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Ep 123: How to get started in flipping houses with no money
4:21 – The first thing I would do Is I would build my team. There were 6 people that I was looking for. Real Estate Agent, Hard Money Lenders, Private Money Lenders, Wholesalers, Contractors, and Your Mentor.
11:27 – Your mentor can lead you to other subcontractors, they can lead you to more money people, can lead you to more deals. These are the person you want to have in town.
11:51 – You’re not gonna have that mentor in your team if you don’t do what I always talk about which is adding value. You build trust by adding value to people without asking for anything in return.
13:15 – Having the ability to use your skills or strength to do something in their business.
13:52 – Number 2 step is define your marketing strategies.
14:56 – You have to figure out for you what is going to be your strength or what is going to be the financial situation that either allows you to spend a lot on marketing or spend a lot of time on marketing.
15:41 – Third step is analyzing 2 deals a day at your desktop, you’re seeing 3-5 deals per week and put an offer for every single one of those deals.
19:29 – Number four is when you go to these properties in the beginning, you need to have your contractors there for the first 3-5 properties as well.
19:59 – In order for you to learn, you’ve got to get contractors out there so that they can show you the cost of the rehabilitation and etc. Bringing your contractors to the deal or the potential deals so that you can know if that is the contractor you may keep in your team.
21:50 – Lastly, glue your mentor to your side. Completely make them part of every single decision, every single part of the process, and make sure they are there helping you along the way.
23:42 – This is bullet proof to helping you do deals the right way, doing them the most effective way in regards to a tight budget, and making sure that you don’t lose money.
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