EP342 The Dos and Donts of Flipping with Danielle Chaisson by Glen Sutherland

Lane Kawaoka shares his journey in real estate investing, which began in 2009 when he bought a home in Seattle while working as an engineer. He soon realized the potential of cash flow by renting out his property and later expanded into buying rental properties in secondary markets like Birmingham, Atlanta, and Indianapolis for better rental value ratios. Initially, he managed single-family homes and experimented with turnkey properties for remote investing. However, as he scaled to 11 properties, he faced issues with tenant turnover and maintenance, prompting a shift toward larger multi-family investments and syndications.

Lane emphasizes investing in landlord-friendly red states and secondary or tertiary markets with strong rent and job growth. Over time, he moved from single-family homes to syndications, which allowed him to connect with higher-net-worth investors and family offices. He advocates building a network once reaching a certain financial level and recommends taking calculated steps rather than waiting for a "big deal" to build momentum in investing. His approach highlights the importance of surrounding oneself with successful peers, saving, and reinvesting as he transitioned from small properties to larger, more scalable investments.

Lane Kawaoka

Here is the mp3s!

https://docs.google.com/document/d/1fwC65sBVMgICTpFkP4kzVZFkHbqi3mfuxTHoetafS7s/edit?usp=sharing

Darcy discusses Halloween horror stories in the context of real estate, particularly focusing on property management challenges. They emphasize the heightened alert around events like Halloween and long weekends due to potential property damage caused by rowdy behavior.

The speaker shares personal experiences, admitting to making poor decisions in managing properties. One story involves hiring a property manager who turned out to be a two-time convicted murderer. Despite initial warnings from colleagues, the speaker, in need of a manager, hired the man who ended up stealing rent money and leaving the property. Darcy details the nerve-wracking experience of firing the dangerous individual, eventually managing to do so without incident.

https://open.spotify.com/show/3YmSVFnxtJZeCeLJvVkpeQ?si=64b0b2c2a93c450c

Darcy White

darcywhite.com

Frederick is a real estate investor who moved to Canada in 2021 and focuses on property investments in both the U.S. and Canada. His investment strategy prioritizes cash flow over appreciation, using a "buy and hold" approach, often involving creative financing like seller financing. He has invested in U.S. markets such as Texas, Michigan, Ohio, and New York, as well as Canadian provinces like Saskatchewan and New Brunswick. Frederick values networking with professionals for reliable contacts. He manages his investments closely, focusing on undervalued properties and adding value through renovations.

• Instagram: fredrickobodozie

• TikTok: frederick.obodozi

• Facebook: fredericknnaemekaobodozie

• X: CoolFreddi

• LinkedIn: frederick-obodozie-tep-a754174a

• Website: www.econovacapital.com

This conversation with Megan highlights the importance of treating real estate investing as a business, emphasizing the need for systems and processes to manage operations efficiently, especially when starting with a smaller portfolio. Here are some key points:

Business Structure: Investors should break their operations into key areas like accounting/finance, operations, sales/marketing, and HR. Setting up systems such as CRMs, project management tools, and SOPS from the start (with 3-5 properties) is much easier than trying to fix things after growing to 35+ properties.

Timing and Organization: Investors are encouraged to focus on systematizing their operations early on. This can involve time-blocking creative activities (e.g., marketing) and standardizing accounting processes (e.g., paying contractors at set times).

First Hires: The typical first hires for real estate businesses include a bookkeeper or a social media specialist. Virtual assistants (VAs) are also valuable, but investors must know what tasks to delegate by creating clear job descriptions and differentiating between high-value and low-value tasks.

Scaling Challenges: As portfolios grow, having software that integrates everything into one system (e.g., HubSpot) is invaluable for efficiency. Many investors resist change if they think their current process works, but organizing early makes scaling smoother and avoids a mess later.

Consulting and Specialization: Specialists, such as a consultant or fractional CFO, can help implement systems and take on specific roles, freeing investors to focus on higher-level strategy rather than day-to-day tasks. Investors can also hire professionals on a short-term or project basis, minimizing long-term costs.

Hiring Strategy: When hiring for specialized software roles or complex tasks, it's better to hire someone with expertise in that area rather than opting for a lower-cost general VA who may need extra time to learn the tools.

The focus is on working on the business rather than getting bogged down in the day-to-day tasks, allowing for more growth and scalability.

Bob Lachance praises virtual assistants (VAs) from the Philippines for their customer service focus, which suits their business needs. They explain their structured process for recruiting, training, and placing VAs for real estate tasks, such as working with property managers, flippers, and attorneys. The company pre-screens, trains VAs for a month, and ensures only the most qualified candidates are placed.

Clients get ongoing support from a client service manager. There are non-compete agreements to prevent VAs from leaving directly for clients' companies, and replacements are provided if needed. The speaker emphasizes that VAs can handle various tasks, such as lead generation, marketing, and transaction coordination. They also help clients identify the right tasks to delegate, stressing the importance of good job descriptions and task clarity.

Hiring VAs can be more flexible and budget-friendly compared to in-house staff. The speaker highlights that remote work has become more accepted post-COVID, and advises that VAs are integral team members despite not being physically present. They emphasize providing clear training and using tools like video tutorials to streamline onboarding for VAs.

This week Gibrian shares his story of purchasing a property in Ohio. He goes over how he purchased it and how he overcame many issues to make the project successful

Gibrian Malicki - Sanchez

Scott goes over the different opportunities his company can provide on both sides of the boarder. They are able to help you find the money hiding in your Canadian properties to be able to use for your USA investing. The cool part is that they can also do the mortgages in the USA also. This makes everything a nice one stop shop

Scott Dillingham

Araceli talks about her experiences investing in the USA as a Canadian

Araceli Hernandez

Ankur tells a story where he leaves himself in a position that he has no options but to succeed

Ankur Puri