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BiggerPockets Real Estate Podcast

10: Flipping Houses 101 with J Scott

BiggerPockets Real Estate Podcast

BiggerPockets

Business, Investing, Education

4.816.6K Ratings

🗓️ 21 March 2013

⏱️ 69 minutes

🧾️ Download transcript

Summary

House flipping is one of the most popular methods of investing in real estate. However, it’s sometimes difficult to know exactly how to get started, as there are thousands of blog posts, articles, forum posts, and more about the topic. In today’s Podcast, we talk with one of the best in the business, J Scott, about how he got started flipping houses and how you can follow the same strategies to build your own real estate investing business. Read the transcript of Episode 10 with J. Scott here. In Today’s Flipping Podcast, We Cover: How a TV show got J started with flipping How J made every mistake possible on his first flip…but still made money Tips For Working with a wholesaler and tips for wholesalers to work with flippers Multiple exit strategies for flippers What the “sweet spot” is in terms of profit The “flip formula” and how to use it to estimate your profit. How to determine the “after repair value” of your property. Why you should get your real estate license. Why having a construction background might not be great when flipping. How J’s got his days-on-market down to a 17 day average. Tips for finding a great project manager. How to find private lenders to fund your deals. Automating you flipping business to flip while holding a full time job Links From the Flipping 101 Show: J’s Blog: 123Flip.com The New Member Introduction Forum How to Subscribe to a Forum Category [Video] BiggerPockets Forums BP Podcast 001: Building a Successful House Flipping Business and Losing Millions with Marty Boardman Ultimate Beginner’s Guide to Real Estate Investing The Book on Flipping Houses and The Book on Estimating Rehab Costs Michael Quarles and K Marie Poe Books Mentioned in the Show The Complete Guide to Real Estate Finance for Investors by Steve Burges The Four Hour Workweek by Tim Ferriss Tweetable Topics: “You gotta be conservative in your numbers, so your ‘beginner mistakes’ will be covered.” (Tweet This!) “Always have 2, 3, or 4 exit strategies as a backup on your house flips.”(Tweet This!) “What you did yesterday may not work tomorrow – you need to be flexible in your business.” (Tweet This!) “Pricing a property right is key.” (Tweet This!) “You don’t raise money if you don’t ask. It’s not rocket science – it’s just hard work.” (Tweet This!) “It takes work and a lot of up-front preparation – but business automation is possible.” (Tweet This!) “Putting together a plan on paper will help you figure out where your gaps in knowledge are.” (Tweet This!) “Real estate investing education shouldn’t cost as much as a college education.” (Tweet This!) “Those who do best in this industry are those who work ON their business, not IN their business.” (Tweet This!) About J 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. J’s BiggerPockets Profile J’s Facebook Page Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

You're listening to the Bigger Pockets podcast show number 10

0:05.9

The Flipping episode. You're listening to Bigger Pockets Radio simplifying

0:11.7

real estate for investors large and small.

0:14.8

If you're here looking to learn about real estate investing,

0:17.5

without all the height, you're in the right place.

0:20.7

Stay tuned and be sure to join the millions of others who have benefited from bigger pockets.com.

0:26.0

Your home for real estate investing online.

0:30.0

Welcome to the BiggerPockets podcast. I'm your host Josh Dorkin and this is my co-host Brandon.

0:36.4

Oh, life is great Josh. What's going on with you?

0:39.0

Oh man, actually this week is kind of crazy. I'm actually out of town scoping out locations for a potential

0:47.2

upcoming 2013 Bigger Pocket Summit. Nice. So yeah man, so this week is really, really important. It's kind of exciting. I'm not going to reveal any details yet until things are set in stone, but hopefully if all goes well when I get back by the time

1:06.4

the show airs we'll have some some more information about where this event might be happening.

1:13.5

Cool, that's awesome. I'm looking forward to it.

1:15.5

I think a lot of people are. I think a lot of people are.

1:18.5

But enough about me and the potential event that is to come.

1:26.0

Before we get into it and introduce today's guest, let's do the bigger pockets quick tip if that's cool and I

1:34.4

promise this time I will actually keep it very very quick I just invite you

1:39.6

guys to come introduce yourself to the Pockets community in the new member introduction

1:44.2

forum and let us know who you are, where you're from, and a little bit about where you want to go

1:49.2

with your investing.

1:50.1

The community at Bigger Pockets is it's really tight and we want to help you

1:55.7

succeed so again come on over to the new member introductions forum and

...

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