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Flipping Junkie Podcast with Danny Johnson — Business
Flipping Junkie Podcast with Danny Johnson

Flipping Junkie is a podcast for people addicted to flipping houses, wholesaling houses, and real estate investing. Danny started flipping houses in 2003 and has chronicled his journey to help house flippers both new and experienced. Subscribe for weekly episodes featuring interviews with people just getting started as well as big name investors like Brandon Turner of Bigger Pockets and Justin Williams from House Flipping HQ. The podcast covers a range of topics like what is working today to find great deals for flipping, how to properly analyze deals for flipping, renting and owner financing, determining repair costs, finding contractors and managing rehab crews, what improvements to make and how to quickly sell your houses for big profits and so much more. Don’t worry, we won’t leave out the serious mistakes that you need to avoid when get starting and growing your real estate investing business. Join Danny Johnson to get the inside scoop on how to get started and how to stay successful to create true financial freedom for yourself and your family.

Latest Episodes:

75: [Day In The Life] Scary But Do It Anyway Apr 14, 2017

Show notes

This vlog, Danny talks about how important it is for you to do what needs to be done for your business even if you're afraid. Don't forget, all of the vlog episodes (and more) are available on the FlippingJunkie YouTube channel at http://youtube.com/FlippingJunkie

Making big steps is scary for just about everyone. When Danny was working on getting his pilot's license, he would stop in the parking lot and think about two things: how exciting flying is, but also how dangerous it is. Even though learning was a lot of fun, there was still that risk involved.

The same is true for running your own real estate investing business. Especially when you're getting started. When Danny and Melissa first started buying and selling houses and the first call came in he was so nervous to talk to the motivated seller that he threw the phone at Melissa so she would talk to them! And while that was scary, the reward to going through with the lead was bigger than any nerves they had.

So that's the takeaway from this vlog. Knowing that being afraid is ok, but pushing past that to get to the good stuff is even better!

Stay tuned and be sure to subscribe to the FlippingJunkie Youtube channel: http://youtube.com/flippingjunkie

74: [Closing] From Contract to Closing Apr 03, 2017

Show notes

Geremy Heath is the owner and founder of Texas All Cash Home Buyers.

Geremy was on the podcast during the early days for episode 3 where we talked about http://flippingjunkie.com/episode-3-the-mindset-that-guarantees-flipping-houses-success/" target="_blank">The Mindset That Guarantees Flipping Houses Success - Click Here To Listen

We talk about his Miracle Morning routine…which is incredible. If you want to find out more check out my interview with the author, Hal Elrod: http://flippingjunkie.com/episode-24-foundation-the-miracle-morning-whal-elrod/" target="_blank">Click Here To Listen to My Interview with Hal ElrodThere's a lot that goes on in between contracting and closing on a house. Especially when it comes to the numbers. You have to make detailed estimates of the labor costs, material costs, and other specific skew costs. If you're not precise in your estimates, then you'll run into some funding roadblocks. Geremy makes the suggestion of not going through with a property if the exact estimate is higher than 10% more than the original estimate. When Melissa and I were doing it before we got our team, we would know if something was off when we got to the rehab (which wasn't too fun).

This work does need to be done regardless. And Geremy makes the point that it's better to get it over with sooner rather than later. It's better to know what you're getting into before you start the closing process.

To get your invite to the new Flip Pilot closed Facebook Group, visit the http://flippilot" target="_blank">Flip Pilot Invitation Page - Click Here.

73: [Day In The Life] Measurable Progress Mar 27, 2017

Show notes

This vlog, Danny talks expands on what it means to be a Flip Pilot, and what it takes to make measurable progress with your real estate investing business. Don't forget, all of the vlog episodes (and more) are available on the FlippingJunkie YouTube channel at http://youtube.com/FlippingJunkie

What does it really mean to have a 30,000 foot view of your business? You have to really take a deep look at it and where your business is going, but you also really need to take a look at yourself.

Staying in place without anything driving you personally will affect how your business expands. You need to take a closer look at why you get up in the mornings, what keeps you motivated, and how you're growing as an entrepreneur.

The biggest concern is making sure you're not overloading yourself with too many goals that aren't realistic, or that are too distracting. "Shiny Objects" can get in the way of you developing what you need to for your business to continue to be a success. That's something that we struggle with. Staying focused and on track, and completing one goal before you move on to the next one is essential for a healthy business.

Stay tuned and be sure to subscribe to the FlippingJunkie Youtube channel: http://youtube.com/flippingjunkie

72: [Day In The Life] Don't Swing Hammers Mar 08, 2017

Show notes

This vlog, Danny talks about the beginnings of his house flipping business, and the learning curves it took to get the hang of it. Don't forget, all of the vlog episodes (and more) are available on the FlippingJunkie YouTube channel at http://youtube.com/FlippingJunkie

Learning what to do to run your business the right way takes time, but mostly trial and error. There is a huge difference between running your business and working in your business, and what it takes to be the pilot instead of the crew.

So here's a story. When Danny first started rehabbing houses, he showed up to his first demo site the day before to get it prepped. He went and personally started taking nails out of the walls so that the sheetrock could be laid properly, thinking he was doing a great job and showing that he has what it takes to be an investor.

And then his mentor showed up, mad. He started telling Danny that it's not his job to be taking nails out of the wall. Not because he was somehow better, but because he was supposed to be running the business and not working in it.

The takeaway is that as an investor you shouldn't be swinging the hammers. It's your job to work on your business, not IN your business - that's what it means to be a Flip Pilot!

Stay tuned and be sure to subscribe to the FlippingJunkie Youtube channel: http://youtube.com/flippingjunkie

71: [Day In The Life] What Grinds My Gears Mar 06, 2017

Show notes

This vlog, Danny talks about the difficulties that running a real estate investing business can cause, like attorneys talking sellers out of deals. Don't forget, all of the vlog episodes (and more) are available on the FlippingJunkie YouTube channel at http://youtube.com/FlippingJunkie

You know what really grinds my gears? Attorneys. And thieves (but we'll talk about that second).

Do you ever run into issues with attorneys? For the most part, they're not too much of an issue, but when they start making sellers or buyers question the deal it gets a little frustrating. For example, the attorney mentioned in the vlog wrote the buyer's contract in such a way that it, basically, made the contract null. Just a little frustration.

Ok, those thieves. Long story short, our entire website got copied and pasted. Word for word, code for code. Understandably, Danny wasn't happy. But, after taking a step back and looking at how poorly this is being taken care of, these thieves aren't as intimidating as they think they are. We won't get too much into it here. Just know that if Danny isn't worried, no one else needs to be!

Stay tuned and be sure to subscribe to the FlippingJunkie Youtube channel: http://youtube.com/flippingjunkie

70: [Day In The Life] Are You a Flip Pilot Mar 03, 2017

Show notes

This this vlog, Danny talks about the idea of being the pilot of your flipping business instead of someone working on the ground. Don't forget, all of the vlog episodes (and more) are available on the FlippingJunkie YouTube channel at http://youtube.com/FlippingJunkie

Are you working in your business or on your business? That might sound like a small difference, but it's more important than you'd think. If you started your business from the ground up (like most real estate investors have) then you're the boss. And being the boss means you can't be spending your time running around within your business. You need to be taking care of things from above - working on your business.

That's where the idea of being a Flip Pilot comes in. You need to be able to see your business from 30,000 feet up to be able to take it to the places you want to go. So focusing on managing your business means that you're going to have to give up some of the hands on work to take on the bigger issues.

Let's break it down. If you're working in your business, you have to wear a lot of hats. You have to be the marketer, and the hiring manager, and the sales guy, and the foreman, and the legal team, and the boss. It's too much. If you're spread too thin then you aren't replenishing your inventory fat enough to continue to make money.

Take Danny's example. When he and Melissa were spread too thin, they would focus all of their energy on one property at a time. Which worked, for a little while. But once that property was finished, there was nothing left on deck. So then the marketing had to start all over with nothing generating money in the meantime.

Basically what we're getting at is, are you switching hats too much in your business or are you taking charge? Be a Flip Pilot, not the ground crew! Let us know what you think in the comments :)

Stay tuned and be sure to subscribe to the FlippingJunkie Youtube channel: http://youtube.com/flippingjunkie

69: [Day In The Life] Secret to Consistent Deals Mar 02, 2017

Show notes

This this vlog, Danny talks about the similarities between PPC marketing and direct mail marketing tactics, and why sticking with PPC is so important for constant deal flow. Don't forget, all of the vlog episodes (and more) are available on the FlippingJunkie YouTube channel at http://youtube.com/FlippingJunkie

Doing direct mail marketing is great for growing your reach to motivated sellers, but can often be discouraging (as we found out) when getting a 0.1% response is a good response…

Investing only about $500 to direct mail just wasn't working for a few reasons: there wasn't a targeted enough audience, and there wasn't enough funding behind it.

The same rule applies to PPC marketing. If you're only allotting $500 a month for pay per click, how can you expect to get the best ROI? You can't. True, PPC is much more targeted, so your ads are getting in front of your exact audience, but as Danny points out this is a pay-to-play strategy. And it WORKS.

The other thing to consider when budgeting for PPC is how much a single deal is costing you. The more you pay, the better the return. You can't just rely on getting lucky for every deal. So, let's say you spent $3000 on getting one deal. That one deal will last you, what, about 3 months? That's great! But you need to be generating other deals in the meantime. That's why PPC isn't a one-and-done thing, it's on-going. You can learn all about it in this vlog episode, and on the podcast.

Stay tuned and be sure to subscribe to the FlippingJunkie Youtube channel: http://youtube.com/flippingjunkie

68: [Day In The Life] Tornados and Masterminds Feb 23, 2017

Show notes

This this vlog, Danny talks the crazy storms in San Antonio, and his upcoming Masterminds Meeting with Justin Williams and Andy McFarland. Don't forget, all of the vlog episodes (and more) are available on the FlippingJunkie YouTube channel at http://youtube.com/FlippingJunkie

Aside from the insane storms in San Antonio (right near the office too! Yikes), Melissa and Danny are heading to Justin Williams' and Andy McFarland's 7 Figure Flipping Masterminds Meeting!

Not only is this an important networking opportunity, but it's a great place to learn. Expanding your understanding of what you're doing will keep you improving and make you a more worth while real estate investor.

There's a saying that goes something like: "10 years of experience is only 10 years if you're learning. If you're not, it's just 1 year repeated 9 times."

Don't be someone who's just repeating one year of experience for the rest of your real estate investing business's career. You want to be learning and expanding all of the time so that you can always be on top of what's changing in the industry.

And there's no better place to start that at the 7 Figure Flipping Masterminds Meetings! You can learn more at this link below. And we're in the video! Neat :)

Stay tuned and be sure to subscribe to the FlippingJunkie Youtube channel: http://youtube.com/flippingjunkie

67: [Day In The Life] Vision Boards Feb 15, 2017

Show notes

This this vlog, Danny talks about why you should be using a vision board to keep you on track both professionally and personally, and the steps needed to achieve those vision. Don't forget, all of the vlog episodes (and more) are available on the FlippingJunkie YouTube channel at http://youtube.com/FlippingJunkie

Are you using a vision board? They're great for keeping you on track, and motivated to reach those goals. Danny had a lake house and a plane on his vision board, as things that he never thought he would actually achieve. It wasn't until this past weekend at Danny's lake house that he realized he had achieved both of those things.

Melissa turned to him and said, "Hey this looks like the one on our vision board!" (Talking about their lake house). And she was right! Danny had reached the lake house goal, and (for personal reasons) he had gotten his pilot's license! All from keeping himself motivated with his vision board.

Having a vision board will keep you organized and motivated. So, are you using a vision board? Use it to set personal goals, and business goals. Where do you want your business to go? What goals are you setting for your own self growth? Let us know in the comments!

Stay tuned and be sure to subscribe to the FlippingJunkie Youtube channel: http://youtube.com/flippingjunkie

66: [Day In The Life] Step Away From The Computer Feb 13, 2017

Show notes

This this vlog, Danny takes a drive up to his lake house where the family is spending the weekend, and talks about the importance of stepping away from the computer. Don't forget, all of the vlog episodes (and more) are available on the FlippingJunkie YouTube channel at http://youtube.com/FlippingJunkie

Aside from just spending time with his family, it's important for Danny to get away from the office and clear his head so that he can return to work on Monday ready to tackle the week. It's important for everyone to do that! Danny spent his weekend with his family at his lake house, but how are you spending yours?Stepping away from your computer is something Danny found valuable when he was on BiggerPocket's show talking with them. This is something that's just stuck with Danny, and has helped keep him grounded and focused on what needs to be done. Getting out there and talking to people in person, and driving around your city, are great ways to expand your knowledge of your target area. So don't just sit in front of your computer all day, get out there and start talking to other investors and motivated sellers!

Stay tuned and be sure to subscribe to the FlippingJunkie Youtube channel: http://youtube.com/flippingjunkie

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