The Science of Flipping - You Can Achieve Greatness with THIS Mindset

Episode Date: November 28, 2023

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Yo, yo, welcome back to the Science of Flipping podcast. I am Justin Colby. We are finishing up the year here, and I wanna make a really big impression on you of the level of success you can actually achieve if you just do a couple very simple things. First, I would tell you the first principle of success that I would say is you need to decide what you want

and decide who you need to be, get it. Now, why is that important? And I'm going to focus on this really quick because for my real estate investors, you need to decide what are you doing within real estate? Is this something you actually want? Are you just curious or would this be nice? Is it something that looks cool on TV or do you really want to go win within real estate? You need to make that decision. So you have to decide what you actually want. I put together kind of a test for my team. I've been talking to a lot of people who say they are interested in being a real estate investor. And I asked them to send me these individuals so I can actually personally have a conversation with a handful of them. And I've actually found something really interesting. A lot of people say what they want, but then when I push them into what they're going

to do to get it and I make them answer those questions, push comes to shove and they start to back down. They don't really want to do the work or they don't want to become the person that will do whatever it takes to achieve it. And this is something that I have seen to be a symptom of a lot of people. And so as someone listening or watching this on YouTube, if you are trying to aspire to be a real estate investor, or maybe you are a real estate investor, but you want to gain more consistency, then I'm gonna push you to make a decision

of what you want and then make a decision on who you need to be to get it. One thing I have come across many times while having these phone calls, and I've probably done 25 of these phone calls here in the recent past, is people are talking about the diversity of like, I'm doing this and I want this and I need multiple streams of income because I don't want to be all eggs in one basket or Warren Buffett says you need multiple streams of income, et cetera. Well, let me give you a piece of advice here.

Those that are talking about having multiple streams of income usually have a very strong, massive stream of income from the very first thing, which allows them to pivot, break off, or diversify into the other avenues of that income. I just got off a phone, a great gentleman, he's incredible, he's hungry, well-spoken, educated, entrepreneurial. And he started to talk to me about all these different ventures that he's doing to create income. And I asked them, what is the one that is making you the most money? And even the most money one wasn't very much money. And I asked him, so how long are you willing to accept your lead horse to be average? Like, why aren't you just focusing on your lead

horse? And his whole point was this, you know, well, this one leverages into this and I can make money doing all this. And I said, yeah, but if you put 100% of your focus on your lead horse relative to, I think he had like four or five different things he was doing, could you actually just go make more money? And he sat there and thought about it. He's like, yeah, probably I could. And then I just was quiet because I needed him to make the realization of what actually that meant and what I was telling him to do as free advice. And it's the same free advice I'm giving you. So how does this relate to us as in real estate? Well, first, there are different verticals in real estate. You could do land, you could do single family homes, you could do flips,

you could do wholesaling, creative finance, long-term rentals, short-term rentals. You can do tax deeds, you do probate. You could have all these different things. And what I know to be true is many of you are watching everyone's YouTube videos, just like you're watching this. Everyone is watching or listening to everyone's podcast, just like you're listening to this. But you have a hard time refining what you are going to do because you didn't make the first decision is decide what you want. And for those listening and for many of you trying to find your first deal, I would tell you be a wholesaler for the first handful of deals. Why? Gain certainty in that this is real,

that you can do it, that the process works. Once you have certainty, your confidence is going to raise. Now, the next question for many will be like, okay, well, wholesaling, how do I find the sellers? Well, that's where some diversity might take place is that's where you might want to have an online presence. Like we're bringing in roughly a hundred leads every single day into my business through a process with Rocketly and Lead Detector every single day. I'm spending less than a dollar a lead. Two, you might want to have some online way to listed properties, talk to agents, agent reach out. And three, your social media presence. And if you have these three, none of them cost a lot of money. Most of it is relatively free

and you can actually go get your first deal. Now, all I'm telling you is go get your first deal so that you can create the certainty. For those that are already running a business, I would tell you the same thing applies. Just create consistency in what I'm telling you, right? So if you're already doing a deal a month, find a way to do two deals a month. Again, the three angles that we're using is social media, online presence, and agents. And so the whole point here is I'm not worried about the multiple streams of income because I'm focusing on bringing all of the income through the wholesaling business. Now, when you're in a place like myself, I've been doing this 16 years, I've done well over 2,400 deals, I then get to diversify the exit. So I'm making money by wholesaling, I'm making money by fix and flipping,

and I'm building wealth by buying rentals. I have the luxury of being there. However, many of you don't yet. So my point is to make sure that you are increasing your active income, increase how much money you make through wholesaling so that you could buy a flip, so that you could buy a rental, et cetera. Here's a big takeaway I want you to take away from this episode. I firmly don't believe those that have a W-2 should be buying rental properties right now. First, interest rates make rental properties not quite that profitable. Second, there is no such thing as passive income. That's all bullshit. There's always something that is going on with rentals, even if you have a property manager.

And then third, I don't want someone to take their nest egg, call it 20, 30, 40, or 50 grand, or maybe a little bit more, put it all into one rental property, and then they are done. I want people to be in real estate for the long term. And if you have a W-2 job and you like the idea of building wealth, then what I encourage you to do is go create more active income through wholesaling and flipping part-time as a side hustle, keep your W-2 job. And then as you create that income, go buy more rentals, right? And lastly, the best way to do it is actually use other people's money, OPM, to buy those rentals. If you don't have enough money to make the mortgage payment on other people's money, build them into an equity position of ownership. That is how you break into the

rental space. But first, the very first thing is get singularly focused on creating certainty. That certainty comes from getting a wholesale deal done, making sure that it works, seeing the process work, getting it all the way through the finish line. And then you realize, oh, I can do this forever. I can do it in any state, any city, anytime, anywhere. Once your mind has expanded, you're not going to be able to contract. You know, you can do this. Then you make a choice of how hard you want to push, how much gas you want to pour on that fire. But first, get very singularly focused. Do not get the shiny object, I need four, five, six, seven different income streams. Get singularly focused. Keep your job, do a wholesale deal or two, and then refine it and try to expand from there.

This is really important. I hope you rewind this episode. I hope you rewatch this episode on YouTube because there's a lot of golden nuggets I've condensed into about 10 minutes here on this episode. So make sure you are rewatching this and taking some of this because those that try to be a master of everything, it doesn't work. They may be okay at everything, but they're a master of none, right? The saying goes, and I know I'm going to butcher this, the man who chases two rabbits catches none. It's true. So don't worry about that yet. Go get really good at your lead horse, right? Go make a lot of money. Then you get to build a business that gives you the opportunity to diversify.

So hopefully this found you well. If you are watching this on YouTube, make sure you subscribe. And if you are listening, make sure you give us a five-star rating on the science of flipping. I'll see you guys on the next episode. Peace.