26d • General discussion
Happy Labor Day…
When it comes to flipping houses, it should come as no surprise that your first job is to… FIND A DEAL! It’s got to fit your buy box, which we cover extensively in our buy box training, but the TL;DR version is: Your buy box is the clear set of property and deal criteria—defined by location, price range, property type, condition, and exit strategy—that you commit to consistently pursuing.
Most first time flippers know a wholesaler or two. That’s not hard. They’re all over investor boards, communities, and meetups. No hate. Me and Tiff wholesale 12+ deals a year! Our methodology and thinking is pretty simple.. “Flip the best, wholesale the rest!”.
It’s not to say you can’t make money buying from a wholesaler. As proof, Carl, one of our Mastermind members just recently netted over $30k in less than 4 months on his first flip he’s done by himself (he used to work with a partner several years ago). We were the wholesalers on that deal and netted a little less than Carl. So win/wins can still happen. But I want you to think about this…
We average right around $20,000/wholesale deal here in Utah. Other guys I know are closer to $15,000. I know another deal guy that won’t do it for less than $10,000. That’s normal in this market.
So if your business model is to buy from wholesalers or even agents, you know you’re going to be paying $15,000 or so on every transaction to buy it.
Our acquisition system will generate me 4+ deals for that same $15,000. No joke.
My point? Maybe consider slowing down so you can speed up. Take the time needed to set up a system that allows you to maximize and optimize the money you’re spending on deals.
If you’re not willing to invest your money and time on getting direct to sellers, that’s ok. Me and other members of the community are here to bring you deals. We know some folks just don’t enjoy it and are willing to pay for. And for that I’m grateful.
There’s no “right way” to flip houses. There’s the best way for you. And, in our opinion , you should always be looking at what you’re doing and why you’re doing it the way you are.
As always, we’re here to share what’s working and what’s not.
Brad and Tiff
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Happy Labor Day…
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