need to have goals.

So for your first goal, if you're just getting started, it's your first deal, right? Let's say your first goal is one deal, $5,000. Well, how many calls do you need to make? How many doors do you need to knock? How many sellers do you need to talk to? How many realtors do you need to talk to? You need to start measuring that if you're just getting started. If for those of you who are out here, you're doing direct mail PPC, you're rocking and rolling, you're buying two, five, 10 flips a month. You might be wholesaling two, five, 10 deals a year or a month. I'm sorry. You also need to know those numbers. How much are you spending? How many leads come

in? How many appointments are happening? You need to start this year off right. This is a refresh button. It is 2017 baby. And this year is going to be awesome. I mean, we doubled our business in 2016. We doubled it. That's, that's partly why you guys didn't hear from me. to be awesome. I mean, we doubled our business in 2016. We doubled it. That's partly why you guys didn't hear from me. It was awesome. I couldn't have been prouder of my company, my team, my business partner. Dude, we were rocking and rolling in 2017 and 2016 is going to be bigger. It's going to be better. We've dialed it in. We've harnessed ourselves, right? I'm a huge fan of becoming better. I'm a huge fan of education. I myself joined several masterminds. I continue to join them. I continue to be a part of them because they are by far the most powerful part or the

most powerful reason for my success. So guys, this is a short episode. I'm excited to be back for 2017. I wanted to welcome you guys all back. I know I've been gone. I know I've been gone for a minute, but I'm back, baby, and I'm offering this up. I'm personally inviting you to apply for our mastermind. My business partner, Sean, Terry, Kent Clothier,

some names that you absolutely know and trust, myself and several other people who are doing, you know, seven figure businesses will be a part of these masterminds to help you get ahead of the line, right? You know, if you're the hustler, right? If you are the person who wants to just get started, if you are the solopreneur, right? If you do it all, if you do every aspect of your business, this is something you need to apply. If you are ready to take this year seriously, you need to apply.

Go to the Science of Flipping now. Download my free book, but even more importantly, go into the tab that says Mastermind, fill out the application. Neither myself or one of my team members will get back to you as soon as possible to continue those conversations to see if you are going to be approved to be in the room. You have to be approved to be in the room, right? This is not come one, come all.

I don't care how much money you have. I don't mean to sound flippant when I say that. I just don't. I don't care how much money you have. I don't care how much money you make. You need to be approved to be in that room. So you want to make sure you put your best foot forward, be honest, be genuine, be sincere when you're filling out that application. And I look forward to meeting you guys all in the boardroom mastermind. Um, and to round out guys, we have to find a flip event here, January 20th through the 22nd in San Diego. Find and Flip event. Me, Sean Terry, Kent Clothier, Pat Precourt, and so many other successful investors will be there. Come up, say hello to us.

Get to the Find and Flip event. It's at the findandflipsummit.com. Be there. Shake my hand. Ask me questions. We're all going to be there. It's going to be awesome. It's going to be a packed house.

It's going to change lives. I'm on a mission. I'm on a mission. I'm on a mission. Sean's on a mission. Kent's on a mission to change people's lives, to create 100 millionaires, to create 500 millionaires. I'm on a mission to do it through this podcast, through these masterminds, and I look forward to continuing to give you the good stuff each and every week. So from now on, expect the heat, baby. Expect some good stuff each and every week. So from now on, expect the heat, baby.

Expect some good knowledge each and every week. And I'm signing off as Justin Colby. Peace out.