The Science of Flipping - Episode 85: How To Find More Deals Without Spending More Money

Episode Date: February 10, 2017

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Welcome to the Science of Flipping Podcast. I'm your host, Justin Colby. What is up? What is up, everybody? And welcome back to another episode of the Science of Flipping. I am your host, Justin Colby, and I just came off of a week and a half of incredible masterminds. We had them two weeks ago, Thursday, Friday. Last week, we had them Monday, Tuesday, Wednesday, Thursday, Friday. I have just been just enthralled with incredible real estate investors that know their business, that know their information, and the last week and a half has been incredible for me in my business.

So I am ready to give back to you guys. I have a ton of knowledge. Today I have a very specific topic I'm going to be talking about, about getting more deals without spending a bunch more money. But guys, it has been an awesome last couple days in the boardroom and boardroom elite. And tomorrow, I actually am flying off to Cabo San Lucas to go to another mastermind, which is the billionaire boardroom in Cabo. So if you guys are not a part of our masterminds,

if you want to be around me and Sean Terry and Kent Clothier and Joe Taylor and so many other incredible real estate investors, you need to go to thescienceofflipping.com right now. We have an application. You can fill out the application. It's right there on the front page that says fill out the mastermind application. If there's a mastermind tab, you can fill out that application.

But if you are just getting started, if you are already doing a quarter million dollars a year or more, or maybe you're even doing more than $500,000 a year, this application and these masterminds are meant for you. We meet four times a year and they are incredible. They are life changing to the members. I know because I'm in them with Sean and Kent and Joe and so many other incredible investors. If you need to get started, if you need to get the systems and implement them, or if you're ready to scale and escape your business and take it from $500,000 to a million a year, you need to fill out these applications. It is on approval basis.

So Sean, Kent, and myself approve each and every person. So I or someone on my team will be giving you a call back once you fill it out and we'll be talking a little bit further with you to make sure you are going to be the right fit for us and that we are going to be the right fit for you. Not everyone gets approved. These are very small groups. There's only 20 people in a room. So go in and fill out that application at the science of flipping. It is meant for the beginner. It is meant for someone who's doing 250,000 a year. It is also meant for someone who's doing over 500,000 a year. The science of flipping.com fill out the application and get at it. I just

spent the last week and a half with amazing people, and I'm spending the next four days with more amazing people for the next four days in Cabo San Lucas. So get over there. Fill out the application. If you are making progress in the approval process, either myself or someone of our team will call you and continue to bring you down that path for final approval. So again, you've got to be there, man.

These are awesome. We meet four times a year. You got to get there if you want to be around the people. So, you know, proximity to power. That's what it's all about, right? Think and Grow Rich talks all about this idea of more minds are better than one minds and the power of more minds, the collective intelligence of more people are always going to outweigh the one individual who thinks they know

it all. Don't be that person. Don't be the person who thinks they can outsmart everybody, right? Become a part of a group, become around people that can help you that have been where you're at, that are, you know, ahead of where you're at, where you're at, that are ahead of where you're at, or anywhere in between, right? And be around people who are doing thousands of deals a year to help you get that expertise, leverage their experience. So get over the science of flipping. Also, you can have the opportunity to download my free book, The Science of Flipping.

It is the same book that I actually sell on Amazon that is a bestseller on Amazon. I give it to you for free at The Science of Flipping. So get over to The Science of Flipping, download the book, and fill out the application. And I will, myself or someone on my team will call you to bring you through the approval process, okay? Not everyone gets approved.

It is limited, right? So this is not some big coaching program. This is limited. Not everyone gets approved. If you do want coaching, there's a coaching tab. Fill that tab out. Fill out that form, and then someone also will call you. We also have coaching for you.

So with all that being said, uh, the masterminds were incredible. I can't wait to go tomorrow to Cabo San Lucas. You guys will see Snapchats and you'll see Instagrams and Facebooks and all sorts of great stuff. Um, they're, uh, on my social media. So, and lastly, for the final part of bookkeeping, guys, if you are a loyal listener or maybe this is your first time, go and give me a review. It would be the world to me. A lot of people say, why do you give away so much free content and why do you do this for free? Because I love to give back. And what you guys can do for me, what would be really meaningful for me is if you can give me a review.

I want you to be review. I want you to be honest. I want you to tell me how great it is. Tell me how much you don't like it. Give me a five-star rating. Give me a one-star. I want you to be genuine. I want you to be honest, but give me a review. I would really greatly appreciate it. So without that, that is the bookkeeping. That is all over now. Guys, I want to hit you straight in the face with this idea that was over and over again repeated between our boardroom elite members. Our boardroom elite members are doing over $250,000 a year. They have to be making that kind of money. And one of the biggest things that they needed was ways to get more deals in the pipeline without really increasing their marketing spend, right?

What is their big marketing spend and do they have to really increase that? And the 20 people in that room, myself and Sean and Ken and all the people in the room, we're talking about this concept of bringing in people who already have the deals because you have the buyers. I can tell you by being in that room this week alone, I got two deals done with people in that room because my buyers list is so incredible. I have arguably the best buyers list in Phoenix. Sean has an incredible buyers list in Phoenix as well, but I can move properties and I know it. And just being in the boardroom elite,

the members of the boardroom elite that don't even live in Phoenix that are doing pay-per-click advertising are getting deals in Phoenix, sending them to me and I get them sold, right? And so when I mentioned this to the entire room, it really, the concept of co-wholesaling, right? JVing on deals, however you want to spin this concept where there are people going out there that are finding the deals. They're spending a bunch of money. They're doing pay-per-click. They're doing direct mail. They're doing bandit signs.

They're doing billboards. They're aggressively going and getting a deal. And you have the guys who can sell anything, right? And if you are someone who believes in your buyers list, you know you can move everything, you just need to feed them more. You just need more. You need to get aggressive about networking.

That's what you need to do. That is the game changer. I can tell you there was a good percent of our deals last year that we did, and I don't know the exact percentage, that were JV deals. A good percent because people know who I am in Phoenix. They know we have an incredible buyers list. We've been around for

eight years. And I also started my business this way. I talked as if I already had it, right? And so for those of you who are just starting, I don't want to leave you out thinking, oh, Justin, you can do that because you've been in business eight years. People know who you are. No, no, no, no, no. All this means is you need to go build a buyers list better than everyone else. You should use fine cash buyers now. If you don't have it, get it.

I can get it for you. I can give you access to it. It does cost money, but you should use that. Because those buyers are real buyers that buy cash and that not a lot of people are going after. If you go after them, then you can go to any meetup group. You can go to any, uh, RIA meeting. You can go to any realtor. You can go to any other wholesaler. You can go to any fix and flipper or anyone and say, listen, I have buyers that buy cash. I need more properties to give to them.

They move. I just need your authority to send your properties to my buyers. Can I co-wholesale deals with you? Can we do JV deals with you? One of the guys that lives here in Phoenix, who's a part of our mastermind, said, hey, I have a property. I don't think I can move because it's in a retirement area. I said, I can move it. I know I can. I love that area. We literally got it sold in seconds for $30,000. $30,000 that this guy who's in boardroom elite said, hey, I've got this

deal. I spent money getting it. I don't believe my buyers are going to move it. Can you move it for me? I said, absolutely. We moved it in like 30 seconds and he's going to split a $30,000 wholesale fee with me and everyone wins. That is really the power of getting out there and talking to people, networking, finding people to bring you deals is what you need, right? And more often than not, and I'm especially speaking to the people who are already making money that have some money. We always lean back on the fact that we need to spend more money, we need to do more marketing. And I agree with you. But there's also an avenue that we don't do a good enough job doing, which is the networking, the hustling, the grinding.

We might make it to a certain point. We give this part up. So for those of you who are beginners, you need to be going to every real estate investing meetup group you can possibly find, telling everyone that you have buyers for deals and that you are looking to co-wholesale your deals. If you are the guys that would be in our boardroom elite and you're doing quarter of a million dollars plus and you've kind of lost sight of the fact that you still need to get out there and grind. You still need to go out there and network. You got to do some of the stuff that probably got you to where you are.

If you lost sight of that, you need to join these meetup groups. You need to start your own meetup group and teach people how to bring you deals. And if you're someone who's 500,000 or up, that would be in our billionaire boardroom, you for sure need your own meetup group.

You need multiple of your meetup groups and you need to teach people how to bring your deals. You need to be clear on what you want. But then you need to go request the RIA meeting in your area to go speak at it, right? Maybe there's a big RIA meeting like RIA, Phoenix RIA is a very big RIA meeting. You need to call them and say, hey, I'm doing however many deals. I want to come speak and teach people how I do this in your area. You can do that everywhere, right?

And again, on all levels, the grind is where it's always made. The money's made in the grind. As you scale and build and grow, you are able to leverage yourself out, but you still need to do some of that work, right? So for example, I've traveled and I've spoken at many meetup group meetings. I have my own meetup group meeting. I do one in Dallas as well. If you're in Dallas, I want you to go to my meetup group meeting. It's called Find and Flip Dallas. The one in Phoenix is called Find and Flip Phoenix. Join it. Go do it. You will see them posted.

That is the grind that got me to where I am. Before I had any money, I had nothing. I literally was sleeping on a couch, if you don't know my story. And so I literally was cold calling realtors. That's all I knew. I had no coach. I had no mentor. I didn't have a podcast to listen to.

I just knew I had to do the grassroots things to get me to where I needed to be. And I started cold calling agents. Hey, here's what I am. I want to buy two properties before the month is over. I have cash. I buy cash. If I can't buy it, I know a network of investors that likely can, and I'll bring them to the table. You'll get paid your commission.

And I was making 100 calls a day. I knew what I had to do, and I knew the hustle that had to get put in and I would go do it. And I would call a hundred agents a day until finally I got an agent that believed in me, believed in my vision, understood it. And he went out and he got me two deals. Those are the first two deals I ever did because an agent, when us investors don't believe we can work together, got me these two deals, right? And it got me out of the couch. I was finally able to get somewhere, make some money. The next year we did six deals.

The next year we did 20 deals, 46 deals, 96 deals, so on and so on. 79 townhomes we started building in Mesa. It's been an incredible ride, but the hustle is what started it. The grind is what started it. It's the networking. For those of you who are just getting started, this has to be your number one thing you do. You need to be everywhere. Facebook groups, meetup groups, Ria meetings, agents, other wholesalers.

You need to grind, right? Um, keep your money, right? I want you to start sending out marketing. I want you to use direct mail, but I also want you to put the effort behind what you're doing. For those of you who have made some good money, you need to get back to it. You can increase it. Like I just said, I did two deals. It's going to be $50,000 because I'm a part of a mastermind that the people brought me the deals. It's going to make $50,000 because I was a part of this mastermind. Run your own re-immediate groups. Join a mastermind. Join our mastermind

if it's a good fit, if you get approved. But be out there. Be talking to agents. Be talking to investors. Talk about what you do. Talk about where you're going. Because the more you put it out there, and I'm not trying to be all fluff, put it out in the universe. That's not my intention, but it is real. If you talk about it, it will come. It might not come on your time timeframe where you want it right now, you want it five minutes ago, but it will come if you keep the grind, keep the hustle. You need to meet people bringing deals in and you have the best buyers list that you can get it sold. I'm telling you now, out of a group of 20 people who are doing well above $250,000, that was their number one takeaway, was they need to do a better job networking, creating a meetup group, going to

meetup groups, going to the REIA meeting, speaking at the RIA meeting, going to Facebook and telling people they need more deals. That is where it's at. You need to have your buyers ready because if you don't want to spend more marketing or maybe you don't even have enough money to spend the proper amount, you need deals to be coming to you. And if you're a deal magnet, you will get them sold because you have buyers on the back end that leverage you, right? The whole concept about the hedge funds, if you guys are aware of the hedge funds,

the reason why they did so well is they had more money than everybody else. They just stood at the top of the mountaintop and said, hey, we have $5 billion to spend in Phoenix, Arizona. Everyone send me your deals. That's all they did. And everyone sent the deals. Now let's say you got 15, 20 big time good cash buyers and between the 20 of them they might have

$2 million to spend. Hey everybody, I have $2 million I need to spend before this month is over. It is the 13th right now, or I'm sorry, it's the 7th right now and I need to spend $2 million before that month is over. Get me every deal you have. You're saying the same thing.

You're leveraging the point that needs to be leveraged, right? And again, if you're just starting, this has got to be 90% of your hustle, right? If you're doing business, you're doing good, but you want to grow, you want to get to that point of doubling your business, you got to refocus on this. If you're doing a half a million to a million, you're probably doing this pretty okay. But I'll tell you

right now, you probably are a little relaxed, right? Money's probably coming in. You're feeling a little good. You probably could do this better and you're doing it right now. I guarantee it because I know there was a time where I wasn't doing this as good because the money started coming in, right? We were making over 500 grand a year. Things were good, but I kind of laxed on my laurels. Now that I'm back to the grind, now that I tell people what I want, I'm looking for deals. If you're a listener right now and you can get a deal in Phoenix, bring it to me. I have the best buyers. Email me, right? Email me. Info at the science of flipping.com. I will get that deal sold. I'm out there. I'm projecting that out. I'm telling exactly what people want because I can get it done,

right? That's what you got to get back to. So again, guys, if you're not a part of a mastermind, whether it's my mastermind or someone else's, you need to be a part of one. Um, they do cost money, but man, are they valuable? I'll tell you what, being a part of our masterminds can get deals done. Two different members brought me a deal each and they're going to make anywhere. They're going to make some money, right? I mean, there's $50,000 coming into the door that they're a part of, right? So it's a real thing. Become a part of the mastermind, go into the science of flipping, fill out the application.

As you start to get approved, there's an approval process. Someone from my team will reach out to you and we'll take it from there. Not everyone gets approved. You have to qualify. Kent, Sean, and I are the final qualifiers, but guys, get out there. It will bring more deals in. I promise you. I promise you. I just met with some of the most successful real estate investors from across the nation, from New York all the way down to San Diego and everywhere in between. This is the one thing, the one thing that they all agreed they could do better at. So get out there. Bring in more deals.

Spend the money you need to spend. I encourage you to spend more marketing money. Yes. But at the same time, you can do this a lot better, and it's going to bring more deals in your pipeline. So That is what I got for you on this episode, guys. I'm so grateful for you guys. Leave me a review. You guys are so loyal. I look at it all the time and thousands and thousands and tens of thousands of you are listening to my podcast. I thank you. I'd love a review, but I want you to be honest. I want it to be an honest review, a five-star, a one-star, a good, a bad.

But just give me a review. Let me know how you feel on iTunes. And again, I'm signing out as Justin Colby. I'll see you on the next episode. Peace.