Flipping America

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Competition! Apr 10, 2018

Show notes

FAR 140 Expected Air Date: 04/09/18 Opening Hello everyone. Today I'm going to answer a question that has come to us hundreds of times from dozens of sources and seems like a recurring topic at every event where I speak. And the question is, "How can I start flipping some houses and buying rentals in my spare time while I keep my job." Now I know we've dealt with this topic before but it's been awhile and we are adding new listeners all the time and besides, some information is so needed, it's worth repeating. So in just a few minutes I'm going to deal with this topic and help you understand the big picture of what you need to make this happen. I started in this business while maintaining a demanding full-time job and continued that way for four years. I only switched to real estate investing full time because due to life circumstances that other job had come to an end. The other question or comment I often get is a variation of this: If you are helping people enter this business aren't you creating your own competitors and reducing the opportunity for everyone you train? I'm going to answer that question first right after the break. The bottom line is there are more opportunities than there are investors and this isn't changing anytime soon. To paraphrase a famous quote about planting trees, "the best time to get into this business was 20 years ago. The next best time is today." How to Reach us www.flippingamericanetwork.com Facebook.com/flippingamericamedia Twitter and Instagram @FlippingAmerica YouTube: bit.ly/FlippingAmericaOnYouTube Linkedin: bit.ly/FlippingAmericaOnLinkedIn Call our National Comment Line: 404-369-1018, ext 1. Leave your message or your question. Announcements:

My upcoming speaking engagements:
- April 21, FlipStarter Atlanta
Details on the website and at FlipStarterEvent.com

News:

Topic: The Competition I believe in free enterprise, capitalism, private property rights, the rule of law, and limited government interference. I realize for a system like this to actually work, the general populace must not only agree about the rule of law but must also find common ground in agreeing about right and wrong. I also believe in Cooperative Capitalism. I do not believe that opportunity is a zero-sum game but rather that wealth can be created. There are those that believe that for anyone to prosper someone else must suffer. For anyone to win, someone else must lose. Games or competitions have one winner and all the rest are not winners. You might even quote a stupid Will Farrell movie by saying "Second Place is actually First Loser." Although much can be learned in these competitive events, and we should relish competition for a number of reasons, it is possible for life itself to present multiple "winners." Perhaps if you are keeping score in terms of quantifiable numbers such as "most money" there will be someone who finishes on top. But when it comes to money, once you reach a certain level, there's almost no point in making more - there aren't too many more ways you can spend it. My point is this: You don't have to make the most money in order to be a winner at life. If you make enough to take care of your family, meet your goals, maybe even have some luxuries, some toys, or some extras, you're a winner. I'm absolutely convinced that it's possible for me to help you achieve your dreams without taking anything away from me. I can show you how to become effective as a real estate investor and in fact, you may ultimately be better at it than me. Does that take anything away from me? Not at all. One of my stated goals each year is to help people. If I am able to help someone, that goal is met and is self-rewarding. But let's move away from the philosophical and talk specifics for a moment. Is it possible I could give you the skills that would put me out of business? Let's go to the numbers. Last year 5 million homes were sold in the US and about 7% of them were flips from investors. That's roughly 350,000. Is there room for that number to possibly increase? Well -- let's take a look at the vacant home inventory. The number of vacant homes in the US has held fairly steady in the past five years at between 15 and 18 million. I have a study from lenkiefer.com that looks into the reasons for these vacancies. When I look through the report, it appears that about 46% of all vacant homes are in a situation that would be available to investors. These categories include, "needs repairs" "extended absence" "storage" "foreclosure" "abandoned" or "other". If you had a way to find these properties and contact the owners, surely some of them are ready to sell. There are 7 or 8 million of these homes nationwide, available to people like me. That's more than the total number of homes sold last year. Investors accounted for about 350,000 sales across the country last year. Based on the inventory and the current level of investors there's a 20 plus year supply of properties available RIGHT NOW. And more distressed properties and abandonments are surely on the way. It's the nature of things. If one investor can do a dozen houses per year and we wanted to sell the current inventory of vacant homes it would take close to 700,000 new investors. ---- I'd say there's room for a few more, wouldn't you? Emails: Questions@flippingamericaradio.com Tell us where you're from!

Francine, Madison, WI, "How do you handle multiple offer situations when you are buying? It seems like every time I make an offer, they have multiple offers and want a 'Highest and Best' offer, usually within 24 hours."
Michael, Spartanburg, SC, "Do you ever go above your numbers due to the fact that deals are so hard to come by these days? I'd rather make something than have my money sitting on the sideline."
Melissa, Marion, OH, "We want to improve our deal marketing. What advice would you give us?"
Peter, Battle Creek, MI "How many offers do I need to make in order to buy one house per month and how much time will that take me?"

Show 96 Real Estate News and Questions Apr 01, 2018

Show notes

FAR 096 Expected Air Date: 12/11/17 Announcements:

NEW NEW! Call in to our comments line! 404-369-1018, extension 1. Leave your message.
Questions@flippingamericaradio.com Tell us where you're from!
Like us on Facebook. www.facebook.com/flippingamericamedia
Check in with us every Tuesday for "Tuesdays at Two"
Follow us on Twitter @FlippingAmerica
IF WE READ YOUR QUESTION ON THE AIR, WE WILL SEND YOU A TICKET TO OUR NEXT FLIPSTARTER EVENT. THAT'S A $97 VALUE!

News:

Emails: Questions@flippingamericaradio.com Tell us where you're from!

Tonia, Birmingham, AL "What does the one year right of redemption mean with foreclosures here?"
Katie, Minneapolis, MN, "Do you shut down your sales in December? It seems a bit cold here for selling houses this time of year."
Darrel, Austin, TX, "Next year I want to scale up my business from 6 to 15 flips. What suggestions would you have for me?"
- Hire out the lowest level stuff first.
- Eventually hire out everything except for the stuff only you can do.
- Focus!
  - Deal Flow
  - Cash Flow
  - Hire the best people with the best skill set. Hold out for the best.
- Leave the details to your good team, but never lose focus.
Andre, Portland, OR "I'm buying rental properties in the midwest. I hired the first property management company I spoke with and am not satisfied. How do you go about hiring remote management. My properties are all in Kansas City and St. Louis."
Alvin, Merced, CA "I have converted my 401K from my previous employer to a self-directed Roth IRA. Now I am looking to invest in someone's deal. Should I invest in someone flipping or in a long-term buy and hold?"
Douglas, Mt. Vernon, IL, "There isn't much happening in my town in terms of real estate investing. In fact, I don't know of anyone who does this as an actual job. What would you advise someone like me - interested but unsure of the possibilities?"
- Look in the legal ads in the paper. Find out the Illinois foreclosure rules. Get down to the courthouse and see who is bidding and what they are bidding on. Make friends. Get a mentor. Talk to local realtors.
David, Atlanta, GA "I want to invest passively and I wonder if I can just put up money for you and your team to do some deals?"

Glen Glasper, aka "Mr. Dollar Out of a Dime" Apr 01, 2018

Show notes

FAR 095 Expected Air Date: 12/07/17 Announcements:

NEW NEW! Call in to our comments line! 404-369-1018, extension 1. Leave your message.
Questions@flippingamericaradio.com Tell us where you're from!
Like us on Facebook. www.facebook.com/flippingamericamedia
Check in with us every Tuesday for "Tuesdays at Two"
Follow us on Twitter @FlippingAmerica
IF WE READ YOUR QUESTION ON THE AIR, WE WILL SEND YOU A TICKET TO OUR NEXT FLIPSTARTER EVENT. THAT'S A $97 VALUE!

News:

Special Guest

Glen Glasper

Questions for the Flipping America Guy, Show 94 Apr 01, 2018

Show notes

FAR 094 Expected Air Date: 12/04/17 Announcements:

NEW NEW! Call in to our comments line! 404-369-1018, extension 1. Leave your message.
Questions@flippingamericaradio.com Tell us where you're from!
Like us on Facebook. www.facebook.com/flippingamericamedia
Check in with us every Tuesday for "Tuesdays at Two"
Follow us on Twitter @FlippingAmerica
IF WE READ YOUR QUESTION ON THE AIR, WE WILL SEND YOU A TICKET TO OUR NEXT FLIPSTARTER EVENT. THAT'S A $97 VALUE!

News:

Inventory is key in housing market. This article is a fine macro-economic approach to interpreting the current real estate market. In short, all of the RE asset classes EXCEPT single family homes have peaked and their rate of increase has leveled off. The SFR market is up and all signs point to it continuing that way for awhile. The SFR market seems to be the last to be affected by other market conditions. The author acknowledges that while the peak is not in sight currently, it has to turn around eventually as prices are going beyond the ability of consumers to buy. The article is well-researched and full of helpful charts and graphs. https://seekingalpha.com/article/4128209-inventory-key-housing-market
The 20 most profitable housing markets this year. Although no hold time criteria is provided, it sounds like these are owner occupants, not investors. Still, it supports the general upward trend. http://blog.credit.com/2017/04/the-20-most-profitable-housing-markets-this-year-171991/
The 20 areas with the most flipped homes (by volume). http://blog.credit.com/2017/09/20-metro-areas-with-the-most-flipped-homes-179126/
The 25 hottest markets (in terms of vacancy). This implies rental, but the article doesn't clarify. http://blog.credit.com/2017/11/25-metro-areas-with-the-hottest-housing-markets-179816/#comments
Interest in secondary markets a bad thing? https://seekingalpha.com/article/4129319-growing-interest-secondary-markets-warning-sign-real-estate
The best set of house flipping stats I've seen yet. Loaded with information. (spend some time going through this one) https://www.attomdata.com/news/home-flipping/q2-2017-u-s-home-flipping-report/

Emails: Questions@flippingamericaradio.com Tell us where you're from!

Sandra, Baltimore, MD, "I went to a seminar last weekend on rental properties where they are going to do everything for me. They have houses rented out that they will sell me. They offer financing on the houses. They showed me a sheet that had the payment, including taxes and insurance and the rent payment was $244 more than the house payment. There were several properties and they were all pretty similar. I have to come up with about $30,000 for each house I buy and I'm thinking about buying 10 of them. The only thing that concerns me is the interest rate. It's 12%, which seems a little high. If it were lower I know I could make even more money, but they will only sell me the house if I use their financing. What are your thoughts on this?"
- The business model is fine. These numbers are a ripoff.
Justin, Indianapolis, IN "I've got a great job I love so I don't want to flip houses, but I've saved enough money for a down payment on a rental property. I'm single, so I have time to manage this myself. What should I be looking for?"
Warren, Rochester NY, "How do I find good tenants for my rental? I'm closing in two weeks and want to start looking for a tenant now. And do I need to hire a management company for just one house? It's not far from my home so I'm thinking I can manage it myself but I want to do it right."
- LPA
- Baserent
Naomi, Jackson, MS, "I have a delinquent tenant and am trying to figure out the process for getting them out of my house. I have one friend who says one thing and another friend who says another. Both of them used to be renters and saw people get evicted. I need to do this, but I don't want to do it wrong. Please help."
Darrel, Austin, TX, "What are some of the technology solutions you have or are using in your investment business?"

Tony Lukashevich, Atlanta Investing Coach Apr 01, 2018

Show notes

FAR 093 Expected Air Date: 11/30/17 Anouncements:

NEW NEW! Call in to our comments line! 404-369-1018, extension 1. Leave your message.
Questions@flippingamericaradio.com Tell us where you're from!
Like us on Facebook. www.facebook.com/flippingamericamedia
Check in with us every Tuesday for "Tuesdays at Two"
Follow us on Twitter @FlippingAmerica
IF WE READ YOUR QUESTION ON THE AIR, WE WILL SEND YOU A TICKET TO OUR NEXT FLIPSTARTER EVENT. THAT'S A $97 VALUE!

Special Guest

Tony Lukashevich

Flipping America Show 92, News and Lists from the World of Real Estate Investing Apr 01, 2018

Show notes

FAR 092 Expected Air Date: 11/27/17 Announcements:

NEW NEW! Call in to our comments line! 404-369-1018, extension 1. Leave your message.
Questions@flippingamericaradio.com Tell us where you're from!
Like us on Facebook. www.facebook.com/flippingamericamedia
Check in with us every Tuesday for "Tuesdays at Two"
Follow us on Twitter @FlippingAmerica
IF WE READ YOUR QUESTION ON THE AIR, WE WILL SEND YOU A TICKET TO OUR NEXT FLIPSTARTER EVENT. THAT'S A $97 VALUE!

News:

Out of this World Real Estate! https://www.nytimes.com/2017/11/26/science/moon-express-outer-space-treaty.html
Historical motivations in real estate acquisition
- Comes with people (i.e. servants)
- Agricultural products
- Water
- Mineral rights
- Aesthetic (the view, etc.)
Market is cooling in Sweden. Lessons for the US? https://qz.com/1137615/swedens-cooling-housing-market-is-a-preview-for-others-with-low-rates-and-property-bubbles/
The world's largest sovereign fund is NOT backing away from Real Estate. https://www.bloomberg.com/news/articles/2017-11-24/a-1-trillion-wealth-fund-notes-red-flag-in-real-estate-market
Hong Kong is hopping: https://www.bloomberg.com/news/articles/2017-11-26/world-s-priciest-housing-market-seen-defying-doomsayers-into-18
Seattle is booming. Can it last? http://kuow.org/post/seattle-tops-real-estate-market-price-increases
Blockchain Technology and Real Estate: https://www.forbes.com/sites/forbesrealestatecouncil/2017/11/20/five-ways-blockchain-can-impact-the-real-estate-market-for-the-better/#4048f2ea7b77

Emails: Questions@flippingamericaradio.com Tell us where you're from!

Ryan, McDonough, GA "What price range should I be looking for my first flip property?"
Kenyata, Waukesha, WI "I'm struggling with how to calculate the costs of a rehab and I can't get contractors to come out to bid the work. How am I supposed to get three bids when I can't even get one contractor to come out?"
Francine, Denver, CO, "If I'm just starting out, how much time is reasonable to put into this each week? I have a full-time job and two grade school children. I'm trying to figure out if I can fit this into my schedule."
Albert, Aurora, CO, "Do you do any Holiday decorations on houses you are trying to sell at this time of year?"

High Tech Solution for Landlords - Baserent Apr 01, 2018

Show notes

FAR 091 Expected Air Date: 11/27/17 Announcements:

NEW NEW! Call in to our comments line! 404-369-1018, extension 1. Leave your message.
Questions@flippingamericaradio.com Tell us where you're from!
Like us on Facebook. www.facebook.com/flippingamericamedia
Check in with us every Tuesday for "Tuesdays at Two"
Follow us on Twitter @FlippingAmerica
IF WE READ YOUR QUESTION ON THE AIR, WE WILL SEND YOU A TICKET TO OUR NEXT FLIPSTARTER EVENT. THAT'S A $97 VALUE!

News:

Market is cooling in Sweden. Lessons for the US? https://qz.com/1137615/swedens-cooling-housing-market-is-a-preview-for-others-with-low-rates-and-property-bubbles/
The world's largest sovereign fund is NOT backing away from Real Estate. https://www.bloomberg.com/news/articles/2017-11-24/a-1-trillion-wealth-fund-notes-red-flag-in-real-estate-market
Hong Kong is hopping: https://www.bloomberg.com/news/articles/2017-11-26/world-s-priciest-housing-market-seen-defying-doomsayers-into-18
Seattle is booming. Can it last? http://kuow.org/post/seattle-tops-real-estate-market-price-increases

Special Guest

LizTara Lowinski BaseRent

Emails: Questions@flippingamericaradio.com Tell us where you're from!

Ryan, McDonough, GA "What price range should I be looking for my first flip property?"
Kenyata, Waukesha, WI "I'm struggling with how to calculate the costs of a rehab and I can't get contractors to come out to bid the work. How am I supposed to get three bids when I can't even get one contractor to come out?"
Francine, Denver, CO, "If I'm just starting out, how much time is reasonable to put into this each week? I have a full-time job and two grade school children. I'm trying to figure out if I can fit this into my schedule."

Crushing it in Virginia, with Crystal Mewhorter Apr 01, 2018

Show notes

FAR 090 Expected Air Date: 11/18/17 Announcements:

NEW NEW! Call in to our comments line! 404-369-1018, extension 1. Leave your message.
Questions@flippingamericaradio.com Tell us where you're from!
Like us on Facebook. www.facebook.com/flippingamericamedia
Check in with us every Tuesday for "Tuesdays at Two"
Follow us on Twitter @FlippingAmerica
IF WE READ YOUR QUESTION ON THE AIR, WE WILL SEND YOU A TICKET TO OUR NEXT FLIPSTARTER EVENT. THAT'S A $97 VALUE!

News:

Special Guest

Daniel and Crystal Mewhorter

Emails: Questions@flippingamericaradio.com Tell us where you're from!

Keith, Princeton, WV. "I'm about to buy my first two rental houses. One of them is vacant. What are some things I should do as winter approaches?"
Bob, Forsyth, GA "I'm looking at a possible deal here in central Georgia, but it seems unwise to buy as we go into the holiday season. I would be trying to sell it in January. Would you pass or buy?"
Karen, Naples, FL, "We are picking up homes that have been damaged by Irma. The former owners are moving on somewhere else. We have more than we can possible get to and need to sell some to other investors. Can you help us?"

Sharper Business Solutions, Gary Harper Apr 01, 2018

Show notes

FAR 089 Expected Air Date: 11/18/17 Announcements:

NEW NEW! Call in to our comments line! 404-369-1018, extension 1. Leave your message.
Questions@flippingamericaradio.com Tell us where you're from!
Like us on Facebook. www.facebook.com/flippingamericamedia
Check in with us every Tuesday for "Tuesdays at Two"
Follow us on Twitter @FlippingAmerica
IF WE READ YOUR QUESTION ON THE AIR, WE WILL SEND YOU A TICKET TO OUR NEXT FLIPSTARTER EVENT. THAT'S A $97 VALUE!

News:

Tech Trends in RE for 2018 https://www.forbes.com/sites/forbesrealestatecouncil/2017/11/16/what-to-expect-from-real-estate-tech-in-2018/#10982c9b46aa
If you ever thought you wanted to be a builder… now is the time. http://www.businesswire.com/news/home/20171116005440/en/Real-Estate-Market-Supply-Falls-25-Straight
An example of a dumb article and a desperate need to publish. https://www.realtor.com/news/trends/is-it-ok-to-real-estate-stalk/
Seattle to stay on top? https://www.forbes.com/sites/forbesrealestatecouncil/2017/11/14/why-seattle-real-estate-will-maintain-its-hot-streak/#7268f9de7422

Special Guest

Gary Harper, Sharper Business Solutions

Tom Olson "Good Success" Real Estate Apr 01, 2018

Show notes

FAR 088 Expected Air Date: 11/16/17 Announcements:

NEW NEW! Call in to our comments line! 404-369-1018, extension 1. Leave your message.
Questions@flippingamericaradio.com Tell us where you're from!
Like us on Facebook. www.facebook.com/flippingamericamedia
Check in with us every Tuesday for "Tuesdays at Two"
Follow us on Twitter @FlippingAmerica
IF WE READ YOUR QUESTION ON THE AIR, WE WILL SEND YOU A TICKET TO OUR NEXT FLIPSTARTER EVENT. THAT'S A $97 VALUE!

News:

Here's a Stock Tip - Buy Homebuilder stocks! https://www.forbes.com/sites/investor/2017/11/12/will-tax-bill-produce-a-real-estate-debacle-or-is-a-boom-ahead/#667d0c2234c2
Is there a crash ahead? https://www.realtor.com/news/trends/10-years-recession-boom-times-back-real-estate/

Special Guest

Tom Olson, The Olson Group and Good Success

Emails: Questions@flippingamericaradio.com Tell us where you're from!

Melissa from Dallas, TX, "When are you bringing your training to Dallas?"
Penny from Lansing, MI, "What would I need to do to get you to come train some people in Lansing MI?"
Patty from Milwaukee, WI, "I have a friend who is a realtor. Could I just approach her about working for me as an investor?"

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