Rental Property Investor · Broken Arrow, OK · Member since 2016 · 1k+ posts · 1k+ votes
Just sold my 3rd flip in the month of November totaling over $50,000 in profits on three properties that were all purchased after Oct 1st. Having a great year this month and still have one more week to go. On to the next one!!
East Sparta, OH · Member since 2015 · 20 posts · 5 votes
9y
Congratulations Jeff Filali that is impressive in that short time span! Do you finance the purchase yourself fully or have you been taking loans/hard money lending?
Rental Property Investor · Broken Arrow, OK · Member since 2016 · 1k+ posts · 1k+ votes
9y
All my own cash on all 3 of those. I did a few flips earlier this year that took me a lot longer, but I'm ramping up the speed now and ready to take it to the next level. Only house I currently have a mortgage on is my primary residence which I also just purchased last month & moved into it the 1st week of November. Still have some unpacking to do, but it didn't stop me from grinding!!
My advise to any newbies starting out, quit making excuses and just keep grinding. You may get 1,000 no's but it only takes 1 deal to get you started. Then once you get your first deal reinvest money into marketing your business.
Investor · Indianapolis, IN · Member since 2014 · 2k+ posts · 601 votes
9y
Good work @Jeff Filali and good advice. Sounds like you've been quite busy. I'm assuming that you have some reliable contractors on your side and a good system to handle multiple properties at once?
Jeff Filali are you marketing for deals yourself or getting them from MLS or wholesalers?
All of the above. I have an extensive background in direct marketing, sales and network marketing. So after I spent the first half of this year doing my first few flips myself to get my feet wet and learn the system "ins & outs", following this summer, I went all in with marketing and launched my own marketing company to do the marketing for me so I could spend more time actually flipping properties instead of locating them.
Now I have started partnering with independent wholesalers to work the leads I'm generating under joint venture relationships with me retaining first right to purchase any property that results from my leads at the negotiated wholesale price plus a flat wholesale fee for their time or we do a JV split on any revenue generated off the properties I choose not to purchase that were generated off my leads.
I'm generating a lot more property leads then I could ever purchase myself. My plan is to keep expending the marketing into other markets by adding more independent wholesalers as more buyers request our assistance locating properties.