653: Tarek El Moussa on Why Flopping While Flipping is The Way to Win

BiggerPockets Real Estate Podcast

BiggerPockets

Investing, Education, Business

4.8 • 16.6K Ratings

🗓️ 25 August 2022

⏱️ 69 minutes

🔗️ Recording | iTunes | RSS

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Summary

You’ve probably seen Flip or Flop before. Even if you’re not a home flipper, it’s hard to not get sucked into the glitz and glamor of watching Tarek El Moussa and his team rip out old fixtures from the 1950s and replace them with brand new, beautifully designed upgrades. Tarek is one of the most recognized home flippers in the world and has inspired thousands of others to start building wealth through real estate. He’s an inspiration to all of us, but how did he get to such a peak point? Tarek wasn’t a great flipper right out the gate. He electrocuted and burned himself on his first deal, but that wasn’t enough to deter him. Before the great recession, Tarek was living large, making forty-thousand dollars a month in his early twenties. But when the crash came, he had to sell everything and start from scratch. After attending a real estate seminar he caught the flipping bug and realized he needed to invest in real estate full-time. After a successful first flip, he pitched the idea of Flip or Flop to different television networks, with HGTV finally giving him a chance. He describes the first season of Flip or Flop as working eighteen-hour days, constantly stressing, and forcing himself to build a business, not just a side-hustle. This allowed him to delegate by buying more flips and building wealth faster. Funnily enough, his main piece of advice for flippers isn’t to try and make more money—it’s to start losing it instead. In This Episode We Cover: Tarek’s five house flipping tips that anyone can use to successfully start flipping The single biggest mistake that most flippers (and investors) make Flipping while filming and how to pitch a TV show as a complete novice Why finding real estate deals is the most important thing a house flipper can do Knowing your market and the key metrics to look for when investigating an area Designing a renovation that will beat out the comps in your neighborhood And So Much More! Links from the Show BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast Get Your Ticket for BPCon 2022 Listen to All Your Favorite BiggerPockets Podcasts in One Place Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area David's BiggerPockets Profile David's Instagram Rob's BiggerPockets Profile Rob's Youtube Rob's Instagram Rob's TikTok Rob's Twitter Enroll In the BiggerPockets Bootcamps and Get 10% Off Using Code “BOOTCAMP10” Do You Make These 7 Deadly House Flipping Mistakes? Books Mentioned in the Show: Long-Distance Real Estate Investing by David Greene The Book on Flipping Houses by J Scott Connect with Tarek: Invest with Tarek and His Team Tarek's Instagram: @therealtarekelmoussa Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-653 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the Bigger Pockets Podcast Show, 653.
0:04.2	The only difference between a successful real estate investor and an unsuccessful real estate
0:11.4	investor is the successful one kept going when they wanted to quit.
0:17.8	Okay, I wanted to quit so many times. I remember thinking there's no way in
0:24.0	how this is going to work. You're telling me I can pick up a phone, call strangers, and
0:30.3	they're going to sell me their house under market. I'm like, there's no way this is going
0:34.1	to work, but I didn't anyway.
0:36.4	What's going on everyone? This is David Green, your host of the Bigger Pockets Real
0:39.2	State Podcast here today with my co-host Rob Roberto Abasolo as well as a fire guest.
0:46.8	Rob and I will be interviewing Taric Elmusa of Flip or Flop if you watch TV. If you have a
0:53.1	spouser partner that watches TV, you have likely come across Taric's show where he is filmed
0:58.4	in the process of flipping houses and walking through the different hurdles, challenges, and obstacles
1:03.6	that come. Today's show, Rob and I get behind the scenes as to what it's like to flip houses on
1:08.6	TV, how Taric is able to continue to find new deals even while filming a TV show,
1:13.6	and a whole bunch of hilarious and insightful stories of things that went wrong in his deals
1:19.1	and what he learned about him. Rob, what are some of your favorite parts of today's show?
1:22.6	You know, I just want to say, you see me extra chipper today and I think it's because you won the
1:27.9	bet at the end. I was going to dethrone you for the intro today and I was like, this is it. This
1:31.9	is my time to step up and give the intro on the Bigger Pockets platform, but we had a very fun
1:37.6	bet at the end where we play a little game called Real or Reality TV where we guess
1:44.1	if facts about Taric are true or not. So definitely stay tuned to that. I think that was a fun
1:48.7	par man. We had a pretty good laugh on that one. That was a lot of fun. Make sure you listen all
	...

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