Archive for May, 2016

Episode 36: [Funding] Joint Venturing to Fund Your Flips w/Don Costa

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Show Notes

Don Costa, is a married father of 3 incredible kids.  He has been in the real estate business for over 10 years.  He started Knocking on doors and wholesaling properties, and then quickly moved to flipping houses.   He took some time off during the crash and jumped back in 2012.  Currently our office is on track to do a 100 flips this year.  He loves what he does and he loves helping others get into the business. 

Don started flipping houses when he was unemployed. The unemployment check only covered his living expenses and so he had to find a way to find deals, get funding for them and to fix them so that he could sell them and profit.

He got a notice of default list and began going door to door to try to buy houses from the people about to face foreclosure.

To buy and fix up the houses, he worked out a deal with a money partner to joint venture. The money partner would put up the funds. He would find the deals and manage the fix up and they would split the profits 50/50.

Not all deals are 50/50, we discuss some of the other terms investors use and how those are determined. Basically, the more value you bring to the table for the joint venture, the more you should make out of the deal. If you are finding incredible deals, managing the rehabs and getting them sold, shouldn’t you be asking for a 60/40 split. Heck yes.

Don didn’t have money to make monthly payments to hard money and private money lenders. He didn’t have money to spend on rehabs before getting draws from lenders. He had to joint venture.

He still joint ventures to this day. The reason is that he always wants to do as many deals as he can. Joint venturing allows him to be able to do that.

Finding joint venture partners can be had by networking. You hear it all the time, but do you do it? That’s the real question.

Don recommends using a written agreement to make sure everybody is on the same page and understands the deal.

You can click here to download the agreement he uses: Click Here to Download the House Flipping Joint Venture Agreement (Please be sure to have an attorney review this before using it – the agreement is only provided for educational purposes)

He talks about some of the situations he’s encountered with different JVs. One wanted to know if paint from one job was going to another job if it wasn’t all used. You probably don’t want to have someone partnering with you that is concerned with such minute details.

Another thing to be careful of is partnering with someone that wants to give too much input on rehabs. You do not want to have too many chiefs trying to run things. Contractors won’t know who to listen to or to check in with about change orders, etc. You should control as much as you can.

Download The Guide

Disclosure: Have an attorney check agreement before using.

Links

The5MinuteFlip.com

REImobile.com
LeadPropeller.com

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The post Episode 36: [Funding] Joint Venturing to Fund Your Flips w/Don Costa appeared first on Flipping Junkie.

3 of the Best Entrepreneur Books You Should Read

entrepreneur-books

One of the most important lessons that I’ve learned throughout my career is that you don’t have to reinvent the wheel…

There are plenty of people out there who have already attempted to do the things that you may want to do, and many of them have written books about exactly how to do it.

I’ve made a habit of finding books written by influential people I admire, studying them, and then applying those lessons to my own life.

Here are 3 of the best entrepreneur books that I can recommend to you.

1) Think and Grow Rich by Napoleon Hill

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The first book I want to recommend to you is one that has had an incredible impact on my life. It is one of the most famous success books of all time, and if you are working to achieve enormous success, it should be on your list.

It’s called “Think and Grow Rich” by Napoleon Hill. I’ve read it over and over again, and so have some of the wealthiest people in the world.

“Think and Grow Rich” outlines the findings of 500 men of great wealth, who started from nothing, and equipped with only organized thoughts, plans, and ideas, they were able to become millionaires. It outlines the entire philosophy of making money and will instruct you on HOW to get there.


2) Thinking Fast and Slow by Daniel Kahneman

best entrepreneur books thinking fast and slow

The second book that all entrepreneurs should read is “Thinking Fast and Slow” by Daniel Kahneman.

In this book, he explains the two systems that drive the way we think, and teaches us how to harness those systems to make excellent decisions in our businesses and in our lives.

What Daniel Kahneman says, he’s a Nobel Prize winner on this subject by the way, is that you should use fast thinking for your daily activities and slow thinking when making big decisions that have long-term effects.

The problem, however, as he states in his book, is that many of us use fast thinking when making long-term decisions and invariably make mistakes.

It’s a great read and another good one to consider.


Learn the disciplines practiced by all successful entrepreneurs. Download my free e-book, 9 Disciplines of Successful Entrepreneurs.


3) Endless Referrals by Bob Burg

best entrepreneur books bill burg endless referrals

The last book that all entrepreneurs should read is a book that I was just reading called, “Endless Referrals” written by my friend, Bob Burg.

His book will teach you how to attract those who are interested in what you are selling with his proven relationship-building principles. It’s an excellent read for any entrepreneur, and it is full of great content.

So, there you have it. Those are the 3 books that I recommend all entrepreneurs should read to continue growing, learning and developing a successful business and life.


Any of these books would be great to add to your entrepreneur bookshelf. I’ve read hundreds of books and these are three that I always end up coming back to.

Now I’d love to hear from you, so my question today is: Which book has had the largest impact on your life, either personally or professionally?

Leave a comment below, and I’ll be sure to follow up with you.

If you want to learn the critical techniques you need to start and run a thriving business, as well as the disciplines practiced by all successful entrepreneurs and millionaires, click the button below to download my free e-book, 9 Disciplines of Successful Entrepreneurs.

 

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Shareable Quotes From Each Book

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jim-rohn-the-books-you-read-wont-help

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3 of the Best Entrepreneur Books You Should Read is a post from: Brian Tracy's Blog

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