Flip Talk Rookie Playbook

If you think managing one real estate business is hard enough, imagine managing two. That’s what working with contractors can feel like if you don’t know what you’re doing or if you’re generally unprepared. If you’re not careful, the wrong contractor could trick you with endless changes and revisions in the contract or outright overbid on your projects.

How can you prevent these things from happening?

Today, Don and Ryan discuss how you should work with contractors. They share their individual working preferences with contractors as well as the associated managing practices. They each explain the pros and cons of hiring in-house and working with third-party contractors. They also offer tips and advice on choosing the right contractor that suits your budget and current projects.

“Never give somebody more than two jobs if you've never worked with them before.” - Don Costa

This Week on FlipTalk’s Rookie PlayBook:

Rate, Review, Learn and Share

Thanks for tuning into Flip Talk’s Rookie PlayBook 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 the Flip Talk Podcast 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 Flip Talk fans on Facebook, YouTube, and visit our website for even more content, information, and resources about real estate investing.

Real estate investors know the deal is only over once it’s over. Until everyone involved gets their money, the contract is never closed. In this business, closing a deal can be as soon as the house is sold or can take as long as when your next deal starts. Doing this faster means not just trust in your team, but also forming good working relationships with contractors.

How do you do both?

Today, Don and Ryan explain how to properly manage a deal during its closing phase. They share the various processes they manage in their business as well as their criteria for private money lenders. They discuss how to establish trust in your team as well as the importance of being “hands off.” They also describe some of the benefits of having a good relationship with your contractor as well as some of the long-term drawbacks of having a bad first impression.

“If you're getting in the way and bottlenecking your team, you're doing everybody a disservice.” - Don Costa

This Week on FlipTalk’s Rookie PlayBook:

Rate, Review, Learn and Share

Thanks for tuning into Flip Talk’s Rookie PlayBook 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 the Flip Talk Podcast 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 Flip Talk fans on Facebook, YouTube, and visit our website for even more content, information, and resources about real estate investing.

Establishing a working system is a necessary step in scaling your real estate business. A system can help bring in the kind of deals you truly want. But, how do you know if your system is doing what you set it up to do? What if your system, in the long-term, turned out incapable of producing the results you expected?

Today, Don and Ryan discuss how they set up their checks, balances, and exit systems to keep their business operating at the level they require. They explain how their acquisition systems work and their preferences when it comes to properties in the market. They share how they make decisions with properties to buy or sell and their working formula. They also describe how your business becomes more cash intensive the larger it grows.

“We're in the business of turning money.” - Ryan Scialabba

This Week on FlipTalk’s Rookie PlayBook:

Resources Mentioned:

Rate, Review, Learn and Share

Thanks for tuning into Flip Talk’s Rookie PlayBook 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 the Flip Talk Podcast 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 Flip Talk fans on Facebook, YouTube, and visit our website for even more content, information, and resources about real estate investing.

From an onlooker perspective, a transaction is just the exchange of money for goods. It looks simple enough, but in real estate, this can get more complex than what you expect. If you don’t know what you’re doing, you might not get what you paid for. What happens before, during, and after a transaction?

Today, Don and Ryan discuss transactions and some of the systems you can use to get started. They share some samples of sales transactions and the systems they used to make each one simpler. They explain how to find the right system based on your business’ needs. They also explain the systems they built around transactions using escrow.

“No matter how prepared you get by your title company, it's very reactionary. You don't get ahead of anything.” - Ryan Scialabba

This Week on FlipTalk’s Rookie PlayBook:

Rate, Review, Learn and Share

Thanks for tuning into Flip Talk’s Rookie PlayBook 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 the Flip Talk Podcast 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 Flip Talk fans on Facebook, YouTube, and visit our website for even more content, information, and resources about real estate investing.

John Martinez is the Founder of Midwest Revenue Group, specializing in highly customized sales and training consulting. He mainly focuses on training those in the Real Estate Investment industry through The REI Sales Academy to help realtors turn leads into sales and prospects into clients. John helps business professionals differentiate themselves from their competition when selling, by providing companies and independent professionals with a proven, practical road map for filling their prospecting pipelines.

John joins me on today’s episode to discuss the holy grail of team hiring: the Rockstar Salesperson who YOU hope is going to repeatedly slam dunk those leads. John explains why you should be looking for the perfect sales process not sales person, and how you should rethink your process before hiring your team. We discuss the ‘follow up’ culture of sales, that while important, can sometimes be a sign you are not closing early enough on your deals. John also reveals the key questions you should put to your possible hire prospect if you want to get a rock SOLID salesperson instead of a burn out rock star.

“Instead of focusing on the person it's much easier to focus on ‘what's my sales process?’ And then when it comes to hiring that person think about who's going to work the sales process the best” – John Martinez

“When it comes to salespeople you need to kind of start changing your thinking and think in terms of ‘process’ and then who fits that process” – John Martinez

“The best salespeople I've had work under me personally are usually the introverted people because they they're naturally inclined to ask more, talk less” – John Martinez

This week on FlipTalk:

Connect with John Martinez:

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 show: 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. 

Getting leads is critical to your business’ cash flow, but knowing which properties are profitable is just as important. This is where establishing acquisition systems come into play. You have a team and tools to help manage your acquisitions, but those are just parts of a bigger machine. How do you make sure each section runs smoothly? How do you know what kind of acquisitions systems to use for your business style?

Today, Don and Ryan share their wisdom when it comes to building an efficient acquisitions system and successfully implementing it. They discuss the conversion numbers that matter in evaluating your profits and the paperwork involved. They describe some examples of acquisition systems and explain the ones they use. They also share some of their favorite books that helped define the way they manage their business today.

“Realistically you can run a business and take nothing home if you're not managing your business properly.” - Don Costa

This Week on FlipTalk’s Rookie PlayBook:

Resources Mentioned:

Rate, Review, Learn and Share

Thanks for tuning into Flip Talk’s Rookie PlayBook 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 the Flip Talk Podcast 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 Flip Talk fans on Facebook, YouTube, and visit our website for even more content, information, and resources about real estate investing.

When you’re starting in real estate, one phone call can be the difference between a five and six-figure annual income. Each call could end up becoming your biggest deal yet which explains why it’s critical to build a proper system around it.

How do you know what lead intake system to use?

What call service should you have?

Today, Don and Ryan discuss why having a lead intake system is essential to a budding real estate investor. They share how they coped before they figured out what system to use in their businesses and the systems they currently use to make their businesses run more effectively and efficiently. They explain the various levels of lead intake systems as well as their corresponding call services. They also share tips on the type of questions new real estate investors should ask during an initial call.

“The goal of lead intake, over everything else, is to build rapport.” - Ryan Scialabba

This Week on FlipTalk’s Rookie PlayBook:

Resources Mentioned:

Rate, Review, Learn and Share

Thanks for tuning into Flip Talk’s Rookie PlayBook 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 the Flip Talk Podcast 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 Flip Talk fans on Facebook, YouTube, and visit our website for even more content, information, and resources about real estate investing.

You work hard to build a list of leads so that you can close deals. But what about the tasks in between adding a property to your list and closing a deal? Matt Kamp joins us from Deal Machine, an app to assist property developers in automated owner look up, direct mail campaigns, real estate lead management, and driving route tracking. Property data at your fingertips. Matt is Head of Partnerships for Deal Machine and also Co-organizer of Funders & Founders, a virtual happy hour connecting entrepreneurs with investors and vendors to help them grow.

Matt joins me today to discuss the power of automating ‘driving for dollars’ with the Deal Machine app. He explains how the efficiency of the app will help you drive sales by having a portfolio of data at your fingertips. We discuss the convenience of virtually driving for dollars with the help of google street view, meaning you can explore for the comfort of your own living room. Matt also gives you lucky listeners of FlipTalk access to a 7 day free trial to Deal Machine with some added bonuses just for you.

“The technology helps you track your driving. Helps you understand where to drive. Helps you add properties to the app. Helps you market to those properties – Matt Kemp

This week on FlipTalk:

Resources Mentioned:

Connect with Matt Kamp:

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 show: 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. 

Frea Buys is a residential and commercial real estate investment company based in Florida that focuses on acquiring distressed, value add assets for proprietary and private investor purposes. Founded by Will Denis, an ex-commodities analyst for Merrill Lynch, and his brother in arms Anthony Rabasa who left a footballing career via the University of Notre Dame, they put everything they had into real estate investment. The came into the business with an ‘offer of value’ and never looked back.

Will and Anthony join me today to discuss the impact of COVID 19 on the market and how they doubled down on marketing for great rewards while other realtors were cutting marketing budgets. They reveal how a podcast show inspired them to swap the world of finance and football leagues for a shot at real estate and the direct action they took to get a foot on the property investment ladder. They give tips on what you should offer if you seek out advice and help from other established investors. They also discuss how the pandemic months have been used positively to invest in hiring, which in turn has allowed them to take a step back and strategize their business and marketing campaigns to full effect and keep business rolling in.

“Go out of your way to maybe do something unorthodox. That's a good piece of advice that I would give anybody” – Will Denis

“We chose to really - I know it sounds cliché - but turn that negative into a positive and we chose to double and triple down on marketing and it paid off in spades” – Will Denis

“Just helping people out.  Just people helping people. And when you do that great things still happen for you” Anthony Rabasa

“Invest in yourself. Reinvest. Its not just about making money and putting in your pocket and buying fancy things. It’s not about that. It’s only gonna last a little bit, it’s just money. You’ve got to make more of it. “ Anthony Rabasa

Iif you don't reinvest in yourself, reinvest in your business, invest in your mental, you're just not going to grow” Anthony Rabasa

On Today’s Episode of FlipTalk:

Resources:

Connect with Will Denis:

Connect with Anthony Rabasa:

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 show: 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. 

A successful business of any kind runs on two things: The right people and the right system. You can easily filter qualified assistants and staff, but you can’t say the same when it comes to systems. This is especially true when you’re on the verge of expanding your real estate business. How do you know if a system is a good fit? What do you do after installing one?

Today, Don and Ryan explain the importance of not just applying a system in your business, but also knowing its purpose and the end goal of having it in the first place. They describe some of the factors you should consider regarding your systems and how you can maximize it. They also discuss why tracking your marketing can improve your business efficiency as well as increase profits in the long term.

“The point of systems is to get you out of the fulfillment of tasks.” - Ryan Scialabba

This Week on FlipTalk’s Rookie PlayBook:

Rate, Review, Learn and Share

Thanks for tuning into Flip Talk’s Rookie PlayBook 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 the Flip Talk Podcast 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 Flip Talk fans on Facebook, YouTube, and visit our website for even more content, information, and resources about real estate investing.