43: Defeating 5 Years of Analysis Paralysis to Do 4 Deals in 2020 with Jacqueline Smith

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 23 December 2020

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

Jacqueline Smith knew that she didn’t want to have a big loan on her first house. The way she solved the problem: buy a foreclosed home and do a live in flip! It worked out so well, that she later decided to do it again, on her second home. Her and her husband then had the idea to go at it full time. Even during COVID-19, Jacqueline and her husband have 4 flips in the making, and are looking to add more when deals pop up. She’s been through a lot in her short flipping career, from a tornado coming through a house she was working on, to builder tools being stolen while they were housed on site. This only made Jacqueline find better and more efficient ways to do her flipping. Many of the deals Jacqueline has worked on have come from realtors and investors she’s met through organizations like BiggerPockets and her local REIA. She strongly urges any new investor to join their local real estate groups, talk to investors, and present deals to other experienced professionals when they have the ability to. Jacqueline’s husband now is able to work on their flips as his primary business, plus get paid for the labor! Even in a crazy year like 2020, Jacqueline and her team have decided to go bigger, when many other investors were holding back. In This Episode We Cover: How to find foreclosed homes that are perfect for flips The importance of building equity in order to fund your future deals How to stop “analysis paralysis” from creeping in Why you should attend meetups and networking events How to introduce yourself to other real estate professionals, whether you’re at a meetup or just getting coffee What to look for in a partner, especially if you’re new to flipping Whether or not to put in an “escalation clause” when submitting an offer Why you should always have security cameras on site And SO much more! Links from the Show Real Estate Rookie Facebook Group Ashley's Instagram Tony's Instagram Hubzu Mike Butler's Website BiggerPockets Forums BiggerPockets Meetups Dave Ramsey DISC Profile Quickbooks Security National Mortgage Company Rookie Podcast 27: 5 Doors by Using Seller Financing for the First Time with Aaron Chapman Delayed financing highlights from Jacqueline's Friend at SNB Jacqueline's Excel Spreadsheet Check the full show notes here: https://www.biggerpockets.com/rookie43 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie show number 43.
0:04.4	And I think newer people might be like, oh, what if they steal this deal from me?
0:10.4	But I don't think that really happens in the kind of things you know I think
0:13.2	they're more so ready to help you so. My name is Ashley Kerr and I am here with Tony Robinson. But today I am coming to you from Houston, Texas.
0:35.0	Got my little to-go set up here.
0:38.0	There you go. I was in to say, I'm like,
0:40.0	actually, where are you?
0:41.0	This isn't the normal closet setup that I'm used to.
0:42.8	I'm free. I'm let out of the closet. I tried to open up the shades behind me to show you the beautiful
0:49.3	view, but it was just, I was too dark and that it was just all white light.
0:53.7	You couldn't even see out the window.
0:55.1	But yeah, so what's new with you, Tony?
0:59.0	New with me.
0:59.6	We actually, I just got an accepted offer on my last house for sale in Shreveport so once that
1:05.1	closes I'll be out of that market completely and then we actually should be
1:09.1	closing in maybe four weeks on our next short-term rental in Tennessee so lots of things
1:14.4	happen we're excited what about you actually what's going on on your end well I got my
1:18.7	liquor store going I have two rehabs going on right now that I hope to have them both finished up this winter and yeah but
1:28.0	Nothing else really I feel like all I do all day is just like check reports check in on things and I've been so hands off which has been really nice like
1:38.0	putting these systems in place that we want to get to you right and I think that's such a good point right like about the systems because that's we want to get to you, right? And I think that's such a good point, right?
1:43.7	Like about the systems, because that's,
1:45.0	even though we've only got a few short-term rentals right now,
	...

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