Is your ultimate goal to increase the spreads of your investments to the point where you can comfortably quit your job? Tune in for a conversation with Justin Silverio, an investor who successfully made the switch to full-time real estate entrepreneur and who is now focusing on the niche of higher-end rehabs. For tips on deal evaluation, how to find contractors for your particular project, and direct mail strategies, don’t miss this inspiring episode of the BiggerPockets Podcast!
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In This Episode We Cover:
- Recap on last time Justin was a guest
- Why he was afraid to close that first deal
- Why he shifted to higher-end rehabs
- Market dips — and how he proactively takes advantage of them
- What key metrics he looks at when evaluating a deal
- The profit spreads Justin looks for
- Tips for finding contractors from lower end to higher end
- How many deals he does now
- How much he makes on each wholesale deal
- Tips for creating criteria for prospective properties
- How Justin does driving for dollars
- His hoarder house story
- What you should know about zoning restrictions that affect rebuiling a house
- How to track a direct mail list
- His experience quitting his job
- His most exciting deals
- And SO much more!
Links from the Show
- BP Podcast 186: How to Get Your First Few Properties — Even in a Competitive Market with Dave Meyer
- BiggerPockets Webinar
- BP Podcast 058: Flipping and Wholesaling Homes While Working Full Time with Justin Silverio
- BiggerPockets Facebook Profile
- BiggerPockets Forums
- Dave’s Twitter Account
- Brandon’s Twitter Account
Books Mentioned in this Show
- The Millionaire Real Estate Investor by Gary Keller
- Rich Dad Poor Dad by Robert Kiyosaki
- The New One Minute Manager by Ken Blanchard
Tweetable Topics:
- “When you go to a higher price point, the ability to create a larger profit is just much greater.” (Tweet This!)
- “If there’s a deal, you will find the money.” (Tweet This!)
- “It’s really difficult when you start, but after you get through the first couple deals, it gets easier.” (Tweet This!)
Connect with Justin
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12 Comments
Is the reason you had Dave as the guest co-host because he sounds a whole lot like Brandon…. You almost had me fooled, nice try there BP, nice try.
Great job Dave 🙂
Great show! So much really interesting information. I’ve listened to most of the shows and it’s always great to hear about different strategies that are going on right now in my area. Thanks BP and Justin for another awesome podcast.
Happy to hear you enjoyed it.
Great show. Absorbed everything on your strategies. I’m working on finding deals and this show has helped with working on that. Thanks
That’s great Kevin!
Good content, thank you Justin, Dave and Josh!
So, how do you ask questions using fb live? I thought all the shows are prerecorded.
I think the zoning tip is huge and so crucial in investing. In my town there is a huge desirable area zoned for duplexes, and it’s all full of single families that investors could add value.
Absolutely Julie!
Dave, Josh, & Justin,
Fun show w/ good content including lifestyle, marketing, and wholesaling. Also cool to see Justin interviewed again. He’s a great mentor and networking samurai here in the Boston area.
🙂
Greg
Thanks Greg!!
Justin, you have inspired me. So much so, that I am going to follow in your footsteps. If you don’t mind, I have a few questions for you:
– For your Low-End Wholesale Deals, do you buy the property before finding an end buyer?
– What other kinds of Lists besides Tax Liens and Driving for Dollars have you tried / are successful at? How do you obtain the Tax Liens list?
– For High-End New Construction, do you use a reputable home builder (who basically takes care of the construction process for you) or are you more involved where you have to find a General contractor, vendors, etc..?
– For High-End New Construction, around how much did it cost you to demo the existing house?
Thanks Logan. I’m happy to hear that I inspired you.
– For my wholesales, I put the deal under contract before I find my buyer. I have a good understanding of what other investors are looking for so I’m pretty confident that I can sell it. Worst case scenario, I would close on the deal myself.
– Absentee, Expansion opportunities, zoning plays, undeveloped lots, probates… I email the treasury department and ask them for the information. You can find a FOIA request form that outlines the email you need to send to your treasury department for your state.
– I am the acting GC on all my projects.
– The cost to scrap a house can vary. I’ve paid from $12,000 to $33,000. It depends on the size and the amount of trash in the house.