All Forum Posts by: Matt Stewart

@Tiffany Foy  For the first 7 or 8 years I was flipping I was doing exactly what you are.  Doing 1 or 2 at a time, but doing most of the work myself in order to keep expenses to a minimum and maximize my profits.  I made a decent profit per flip, but with this model I was maxed out at 4-5 flips per year with no option for growth.  

About two years I began the transition to what my model is now.  At any one time now I have between 5 and 8 flips going in different stages and this year I expect to close 15-20 deals.  I've got a full time crew that does nothing but work for me.  And I've got subs for hvac, flooring, plumbing, electrical, and anything else that comes up.  These people are your most important resource if you want to grow the business.  Treat them right and pay them what they deserve to be paid.  

And to your point, if you find someone who can do quality finish/detail work do whatever it takes to keep that person on your team.  They are hard to come by.  As a guy who likes to be in control of every detail of my projects I know how difficult it is to step back and pay someone to do a job that you know you could do better yourself.  But if you want to grow your business building a team of qualified subs who can work to your standards and within your budget is a vital step.

@Teddy Remolar

I'd be interested in anything you have available in the central Ohio area.  If the numbers work I'm a buyer right now.

@Julio Fernandez  There's lot of info on the site.  Check out the help section.  I believe it's even state specific.  As to what to bid, that's going to depend on your numbers and your risk tolerance.  Most of these properties you can not get into, probably not a good place to start if you're a beginner.

@Chris Papa  I'll send you a PM.

@Julian Mcclurkin

Sounds like a great deal!  Especially if you can keep to the rehab number.  Are you doing some of the work yourself?

Good luck!

@Chris Papa

Haha!   You just dropped a bunch of candy at a children's party!  Choose carefully, some are much better than others.

@Joshua Hively

Hey Josh, it sounds like you're doing what every beginner has done at the beginning.  Read, set goals, analyze, listen to endless podcasts.....I myself did that 12 years ago!  But how does that set you apart from every other newbie on here?  Ever hear of paralysis by analysis?

If you want to pretend to be an investor and be like 90% of the other beginners on here just keep doing what you're doing.  But if you want to be like the other 10%, and strive towards being successful, you need to take action.  Real action!  

What would you do if you lost your job tomorrow?  I realize that you're looking for passive income, but I want to challenge you to act as if your next meal depended on the next steps that you take.  What you want to do is there for the taking, but only if you take it.

@Bryan Gibson  Unfortunately I couldn't make the April meeting.  Is anything planned for May?

@Bryan Gibson  I'd be interested in this.  I've got one property in Lancaster right now and I'd like to learn the market better down there and network a bit.  Unfortunately I'm not available Wednesdays for another few weeks, but I could probably catch the next one in May if you stick with Wed.

I had a bad experience with using the title company that auction.com provided.  I purchased title insurance and was sent an owner's policy.  Then a few months later when I have the property in contract to sell my title company turns up an open mortgage.  It was completely missed and they didn't seem to concerned about it.  It was a hassle to try to get a letter of indemnification.  Fortunately we got it sorted out and it didn't cost me the deal, but from now on I have my title company handle the original title search.