BiggerPockets Podcast 010 : Flipping Houses 101 with J Scott
House flipping is one of the most popular methods of investing in real estate. However, it’s sometimes difficult to know exactly how to get started, as there are thousands of blog posts, articles, forum posts, and more about the topic. In today’s Podcast, we talk with one of the best in the business, J Scott, about how he got started flipping houses and how you can follow the same strategies to build your own real estate investing business.
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In Today’s Flipping Podcast, We Cover:
- How a TV show got J started with flipping
- How J made every mistake possible on his first flip…but still made money
- Tips For Working with a wholesaler and tips for wholesalers to work with flippers
- Multiple exit strategies for flippers
- What the “sweet spot” is in terms of profit
- The “flip formula” and how to use it to estimate your profit.
- How to determine the “after repair value” of your property.
- Why you should get your real estate license.
- Why having a construction background might not be great when flipping.
- How J’s got his days-on-market down to a 17 day average.
- Tips for finding a great project manager.
- How to find private lenders to fund your deals.
- Automating you flipping business to flip while holding a full time job
Links From the Flipping 101 Show:
- J’s Blog: 123Flip.com
- The New Member Introduction Forum
- How to Subscribe to a Forum Category [Video]
- BiggerPockets Forums
- BP Podcast 001: Building a Successful House Flipping Business and Losing Millions with Marty Boardman
- Ultimate Beginner’s Guide to Real Estate Investing
- The Book on Flipping Houses and The Book on Estimating Rehab Costs
- Michael Quarles and K Marie Poe
Books Mentioned in the Show
- The Complete Guide to Real Estate Finance for Investors by Steve Burges
- The Four Hour Workweek by Tim Ferriss
“You gotta be conservative in your numbers, so your ‘beginner mistakes’ will be covered.” (Tweet This!)
“Always have 2, 3, or 4 exit strategies as a backup on your house flips.”(Tweet This!)
“What you did yesterday may not work tomorrow – you need to be flexible in your business.” (Tweet This!)
“Pricing a property right is key.” (Tweet This!)
“You don’t raise money if you don’t ask. It’s not rocket science – it’s just hard work.” (Tweet This!)
“It takes work and a lot of up-front preparation – but business automation is possible.” (Tweet This!)
“Putting together a plan on paper will help you figure out where your gaps in knowledge are.” (Tweet This!)
“Real estate investing education shouldn’t cost as much as a college education.” (Tweet This!)
“Those who do best in this industry are those who work ON their business, not IN their business.” (Tweet This!)
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J Scott runs Lish Properties LLC, a real estate investment company in the west suburbs of Atlanta, GA that specializes in purchasing, rehabbing and reselling REO properties. Along with his wife, J purchases and renovates about 15-20 houses per year. In addition, they consult to other investors, manage rehabs for other investors, and stage/list/market properties for the investors they work with.
What do you think? Do you have any questions or comments for J or about the show? Leave your thoughts below!