This Week’s Episode:
This week, I’m joined by my business partner, Mike Cowper. I have known Mike for two years and I’ve had a lot of fun working with Mike on growing our business. Mike and I are doing a lot of coaching now and we’ve noticed that a lot of the same questions are coming up in these coaching sessions.
In this discussion, we talk about flipping and wholesaling. We describe what the structure of each of these models looks like, and explore how they are different. One myth is that it doesn’t take any money to be a wholesaler, but you need money to be a flipper. In this conversation, you’ll hear why that’s not the case.
Mike and I will be doing these types of episodes a few times a month. If you’re interested in learning more about our coaching, email me – firstname.lastname@example.org. We’d love to help you meet your goals in 2017.
If investing and real estate is your dream, there is only one way you can make it reality…JUST START!
Connect with Mike Cowper:
Mike Cowper on LinkedIn – https://www.linkedin.com/in/michael-cowper-762398a
- [06:13] – Mike and I talk about the confusion that people have about flipping and wholesaling businesses in real estate. It is difficult to run a business as a flipper and a wholesaler.
- [08:14] – We share the advice we would give someone that wants to start a flipping business, specifically someone with a small budget. This includes how to generate leads, how many leads you should strive for, and what your team should look like.
- [16:36] – We talk about the wholesaling model and what it takes to build this type of business. We explain what the structure of a wholesaling business looks like.
- [20:30] – I talk about how profits vary between flipping and wholesaling and the factors that play into those profits.
- [21:55] – Leads cost money and we talk about a few strategies to taking care of those leads.
- [23:18] – I explain why it’s important to know how your clients view your product.
- [25:19] – Mike talks about the different skills that flippers and wholesalers need to possess.
- [26:14] – I dispel the myth that it doesn’t take any money to be a wholesaler, but you need money to be a flipper. I talk about some of the revenue streams that are available for flippers.
- [28:37] – I explain why sources for free leads are less effective and less predictable. We use metrics to determine what it costs us to close a deal and that allows us to determine how many leads we need.
- [30:54] – We help you decide if you’re better suited and situated for flipping or wholesaling.
- [32:55] – Mike believes that if you want to build a successful business, you can’t do both flipping and wholesaling.