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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:

35: [Funding] Finding Private Lenders For Your Flips w/Jason Bible May 23, 2016

Show notes

Jason has been on the show now 3 times! It's because he's awesome and doing great things in his real estate investing business in Houston.

We have in on the show today to talk about finding and working with private lenders for your house flips.

Now, if you're new to real estate investing, you probably want to start with working with a partner to fund the deal and split the profits or use hard money until you have a proven track record of several successful flips. This will make it easier to build relationships with private lenders.

In this episode we talk about:

What a private lender is

How they are different than hard money lenders

What criteria Jason uses to determine good lenders from ones he'd rather not work with

How to find these lenders during networking events

Jason really focuses on the "working" part of networking events. I think most investors in general just don't fully appreciate the power of these events if worked properly.

When negotiating with lenders on terms, Jason likes to frame the argument by showing how he uses the lenders that give the best terms first and then moves up to more expensive ones afters he's used all of the cheaper one's money. So, they can ask for higher rates, but they won't get their money out until the cheaper ones have theirs out first.

Jason also talks about his vanilla and chocolate options he gives private lenders. You'll need to listen to the episode for that one though. :)

34: Free Real Estate Investing Training on the Flipping Junkie Podcast May 15, 2016

Show notes

Learn how to flip houses through this free house flipping training course. Weekly podcast episodes show you how to get started and go from newbie to pro.

In this episode, I talk about what we've been doing with this series of podcast episodes that is meant to be a sort of weekly training that follows a specific path to take you from absolute beginner real estate investor to master pro house flipper extraordinaire.

33: [Team Building] Investment Property Insurance - What You Need to Know w/Gloria Kelley May 09, 2016

Show notes

APIA is an investor friendly insurance company owned and operated by Gloria Kelley in Castroville, TX. Gloria has over 42 years experience in the insurance industry and services a niche market-unoccupied, vacant, or "distressed" properties. She got her start providing insurance for large financial institution's Real Estate Owned (REO) portfolios and has been employed by various large insurance companies over the course of her career. She has experienced all types of claims in her ever-growing knowledge in the insurance world.

Gloria shared some great tips and gotchas that all real estate investors need to be aware of when it comes to insuring vacant houses. As investors, we have a lot going on and can sometimes make decisions without knowing all the facts.

I'm willing to bet that 90% of real estate investors don't properly insure their investment properties.

In this episode we talk about the importance of understanding insurance policy vacancy clauses. This is a super important clause because it can basically allow insurance companies to deny claims.

Another important topic we cover is what happens when you under insure a property. I know most investors do this as well. It's important to understand the ramifications when you don't put a proper insured value on your vacant real estate investments.

They currently service investors all over the U.S. We build strong relationships with clients because of our customer service, competitive pricing, responsiveness, and flexibility to meet the unique demands of investors. They offer the investor the opportunity to pay insurance in arrears. This is especially important since you know investors are cash /cash flow focused. Most insurance providers require insurance 3 months in advance and you probably won't get a refund of the premium if you do not use it all. With them you pay for what you use after the fact-not beforehand.

Their policies is underwritten by Lloyd's of London.

32: [Team Building] How To Work With Wholesalers w/Andy McFarland May 02, 2016

Show notes

Andy McFarland is a self-made real estate entrepreneur who started with nothing and currently makes seven figures a year in his real estate business.

After getting fired from his last W-2 job in 2004, Andy went into real estate full time and has never looked back. Andy currently focuses on wholesaling properties in three different states; Utah, New Mexico, and Indiana. In 2015 alone, Andy did over 150 deals.

Andy has been married for 10 years and currently resides in Farmington Utah with his beautiful wife and three amazing children. Andy enjoys being around family and friends and continuing to grow and learn every day. You can follow Andy on his real estate journey by going to his website: www.iloverealestatestories.com or on his YouTube channel by searching for I Love Real Estate Stories.

He was also with us on episode 19 where we discussed 'how much do you really need to know before getting started flipping houses?'

In today's episode we talk about how real estate wholesalers operate and how to become one of their VIP buyers.

There is a very common misconception that wholesalers don't leave enough meat on the bone when they sell their deals. That can and does happen, but it's not every deal and not every wholesaler.

We discuss how we've seen wholesalers put out great deals at crazy prices because they made assumptions that were invalid.

Andy gives an example of how he just bought a house from a wholesaler that thought the house would only work as a rental. Andy determined it would work as a flip and snatched the deal up and wholesaled it himself at a higher price.

Some key points to take away from this episode are as follows:

Be top of mind with good wholesalers (call them on a regular basis and befriend them)
Develop friendships. Don't just say, 'Give me, give me, give me.'
Be prepared. Be ready with funding, earnest money, offers, etc.
Don't make assumptions. Do your own due diligence.

Andy wholesales a TON of deals every year and his insights on how to build a great buyers list and how he operates his business are priceless.

31: [Team Building] How to Find the Right Agents, Attorney, Title Company w/Mike Arch Apr 25, 2016

Show notes

Mike Arch is a founder of Alamo Home Source and is partners with Erik Saengerhausen who joined us for episode 27. Mike has been flipping for many years and has flipped hundreds of houses. He currently focuses on creating and selling real estate notes.

On today’s episode, we talk about how to find the “right” real estate agents, attorney, title company/closer for your house flipping business.

This biggest take away from this episode is that taking the time to find the team members that care as much about your business as you do is paramount. There are agents out there that always work with a sense of urgency and are great for real estate investors because you cannot steal in slow motion (meaning not to steal, but to get the great deals :)).

We discussed the best way to find agents doing great things in the areas you are investing or want to flip in and how to approach them so that they know who you are and can send you great deals.

It might surprise you to know that many agents that list a lot of houses don’t necessarily want their name on a junker house so they’d prefer not to list it. If they know you are a ready and able buyer, they can let you know about those properties before they go on the market. It’s a true win, win.

We also discussed how to find the right escrow officer or closer at a title company to close your transactions. Find out what fees are negotiable as well as the tips that pros use to save themselves time and money.

We also discuss the right kind of attorney to find. Obviously, you’ll want a real estate focused attorney. We talk about how we both have spent too much money in the past because we didn’t know how to approach and talk with attorneys. Don’t make the same mistakes, listen to this episode and gain the advantage.

30: [Team Building] How to Work with Virtual Assistants w/Robert Nickell Apr 18, 2016

Show notes

Robert Nickell is a national speaker, published author and one of the most successful real estate investors in the nation. Robert is known for his unique ability to teach, train, and run successful virtual businesses. Robert co-created Investor Virtual Assistant Services, LLC (IVAS) with the purpose of sharing his knowledge, experience and success with fellow investors around the world that are looking to take more control of their time while increasing productivity and reducing costs.

Are you a solopreneur? Most real estate investors are. We try to do everything ourselves and think that it’s very hard to find someone to care about each task as much as we do.

It’s what keeps us mediocre as real estate investors.

If you want to really kick butt as a house flipper and real estate investor, you simply need to learn how to delegate and have other people do the busy work.

If you don’t, you won’t make as much money and you won’t truly get the freedom you started doing this to get in the first place.

Virtual assistants are great for investors that cannot afford full-time in-house employees. I’m sure there are dozens of tasks you can think of that you’d rather never do again in your life. Those are tasks that you can have someone else do. And, guess what? They don’t need to be in the same city, state or even country as you.

Robert Nickell runs a very successful wholesaling business and uses almost entirely virtual assistants from the Philippines to do it! Sounds crazy, but it’s true.

He’s done so well with it that he’s started to train and provide these virtual assistants to real estate investors so that we can all benefit from their help.

Not sure where to go to find virtual assistants? Not sure what qualities to look for? Not sure how to streamline your processes and coordinate and make the most out of the virtual assistants’ time? Not sure how much you should be paying for virtual assistants?

We cover all of these questions in this episode. I learned a tremendous amount from Robert in this podcast episode and I’m sure you will to. Even if you’re not immediately considering needing help, it’s best to know that it exists so that when you start getting bogged down, you’ll know where to go and how to handle it.

To find out more about Robert’s virtual assistants service, visit MyRockstarVA.com

29: [Team Building] Actionable Tips for Beginner Real Estate Investors w/Brandon Turner Apr 11, 2016

Show notes

Brandon is a painter, extortionist, exorcist, and lover (not a fighter.) He' would also like everyone to know he is not a robot, despite claims to the contrary. Little known fact: He’s the VP of Growth and Communications here at BiggerPockets.com.

Brandon joined me on the Flipping Junkie podcast way back in episode 2 of the show. He’s very busy and I really appreciate him taking the time to be on the show again. I enjoy talking with Brandon and consider him a great friend.

On this episode, we cover over 22 actionable tips for beginner real estate investors. Even though we say these are tips for beginners, I think we can all say that even experiences house flippers do not do all of these things. If we all would work at putting these tips into action, we’d all make more money and have more free time.

The important thing to always remember is that this is a marathon, not an all out sprint. Do not try to go out and do all of these things this next week as you will burn yourself out and half-ass all of them. That’s just a waste of time.

Take your time. Pick 3 and commit to do them well.

My favorite actionable tips from the show are:

1. Eliminate 2 words from your vocabulary completely: ‘I Can’t’ and replace them with ‘How Can I?’

2. Write your first “yellow letter.” Simply get a yellow pad of paper and write, Dear Johnny Appleseed, I’m interested in buying your house at 123 Plum Orchard Rd. If you would consider selling, please call me at 222-2222. Very sincerely, Joe Investor. Yes, it’s really as simple as that. Drive for dollars and find a vacant house. Look up the owners address from your county’s tax assessor website. It’s very simple.

28: [Team Building] How to Work with Real Estate Agents w/Matt Theriault Apr 04, 2016

Show notes

Matt Theriault, a fifth-generation California native, Desert Storm Veteran (US Marine Corps), has worked as a full-time real estate professional since 2003. After building a small real estate empire (100+ income units) with hardly using one dime of his own money or one point of his own credit, he discovered that he had a knack for simplifying the complicated, implementing systems and producing desirable results for both himself and his investor partners. His “knack” has manifested itself via consistently better-than-average market returns for both himself and his investor partners, a thriving online real estate investing academy (EpicProAcademy.com), as well as one of the more popular Real Estate Investing Podcasts (Epic Real Estate Investing) on iTunes.

On this episode we talk about how Matt got started. He had made a fortune with his own record label and then lost everything when Napster and everything in the music industry changed.

He ended up going from being a millionaire to bagging groceries at the grocery store.

But, he didn’t let that stop him from trying. He went on to become a real estate agent and working with investors. He wasn’t making much money, so he decided he was on the wrong side of the action.

He became a real estate investor right away and started doing tons of short sales back around 2008 when the real estate market was tanking.

In this episode, Matt makes it clear that you’ve got to see things from the agent’s perspective when you are trying to work with them. He shares the fact that almost all agents will immediately think you will want to submit hundreds of low-ball offers with almost no chance of getting any accepted or that you will want to have the list your properties with a severely reduced commission.

Prove them wrong on those counts and you’ll have someone happy to work with you.

In this episode, you’ll also learn how to find the agents you should be working with and how to filter out very quickly, the ones you shouldn’t be working with.

27: [Team Building] Finding and Working with the "Right" Contractors w/Erik Saengerhausen Mar 28, 2016

Show notes

Erik Saengerhausen has been developing his owner financing real estate investment company for over 6 years. He and his business partner, Mike Arch, run Alamo Home Source. They buy houses, fix them up and sell them with owner financing. Then, they sell the notes to investors for incredible returns.

They currently flip more than 75 houses a year and are working up to 100 houses. That’s a lot of fixing up of houses! They know a thing or two about finding and working with the right contractors to be able to do that kind of volume consistently.

In this episode, we cover the definition of the “right” contractor for the typical real estate investor. We also talk about what negative aspects to look for when trying to find the “right” contractor.

Erik has a different model for paying contractors than I do. He has guys that he pays on a weekly basis rather than per job. I hire on a per job basis so that the contractor is paid per job rather than for the amount of hours worked.

That’s an important thing to keep in mind — there isn’t simply one correct way to work with contractors. There are lots of strategies for how to work with contractors and you should find the one that works best for you and your contractors.

Many times these discussions will focus on the point of view of the investor and not on what it means for the contractors. We discuss how important it is to make sure you see things from the contractor’s point of view as finding and keeping the right contractors working for you can mean the difference between success and failure in this business.

26: [Choices] Should You Get Your Real Estate License w/Marco Romero Mar 20, 2016

Show notes

Marco Romero is a real estate investor and a licensed real estate agent. In this episode, we talk about the pros and cons of getting your real estate license. There is no cut and dry answer to this question as it's more about your specific situation and goals. We take an in-depth look at all possible scenarios so that you can make an informed decision on which way you want to go.

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