{"id":40071,"date":"2013-03-21T00:15:02","date_gmt":"2013-03-21T06:15:02","guid":{"rendered":"https:\/\/www.biggerpockets.com\/renewsblog\/?p=40071"},"modified":"2023-04-07T18:43:05","modified_gmt":"2023-04-08T00:43:05","slug":"2013-03-21-flipping-houses-101-j-scott","status":"publish","type":"post","link":"https:\/\/www.biggerpockets.com\/blog\/2013-03-21-flipping-houses-101-j-scott","title":{"rendered":"Flipping Houses 101 with J Scott"},"content":{"rendered":"<p>House flipping is one of the most popular methods of investing in real estate. However, it&#8217;s sometimes difficult to know exactly how to get started, as there are thousands of blog posts, articles, <a href=\"https:\/\/www.biggerpockets.com\/forums\" target=\"_blank\">forum posts<\/a>, and more about the topic. In today&#8217;s Podcast, we talk with one of the best in the business,<strong> J Scott<\/strong>, about how he got started flipping houses and how you can follow the same strategies to build your own real estate investing business.<\/p>\n<p><a href=\"https:\/\/www.biggerpockets.com\/bpp10-j-scott-podcast-flipping-101\" target=\"_blank\">Read the transcript of Episode 10 with J. Scott here.<\/a><\/p>\n<h2>Listen to The Show on iTunes<\/h2>\n<p><a href=\"https:\/\/itunes.apple.com\/us\/podcast\/biggerpockets-podcast-real\/id594419649\" target=\"_blank\" rel=\"noopener\">Click here<\/a> to listen on iTunes.<\/p>\n<h2>Listen to the Podcast Here<\/h2>\n<p><iframe loading=\"lazy\" src=\"https:\/\/playlist.megaphone.fm\/?e=BIGPOC7756563134\" width=\"100%\" height=\"200\" frameborder=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<h2>In Today&#8217;s Flipping Podcast, We Cover:<\/h2>\n<ul>\n<li>How a TV show got J started with flipping<\/li>\n<li>How J made <strong>every mistake possible<\/strong> on his first flip&#8230;but <strong>still made money<\/strong><\/li>\n<li>Tips For Working with a <strong>wholesaler<\/strong> and tips for wholesalers to work with flippers<\/li>\n<li>Multiple<strong> exit strategies<\/strong> for flippers<\/li>\n<li>What the &#8220;<strong>sweet spot<\/strong>&#8221; is in terms of profit<\/li>\n<li>The &#8220;<strong>flip formula<\/strong>&#8221; and how to use it to estimate your profit.<\/li>\n<li>How to determine the &#8220;<strong>after repair value<\/strong>&#8221; of your property.<\/li>\n<li>Why you should <strong>get your real estate license<\/strong>.<\/li>\n<li>Why having a construction background might not be great when flipping.<\/li>\n<li>How J&#8217;s got his days-on-market down to a 17 day average.<\/li>\n<li>Tips for finding a <strong>great project manager<\/strong>.<\/li>\n<li>How to find private lenders to <strong>fund your deals<\/strong>.<\/li>\n<li>Automating you flipping business to flip while holding a full time job<\/li>\n<\/ul>\n<h2>Links From the Flipping 101 Show:<\/h2>\n<p><a href=\"https:\/\/www.biggerpockets.com\/flippingbook\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-40073\" src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2012\/12\/Flipping.jpeg\" alt=\"Flipping\" width=\"250\" height=\"386\" title=\"\"><\/a><\/p>\n<ul>\n<li>J&#8217;s Blog: <a href=\"http:\/\/www.123Flip.com\" target=\"_blank\" rel=\"noopener\">123Flip.com<\/a><\/li>\n<li><a href=\"https:\/\/www.biggerpockets.com\/forums\/55-new-member-introductions\" target=\"_blank\">The New Member Introduction Forum<\/a><\/li>\n<li><a href=\"http:\/\/www.youtube.com\/watch?v=BtEVoNCuzcM\" target=\"_blank\" rel=\"noopener\">How to Subscribe to a Forum Category [Video]<\/a><\/li>\n<li><a href=\"https:\/\/www.biggerpockets.com\/forums\" target=\"_blank\">BiggerPockets Forums<\/a><\/li>\n<li><a href=\"\/renewsblog\/2013\/01\/17\/losing-millions-house-flipping-podcast\/\" target=\"_blank\">BP Podcast 001: Building a Successful House Flipping Business and Losing Millions with Marty Boardman<\/a><\/li>\n<li><a href=\"https:\/\/www.biggerpockets.com\/real-estate-investing\" target=\"_blank\">Ultimate Beginner&#8217;s Guide to Real Estate Investing<\/a><\/li>\n<li><a href=\"https:\/\/www.biggerpockets.com\/flippingbook\" target=\"_blank\">The Book on Flipping Houses and The Book on Estimating Rehab Costs<\/a><\/li>\n<li><a href=\"https:\/\/www.biggerpockets.com\/users\/MichaelQuarles\" target=\"_blank\">Michael Quarles<\/a> and <a href=\"https:\/\/www.biggerpockets.com\/users\/KMarie\" target=\"_blank\">K Marie Poe<\/a><\/li>\n<\/ul>\n<h2>Books Mentioned in the Show<\/h2>\n<ul>\n<li><a href=\"http:\/\/amzn.to\/29XuETw\" rel=\"nofollow noopener\" target=\"_blank\">The Complete Guide to Real Estate Finance for Investors<\/a> by Steve Burges<\/li>\n<li><a href=\"http:\/\/amzn.to\/2abpczx\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">The Four Hour Workweek<\/a> by Tim Ferriss<\/li>\n<\/ul>\n<h2>Tweetable Topics:<\/h2>\n<blockquote><p>&#8220;You gotta be conservative in your numbers, so your &#8216;beginner mistakes&#8217; will be covered.&#8221; (<a href=\"http:\/\/clicktotweet.com\/GEa9r\" target=\"_blank\" rel=\"noopener noreferrer\">Tweet This!<\/a>)<\/p><\/blockquote>\n<blockquote><p>&#8220;Always have 2, 3, or 4 exit strategies as a backup on your house flips.&#8221;(<a href=\"http:\/\/clicktotweet.com\/eUVDI\" target=\"_blank\" rel=\"noopener noreferrer\">Tweet This!<\/a>)<\/p><\/blockquote>\n<blockquote><p>&#8220;What you did yesterday may not work tomorrow &#8211; you need to be flexible in your business.&#8221; (<a href=\"http:\/\/clicktotweet.com\/w9zvs\" target=\"_blank\" rel=\"noopener noreferrer\">Tweet This!<\/a>)<\/p><\/blockquote>\n<blockquote><p>&#8220;Pricing a property right is key.&#8221; (<a href=\"http:\/\/clicktotweet.com\/E6t1c\" target=\"_blank\" rel=\"noopener noreferrer\">Tweet This!<\/a>)<\/p><\/blockquote>\n<blockquote><p>&#8220;You don&#8217;t raise money if you don&#8217;t ask. It&#8217;s not rocket science &#8211; it&#8217;s just hard work.&#8221; (<a href=\"http:\/\/clicktotweet.com\/bydUR\" target=\"_blank\" rel=\"noopener noreferrer\">Tweet This!<\/a>)<\/p><\/blockquote>\n<blockquote><p>&#8220;It takes work and a lot of up-front preparation &#8211; but business automation is possible.&#8221; (<a href=\"http:\/\/clicktotweet.com\/PU5c3\" target=\"_blank\" rel=\"noopener noreferrer\">Tweet This!<\/a>)<\/p><\/blockquote>\n<blockquote><p>&#8220;Putting together a plan on paper will help you figure out where your gaps in knowledge are.&#8221; (<a href=\"http:\/\/clicktotweet.com\/sepF3\" target=\"_blank\" rel=\"noopener noreferrer\">Tweet This!<\/a>)<\/p><\/blockquote>\n<blockquote><p>&#8220;Real estate investing education shouldn&#8217;t cost as much as a college education.&#8221; (<a href=\"http:\/\/clicktotweet.com\/z4aBq\" target=\"_blank\" rel=\"noopener noreferrer\">Tweet This!<\/a>)<\/p><\/blockquote>\n<blockquote><p>&#8220;Those who do best in this industry are those who work ON their business, not IN their business.&#8221; (<a href=\"http:\/\/clicktotweet.com\/cy7kb\" target=\"_blank\" rel=\"noopener noreferrer\">Tweet This!<\/a>)<\/p><\/blockquote>\n<h2>Thank You!<\/h2>\n<p>Thank you again to everyone who has subscribed in <a href=\"https:\/\/itunes.apple.com\/us\/podcast\/biggerpockets-podcast-real\/id594419649\" target=\"_blank\" rel=\"noopener\">iTunes<\/a> to help make us one of the top business podcasts in all of iTunes! We&#8217;re up to 145 5-Star Reviews so far with over 65,000 downloads! Every subscription in iTunes and every review helps us reach more people &#8211; so thank you!<\/p>\n<h2>About J<\/h2>\n<p><em> 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. <\/em><\/p>\n<p>J&#8217;s <a href=\"https:\/\/www.biggerpockets.com\/users\/JasonScott\" target=\"_blank\">BiggerPockets Profile<\/a><br \/>\nJ&#8217;s <a href=\"http:\/\/www.facebook.com\/123FlipRealEstate?fref=ts\" target=\"_blank\" rel=\"noopener\">Facebook Page<\/a><\/p>\n<p>[powerpress]<\/p>\n<p><strong>What do you think? Do you have any questions or comments for J or about the show? Leave your thoughts below!<br \/>\n<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>House flipping is one of the most popular methods of investing in real estate. However, it&#8217;s sometimes difficult to know exactly how to get started, as there are thousands of [&hellip;]<\/p>\n","protected":false},"author":17340,"featured_media":119964,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4565],"tags":[],"class_list":["post-40071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-biggerpockets-podcast"],"acf":[],"comment_count":0,"_links":{"self":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/40071","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/users\/17340"}],"replies":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/comments?post=40071"}],"version-history":[{"count":0,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/posts\/40071\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media\/119964"}],"wp:attachment":[{"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/media?parent=40071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/categories?post=40071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.biggerpockets.com\/blog\/wp-json\/wp\/v2\/tags?post=40071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}