The Science of Flipping - How This Man Made Six Figures a Month Virtually | Omar Lopez

Episode Date: June 28, 2024

Today I sit down with Omar Lopez, a successful real estate investor who has carved out a niche in virtual wholesaling and innovations across six states. Omar shares his inspiring journey from a challenging background, including being expelled from school and a severe back injury, to becoming a prominent figure in the real estate industry. He initially worked in landscaping and tree trimming but transitioned into real estate after realizing its potential for financial freedom and success. Omar's story is a testament to overcoming obstacles and achieving success through hard work and innovative thinking. He encourages aspiring investors to start with minimal investment, such as driving for dollars and cold calling, and stresses the value of being relentless in the pursuit of their goals. With a target of $1.8 million in revenue for the year, Omar Lopez is poised to continue making significant strides in the real estate industry. -- Connect with Omar! Instagram - @the_omarlopez -- --- Thank you to our sponsors for this episode: Bateman Collective - Digital Marketing That Drives Motivated Seller Deals. https://www.batemancollective.com/ Fund and Grow - https://www.fundandgrow.com/ --- The #1 training and coaching system to launch, grow, and scale your investing business! 𝐋𝐞𝐚𝐫𝐧𝐌𝐨𝐫𝐞: http://www.thescienceofflipping.com Turn cold real estate leads into engaged motivated sellers on auto-pilot using the power of A.I! 𝐋𝐞𝐚𝐫𝐧𝐌𝐨𝐫𝐞: https://www.rocketly.ai/ 
 Have a question? Ask me anything at https://www.askjustin.ai/ 𝐀𝐛𝐨𝐮𝐭𝐉𝐮𝐬𝐭𝐢𝐧: After graduating from UCLA in 2003 with an English degree, Justin went directly into business for himself. He has never had a W-2 job. In 2005 he got into real estate by co-founding a brokerage in the Northern California area. Quickly he realized that being a realtor was not for him. 
 In 2007 he got into real estate investing full time. 16 years later, Justin has flipped well over 2600 properties, accumulated millions in rental properties, and is an active investor to this day. 
 His success in real estate led him to start The Science Of Flipping podcast and education company, where he has coached and mentored over one thousand aspiring and active investors. 
 He is a nationally recognized speaker and is on a mission to educate as many people as possible on becoming a successful dynamic real estate investor. 
 𝑾𝒉𝒂𝒕𝒕𝒉𝒆𝑷𝒓𝒐𝒔𝑯𝒂𝒗𝒆𝑻𝒐𝑺𝒂𝒚𝑨𝒃𝒐𝒖𝒕𝑱𝒖𝒔𝒕𝒊𝒏: 
 “Justin is one of the best trainers in this space. He really gives everything to his tribe.” – Brent Daniels (TTP) 
 “Justin’s ability to connect with people and help them understand what he is teaching, is unparallelled” – Kent Clothier (REWW) 
 “We have been in the trenches flipping homes in Phoenix for over a decade, he is one of the best to do it.” – Sean Terry (Flip2Freedom) 
Subscribe To Justin Colby: http://youtube.com/justincolby View All My Videos: https://www.youtube.com/c/JustinColby

All right, Science Flipping Podcast listeners, as always, this episode is brought to you by Rocketly.ai. If you're looking for a seller lead generating system that has automation in AI bot and has sellers coming to you, then Rocketly.ai is your choice. Make sure you head over to the website, fill out an application, and schedule a demo now to see the power of rocketly.ai what is up science flipping family we are back with an incredible guest omar lopez is in the house what's up brother hey how's it going this man is doing virtual

wholesaling innovations across the country specifically six flip or six states and we need to know his story because I think a lot of you guys are going to relate to his story because being a real estate investor was not his main goal growing up. And I think everyone here, including myself, can relate to that. But let's start. How are you now making six figures, doing it all virtually? What's your focus right now in your business? So right now our focus is wholesaling innovations and our main marketing strategy is PPC. Okay. So we run our own campaigns and we do it all over the phone. Yeah. So just underwrite these properties virtually, Fast Home Cash Offers,

that's the company. That's it. And we just lock everything up over the phone. So right now, go look up fasthomecashoffers.com. Yep. Check them out. Make sure you're following them on Instagram and all the other platforms. Successful, successful real estate investor has been doing this six years or so. Rocking roughly six figures a month. Gross.

Only spending 20 grand a month to get to six figures. So if you guys are listening to those numbers, that's a five X return on your marketing spend. That's exactly why he's on this podcast. Excited to have you, dude. Thank you. But with that said, let's take you back how you got started six years ago.

It's a great story. I come from a Mexican background and nobody in my family's in real estate or entrepreneurism, none of that. So growing up, I went to college, graduated. Matter of fact, I actually got expelled from school. So when I got expelled from school, I ended up going to the continuation school. And I got all my credits.

And I went back to the same high school that I was at. And I graduated as an 11th grader. So, yeah. Okay. Cool story, right? same high school that I was at and I graduated as an 11th grader so yeah okay cool story right everybody that that's expelled they typically graduate later yeah but I ended up just getting all my credits fast and I graduated early from so but that proved to you that you could do some cool shit right like to be able to go do that it showed like you were being lazy you were being in it you know you were fucking off and when you it serious, what you could do, right?

Right. So I always knew that I had potential. Even though I was getting into trouble, you know, selling drugs in high school and all that stuff, getting expelled, I ended up going back, you know, and I graduated early. So from there, went to college uh i got a what was it uh associates in science yeah in horticulture plant science turf grass management all that i got two degrees because i thought i wanted to be in landscaping so uh because that's what i used to do ever since i was six years old my father used to take me to work with him he's a mexican he's worked hard all his life so he took me to go mow lawns ever since I was six so I ended up having my own little gardening route and mowing lawns around where I used to live Southern

California Palm Springs and I thought I wanted to have my tree trimming company so I started trimming trees because that's what used to what we used to pay more at the time and this was the start of my entrepreneur endeavor because I ended up quitting the job that I had for a year and a half. I bought my own tree trimming equipment, a new chainsaw. You're putting it on your shoulders. You were going to go do it yourself. Yeah. I remember it was palm tree season roughly six years ago in June.

And I remember just venturing off. I said, you know what? It's tree trimming season. I get paid more if I do it by myself instead of working hourly. So I got all my equipment. I remember making like 600 bucks in one day. And to me, that was a lot of money. Right?

It's still a lot of money. I mean, depending on who you are, that's a lot of money. But I had to trim 40 palm trees that day, up and down, up and down. That was brutal. You're not going to see me doing that. You're not going to see me doing that anymore either. That's it. So from there, that was, I quit on a Friday, and I started Saturday, Monday, and on Tuesday, I fell down.

I was on this palm tree. you were in business for like a week less than a week like three days three days so so this was my first failure you know going out into into business yeah and I failed immediately yeah well okay so you fell off the palm tree first of all yeah and break your back like what happened so the palm tree broke and i came crashing down on a brick wall yeah on my butt so all that weight just compression right on a brick wall yeah so i have a fractured vertebrae yeah so i had to get surgery on my back i have two rods oh man going down the middle and six screws that is holding together my L1 vertebrae because it had a burst fracture. So is it like, and I know you're into fitness because I know you personally

and we're friends, like mobility, waking up in the morning, does that really affect you? Or are you, because you're into fitness, because you do that kind of stuff, you're able to get away with it? Or is it like every day you're in pain? No, so it just depends on what I'm doing. Yeah. So I can move, you know, I do hot yoga. Yeah. I lift weights. But I also try to take care of myself. That's why I got stem cells a couple weeks ago. Yeah. You know, I got 300 million stem cells all throughout my body. No big deal. 300 million. 300 million stem cells. Because I'm trying to take care of myself. Yeah. You know, so you know i make sure i don't drink anymore i quit drinking all that stuff taking care of my body that seems to be a common

thing theme in the boardroom these days is the boardroom used to be a little bit more like hey let's go grab a cocktail now it's like everyone's like bro let's go for a run or let's go you know which is super cool to see just means people are trying to be the best version of themselves so absolutely love that yeah um by the way he is local here in Miami. That is why we are also here. So, uh, you're in six States kind of moving into real estate. You're in six States. Yep. You're doing all through PPC, all PPC. Um, and you live here in Miami. Yep. What States are you in? So we're in, uh, Florida, Georgia, North Carolina, Indiana, Texas, and Alabama. I love those states, by the way.

So if you're wholesaling, I need to buy more from you. All right. Like a lot more. All right. I mean, as someone who buys, I'm buying more than I'm actually wholesaling. And it's just hard to find good deals, right? But I'll buy from agents. I'll buy from wholesalers.

I usually will only buy from boardroom members or my own science of flipping community. So I love all those States. I love Texas. I just bought three separate apartments already this year in Alabama. Wow. I love Florida. Of course. I love North Carolina. So bro, let's get us locked in with my 100%. Yeah. See, this is another great reason yeah I cast I need to buy more so you do it all virtually you don't have really boots on the ground per se now you might because you do enough in certain markets

but talk to talk to that like how are you doing this all virtually without necessarily an office in each one of those states yes so I mean it was a little bit of a mindset shift when we started locking them up virtually back like two years ago. Because I remember at the time I went to a mastermind and there was a bunch of guys in the room that were doing it virtually. And I remember speaking to this one guy and I said, hey, how do you guys lock these up virtually? You know, nowadays everybody has to go out there and view the property first. And he said, bro, nobody does that anymore. And I was like, what? You know, so the way that we do it is just we have leads that come inbound. People fill out a form on our website. And I have a team

of closers and follow up specialists. As soon as the lead comes in, they go ahead and call it immediately, text it, email it, engage the person on the line. And from there we have an entire process where we're learning about their motivation, you know, what they're trying to accomplish, just trying to figure out if they're even a good fit for us or not from there. If it is, uh, you know, we have a, an entire like script and everything and we'll underwrite it, you know, we'll, we'll hang up and figure out uh what the numbers are run the arv run the as is if it's going to be an ovation from there call them back and deliver the offer negotiate with them back and forth if they accept it then we'll send out the the purchase

agreement and we'll walk them through the purchase agreement make sure they fill it out both sides from there we transfer it over to our disposition manager. He's the one that's now in charge of sending a photographer, working with our closing coordinator to open titles, submit the deposit, make sure that we have a clean title, line up the buyer or line up the conventional buyer. And, you know, maybe 45,60 days later, we all get paid. As a real estate investor, one of the most challenging hurdles you'll face is figuring out how to fund your first project, and then how to keep the money rolling in for all the

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fasthomecashoffers.com and Omar. You mentioned novations. This is obviously in the past year, become a very big term. I'm old. My definite no definite innovations back when we were doing it our way was you would leave the homeowner um the loan and the title in the homeowner's name you would do the remodel on the home to get to a number where you could give the seller what they really wanted because most sellers want more and we're able to give and you say well I can't do that unless I actually gain appreciation through forced appreciation of renovation then I can give you a number and not only can I give you a number I'll give you a percentage of the profits I make on the back end I just need to be able to do the remodel while you still own it that was my definition of innovation years ago now essentially innovations is wholesaling on the MLS.

Pretty much. Right? I mean, that's called for what it is, which is great. I Novate, you Novate, many of the major players now Novate. Why or how are you transitioning your business with Novation? Is it like taking over more of your deal flow? Is it pretty even still? Were you still traditionally wholesale? What's your business look like? Yeah. So it's 50-50 and you're right. The word novation is tossed around loosely. Yeah. It is, you know, the correct term is replacing the contract. And that typically happens when you're replacing one contract, the wholesale one to a conventional buyer, right? But even if it's a wholesale deal, the main benefit is just being able to slap it on the MLS.

That's right. So right now we're doing 50 50. And the way that we do it is we don't get into the fixing and the flipping kind of like you said. Right. We underwrite the property in its as this condition. What do we think the property can sell for that's current as is condition, as long as it passes financing. So it's got to have a good roof, good electrical, plumbing, HVAC, all that good stuff. And from there, we'll underwrite it, subtract a certain percentage where we have to be at without making any

repairs. We factor in our fee and just slap it on the market. But to your point, it is tossed around loosely, innovation. So even if you have a wholesale deal as long as you have a certain clause in the regular contract the ability to put it on the mls and just market it to the entire world yeah that's the main benefit of innovations right there yeah the attorney in fact the attorney in fact so again i think it's it's great and it's innovating what we do today because obviously you probably saw what's going down in South Carolina and making it illegal. I'm not going to go into all that because it's kind of always been illegal there anyway.

So essentially they just make you now sell a contract. Well, that's kind of what we do anyways, right? So people are blowing it up like it's a big thing. It's not. You just need a market. You have a contract for sale and you can get away with it that being said this kind of frees up us investors to have an option for sellers because what are your numbers i'll tell you our numbers but what are your numbers on innovation versus a normal cash offer for wholesale how much different are they um you know right now we've been getting a little better

with wholesale just by negotiating deeper contracts. But if you're talking about like a regular average assignment fee, maybe that could be $15,000 to $20,000. If you ask the rest of the industry, innovations typically are a little bit larger. For sure. They're like closer to $25,000 to $30,000. Right. So I think the main benefit is also giving the seller what they want. That's right. The seller, they really don't care what you do as long as you pitch it correctly.

They just want their money. Right. So the wholesale is going to be smaller and your offer is going to have to be a lot lower. But with innovation, you say, you know what, just dial it in the pitch. You know, I'm going to line up my end buyer and, you know, we're uh just dial it in the pitch you know i'm gonna line up my envir and you know we're gonna take care of the rest so then your fee's gonna be a little bit larger 25 to 30k so what i was specifically asking even though i think that's a good answer bubble math numbers our company does about 60 percent of arv. Ah, okay. As just, that's bubble math, right? That's not the perfect formula. But if we can be around 60% of ARV,

that would be our offer to the seller. Right. Right? Right. Now, innovation gives us 80% of list price. Roughly, yeah. Not ARV, of list price. Roughly, it's bubble math, right?

Right around the right, now if I can get 70% of list price, I want it but right if i can get up to 80 that usually mathematically creates a good profit day for me and gives a seller more of their more of their own equity right and so again if you're not doing novations make sure to reach out to omar follow him on social media. We'll link everything below. What is your handle on Instagram? It's the Omar Lopez, but it's the underscore Omar Lopez. There you go. Yeah. Make sure you follow him.

Ask him more questions about Novation's and what he's doing and how you guys can all work together. I know you're doing a lot. But this gives us an opportunity to help the seller in a way before, if you can't get the cash offer done, you kind of like, well done deal. Right. Yeah. And the thing is that we, we had a pivot more into innovations about a year ago and it's also a benefit for the wholesaler because when the interest rates went up, the wholesale offer wasn't working. Everything was super hot at the time. Yep. Right. You know,

you can lock up anything and sell it. So then when the market shifted, there were still conventional buyers, not so much cash buyers. So that's when we had a pivot also. So last year when we pivoted to innovations and PPC was when we really started seeing things climb up. So you're doing 50, 50, 50 normal wholesale cash offer, 50% novation. Yeah, right around there. Are you doing any different marketing verticals or is it all 100% PPC? It's all 100% PPC. And you run that in-house?

In-house. Why don't you use an agency? We recently started playing with an agency that allows us to adjust the lead flow like we want it, but it's only PPC also. Because we just hired new team members. So our campaigns, you got to be careful with Google campaigns. For those that know how to run them, you got to make small changes. Because if you make a big change, it'll break your campaign. That's right. So with us, we're dialing it in a little bit slow and we're adjusting the lead flow how we want it with a particular lead broker. So if someone's listening to this

saying, Omar, I want to do what you do. I'm just starting. What's your advice to that person right now? Imagine Omar six years ago. What kind of marketing should they be doing PPC? What would you advise that person? I guess it just depends on how much money they have. Yeah. So the way that I got started with a little bit of money, I literally just started driving the neighborhoods and looking for distressed houses. That's great. And I just searched them up and skip traced the property address. And I bought many properties like that. Did you call them or actually knock on their door?

Call them. So you did what I would hope all people do is you can do this business for very little money. I mean, that probably cost you little to no money to drive around. Gas money. Right. Skip trace money. More time. And time.

Yeah. You're going to spend money. You're going to spend time. For us, you can spend both. You have money and you have time. You can spend both. But you're doing what people aren't willing to do right and that I think is a little bit of a secret to your success right

even to the point of bring it back to when you were doing you know landscaping and doing your own tree business is you you wanted to put it on your own shoulders and go put the effort in to create what you wanted to create and do what others weren't willing to do. And that's why you were able to go get deals driving for dollars because no one does it anymore. Right. No one does it. I mean, there are literal applications to help you do it and people don't do it. Now I'm being, you know, a little exaggerated. Yes, there are still people that do it, but relative to how many people that you do Ppc or cold call or direct mail there's so few

of people that actually will still do driving for dollars like to the point i would tell you get someone on your team to get back to do that that would be a great idea why not it's essentially free right pay for their gas pay for the skip tracing they are the acquisition agent and you have free like if they get one every three months who cares right now what you need to do is keep them in the game long enough to go get paid right so today's episode is brought to you by our friends at bateman collective pay per click can be an awesome lead gen channel for investors but you need tons of data to make it work on your own that's where bateman collective comes in they have the data and the expertise to help you unlock ppc as your top

marketing channel take the risk out of ppc and go with the experts go with the best get a free strategy consultation to see how they can drive consistent motivated seller leads to your business. Go to batemancollective.com. What do you, you know, again, let's, let's talk about this six year journey you've been on. You started door knocking. What other iterations have you gone through to get to where you're at today? Making, you know, seven figures a year within marketing, deal flow. What does that look like? When I first got started, I didn't start with my team. I just started having a team specifically wholesale and innovation about two years ago. I first got started buying rental properties. So when I started driving for dollars, in fact, I actually used to be the mobile home guy back where I used to live.

I know a lot about mobile homes. Wow. Yeah. Good to know. I'll call you. Yeah, hit me up. My biggest deals have been with mobile homes. Really?

Yeah, I've made up to $160,000 on mobile homes. No way. I'm serious. That's huge. Yeah. Okay. And so for a while, I was the mobile home guy fixing and flipping mobile homes. And I also did a lot of mobile homes where I sold them on seller financing. So I have a few

notes that are still paying me to this day on seller financing. That's great. From there, I realized that the main money is in real estate, right? So I can make a bunch of little small deals with mobile homes, but, um, you know, you want to be a real estate investor. So I started getting into buying houses and mobile homes with land as well. I still own a few of those as part of my portfolio. And, um, so when I did that, I got up to like 12 rental properties. And I remember at the time I used to beat myself up a little bit also, because, um, all the experience that I had in the mobile homes, I thought, Oh man, I wasn't a real estate investor. I'm not a real estate investor, but that experience with the mobile homes is what

allowed me to make those big rips a hundred K plus with the experience that I had. So from there about two years ago was when I decided to get my team and get an office because I started running out of money. Oh yeah. I started getting equity rich. Yeah. I was just going to say, if you're taking all your cash and putting it in, you're getting equity rich, but you have no more money. Right. When I least expected it, I was a millionaire and at worth, but I was cash poor. Right. So I said, all right, I got, I got to flip the wheels back. And now I'm going to focus on building a machine with generating active income through wholesaling, flipping, novations. And that's been what's going on for the last two

years with my team. Okay. Yeah. So you started buying rentals. Do you still have them or did you sell them off or what do you do? I sold off a yeah so we have six now okay yeah um i always advise people to buy rentals fast so i like that you did that buy them early my biggest mistake i always say is not buying rentals early enough however the way you did it is how i advise not to do it because it is very easy to go get wealthy but cash poor right It doesn't help you. It doesn't help your business. Right. It's the long play.

I understand that. But even to the point where you should have been wholesaling it to yourself. Absolutely. Right. You should have an entity that contracted it, sold it to your other holding entity for a $10,000 assignment and made the money. Even if he did that, at least you should have been doing that. Right. Right. Really, what you should be doing is not using your own money that's what you should be going right i

just went out and raised i don't even know how much but like i had to go get five hundred thousand dollars because i came in a crazy circumstance that like one of my equity partners that owned the property with me had to exit crazy scenario. So I was like, well, damn. Okay. That's a big chunk of money. It's not 50 grand. So I went out and within one day I raised $500,000. None of my own money. No, you know, it's in a park. So that's how you buy all your properties just by raising money right now. A hundred percent. You know, you should be doing the same thing. You don't use any of your active income none wow no one should you shouldn't i shouldn't nobody no one in boardroom should it should all be raised capital and so and this is

something i'm happy to show you but absolutely you should be building a portfolio and it has to make sense for the lender and for you right so what you can't go do is you can't go out and raise capital unless you use 10% interest as a number. And whether it's an apartment, single family home, whatever, it's not performing. So now you're still debt service coveraging the 10% every month. So you have to make sure you're underwriting it in a way that you can structure the debt. So a great example of what I would encourage you to do, especially on bigger properties, if there's a apartment or a four unit, five unit, bigger, defer the interest for a year and then do a refi and pay them off. You can do the same BRRRR method on a single family home and you can do it on an apartment as well. But nobody, in my opinion, should be

using your own active income to buy rentals. Good, good. That's a good point right there. And so that will help everybody move their wealth accumulation faster. The key will be is how do you go find the money, raise the money, structure the money? That's where people go, well, great, just now, what the hell do I do? Well, and I can help you. And obviously my community members get that kind of coaching, right?

But I'm happy to help you, dude. dude absolutely because you should keep buying rentals i don't want you to and that's why i asked specifically if you sold some or didn't sell some i want you to keep what you have but then and by the way you might even keep what you have and do a liquid uh liquidation event or a liquidity event so what i mean by that is you might go in there and say, I'm going to use fake examples. You have six rentals left. Let's just say you have $100,000 of equity on each. I'm using fake examples. $600,000 of equity.

You call Justin or anybody. Say, Justin, I want to bring you in on ownership on this rental. You want to be a part owner. I've already done the hard work. I bought it. I remodeled it. I attended it. It's performing at this give me you know 50 grand and I'll bring you into ownership on this one rental

right here okay well now you have 50 grand back in your pocket you have a partner on a property that's making you three four hundred dollars a month and the bigger payday will when you sell off but now you have 50 grand back in your pocket. What can you go do with 50 grand? Can you go buy another flip? Can you do a seller finance note that gives better returns than the rental? What can you do with 50 grand? So essentially what you're saying is just leverage the properties. Yeah, but you bring them in as an owner. Okay. You can bring them in as debt, but bring them in as a an owner okay you can bring them in as debt but bring them in as an owner so again i'll just use the example let's say you own a home you know it's worth 200 grand it's rented it's bringing

in 1800 a month you have a hundred of your own cash into it or equity or equity right right so you say hey i'm going to sell off 50 or or 50 grand worth of equity. I'll give you 20% ownership for that. Right. Or technically 25. Because it's worth 200. You're going to give me 50 grand, which is 25% of 200. I'll give you 25% ownership in this rental. You'll have 25% of the net revenue.

You'll have 25% of the profits when I sell it, etc. Yeah. Yeah, that's been one of my main questions that I've had myself. What's the right balance of keeping properties or how to keep buying more? Because some of the properties that... Even if you did that, for example, even if you didn't fully listen to what I'm saying to you and you took that 50 grand and bought another rental instead of just putting in your pocket, well, now you have two rentals instead of one. Right. See what I'm saying? Yeah and you took that 50 grand and bought another rental instead of just putting in your pocket well now you have two rentals instead of one right see I'm saying yeah I hear you rinse and repeat that but also the other thing I would advise you or anyone is is run the burr model

don't buy a rental property like what here's what you probably see this all the time subject to wholesale fee 30 down right do you see this you see this all? Like to me, that's not, I'm going to just stick the whole reason you're doing subject to is because the loan is great. It's 3%. You're like, I want that loan. Yeah. But you're going to put $60,000 down and you're going to sink it into that home. Cause you're not going to refi because you want the loan. So now you have 60 grand into this home. What are you doing? People like you and me and people that know how to move money, we can move money in a way better return on investment than sinking 60 grand into that home.

So I don't want any of your money into those homes. Right, right. So are you buying in multiple areas also? Yeah. Like even single families or are you focused primarily on multifamily? Single family and multifamily. You're not worried about sticking it to areas also? Yeah. Like even single families or are you focused primarily on multifamily? Single family and multifamily. You're not worried about sticking to specific markets? No.

Well, so I actually stick to basically the same states you do. North Carolina, South Carolina, Florida. But there's multiple markets there, right? You're just buying everywhere? Mm-hmm. Got it. Now, respectfully, I'm not buying in rural areas, right? I'm sticking to the major cities like Birmingham, Alabama,ama oklahoma city dallas i just bought one in san antonio just bought one in pensacola so

pensacola some people might think is rural but it's not there's people need affordability in miami is way too expensive yeah right yeah and yeah why wouldn't you uh stick to a specific market like um maybe just buy all in pensacola per se we could uh and i think about it but i just think there's a lot of opportunity with markets that i'm in that a good deal is a good deal and you know because i run a business just like you it's virtual right so if i have resources in these markets i don't i feel totally comfortable buying in those markets got it right so i buy through the whole state of florida ironically i've never bought a deal in these markets, I feel totally comfortable buying in those markets. Got it. Right? So I buy through the whole state of Florida.

Ironically, I've never bought a deal in Miami. It's just not the best market for that right now. Right. But I love Alabama right now. I love Georgia. I love Oklahoma. These are all great markets because there's still affordability. And you just deal with different property managers.

Mm-hmm. Or I'm sure you have somebody that deals with them. Yeah. So I have an in-house, I don't even know what you would call her, agent and property manager relation. Like, so her name's Megan. She's great. Her whole day is focused on agents on our listings or our buys, escrows. She's not a TC, but she'd make sure when we're funding or selling and, you know, make sure our TC has all the stuff for me to sign. All things to do with property management and agents. So she is a, that's our entire job. Wow.

Right. But we're buying two to five properties a week and we just bought three apartments. Like, so it's full time. Yeah. And you keep her busy. Yeah. For sure. Yeah.

Good. So what do you see yourself doing now to finish this year? It's midway through 2024, which is crazy to even think about. But how do you see your business shaping? Have you seen an effect on what's going on with interest rates? Are you doing anything different? Are you pivoting? Are you doubling down?

What are you doing? So the one thing that we are doing is trying to get more focus to Florida. Okay. So that's our goal. So slowly we're reducing the number of trying to get more focus to Florida. Okay. So that's our goal. So slowly we're reducing the number of states and we'll be in Florida. And we're also going to put some like direct mail into Miami. Yeah.

You know, I want to tap into this market. Yeah. So we're aiming for 1.8 million in revenue this year. And- By your own goal? I think we're like maybe 40 percent um like how do i say this slightly off target yeah so you're at 8 800 grand so far for the year essentially right right so um that's going to be the main thing getting more focused and and adding a different marketing channel also because i don't want to be relying strictly on PPC. I'm so happy you said that. You should have three.

Three. Two is better than one, but you should have three. Because again, whether it's driving for dollars, that's a marketing channel. Whether it's agent outreach, that's a marketing channel. Whether it's co-wholesaling, that's a marketing channel. If someone else went and found the deal, you find the buyer. Or maybe you are the buyer, right? Or, you know, I'm the buyer and you know, I love, let's just say Birmingham or I love Pensacola or wherever. You're like, Hey Colby, I'll make two grand on this,

but I think it's a pretty good deal. Like just go get the deal done. It's a marketing vertical, right? So you should always have three. Just only working one is short-sighted. It can work, but you will have because you know this ppc sometimes just shits the bed you know and you go now what the thing is that you're just relying on that one channel and let's just say that something happens to that

one channel then there goes your lead flow that's right yeah um you and i are both friends with mcperry what did you learn at his mastermind uh in king kane what was your big takeaway so one of the big takeaways was uh this this guy that um he's very aggressive with the way that he does business and you know this might sound um a little hard but he he even even will sue sellers if he has to. Right. I mean, like if they want to back out of the contract. But I think it was just a mindset of just being able to hold your ground and just being more tough, you know, recording the memorandums on the property, defending your contract at all costs. I think, you know, in this industry, it's very easy for sellers to go and shop around. Of course. And so they might not take you as serious. So just having that tough mentality of being able to stand your ground, you know, record the contract with the county,

or if it comes down to it, if it's a really good deal, if the seller's not taking you serious, and if you have to, know take them to court then you know just standard ground i mean your business is your business it's your business it's your livelihood it's how you put food on the plate right absolutely um so i can understand that for sure yeah and it and you know that it everyone's shopping deals all the sellers now right how many other people are in the world trying to give a higher offer because you got it contracted at 100 they'll offer 105 you're like great especially with pbc yeah but pbc they're filling out multiple forms at at the same time that's right so when they're contacting you they have other people contacting them at the

same time yeah yeah so you're gonna go direct mail are you gonna do direct mail to this the lead you already brought in from pb or brand new lead gen direct mail? Brand new. Cool. Yeah, brand new. I'm trying to focus on South Florida specifically. How much are you going to spend in direct mail? I think we'll test it out for another 10K.

Okay. Yeah. But you got to be consistent, right? Of course. You can't throw 10K, see if it works, and then quit, right? You got to go. I tell everyone you got to go three months or don't do it because you just don't have the the

runway you need to measure direct mail if you do anything less than three months got it so so whether you can still sustain 10k or not maybe you adjust that number if you're going to do it do it but don't do it for a short amount of time you got to run for 90 days yeah you know it's kind of hard to leave pbc right now because with the 5x return so now it's an and it's not nor right don't take away from your pbc budget that'd be silly you just got to add on to the direct mail budget yeah direct mail is uh the next marketing channel and then i think just opening up a j branch as well. Nice. You know, just having a, that's why I'm, I'm trying to focus on my brand right now. Yeah. You know, have other wholesalers reach out to us, other realtors. So you heard that right here, right now,

if you're a wholesaler in Florida, make sure you're reaching out to Omar, you know, or realtor or realtor, you know, they have deals also. That's it. Yeah. Make sure you reach out to Omar. Absolutely. Okay. So you're going to open up a division direct to investor. Right. Are you going to open up a division direct to agent? I think it'll be the same one. Okay. Yeah. And I wouldn't tell you everyone should be doing that.

That's the right thought process. Right. All of these things are ands. They're not ors. So keep doing that. Right. And so you're projecting 1.8 to finish the right thought process. Right. All of these things are ands. They're not ors. So keep doing that. Right. And so you're projecting 1.8 to finish the year. Yeah.

You're at, you know, 40% of where you should be right now. So let's just say you're. Right now, if we stick to where we're at, we'll finish at 1.4. So we got a little bit of work to do. Yeah. Yeah. So you're at 700 grand for the year so far. If you did the same thing, you'd be at 1.4.

Yep. Okay. but ovations probably helped that a lot it did yeah yeah just having that that extra extra strategy has really helped us over the past year well there's three things well there's two things you need diversity in your exit you need diversity in how you acquire so it sounds as if you're already getting diversity in your marketing. Right. KPC, direct mail. Is that what you mean by when you acquire? Yeah. Okay. How you find the lead. Got it. So diversity in marketing and diversity in how you exit. So what I would encourage you to do is go find another exit strategy. Right. That's why the goal with doing deals down here in South Florida is to do some fix and flips.

Yep. Because what we're not doing, you know, the market, you can trust the market. Yeah. So I used to do more fix and flips out there in Southern California. Now, since we're all virtual, we do a couple of the fix and flips virtual. And I mean, they can be successful if the numbers make sense. But it just makes more sense to have a local contractor, build the relationships with the market that you understand. You're not wrong, brother. To this day, I still have contractor troubles. There's no doubt about it.

And you do them all over the state too, Flip. I do, yeah, yeah, yeah. So from Oklahoma to, again, Pensacola to, I think we're buying one right now in Fort Myers down, or I guess up now west and you and you're fixing these up if they need if I buy a rental I fix them up I fix up every single one of our properties the reason why is remember I said you need multiple exits so I could either keep it and refi it as a BRRRR because I added the value or I could fix and flip it. So I need, I need any property I buy to be in the box of it's a good rental and it's a good

flip. Got it. Got it. So that makes it, that's what I'm saying. That's a good point right there. For me to be willing to buy. So some like send me your deals because it's hard because not every deal, some are great rentals, but you're like this is a terrible fiction flip it's a great rental yeah right i'm buying too high that's a good point so i wouldn't buy that having the end in mind when you first acquire the property yeah because if you don't fix it up then um you know you you have a uh less exit strategy that's right so you just got to make sure that you're setting yourself up correctly yeah yeah so um you sounds like you are on trajectory to do some good stuff how are you seeing this next phase right six years you're

not a rookie anymore you've been doing some stuff i'm sure you have some scars to prove it how do you see this next kind of phase of your journey where do you see yourself maybe pivoting why if at all right do you want to sounds pivoting? Why, if at all, right? Do you want to, sounds like you want to shrink in, get a little bit more localized to at least Florida, maybe even to Miami. Talk about kind of where you see yourself going in the iteration you're going to go through. Yeah. So right now our goal is to make sure that we have good leaders in our company, right? Having good people. So, you know, anybody out there that is looking to join a great team, you know, if you're a good leader, uh, you want to be part of a,

an amazing company, fast home cash offers, reach out to us. So hit him up on Instagram probably is the best place, right? Yeah. Hit me up on Omar dash Lopez underscore Omar Lopez, the underscore Omar Lopez. The underscore Omar Lopez. Yeah. So that's what we need. Good people. Good leaders.

And that's going to be the next phase that I'm going to be pivoting to, to make sure that we get out of this momentum stage and really start focusing on the business. But bro, you know what's funny? If you really take a look at, like, again, I'm removed from your business, right? Right. Think about what you're saying and think about where your friends are at in life for a second okay six years ago essentially you were broke i was you had a broken back you had to get surgery six years later you're on pace to do $1.4 million in revenue, and you have a goal to hit 1.8. Isn't that kind of fucked up?

It is. Like, why are you different? You know, I ask myself that all the time, you know, and I think. What are you doing different? I mean, they breathe. They have a heartbeat. They blink. Why is Omar different?

I'm determined, bro. I'm determined. I'm relentless. You know, I have my parents that rely on me and, you know, I have a mission to be the best man possible. You know, I'm a firm believer in staying well-rounded with faith, family, fitness, finance. You know, I quit drinking. You know, I'm on a mission right now. Yeah. I'm on a mission, right? I do hot yoga. I have the ice plunge at my house. I'm looking to stay dialed in in all aspects of life.

You know, I'm just getting started right now. Hell yeah, bro. Well, I'm so excited you're on this podcast. If you have deals, hit him up on Instagram. If you are looking to work for a great company, hit him up on Instagram. He is the real deal. He is a friend of mine. So excited to have you featured on this podcast, my guy. Thank you, bro.

Right on. Appreciate that. All right, guys, that is it for this episode. We are going to be back with another guest on the next episode. See you there. Peace. See you, guys.