Archive for December, 2015

Episode 14: How to Flip Houses With Minimal Risk w/Nathan Cron

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Show Notes

Nathan Cron is the broker at New Western in San Antonio and Austin.

They did 370 deals last year!

Nathan is also a good friend of mine and we have done a lot of business together. He is one of my ‘go-to’ guys whenever I wholesale a deal.

In this episode, Nathan shares how he got started in this business by answering a newspaper ad after college. He credits his success to being blessed to get started with that company and getting the proper training. He now gives back by helping people get started through New Western.

He shares the stories of a couple of deals where he bought them, fixed them up and then rented them out for incredible cash flow.

Nathan shares my belief that it’s important to buy conservatively (cheap) and try to stay as debt free as possible. We talk for a while about how the market is always cyclical and if you want to be successful throughout each cycle, you have to be somewhat conservative.

Nathan’s strategy for attaining his goal of $10,000 month in passive income is just plain smart. He waits until he has the cash to buy the house without a loan. This way he gets incredible cash flow, tax benefits and security. He’s also a little different in that he rehabs these houses as if he is going to sell them. Most landlords do lesser rehabs for rentals to save money. He doesn’t want to have calls about broken toilets and clogged drains so he makes sure his rentals will be as maintenance free as possible. This also does wonders with attracting the “right” tenants. The tenants that won’t make your life miserable.

We also talk about how being resourceful is what separates those that succeed at real estate investing from those that do not.

Recommended Books

Think and Grow Rich: The Landmark Bestseller – Now Revised and Updated for the 21st Century

The 7 Habits of Highly Effective People: Powerful Lessons in Personal Change

Links

Nathan’s LinkedIn Account

NewWestern.com

Please Rate and Review

This is my simple request: If you enjoy the podcast and look forward to hearing a lot more episodes, I would be very grateful, happy, beholden and otherwise indebted to you to rate and review the podcast on iTunes.

It’s your choice and I do not want you to feel at all obligated. But I’d love it if you would subscribe and leave a rating and review.

Ratings and reviews allow the podcast to be seen by more people, which will help me achieve my goal of helping as many others as we can to get started in the house flipping business and change their lives.

Click here to rate and review our podcast! :)

Not sure how to leave a rating and review? Click here to view the instructions (it only takes 2 minutes)

How to Subscribe to the Podcast

There will be a brand new episode every single week, so be sure to subscribe and receive each episode as it’s released.

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The post Episode 14: How to Flip Houses With Minimal Risk w/Nathan Cron appeared first on Flipping Junkie.

Episode 13: From Rental Houses to Apartment Complex Deals w/Joe Fairless

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Show Notes

Anybody that’s followed the flipping junkie blog for any length of time knows I don’t care much for rentals (really, more specifically, managing rental properties). I really enjoy just fixing up a piece of junk house and selling it quickly for a nice profit. I’m sure I could learn to love rentals if I just knew how to do it with as little hassle as possible. That’s why I decided to have todays guest on the show. He is an expert on cash flowing houses and apartments.

This episode was packed full of information from Joe Fairless. He controls more than $21 million worth of real estate, attends more Third Eye Blind concerts than anyone else (probably not too difficult to accomplish this ;)), is an author and comedian, and host of the very popular Best Real Estate Investing Advice Ever podcast.

Joe was very courteous today as I had problems with audio that delayed the recording of the interview for about 5 hours…. Luckily, he was flexible and was still able to be on the show.
So, extra thanks to him for that.

In this episode Joe talks about the four single family properties he bought in Texas (he lives in New York) for cash flow (he sold one to cash out). He shares with us how he calculates the cash flow using the calculator mentioned in the links below.

He also shares insight into his first big apartment complex deal….168 units that he had to raise over a million dollars for!!!!

Do you know the difference between economic occupancy and physical occupancy? I didn’t. Joe breaks it down for us and why it’s so important to find out about economic occupancy when evaluating an apartment deal.

Joe also shares his ingenious strategy for determining if an area is improving or decaying by checking out two local restaurant chains that are in almost every city.

There are some great rules of thumb also mentioned throughout the show. Some are:

* 1 manager for every 100 tenants
* $250 per unit per year should be set aside for cap ex (capital expenses like roof replacement, exterior maintenance etc)

Enjoy the episode!

Recommended Books

Investing For Dummies

Rich Dad Poor Dad: What The Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!

Pitch Anything: An Innovative Method for Presenting, Persuading, and Winning the Deal

Crucial Conversations Tools for Talking When Stakes Are High, Second Edition

Links

Mortgage Calculator

Joe’s Website

Joe’s Facebook

Please Rate and Review

This is my simple request: If you enjoy the podcast and look forward to hearing a lot more episodes, I would be very grateful, happy, beholden and otherwise indebted to you to rate and review the podcast on iTunes.

It’s your choice and I do not want you to feel at all obligated. But I’d love it if you would subscribe and leave a rating and review.

Ratings and reviews allow the podcast to be seen by more people, which will help me achieve my goal of helping as many others as we can to get started in the house flipping business and change their lives.

Click here to rate and review our podcast! :)

Not sure how to leave a rating and review? Click here to view the instructions (it only takes 2 minutes)

How to Subscribe to the Podcast

There will be a brand new episode every single week, so be sure to subscribe and receive each episode as it’s released.

subscribe
iTunes Subscribe on iTunes Stitcher Subscribe on Stitcher

The post Episode 13: From Rental Houses to Apartment Complex Deals w/Joe Fairless appeared first on Flipping Junkie.

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