The Science of Flipping - Millionaire Real Estate Investor Starts Over

Episode Date: June 2, 2022

The #1 training and coaching system to launch, grow, and scale your investing business!𝐋𝐞𝐚𝐫𝐧 𝐌𝐨𝐫𝐞: http://www.thescienceofflipping.com Become a 𝐓𝐒𝐎𝐅 𝐈𝐍��𝐈𝐃𝐄𝐑 and get access to exclusive training and resources:https://insider.thescienceofflipping.com 𝐈𝐍𝐒𝐈𝐃𝐄𝐑𝐒 𝐆𝐄𝐓 𝐅𝐑𝐄𝐄 𝐀𝐂𝐂𝐄𝐒𝐒 𝐓𝐎: ✔️ Science of Flipping Academy  ✔️ All the systems and software I use in my business✔️ All the tools you need to run your business ✔️ All my Scripts, Contracts, Spreadsheets✔️ Special Discounts✔️ And Much More... 𝐇𝐚𝐯𝐞 𝐚 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧?Get immediately connected with a team member on messenger:http://split.to/tsof-messenger 𝐁𝐞𝐬𝐭 𝐑𝐞𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐅𝐨𝐫 𝐖𝐡𝐨𝐥𝐞𝐬𝐚𝐥𝐞𝐫𝐬✅ 𝐁𝐞𝐬𝐭 𝐑𝐞𝐚𝐥 𝐄𝐬𝐭𝐚𝐭𝐞 𝐒𝐨𝐟𝐭𝐰𝐚𝐫𝐞: http://bit.ly/tsofsoftware✅ 𝐁𝐞𝐬𝐭 𝐃𝐫𝐢𝐯𝐢𝐧𝐠 𝐟𝐨𝐫 𝐃𝐨𝐥𝐥𝐚𝐫𝐬 𝐀𝐩𝐩: http://bit.ly/tsofd4d✅ 𝐁𝐞𝐬𝐭 𝐒𝐤𝐢𝐩 𝐓𝐫𝐚𝐜𝐢𝐧𝐠 𝐒𝐞𝐫𝐯𝐢𝐜𝐞: http://bit.ly/tsofskiptrace✅ 𝐁𝐞𝐬𝐭 𝐓𝐞𝐱𝐭 𝐁𝐥𝐚𝐬𝐭𝐢𝐧𝐠: http://bit.ly/tsoftext✅ 𝐁𝐞𝐬𝐭 𝐃𝐢𝐫𝐞𝐜𝐭 𝐌𝐚𝐢𝐥 𝐒𝐞𝐫𝐯𝐢𝐜𝐞:: http://bit.ly/tsofmail✅ 𝐁𝐞𝐬𝐭 𝐃𝐚𝐭𝐚 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫: http://bit.ly/tsofdata 𝑾𝒉𝒂𝒕 𝒕𝒉𝒆 𝑷𝒓𝒐𝒔 𝑯𝒂𝒗𝒆 𝑻𝒐 𝑺𝒂𝒚 𝑨𝒃𝒐𝒖𝒕 𝑱𝒖𝒔𝒕𝒊𝒏: “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) 𝐀𝐛𝐨𝐮𝐭 𝐉𝐮𝐬𝐭𝐢𝐧:Justin Colby is the founder of The Science of Flipping Podcast and The Science of Flipping Coaching Program and is an active Real Estate investor having flipped over 1500 homes in multiple markets across the U.S. Justin runs an 8-figure real estate wholesaling business that closes 20+ deals each month in multiple markets across the U.S and has helped 1000s of clients learn how to become successful real estate investors. Justin subscribes to the philosophy of "Wholesaling To Wealth" and is the foundation of his coaching program which teaches you how to get started wholesaling or streamline and scale an existing wholesaling business as well as build long term wealth through wholesaling, flipping, and building a rental portfolio. Subscribe To Justin Colby:http://youtube.com/justincolby View All My Videos:https://www.youtube.com/c/JustinColby/videos   

So if I were to get started again, I would be focusing on agents, wholesalers, investors, contractors, my network to bring me opportunities. I would be making offers on the MLS every single day with Privy. If you don't know what Privy is, go to... Yo, yo, what is up? What is up, everybody? Welcome back to the Science of Flipping podcast. I'm your host, Justin Colby. We're going to be talking about something I get asked all the time right now which is because the market is changing and shifting real-time how are you adapting Justin and even more I get

the question if I had to start all over what would I do well for those that don't know my story I've been doing this for 15 years. I've done 2,000 deals. Now, I didn't get started with a whole bunch of money in my pocket. I actually was broke, busted, and disgusted. I actually lost my home to foreclosure. The repo man took my car, and I was sleeping on my friend's couch. Now, I hope you're not in a scenario like that, but I can tell you, because of my experience, anyone can get into this business regardless of how much money they have or what their credit looks like one of the biggest

challenges I see people think they're having is they don't have any money I can promise you this right now there is a lot of money out there that you can get one of the main things that I teach and even some of the coaches teach is how to raise that private money. In fact, I have a whole private money course right in my coaching program about how to raise private money, how to structure it so that it is beneficial for you.

I promise you right now, some of my students are doing such simple things such as utilizing social media, such as Instagram and Facebook to find people that they never would have thought would be a private money lender and they're getting it right now one in fact one student that is actually just raised five hundred thousand dollars by making one simple post on Facebook I promise you whether, whether it's credit card 0% offers, whether it's lines of credit that you could get from your bank,

whether it's just people who are looking to place their money in a secure investment, there is a lot of money out there and you don't need any of your own money in your bank account. So that is the major challenge I see people struggle with that this is why they can't get in the major challenge I see people struggle with that this is why they can't get in the industry I promise you from my own experience and so many of my

students experience that's in your own head remove that so when I get asked a question I'll answer it directly for you guys right now what would I do if I started over I would just start going and trying to find opportunities with one direction to start my network now the key to this business of real estate investing is not whether it's gonna be a wholesale business or a fix and flip business or Airbnb business it is all of it it is an and not an or so when I get asked the question of where do I start it's just go in the same way that I started cold calling Realtors back in 2007 I would cold call a hundred a day why Justin well because that's the only

way I thought about getting a deal I didn't have a guru or coach or a mastermind to give any advice there was no YouTube University at that time around this vertical of real estate investing so I just had what I could think of in finding a deal I didn't even know what wholesaling was what I can tell you is my answer is not go out there and just start wholesaling you see wholesaling is a marketing business and it is beautiful and is great and it will make you millions and millions of dollars if you do it correctly. In fact, I still wholesale 10 to 20 homes each and every month across the nation.

I love it, but I don't only wholesale. If I were to get started again, I would be focusing on agents, wholesalers, investors, contractors, my network to bring me opportunities. I would be making offers on the MLS every single day with Privy. If you don't know what Privy is, go to privytsof.com, privytsof.com, and get on it.

Now, make five offers a day, and you will likely have one of those offers accepted each and every month. Now, that being said, I'd be making offers with agents. I'd be making offers on Privy. I would be making offers with wholesale deals. I would be door knocking, cold calling, and going straight to homeowner as well.

But I'd be really leveraging my network to find my first deal. That's heavily how I would get in the space because guess what? I still do that today. I still leverage my network to get deals done today. I'll do likely about 10 every single month that come directly through my network. Now, one technical way to get into the business would be house hacking. People love this idea of house hacking, and I actually love it too. If I didn't have a wife and a baby, something like buying a duplex or a triplex or a fourplex could make a lot of sense for me because I could buy it with an owner-occupied loan and then be able to rent out the other

units and essentially get as close to living for free as possible so in general I like that as a starting point for most people because you can actually get a loan that is owner-occupied loan or an owner occupant loan versus an investor loan so I really love that idea another way is maybe you can just buy a single family home and rent out some rooms in that home and make your mortgage payment essentially paid for by your tenants. So that also breaks you into the industry. Now, I know that's not a business, but it's your first deal. So a lot of people think, how do I build a business or how do I get into this business?

Well, there's always different ways to start. Maybe it's renting out some of the rooms in the home that you already own. Maybe it's going and finding a duplex, triplex to house hack. All of those are great ways to house hack and essentially live for free or very close to it and build equity in your current investment property as long as you view it as an investment. Now I wanna give you some perspective. For years and years and years, I've been going direct to homeowner with marketing and there's a big marketing spend to that.

A lot of people would say, you can't find deals on the MLS. A lot of people would say, wholesalers are asking too much. Well, the key to all of this is just making offers. So again, an application like Privy has really changed the game for me because as someone who is able to buy homes across the nation, I'm able to make offers on the MLS through realtors.

Even if it doesn't get accepted, I'm making offers. The same thing with wholesalers. Before, wholesalers would sell a home and make $5,000, $10,000, $15,000 and leave some room on the bone. But now wholesalers are pricing their homes so high because they're having a difficult time contracting or getting a deeply negotiated home that flippers don't really have much room on that home. So I would make offers on the wholesale deals that you are getting. They don't have to accept it, but at least you know where that number would be. Now, again, you can wholesale that to one of your end buyers.

You can wholesale an MLS deal to one of your end buyers if you want to focus on wholesaling, which is a great business model. It just shouldn't be your only business model. You should be flipping, rehab flipping if business model. You should be flipping rehab, flipping. If you want, you should be buying long-term rentals. You should be buying short-term rentals. You should be wholetailing. You should be doing some creative financing and sub two work. You should be doing it all right. So if I'm starting over again, I'm not limiting myself to any of it. I'm just going to drive as many opportunities to me as possible

and then try to maximize each and every one of those opportunities, starting with getting it all from my network. So to surmise this, guys, don't be a one-trick pony. You've heard me say this again and again. You start with your network. You do not worry about if you have money to rehab flip because it is absolutely everywhere go just start taking action get yourself a deal maybe use privy go to privy

p-r-i-v-y-t-s-o-f.com sign up it's 97 a month and start making offers start leveraging the wholesalers and other agents in your market these are tactical things that you're going to be learning at my master class event but also that you can do right now just by watching this on YouTube. By the way, get over to YouTube, subscribe and watch these videos. I'll check you out on the next episode. Peace.