Flip Talk Rookie Playbook

Hiring and managing contractors is often one of the most challenging aspects of owning a real estate rehabilitation company. There are many moving parts and things to consider when finding and hiring the right contractors to work on your rehab project. Understanding where to find good contractors as well as how to properly vet and train them is critical to building a successful real estate business.

Today, Don and Ryan discuss how working with the right contractors can impact the success of your real estate business. They explain how your local market can impact the cost of property repairs and how to use inspection periods to properly vet contractors and make better buying decisions. They also share strategies on finding good contractors to work with, the characteristics of a good, trustworthy contractor, and the benefits of working with and training newer contractors instead of veterans.

“Once you find a good contractor, it changes your business forever. You become unstoppable as a flipper.” - Don Costa

This Week on FlipTalk’s Rookie Play Book:

Resources Mentioned:

Key Takeaways:

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Thanks for tuning into the FlipTalk podcast! If you enjoyed this episode and want to learn even more about what it takes to build a 7-figure real estate business, head over to iTunes and subscribe to the show. Don’t forget to tune into our other shows: FlipTalk’s Rookie Play Book and FlipTalk’s REI Round Table. Share your favorite episodes on social media to help other new investors learn what it takes to grow a successful business in the real estate investing industry.

Join the community of FlipTalk fans on Facebook  and visit our website for even more content, information, and resources about real estate investing.

Stratton Brown is a real estate investor based in the Riverton, Utah area, but also invests in Fresno, California. Before becoming a full-time investor, he initially pursued his dreams of becoming a football star. However, he faced challenges that inevitably led him to go for a more practical approach to life. That’s when Stratton found his way into real estate. His go-to marketing strategy is cold-calling and he has learned the right strategies when it comes to hiring and training cold-callers from abroad.

Stratton joins me to share his cold-calling strategy and how he makes sure he only hires the right cold-callers. He describes what his life was like before real estate and what made him want to become a full-time investor. He discusses the markets he wants to invest in and his criteria in selecting buyers and sellers. He explains how he outsources his cold-calling to VAs in the Philippines as well as how he trains them. Stratton also shares some of the tools they use for not only lead generation but also for hiring new team members.

"On average, a cold-call deal takes 90 days." - Stratton Brown

On Today’s Episode of Flip Talk:

• How Stratton was introduced to real estate and investing.
• The reason Stratton deviated from pursuing a football career.
• How cold-calling became Stratton's stepping stone into marketing.
• What the business looks like today and the positions Stratton hired for.
• Their criteria in selecting the right buyers and sellers.
• The secrets investors need to know when it comes to cold-calling.
• Selecting the right person for a cold-calling position.
• Training the VAs you hired overseas for cold-calling.
• How they monitor their VA’s work activity and the tools they use.

Resources Mentioned:

• Rich Dad, Poor Dad
• Bigger Pockets
• Batch Skip Tracing (Promo Code: STRATT)
• Online Jobs PH
• Rocket Station
• Hub Staff
• Time Doctor

Connect with Stratton Brown

• Instagram

Rate, Review, Learn and Share

Thanks for tuning into the FlipTalk podcast! If you enjoyed this episode and want to learn even more about what it takes to build a 7-figure real estate business, head over to iTunes and subscribe to the show. Don’t forget to tune into our other shows: FlipTalk’s Rookie PlayBook and share your favorite episodes on social media to help other new investors learn what it takes to grow a successful business in the real estate investing industry.

Join the community of FlipTalk fans on Facebook, YouTube,  and visit our website for even more content, information, and resources about real estate investing.

Zack Childress is a real estate investor, mentor, and owner of the REI Success Academy, a company that focuses on educating new investors and helping real estate veterans improve their game. He specializes in investing, wholesaling, real estate mentorship, and virtual investing. He has over 17 years of experience in the industry and has bought and sold over 35 companies over the course of his career. Zack is also one of the few investors who survived the crash of 2008 and never gave up on the business, which allowed him to grow it to what it is today.

Zack joins me today to share how the pandemic affected his business and the strategies he used to not only curb his losses, but also capitalize on the market’s current state. He describes what made him interested in real estate and why he started coaching. He discusses his real estate PPE’s, their business focus, and what he expects the market to do once the coronavirus pandemic is over. Zack also shares advice for those looking to get started in real estate during these hard times.

"We’re too busy looking out the window instead of looking in the mirror." - Zack Childress

On Today’s Episode of Flip Talk:

• How Zack joined the real estate industry.
• Zack's perception of the pandemic and how he keeps an optimistic mindset.
• Why Zack's flipping business hasn't slowed down, but his wholesaling did.
• The reason Zack eventually became a real estate coach.
• Defining Zack’s real estate PPEs.
• Why your company should never lose sight of its core competencies, even as it scales.
• How much you should spend in marketing when you're a beginner.
• Why Zack doesn't agree with mass mailing strategies.
• Why Zack sold 1/3 of his portfolio when the lockdown happened.

Connect with Zack Childress

• Official Website
• REI Success Academy
• Email: [email protected]

Rate, Review, Learn and Share

Thanks for tuning into the FlipTalk podcast! If you enjoyed this episode and want to learn even more about what it takes to build a 7-figure real estate business, head over to iTunes and subscribe to the show. Don’t forget to tune into our other shows: FlipTalk’s Rookie PlayBook and share your favorite episodes on social media to help other new investors learn what it takes to grow a successful business in the real estate investing industry.

Join the community of FlipTalk fans on Facebook, YouTube,  and visit our website for even more content, information, and resources about real estate investing.

When you’re just starting your real estate investing journey, one of the most critical factors you should consider is how you plan to finance your projects. Deciding whether to use hard money lenders or JV partnerships to raise private money to fund your projects is often one of the most challenging decisions you will need to make.

On today’s episode, Don and Ryan share how they raised money to fund their first projects and the lessons they have learned from these experiences. They share strategies to consider when determining which fund-raising method is right for your business, the difference between using hard money lenders and JV partnerships as well as the benefits associated with each strategy. They also explain the importance of building a reputation based on trust and how it impacts your ability to raise private capitol.

“The property is the collateral - you are the security.” - Ryan Scialabba

This Week on FlipTalk’s Rookie Play Book:

Key Takeaways:

Rate, Review, Learn and Share

Thanks for tuning into the FlipTalk podcast! If you enjoyed this episode and want to learn even more about what it takes to build a 7-figure real estate business, head over to iTunes and subscribe to the show. Don’t forget to tune into our other shows: FlipTalk’s Rookie Play Book and FlipTalk’s REI Round Table. Share your favorite episodes on social media to help other new investors learn what it takes to grow a successful business in the real estate investing industry.

Join the community of FlipTalk fans on Facebook  and visit our website for even more content, information, and resources about real estate investing.

Gavin Timms is a virtual real estate investor who handles more than 10 deals a month in multiple markets across the United States. He credits networking for his first experience in the industry and utilizes virtual assistants from the Philippines to help generate leads. Like most real estate newcomers, Gavin encountered challenges when he was starting out, but his creativity and innate marketing skills allowed him to move past those hurdles and has since expanded his virtual real estate business.

In today’s episode, Gavin shares how he got started in real estate and how networking helped him along the way. He describes how he makes use of VAs, how he trains them, and his criteria for hiring a stellar VA team. He explains why he prefers cold-calling over other marketing strategies and shares some of the tools he uses to generate leads. Gavin also discusses how the COVID-19 pandemic has shifted the way sellers communicate with his company.

"List sources are important, but they're not as important as the process you're putting it through." - Gavin Timms

On Today’s Episode of Flip Talk:

Resources Mentioned:

Connect with Gavin Timms:

Rate, Review, Learn and Share

Thanks for tuning into the FlipTalk podcast! If you enjoyed this episode and want to learn even more about what it takes to build a 7-figure real estate business, head over to iTunes and subscribe to the show. Don’t forget to tune into our other shows: FlipTalk’s Rookie PlayBook and share your favorite episodes on social media to help other new investors learn what it takes to grow a successful business in the real estate investing industry.

Join the community of FlipTalk fans on Facebook, YouTube,  and visit our website for even more content, information, and resources about real estate investing.

Eddie Speed is the President and Founder of NoteSchool, a business that educates and trains real estate investors on buying secured notes. He has over 30 years of experience in the discount note buying industry and has purchased over 40,000 real estate secured notes with more than $500-million total value. His experience allows him to provide comprehensive training programs available in home study courses, personal mentorship, and live seminars. Eddie specializes in finance notes, training program design, and real estate consultations.

In today’s episode, Eddie shares his thoughts on creative financing and why it’s trending. He explains how the COVID-19 pandemic will change the way we conduct real estate transactions. He describes his financial structuring technique and how you can structure it in a way that allows you to get a discount. Eddie also discusses his experience in previous market recessions and what he thinks we should expect with the current cycle.

"Knowing how to structure the financing so you can get that discount is the key to business." - Eddie Speed

On Today’s Episode of Flip Talk:

Connect with Eddie Speed:

Rate, Review, Learn and Share

Thanks for tuning into the FlipTalk podcast! If you enjoyed this episode and want to learn even more about what it takes to build a 7-figure real estate business, head over to iTunes and subscribe to the show. Don’t forget to tune into our other shows: FlipTalk’s Rookie PlayBook and share your favorite episodes on social media to help other new investors learn what it takes to grow a successful business in the real estate investing industry.

Join the community of FlipTalk fans on Facebook, YouTube,  and visit our website for even more content, information, and resources about real estate investing.

When you have a working contract, the next step is finding the right buyers. This may come as a bit of a challenge for a new real estate investor, as the market is hot right now and everyone wants to buy something. However, just because people want to buy doesn’t mean you should just wholesale the contract to the first interested prospect.

Today, Don and Ryan describe the steps new investors need to take when it comes to wholesaling a real estate contract. They discuss the importance of getting to know the new faces in the market, how your established connections can help you find a good buyer, and why there are cash buyers who aren’t really what they seem. They also share their personal experiences when wholesaling contracts as well as provide tips on how to avoid being sued.

“Be good and be righteous to people and you're never going to have problems.” – Ryan Scialabba

This Week on FlipTalk’s Rookie Play Book:

Key Takeaways:

Rate, Review, Learn and Share

Thanks for tuning into the FlipTalk podcast! If you enjoyed this episode and want to learn even more about what it takes to build a 7-figure real estate business, head over to iTunes and subscribe to the show. Don’t forget to tune into our other shows: FlipTalk’s Rookie Play Book and FlipTalk’s REI Round Table. Share your favorite episodes on social media to help other new investors learn what it takes to grow a successful business in the real estate investing industry.

Join the community of FlipTalk fans on Facebook  and visit our website for even more content, information, and resources about real estate investing.

David Dodge is a Real Estate Coach, podcast host, and owner of House Sold Easy. He has over 15 years of real estate experience which all started with wholesaling. Apart from House Sold Easy, David also owns and operates a real estate management firm, a fix and flip company, and a retail brokerage firm. He owes much of his success to learning about marketing when he was just starting, allowing him to get several leads, even without the necessary tools and capital.

In today’s episode, David shares why he pursued a career in real estate and how he got started. He discusses the importance of marketing and why investors should focus on marketing first before anything wholesale related. He shares some of his current lead generating strategies and the number of deals he handles annually. David also describes what his B.R.R.R.R. acronym stands for and what new investors should learn before venturing further into real estate.

"Quit trying to be a real estate investor. Instead, be good or get good at being a marketer.” - Michael Bernoff

On Today’s Episode of Flip Talk:

Connect with David Dodge:

Rate, Review, Learn and Share

Thanks for tuning into the FlipTalk podcast! If you enjoyed this episode and want to learn even more about what it takes to build a 7-figure real estate business, head over to iTunes and subscribe to the show. Don’t forget to tune into our other shows: FlipTalk’s Rookie PlayBook and share your favorite episodes on social media to help other new investors learn what it takes to grow a successful business in the real estate investing industry.

Join the community of FlipTalk fans on Facebook, YouTube,  and visit our website for even more content, information, and resources about real estate investing.

Michael Bernoff is the President and Founder of the Human Communications Institute, a service that helps individuals develop into better leaders and professionals. He is recognized as a gifted speaker known to engage audiences from start to finish while giving them inspiring messages that enact positive changes in their lives. Michael specializes in leadership training, financial freedom planning, personal growth, and motivational coaching.

In today’s episode, my buddy Mike Cowper sits in for me once again to talk with Michael on investing in yourself for growth. He shares how he got started down this path of motivational speaking and mentorship. He discusses the wrong mindset of people regarding business ownership and how they can change that. He explains how you can run your business to serve you instead of you serving your business. Michael also shares thoughtful advice on how to achieve personal growth during the outbreak.

"What investors do is they invest in the idea of becoming better.”  - Michael Bernoff

On Today’s Episode of Flip Talk:

Connect with Michael Bernoff:

Rate, Review, Learn and Share

Thanks for tuning into the FlipTalk podcast! If you enjoyed this episode and want to learn even more about what it takes to build a 7-figure real estate business, head over to iTunes and subscribe to the show. Don’t forget to tune into our other shows: FlipTalk’s Rookie PlayBook and share your favorite episodes on social media to help other new investors learn what it takes to grow a successful business in the real estate investing industry.

Join the community of FlipTalk fans on Facebook, YouTube,  and visit our website for even more content, information, and resources about real estate investing.

After dedicating several weeks of your time and energy into finding your first deal, there’s no better feeling than getting your first contract. Your first deal is the start - the first milestone - of what you are capable of achieving in the real estate investing industry. As exciting as it can be, however, getting the contract signed is only the first step toward moving your project forward.

On today’s episode, Don and Ryan discuss what you need to know after closing your first deal and the steps you need to take immediately after receiving the contract. They discuss the importance of setting realistic goals and expectations, evaluating your current financial situation, as well as the options you have available for finding a buyer for your first property. They also explain what a Daisy Chain is, why many investors do not recommend new investors using them and share their personal stories on what their first deals were like and the lessons they have learned from closing those deals.

“There are highs and lows in the real estate game, but there are no highs better than getting that contract.” - Don Costa

This Week on FlipTalk’s Rookie Play Book:

Resources:

Key Takeaways:

Rate, Review, Learn and Share

Thanks for tuning into the FlipTalk podcast! If you enjoyed this episode and want to learn even more about what it takes to build a 7-figure real estate business, head over to iTunes and subscribe to the show. Don’t forget to tune into our other shows: FlipTalk’s Rookie Play Book and FlipTalk’s REI Round Table. Share your favorite episodes on social media to help other new investors learn what it takes to grow a successful business in the real estate investing industry.

Join the community of FlipTalk fans on Facebook  and visit our website for even more content, information, and resources about real estate investing.