Top 10 Takeaways - Podcast 1 with Marty Boardman
Hosts @Joshua Dorkin and @Brandon Turner and Guest @Marty Boardman
1. It’s really hard to recognize when you are over leveraged. When you are over leveraged, buying 70 cents on the dollar won't protect you if the market crashes.
2. Real Estate Investing is HARD. You need a detailed plan and systems to create a consistent product and brand.
3. Stop wasting your time and money with gurus. Find a real estate investor in your own backyard and find a way to add value.
4. Four Flipping Boxes: acquisitions, rehab, sales, and raising capital. You’ve got to have somebody in each one of these four boxes to keep things running at all times.
5. Flipping is profitable when there is a big difference between the price of retail homes and the price of distressed properties. There was about a 51% difference between distress properties and regular sales when we flipped homes in Milwaukee.
6. To raise capital you need to work with people who know what they are doing to established a track record. The other great way to raise capital is to find a good deal.
7. Use your income goals to determine how much money you need to raise. Let’s say you want to earn $10,000 a month from flipping. You need to figure out how much you can net with each flip, how many flips per year you need, how much money do you need to buy and sell and rehab these homes and how long is it going to take to sell them. So then you goal shifts from flipping enough homes to earn $10,000 a month to how much money do I need to raise.
8. Partner with people who have complimentary skills and similar temperament and expectations. Take it slow with Partners.
9. Get your real estate license.
10. Do you have a sugar mama? You’re going to need one of those to get started because you need some source of income while you’re figuring this thing out.
* Bonus Takeaway: Direct Mail Isn’t for Everyone
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