The Science of Flipping - Episode 88: Mastermind Interview With Jerry Stevens

Episode Date: February 25, 2017

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Welcome to the Science of Flipping Podcast. I'm your host, Justin Colby. What is up, everybody? Welcome back to the podcast. I am your host, Justin Colby. As you see, I have another one of our billionaire boardroom mastermind members, and I am continuing this mastermind series. I'm bringing on all of our Billionaire Boardroom Mastermind members who are doing seven figures plus in their business. As Kent and Sean and myself have always talked about the power of a mastermind, I thought it'd be a great idea to bring in some of these big boys who are really doing it to introduce them to you guys that it's not just me or Sean or Kent that are able to build a business. There are a lot of

people out there that have been able to put together the right tools, the systems, implementation, hiring, and are doing it all over the country. So I'm going to continue doing this mastermind series. But before I get to introducing our guest, if this is your first time to the podcast, go over to thescienceofflipping.com. It has all of the podcast episodes, but also it has my book. It's the same bestselling book on Amazon that sells every single day called The Science of Flipping. I offer it to you guys for free as a loyal listener. Go in, download the book. It's called The Science of Flipping.

It'll be absolutely free. I sell it for $10 on Amazon. It sells every day. So if you want to buy it, go for it. But otherwise, download it for free. That's my gift to you guys. I'm giving back as I always like to do. And this is something that's important because I'm bringing on some of these people who

have been doing this for a long time, but I know some of you are brand new or you haven't gotten started. So I want you to really listen to these episodes. This podcast is all about, every episode is all about the systems, the processes, the tools, implementation to build a business. That's what it's all about. To make a lifestyle by design, to create the income that you want to create. So you can hang out with me and Jerry and Kent and Sean out in Cabo or Napa or you can hang out with us down in San Diego and you can get away from your business

because you built something that moves without you being there. And so if you're just getting started, you want your first deal, this is awesome information. If you are right in the middle row, this is great. And if you're top notch, I mean, you can understand everything that you're going through. You know, these guys are going through too. We have a mastermind for every level, right? The beginners, the people who are doing quarter of a million to 500,000, and the people who are doing a million plus. I mean, masterminds are so important.

You hear us talk about it. So I thought it would be a great idea to bring on these guys, these big hitters in the billionaire boardroom mastermind, and just let them talk about what they do. You've heard from me for so long, but these guys are out there doing an incredible job. And so I want to introduce you to Jerry Stevens, who is out of North Carolina. What is up, good sir? How are you? What up, what up? Excited to be here. Like Justin said, just got back from Cabo. I'm super stoked to be here.

Had a great time in Cabo with these guys. Like Justin said, masterminding. And I brought that back to the team, kind of good energy, and we're hitting the ground good. I like it. I like it. And then I think I also sold you on going to start in CrossFit, didn't I? Yes, yes. I just signed up. I used to – Justin and I, when we were at Cabo, I kind of shared my story of working out, and I just got totally burnt out.

And he has convinced me to CrossFit, so I may be not liking him for the next few weeks. And as you guys are going to hear, Jerry, you know, he's from North Carolina. He has a little southern twang, and sometimes when he really gets emotional, he'll speak some language to some of you that might not be so daily in your daily lives. So you might get to hear a little Jerry Specials here. Bless it, Jerry. Bless it. Man, this is one of my favorite guys right here. He's built an incredible seven-figure-a-year business in North Carolina, flipping and wholesaling and just doing it all, but he has a military

background, right? He didn't come out of college and have this big business background. He had a military background, then he has a tech background. I want you to tell your story, man, but I think a lot of people are going to resonate with you, especially the people who come from the analytical side of life, the tech side, the spreadsheet side, the engineers of the world. I think they're going to really resonate with you because you are one who's been able to prove that you don't need to be the creative visionary kind of guy to really create something that can make incredible income for you. So dude, why don't you just start it off by just telling your story, what you do, where you're from, from military to everything else. All right.

Like Justice said, please excuse the accent or some of the verb. Anyway, yeah, like Justice said, I do have a military background. I was in the Army for four years. I got out, went to college. I was fortunate enough to get hired by IBM. So, yes, I am an engineer by trade. About seven years ago, I kind of fell into flipping. It was a total accident.

I do mentor some people in this area, and I tell them to never did. Uh, when I got started, I didn't educate myself initially. Um, and I was very fortunate. That's usually not the norm. You know, you need to be listening to these podcasts. You need to be reading Justin's books and make sure that you get yourself started. But long story short, like I said, I fell into flipping. Um, I got lucky on my first deal, which got me hooked. And like Justin said, it didn't just happen overnight. I still had my nine to five. So I was working 15, 16, 17 hour days to try to juggle it all. And I think that's one of my things is, A, I put in a lot of work and educated myself, and B, I do have that systems mindset. So I really started implementing systems, and the next thing I knew, like last year, we did 48 homes with an average of about $47,000 per house. So that's just the flip side. Yeah. So, house. So that's just the side.

Yeah. So, I mean, that's not a brag. I'm very fortunate. I have surrounded myself with the right people. Not just here on the ground, but with Justin, Sean, and Kent, and everybody in the mastermind. I mean, I'm probably jumping ahead of you, Justin, but I love Justin's saying.

When we go to these masterminds, he says, for me, it's getting three nuggets. And I tell you what, I usually get five or six. And I bring those back and implement them here in my team. They get pumped. And when I come back from these meetings and when I'm so pumped, I'm like a kid in a candy store. Yeah. So, yeah, I'm sorry I kind of jumped ahead of you there, Justin. But I'm still kind of reeling from Cabo.

Yeah. Some great lessons from Kent. So, you know, plus relaxing. I mean, who can't, you know, be happy after that? Having a couple beers, relaxing, talking business. I mean, I was telling everyone there, that's when business really gets done, right? Is we all go to these meetings and the sit down

and like I had a meeting this morning with this big hedge fund group and that's great, fine. But the majority of that meeting was BSing, right? Like it's not just superstructure. Like we went and had breakfast, we were BSing, right? Like, it's not just superstructure. Like, we went and had breakfast. We were BSing, talking business. And that's more of where the deals get done is when you're eating or you're having a couple cocktails

or having coffee and that's where deals get done. And, you know, I can tell you already that two people from the mastermind that don't even live in Scottsdale, through their PPC, got two deals in Phoenix and called me and said, hey, dude, if you get this deal done, can you throw me a 25% referral fee? I got both the deals done and these people are making money for free because of us being

in the mastermind, right? A random deal came from their PPC and just business happens that way, right? And that's a very good point. Just I want to follow up on that. Since the last Mastermind, the Elite and the Boardroom, just from people I've met in there, anybody in this business, as you'll know, you'll get leads that are not in your market sometime. And I tell my team, as soon as we get those, throw them to me. I've got guys in the boardroom. I throw them to them.

Just like Justin said, I've done deals with guys in the boardroom that I've – in markets that I never – I would have just unfortunately thrown them away. Right. So that is – I mean, that to me, I mean, it's huge, but that is like one of the very small items that we get from the boardroom. I've got guys, you know, from the boardroom that I've met that we're already doing business. I mean, we're besides just lead. You know, we're constantly communicating. And it's amazing, you know, what works in one area.

We try it. We share it. And it's – I can't – all right. I'm going to quit trying to – I'm not here to pump the mastermind, but it has completely changed. And I want to follow back up with one thing about my story. One of the reasons I am in the mastermind, as Justin very well knows, and I started the – I went reaching out. I reached out, got in touch with Justin, and he invited me to the mastermind. He said, just come.

He's like, just come. I guarantee you'll be addicted, and you'll want to be a part of it. He was right. Within the first 15 minutes, I was like, uh-oh. I'm home. I'm home. Because I started, as I said, flipping. I kind of did it backwards compared to some people, but I knew that I needed to start wholesaling because I was running across so many leads that I was throwing away because they didn't fit my flipping model.

So I reached out to Justin and Sean and Kent and these guys, and I knew I needed to move it to the next level, and they have definitely taken my wholesaling business to the next level. It's only helped my flipping business. You know, wholesaling and flipping kind of go hand in hand if you do both. No doubt. So, absolutely. Well you and I started out on the same level of flipping first, right?

I also started backwards. I went from flipping into wholesaling. And for me it was because, and maybe similar to you, but flipping is great because you get bigger chunks, but those bigger chunks still come for 120 days relative to your, you know, 14 day wholesale fee, which yes, typically are smaller chunks, but cash is king, right? Liquidity is king. So for fixing flippers, we were always like trying to figure out to scrape together because we have this rehab and it's over budget. And we're like, and flippers, we were always like trying to figure out to scrape together because we have this rehab and it's over budget. And we're like, oh my God, we're scraping. And

all of a sudden I'm like, why don't we just go wholesale this and make 15 grand? We only need seven more grand for this rehab. It'll close in seven days. And we can take that 15 grand, pay the seven grand remaining. And all of a sudden the liquidity of my business really sped up because back in 2012, I did 96 fix and flips, which if you know well enough, it is herding cats. It is very expensive on the front end. I mean it's just a constant flow of money and contractors and budgets. If you don't have liquidity to keep that up, it can take you down, right? And so for me, it was, I started doing it kind of the harder way, raising private money, you know, finding the deals that had enough money in there,

finding the contracts and then realize the simplicity in the, you know, there's a lot of beauty in simplicity, right? Or elegance, right? In simplicity. And the simplicity behind wholesaling was so attractive on top of the cash flow, right? So, I mean, that's what I found and that's why I started getting into the wholesaling world. Absolutely. And I'll add on to that. I, like, I came looking out, reached out to Justin, Sean, and Kent because my best scenario is for every 15 leads, every 20 leads I would go on, I would only convert one for my flipping business. And for me, in my mind, I'm like I'm leaving money on the table somewhere. But to further up on Justin's point, absolutely. There's a lot of ease when you're the transaction guy. You're not hurting people. You're not hurting money.

You're not trying to put out fires all day with contractors and subs and this and that and the other. So the ease of mind, the liquidity that he said is absolutely spot on. But I don't want to come across that people shouldn't flip. Well, I was going to start asking you about your flipping business and how you run your flipping business, right? So where are you getting your leads? How have you structured it? Because you've structured a very impressive flipping business. Well, I started, like a lot lot of people at the courthouse. I think a lot of people that get to where they start doing 30, 40, 50 houses a year forget where they started.

So I still go to the courthouse. I'll have someone on my team go to the courthouse. But I started out at the courthouse. I started, um, I love just the auctions, right? The courthouse steps, the courthouse steps, the auctions. I'm sorry. Um, and I love Justin's story. I really, I didn't quite do it the way he did, but I pretty much did the same thing is I called every realtor that I could possibly talk to and said, let me meet for coffee. Uh, just like Justin said, you know, realtor after realtor, it's amazing. Starbucks will give you free coffee all day. And it's so true. You know, I just started making contacts with realtor.

I made myself known. I said, hey, you know, listen, you know, just like Sean and everybody, Kent and Justin Teach, you know, network. I started networking like crazy. And once I started doing some deals, realtors would call me. I would get at the courthouse, Oxfam websites. Once I started – and I'm not going to lie. I was on the job sites every day. I ran the jobs because I didn't have the money to have the right team. And then I started building – it's like everybody teaches you.

You start replacing yourself. And once you start replacing yourself with the right team, like Kent loves to say, it will attract. And it's very true. You do good. You do good by your people. You do good work, and people will find you. The money will find you. The deals will find you.

No doubt. But it was hard work. I'm not going to lie. But you just have to stick to it, create your systems, and stick to your systems. And like I said, I started out just one, two at a time, and started networking. And then I just made sure that I still have those connections with realtors today. Yeah, so give the, you know, for some of the maybe people trying to figure out how to fire their boss, get out of their job, right? And I have listeners that are making seven figures a year. I have listeners who are trying to fire their boss and get out of their job, right, and have everything in between.

For that person, I want you to speak directly to that person because you went from the military into a very corporate environment and then you were able to do enough to actually get out of the corporate environment and have your own business. What did that take? What was that transition from your 40, 50 hours a week working IT to being able to say, hey, I'm out. Peace, right? I'm doing my thing. What was that like? I think that's where – that is one of the – I must say, I, I'm out. Peace. Right. I'm doing my thing. What was that like? I think that's where that is one of the hard. I must say, I used to jump out of airplanes and everything in the military. I've worked on data centers that, you know, a million dollars an hour if they were not up making that leap.

I'm not going to lie, was one of the the hardest moves in my career. Yeah. But I but I just put faith in myself. And I tell you what, I had a really good support system. My wife was probably the best supporter that said, you know what, you're smart enough, you work hard enough, it'll work. So I had a really good support system. And that's one of my biggest things is to tell everybody, you know, don't doubt yourself. Educate yourself.

Don't doubt yourself. But don't, you know, do it smartly. Don't just jump in and say, I'm going to make my millions this year. You know, set your goals effectively and set them reasonably and work towards those goals. And you would be surprised when you set those goals, nine times out of 10, you will meet them before you actually had set the timeline, which is what happened for me. I told Corporate America, I told my boss, I said, you know, 30 days, I'm out.

And I was nervous as hell, not going to lie. But you know what? And there's been ups and downs. But after the first year, I was rocking and rolling, man. Um, cause I was just, you gotta have the mindset that you're not going to fail and you just gotta be

positive. Have you heard of the book, the alchemist? No, I have not. Okay. So if you read, read the alchemist,

it's written in a parable. So it's written kind of like the best way to say it is like the Bible, where the message is through the story. So it's like a novel. You read it like a novel. But it's a parable in terms that there's a lot of messages within that story. It's a great book. I mean, it's literally one of my favorite books ever.

And I'm rereading it now for my third time. And I write notes when I read. And two notes that you just brought up that I wanted to even say is echoed in that book is only one thing that makes a dream impossible to achieve, and that's the fear of failure. And when you burn your boats and quit your job, there is no failure. There is nowhere you are going to make it work, period, right? That's got to be the mentality. And then, well, the other ones are a little bit, but the next one I was going to say, our souls are, my soul is God's soul. My soul is the earth soul. Meaning, if you follow your passion, if you go for it, it will come to you. Now,

a lot of people, kind of like what you said, like you had a great support system, you went for it, and you had faith, that faith will get you there. But what a lot of people don't understand is it's always not necessarily on your time, right? A lot of people are like, I got to get my first check in 30 days. Okay. And people do that, right? People absolutely come out, quit their job, 30 days, they have their first check. It's awesome. But the reality is if you just have that determination, if you have that faith, if it's in your heart that you want to make this work and you are not afraid of failure, it's going to work 100% because the only way for it to fail is you to

quit, right? And you're a shining example of that, right? You quit up. I mean, how much were you making in your IT job? You had probably a good six-figure salary. Absolutely. And that's funny. I was just sharing my story with a realtor here in town the other day, actually, what's the day? So just two days ago. And I told him, you know, I went from a 120 something a year job to literally my income of flipping houses, as you know, you know, is not consistent to check every two weeks. So, you know, and you're totally right in the faith in yourself, because if you truly if you truly in your mind and your heart set your goals and you are unwavering, that quote is so true. It's that belief that really, you know, Kent was talking to us about it in Cabo. It's that fear of failure.

And when everyone else is ready to quit, it's us that are able to push forward because we know we won't quit. We know that everyone else is about to quit and we won't. Absolutely. And I remember Kent said a number. It was something like 90% of people or people that have failed is where they get. It's that right there at that point

where they're at success. It's right there. That's when they stop. So yeah, you just got to believe in yourself and know that you will succeed and don't let the speed bump stop you. Yeah, no doubt. So what are some of your secret sauces in your rehabbing business, right? Where are you getting your leads? What, um, what are you doing to be able to make it so profitable? You know, how are you able to systemize it so that, you know, you can guarantee your 40 plus on every deal?

Absolutely. Um, well, I don't think there's one secret formula. I will say that I've surrounded myself with the right team. Um, I've went through, and I think anybody that's in this business long enough will tell you, you know, you're going to go through some people to find the right team. I've been through, and I think anybody that's in this business long enough will tell you, you know, you're going to go through some people to find the right team. I've found the right team. A lot of my deals I get from my wholesaling company and, you know, they are two independent companies and they both have to make money. So I buy from my own company. I still get realtor, you know, leads, referrals. I still buy at the courthouse. But I will say one of the secret sauces that works for me, it may not work for everybody. I went through a lot of

contractors, a lot of subs, trying to find the right team. And for me, it was bringing in the contractor on the deal, giving him a percentage of profit, and everybody's like, whoa, no. I made it worth everyone's while, so we're all on the same team. Our goal is to make money. Our goal is to just turn and burn, but put out a good product. I've got a pretty good niche here. We live on the coastal area. We've got rivers, sounds, and we're very historic. One of my niches is historic homes, which can be very profitable. There's a lot of old areas that have been really neglected that are starting to grow back up. My team is targeting those areas.

It's something that we have figured out a long time. Going back to my team, I surrounded myself with the right team. I got the contractor in on the deal. He's very motivated. How much do you pay your contractor? That's everyone's question. What is the percentage split? This is very simple. I pay my contractor 20% of the deal. You make 100 grand, he makes 20? Absolutely. On top of the cost of the rehab?

On top of the cost of the rehab. Does he get to mark up the rehab? Does he get his 10% above cost? I do give him 7%. Above cost. Yeah, and one of the key things that I want to stress about this. So he's going to make roughly close to 30% every deal. Now, I've created systems where we've got levels of houses. So I can go in, literally, I literally look at half my houses twice.

Once we go in, I say, here, this is a level one, and I go out, and then I go back after we sell it and just want to look at it. But what we do is to incentivize him. On top of that, we have a calendar. We do contracts for everything uh for every house and i say you know here's your percentage but if you're over time or over budget there is a penalty that comes out of your profit of course so have to hang the carrot there um unfortunately for everybody because there's no incentive so besides you know but on the flip side you got to make sure they don't rush and do bad work. So I personally have – I do my own inspections before I do a job, and I have a home inspection before I even put a house on the market.

Yeah. Make sure that the work was quality because I don't want to put out a bad product because I live in a big, small town. So it's small enough that I like to have a good name for my company, and I want people to come to me. Matter of fact, I just sold a house last week, another historic house, that I am 45 to 50 days out from being done. And people had seen my other work. The realtor called me and gave me a full-price offer, and the house is already sold, and we still haven't even finished hanging the sheetrock. Wow. Wow, that's awesome. awesome i mean you have an incredible reputation what what what town are you guys what time are you in we work in uh wilmington and jacksonville north carolina right on the coast

here if you ever heard of myrtle beach we're right above there on the north carolina side very good very good and you know a lot of, a lot of people's complaint is I can't find a deal. You know, I'm sitting here in Phoenix with Sean Terry and many other people. I mean, there's a couple of people, you met Mark and them in the building. They're also here that have a seven figure a year business. My whole point to this is you're finding deals. I mean, absolutely. And I, and that's a very good point. A lot Absolutely. And I, and I, that's a very good point. A lot of people,

I, when I mentor, when I do my meetups, that's, I hear the same thing. You know, if I were to say, what's the biggest thing for everyone sitting here,

they would say, I can't find a deal. I can't find a deal. Um, well, you know, I obviously find plenty of deals and I live in a very, a lot smaller market than Justin was in.

And so it's all about educating yourself and making sure that you know how to find the right deals. And a lot of people, unfortunately, and again, I'm not trying to push the boardroom and everything on everybody. But, I mean, it's a game changer. I was scraping and clawing at every deal. Um, and now, you know, I'm picking and choosing because I have learned how to effectively find those deals. What is, um, if you had to give someone insight on, you know, a lot of people will say, Oh man, my town is too small. And you know, you're in Phoenix and there's so many more opportunities and I want to go, So I'm going to virtually wholesale.

So for someone like yourself, what would be the next biggest city that you'd be next to? The next biggest city would be probably either Charlotte or Raleigh, North Carolina. So a lot of people would probably say, hey, I'm going to start virtual wholesaling in Charlotte or Raleigh, right? Absolutely. What have you been able to take away? I'm the first person who says stay where you're at because you can get better where you're at but what has made you so successful staying in

a small relatively small market like that how have you been able to do it that's a very good question and um i will bring back up the mastermind i i had brought that up in um i want to say last october's mastermind i had mentioned to justin had mentioned to Justin and Sean, I was thinking of expanding, and they immediately shut me down for good reason. And I know we talked about it in the billionaire boardroom as well. And I think that for me, I didn't realize there were more leads than I even imagined were here. I started pulling the data. I started using the fine motivated Kent system. I was like, wow, there's a ton of leads here that I haven't even tapped.

Also, I did another complete research on my market. I really wasn't marketing effectively to its full potential. And once I started marketing and taking that to the complete next level and digging in harder in my market, like you guys I, I have plenty of room still to grow here. Yep. Uh, so I took that in. I, I will admit,

I, I still research moving to Charlotte, uh, expanding my area. But once I took Justin's advice and, and did my research on both markets, I, it was a no brainer. Um,

I've been a small market, but like Justin said, I, I'm still able to rock and roll it, and I still am growing with my own market. So I think that people, and even myself included, I thought that I was doing everything I needed. And I learned from you guys that there was plenty more leads, way more leads in my town that I haven't even touched. It's so true. It's just about using Ken's Find Cash Buyers now, right? You go and find out how

many is crazy. You go in and look how many cash transactions happens in a three-month period. And a lot of people in the mastermind will say, oh, my town's too small, not enough deals, and whatever, and then will literally in the mastermind go bring it up, say what town are you in, what city, okay, how many cash transactions, and there'll be like 4,000 in three months. Absolutely. And they're doing like two deals a month. You don't think there's more deals to do

when there's 4,000 cash transactions in three months. It's crazy, right? Or even 400 cash transactions in three months, it's crazy, right? Or even 400 cash transactions. No one's doing that kind of volume. So knowing your numbers is really going to help you be able to get to that next level. Absolutely. And I remember at the last Mastermind, Kent, I'm sorry, Sean sit right there and called me out on it and just pulled numbers and said, Jerry, you've got 86,000 leads there that you're not even marketing to. Sorry, my assistant just had to come in and get her pocketbook. That's awesome. But anyway, no, Justin's totally right.

I wasn't even marketing to – and we pulled up the cash buyers, as Justin said, and we did that at the boardroom. And literally out of 3,000 transactions of cash buyers, I was getting six of those of a month. And so the math says there's plenty. So you definitely pull your cash buyers, do your market, look at your market. And yes, I will not be moving. Yeah. I will take – I definitely – I took the advice, and it was the best advice I've ever gotten from my wholesaling business because I hadn't even tapped my market. And I live in a very, comparatively speaking,

small market to Justin. So, absolutely. And look at Justin and Sean, you guys are in the same market. And totally rocking and rolling, both of you. So, there's plenty out there if you just dig. Yep, just know what you're doing, right? Just know what you're doing. Well? Just know what you're doing.

Well, dude, I want to say thank you for taking some time out. I know you're incredibly busy with all the rehabs and the wholesales and your business is running, man. I just want to say thank you. I really appreciate you coming and joining me on this podcast and giving to our listeners here, dude. Thank you so much. Absolutely. Enjoyed it, man. Every minute of it. Yeah. Cool. Guys, we talked a lot about the mastermind. If you are interested in a mastermind, we have three levels. There's the boardroom, the boardroom elite, and billionaire. If you're just getting started, maybe you've never even done a deal, or maybe you're doing one or two deals a month, fill out the application. Go to thescienceofflipping.com, fill out the application. We do not take everybody.

You have to prove to us why you belong you have to show us why you're going to give the rest of the people value um you know make it easy for us to approve you um if you are you know in the middle ground maybe you're making a quarter million five hundred thousand dollars a year uh fill out the application let us know why you're also going to help the other people um you know why you're also going to help the other people, what value you're going to provide. Honestly, if you're in the seven-figure year, if you're the billionaire boardroom, fill out the application. Let us know. Again, not everyone's going to get approved, but the people who are approved are very powerful. They're going to help your business. People like Jerry and others who will continue to give no matter the level they're in, guys.

So go to thescienceofflipping.com. Fill out the application. This is not an automatic approval. It doesn't matter how much money you have. If you are not the right fit, you will not be approved. So be honest. Be transparent. Let us know who you are, and either myself or someone from my team will contact you along the approval process.

Sean, Kent, and myself are the ones who ultimately approve everybody. So guys, get to the signs of flipping. Fill out the application. Jerry, again, really appreciate you, brother. Thank you for spending some time with us. Thanks, Justin. All right, guys. We're out. Peace.