Flip Talk Rookie Playbook

Growing a real estate business is a lot like growing plants: A small plant doesn’t need much to grow, but its demands rise exponentially the bigger it gets. This is why a lot of businesses can have a big growth spurt but end up being forced to scale back down because the growth was not sustainable. Scaling up may be expensive but being forced to scale down is costly.

Today, Don and Ryan share their secrets for achieving real growth in their real estate organizations and the strategies they use to expand their businesses. They share their insights into what any business owner needs to have to scale successfully as well as the type of challenges they have to be prepared for. They also discuss the different departments your business needs, the kind of spreadsheets you should be using, and how to determine how much one deal can cost you.

“Every dollar you invest matters, whether it's going to be in marketing or hiring personnel.” – Ryan Scialabba

This Week on FlipTalk’s Rookie Play Book:

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.

Whether you’re just starting your business or you’ve been in the real estate game for years, every entrepreneur faces struggles, obstacles, and unexpected setbacks. Sometimes these challenges are due to making mistakes, and sometimes, they creep up due to mindset challenges or feeling like you need to perfect a system or process before implementing it.

On today’s episode, Don and Ryan share the challenges they have faced while starting and scaling their real estate investing businesses. They discuss why hiring help is often one of the hardest transitions for many new entrepreneurs, what systems are and how they enable you to free up your time and streamline your business, and the importance of being comfortable with reinvesting your profits back into your business to continue to grow and scale. They also discuss why it’s more important to take imperfect action instead of striving for perfection.

“A system is a boundary. You’re just setting a rule.” - Don Costa

This Week on FlipTalk’s Rookie Play Book:

Key Takeaways:

Resources:

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.

Russ O’Donnell is a licensed RMLO and HUD Certified Underwriter. He is also the CEO and Founder of Call The Underwriter, a company that helps private lenders and investors remain Dodd-Frank compliant. They have helped over 200 note investors, accomplished more than $5 million in compliant new loans, and helped clients save more than 125 litigation hours. Russ has over 22 years of experience in mortgage lending and has helped thousands of investors through the advice he shares as a regular podcast guest.

In today’s episode, Mike Cowper talks with Russ about selling on creative terms. Russ shares his professional experience in the lending and compliance industry. He explains how Dodd-Frank is a lender’s best friend and how it can protect your assets. He describes regulations and laws that govern lending and borrowing. Russ also explains how lenders screen borrowers in terms of their ability to repay their loans.

"It's on us as lenders to make sure the borrower doesn't get in too deep." - Russ O’Donnell

On Today’s Episode of Flip Talk:

Connect with Russ O’Donnell:

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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 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.

Bill Wooditch is a speaker, entrepreneur, sales and leadership coach, and the CEO of the Wooditch Group. His company is a privately held corporate insurance and risk management firm. He is also the author of two best-selling books: Always Forward, where he talks about the secrets to sales success; and Fail More, where he discusses embracing failure and adapting to it on your way to success.

In today’s episode, Bill shares where he draws his passion to help others become leaders and sales experts. He discusses the importance of exuding confidence, especially when you’re doing a sales pitch. He explains the concept of fear and how you can use your fears as stepping stones to a better version of yourself. Bill also describes how you can be agile in the sales industry and how you can set yourself on the path to success, even when you’re just starting out.

"Fear, desperation, and greed come from a place of scarcity." - Bill Wooditch

On Today’s Episode of Flip Talk:

Resources mentioned:

Connect with Bill Wooditch:

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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 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.

The role of an acquisitions representative in a real estate company is simple: find as many deals as possible, analyze each one, and close most if not all of them. They’re also responsible for market research as well as preparing and presenting investment proposals. However, the complexities of the job revolve around networking and establishing rapport, two soft skills that not many people have mastered.

On today’s episode, Oscar - Don’s Acquisitions Rep - joins us to share his experience in the last month that he has worked in acquisitions. He describes his primary responsibilities in the company, what it was like to apply for this position, and the lessons he has learned since accepting the position. He also explains the importance of establishing rapport when it comes to closing contracts.

“When you’re building rapport with others, you’re also building rapport with yourself in the situation.” - Ryan Scialabba

This Week on FlipTalk’s Rookie PlayBook:

Key Takeaways:

Resources Mentioned:

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.

One of the most important team members is the Transactions Coordinator, a position that includes a wide range of responsibilities that revolve around contracts. Some of the duties of a Transactions Coordinators include overseeing every aspect of buyer and seller transactions from purchase to closing, coordinate escrow, appraisal procedures, mortgage loans, and regularly updating and maintaining communications with agents, title officers, lenders, and clients.

On today’s episode, Don’s Transactions Coordinator Kass joins us to share her experience regarding what a Transaction Coordinator is and why they are critical to your business. She describes her responsibilities and how she manages her duties on a given day. She explains her methods in making sure the work doesn’t pile up on her desk as well as provide tips for those looking to hire a Transactions Coordinator.

“You can't have people on the other end that just want to create drama out of everyday tasks and items.” - Ryan Scialabba

This Week on FlipTalk’s Rookie PlayBook:

Key Takeaways:

Resources Mentioned:

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.

If you’ve been thinking about starting your journey into real estate wholesaling, one of the first positions you’ve likely considered filling is a dispositions representative. Someone who can create buyer’s lists, work with your acquisitions team, and keep wholesale business rolling smoothly and seamlessly. But, finding a strong dispositions rep can be a tricky task if you’re not sure who would enjoy and excel at the position.

On today’s episode, Don’s dispositions rep, Justin joins us on the show to discuss what it’s like to work in dispositions. We discuss the key qualities and personality traits you should look for to ensure who you hire to fill the position is a good fit for the role, the roles and responsibilities of a dispositions rep, and the criteria that a property should meet to determine if it’s appropriate to wholesale or rehab the property. We also discuss the common fears that many property flippers face when branching into real estate wholesaling and why it’s critical that your dispositions rep understands the buyer’s criteria when negotiating deals.

“When you’re looking at wholesale and your dispositions guy, you don’t want somebody who is timid.” - Don Costa

This Week on FlipTalk’s Rookie PlayBook:

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.

Filling positions for your business takes a lot of time and resources, but with enough effort and smart decision making, you could end up hiring the right candidate that can take your business to new heights. One of the most important positions is acquisitions. A great acquisitions manager can significantly impact the growth of your business.

Today, Don and Ryan discuss how they hired their first acquisitions person. They share the strategies they used to filtered potential candidates, what they suggest small companies should look for in this role and explain why they see this position as critical to the success of the business. They also provide tips on how to utilize the acquisitions person to their full extent.

Financially, acquisitions is one of the first positions you want to get off your plate.” – Don Costa

This Week on FlipTalk’s Rookie Play Book:

Resources Mentioned:

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.

Expanding any business requires a lot of capital, willpower, and people. Depending on how big or fast you want to scale, you can end up hiring more than a handful of experts who will help you grow your business. Hiring isn’t as simple as it seems, though, and there are a lot of factors to consider to make sure who you get for a specific position fits just right.

Today, Don and Ryan discuss what you what you need to know when building a team and hiring for the first time. They share their experiences when they hired assistants and managers for the first time, the errors they made, and what they did to rectify the problems they encountered. They also explain why experience is not always critical for new businesses.

“You don't have to hire somebody who is experienced. Sometimes when you're a newer business that's the worst thing you can do.” – Don Costa

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.

J Massey is the CEO of Cashflow Diary, a short-term rental hospitality training company. Their goal is to enable individuals in building their own short-term rental business, so they can achieve financial freedom. He is the host of the Cashflow Diary podcast, where he interviews industry experts as well as provides educational content to his listeners. J. also created a property calculator to help users determine how many units they need to build long-term passive income.

In today’s episode, my friend Mike Cowper interviews J. about building passive income and short-term rentals. J. shares the challenges that led him to become an investor, why he prefers wholesaling over fix and flip, and why he started Cashflow Diary. He discusses the benefits of being community-oriented as an entrepreneur and as a company. J. also shares advice for newcomers who want to use real estate as a passive source of income.

"Once you know who it is you want to serve, all you’ve got to do is think about what they like." - J Massey

On Today’s Episode of Flip Talk:

Connect with J Massey:

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.