The Science of Flipping - The TOP Strategy That Will Help You Get More Deals

Episode Date: August 30, 2021

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   

What is up everybody? Welcome back to the Science of Flipping podcast. I am your host Justin Colby and this episode is going to be the one thing, I'm talking about the one thing that can help you do more deals. Let's jump into it. Now, if this is your first time at this podcast, if you're listening to it on iTunes, I have several hundred podcast episodes. Go through them all. They're awesome. But if it's your first time, I want you to know this one thing. I'm also videoing this exact podcast right now. If you go to my YouTube channel, youtube.com forward slash Justin Colby, you can actually watch me. I don't know if that really

helps, but a little bit more engaging, right? So go to youtube.com forward slash Justin Colby. Make sure you subscribe because I drop at least three podcasts a week. Also, I drop three videos a week that are all specific to real estate investing, business, and entrepreneurship. So you're talking about six videos a week that you can be watching right there on youtube.com forward slash Justin Colby. So this podcast is all about real estate investing, how to be the biggest, baddest, and most profitable real estate investor you can possibly be in your market. So the key there is profitability, right? I want to focus on profitability. And that's why this episode is how can you do more deals with this one single

strategy that I'm going to jump into. Again, I'm talking about all the processes, tools, systems, strategies that you need in your business to be successful here on this podcast. And if you have any desire to have me potentially coach you, hold your hand, give you the blueprint to this business model, which I call wholesaling to wealth, meaning you're going to wholesale, make a bunch of money, and then flip homes, and then you're going to be buying rentals so you can create wealth. If you have any interest at all, go to thescienceofflipping.com and fill out an application. Some of my top advisors will get with you and make sure I'm a good fit for you when it comes to coaching. With that said, let's jump into what I believe the top strategy for you, myself, or anyone to do more deals.

And to clarify, I don't simply mean wholesaling. It could be more flips. It could be buying more rentals. It could be more wholesaling. And that one strategy, wait for it, partnering. Now, for most of you guys, you know that I'm not a huge advocate of business partnerships in the general sense. But when those partnerships are strategic, it takes a different shape. It takes a different form. So for you out there saying, oh great, I'm going to partner with my best friend or my cousin or whoever, I'm not typically a big fan on partnering with those people for the simplicity of just having someone else to do it alone. Most people go into business partnerships because frankly, they're scared to do it alone. They're scared of failure. They're always playing what

if I don't make it and maybe this will help me because it will be both of us, right? Now, other people say, well, well I'm gonna create a partnership because that person brings something that I lack now that is a lot more strategic than to just go into a partnership because it feels good and you want to do with your best friend that's great I did that I've been there and it didn't work for me after 14 years, specifically about 12 years. But I will tell you this, partnering is the one strategy that can help you do more deals. Now you might be, why do I say that? Why do I sound so contradicting here? And it's because it's strategic.

Strategic partnering is what I'm talking about. So for example, let me give you some real life experience about what I do in my business I have been wholesaling and flipping homes for 14 years and admission to myself of not doing something well is buying rentals I have not yet bought any rentals up until this very year and that's because partly i enjoyed the cash i liked the money i liked the lifestyle i liked the nice things i liked it and wholesaling and flipping brings a bunch of that but what's not sexy what's not cool what's not you know fun trips is creating wealth per se buying rentals until you get to a certain point you don't really have a whole lot of income

generating so you don't have that lifestyle yet so what what I did is I took some of my own advice. The same thing I'm telling you now, I brought into my business in 2021, and I brought in strategic partners to help me build my rental portfolio. Well, what does that look like? Well, that means I'm able to continue wholesaling. I'm able to continue flipping. I'm also now able to buy rentals. Now, I don't have a business partner that is partners in all of that. I have strategic partners, specifically cash partners, that bring in the money and I bring the real estate acumen. I bring the business. And for that, there is a partnership. and it's only in that one very contained business model. They bring cash, I buy homes, I remodel them, I get them rented. It's a win for

both sides but that is a strategic partnership and it allows me to actually buy and do more deals than it would have previously and the reason being is some of these deals are not great wholesales and they're not great flips, but they are very good rentals. That one strategy alone allows me to do more deals than if I was just wholesaling and flipping because I can analyze the property differently. I'm looking for a different return, if you you will I'm not looking for the ten or twenty thousand dollar wholesale fee or thirty forty fifty thousand dollar flip I'm looking for four hundred bucks a month two hundred bucks a month it's a totally different strategy so I'm able to compartmentalize it right so that strategy allows me to actually do more deals because it's out of the the I guess container of wholesaling and

flipping so that alone in my business has allowed me to do more deals now how can someone that either is just getting into the space maybe you're trying to grow your business and scale your business how can you take this advice and bring it into your business? Well, one, maybe some of you guys don't have much money to build a business. You don't have a big marketing budget. You don't have a lot of operating capital. So you can actually, and I've done this before very early on in my career, I brought in a financial partner into my career. What that was is very similar.

They brought some cash so I could start marketing to bring in deals and based around those deals, they got a return on their money. Now I've structured that two separate ways. Let's say I wanted to go spend $5,000 on marketing, doesn't matter which way, I could just give them a rate of return, right? Like an interest rate essentially.

And I can say, hey, you give me five grand for six months, I'll give you six grand back. That's a nice 20% return, right? That's great. $1,000 out of 5,000 is a 20% return. People love that. So I've done it that way, right? I've also brought someone in at a much higher level

to say, hey, if you give me $25,000 for marketing, I will give you 20% of revenue generated out of the deals we get from your marketing. And I've done it both ways. Now, these are partnerships, strategic partnerships that I'm actually able to leverage to get more deals done. So how would that work if you were trying to flip more deals? Well, same thing is to be said. Maybe instead of going and getting hard money, you actually go get private money and partner with them instead of debt. Maybe you find contractors who actually will do the job for free at none of your own cost, all on their cost,

and you guys share profits on those deals. Those strategic partnerships can help you do more deals. And most often in business, and I run multiple businesses, most often those partnerships at some level come to the shape of someone is a financier or a financial partner and someone is more of a managing partner. And by the way, there's no right or wrong way to develop these partnerships. What I would encourage you not to do is get into the space of real estate investing and call your buddy and get all fired up and gassed up and excited about this opportunity and create a partnership for no good reason except for excitement. I do not want you to be doing that.

By the way, I did that and it didn't work out for me. Now, it lasted a long time, but at the end of the day, it didn't work out for me. I'd tell you guys, if you are looking to create a real estate investing business, create it by yourself and bring in strategic partners because the person who says, well, I'm the moneymaker, which is me, I'm the rainmaker, I'm the creative, I go create, I need someone to manage or operate. Here's the key that I have found almost every time, almost 100% of the time.

The creative person goes and brings in the money, and you can hire, not partner, hire the managing person. They can just manage. You can pay them a salary. If you're making $500,000 a year and you need a manager, you can pay them $80,000 a year versus bringing in a partner and paying them $250,000 a year. So again, this one strategy of strategic partnerships

can change your game drastically. And I'd encourage you to do it for sure in your business. And if you have any questions at all, make sure to write the questions down below in the comment if you're watching this on YouTube. You should be watching this on YouTube. And if you are on iTunes, make sure you are giving me a five-star rating

because I'm awesome. No, make sure you are giving me a five-star rating because I'm awesome. No, make sure you're giving me an honest rating. Give me a five-star because it's honest. Anyways, make sure to get over to youtube.com forward slash Justin Colby. Subscribe. Ask your questions there. I'm happy to engage with you. I'm happy to answer your questions and continue to give you guys feedback. I hope this episode helped you, and I look forward to seeing you guys on the next episode. Peace.