Flipping America

Zillow published a quiz recently that asked questions about the NFL, certain celebrities and real estate. The sad fact is, Americans know more about the Kardashians than their own property. What can we do? We take a couple of steps in that direction today on the Flipping America show. Bill Gross is a licensed real estate broker and probate expert from Los Angeles. He's going to join us in a few minutes to talk about the Zillow quiz, the lack of financial and real estate literacy and the failure of the American media to challenge incorrect notions put forward by our elected officials. Then we are going to answer William's questions about the foreclosure auction and auction process.

If you're going to be in the real estate investing business you need an accountant who knows real estate. I have one for you today, on Flipping America. Matt Lents is a CPA from Jacksonville, FL and 40% of his clients are not in Jacksonville. Wherever you are, Matt can probably help you. We will talk to him in a few minutes, but first, we have some questions from you we need to answer.

No one knows everything, and no one knows what they don't know. Fortunately, success in real estate doesn't require you to KNOW that much. Today on Flipping America we will talk about what you MUST KNOW to be successful in this business. Look around online for training and education in real estate investing. You'll see a combination of complexity, jargon, and pseudo-intellect mixed with a healthy dose of hype. Let's cut through that. I've boiled this entire business down to 5 things you MUST know. There is a lot more to learn, but you have to nail down these items first. Without any one of them, your business will suffer.

Death and taxes - Life's twin unavoidable realities. We are not going to talk about death today and not even taxes so much. But we are going to talk about something that will help you at tax time - better records. Learn how to use Quickbooks Online today with Nick Baldo. Nick Baldo is a cool guy with quite a portfolio of real estate in Buffalo NY. He is comfortable with a lot of the tech we use in our businesses and has developed informative courses about using them. His website is incomedigs.com and today he's going to talk to us about using Quickbooks Online.

Today we consider one of the most overlooked and underappreciated asset classes in real estate. 17.7 million Americans Live in Mobile Homes which is about 5.6% of the American Population. Frank Rolfe and his partner own about $700 million worth of mobile home parks. He has streamlined the process, refined the methods, written some books, and developed some courses. He will join us in just a few minutes in an interview we recorded with our Flipping America REIA recently. I won't be able to play it all for you, but at the end of the show I'll give you a link where you can listen to it in its entirety.

I've made nearly every mistake in the book. And over the years I've watched other people make all the other ones. Today we are going to talk about the Top Ten Newbie Mistakes and hopefully we will help you avoid them. This show could save you $100,000 in mistakes. It could keep you from bankruptcy, it could also ensure that your real estate career is successful. Wow. Or, it might be just another way to fill 30 minutes on your morning commute.

We continue the conversation today with our panel. Moneeka Sawyer, Kim Kesterke and Mark Dolfini are millionaire single family investors and in this portion I ask them how long it will take to become a millionaire while owning single family rentals.

One of the standard and most common methods of real estate investing is the purchase of single family rentals. Today I'm going to visit with three single family investor millionaires who have a wealth of insight to share. I'm joined today by Kim Kesterke from Atlanta, GA, Moneeka Sawyer from Sacramento and San Francisco, CA, and Mark Dolfini, from Lafayette, IN. We enjoyed a fascinating conversation with the Flipping America REIA group. I thought it was worth a replay to a wider audience and there is no way we are going to get it all in today. So this will be part 1 and we will conclude on the next episode.

What's the point of all this anyway? I'd say "Financial Freedom" is most of it. Flipping houses can be lucrative, but passive income is where you want to end up. Today Chris Miles is going to start us in the right direction. Chris is the founder of Money Ripples and has an interesting take on financial freedom. I know you're going to enjoy the interview in just a few minutes. I promised we would take questions from listeners today and we got a monster question – ok, maybe not a monster QUESTION but it might be a monster ANSWER. Darla, from Manchester, GA asked, "I am thinking about flipping some houses, but I'm a studier. I want to know what I'm getting into. What are the biggest risks in flipping houses?" My answer to that led to a little essay that is probably going to go up on YouTube and will likely be the only question I get to today. Don't worry! Keep the questions coming and we will get to them all. I promise. Send them to [email protected].

We've documented 85 possible careers in real estate and real estate investing. With all of the sub-branches and variations, it's likely there are more than a thousand ways to make a million bucks in real estate. Today we are going to talk about one of the best, on Flipping America. Bill Ham was an airline pilot who thought he had a nice life and easy money. Then he got into real estate, particularly multi-family, and he found just exactly what he had been missing. He's joining us in just a few moments. We will take some of your questions on the next show, so send them to [email protected]. You'll get an answer even if we don't use it on the show.