I’m excited to have Justin Williams on the show again. He’s a great house flipper, an inspirational person, and a good friend of mine in the business. He has some exciting things set up for this year. Justin has been investing in real estate full-time for about eight years, and he currently flips about 100 houses a year.
In handling this enormous number of flips, Justin emphasizes the importance of systems. He only works on his business a few hours a week, but he has the right systems in place and the business keeps running without him. To get to this point, he eventually hired people to work for him. Obviously a beginner can’t hire a bunch of people right away, but knowing when and what to delegate is crucial. Justin says that it takes one really good person on your team to set you free. Justin recommends that when you’ve gotten started, learned a few important things, and you decide you’re ready to hire someone, you should just do it. Decide on your criteria (for Justin, finding someone very familiar with the MLS was important) and put an ad out there.
Justin recommends that you give your employee tasks that are easy to teach but take a long time; the things that you do over and over and they just waste your time. Next, you want to give them a constructive task that they can do when there is nothing for them to do. You may not hire someone full-time in the beginning. Start them off with a few hours a week.
A lot of investors resist the idea of hiring someone to do work they could be doing themselves. But that’s the only way to scale your business. When you hire people, it frees you up to grow your business. Justin puts it in a great way: you have to decide if you are just an investor or a business owner. If you are a business owner, you have to act like one.
2014 was a successful year for Justin; I highly recommend that you listen to the full episode for his recap. He’s definitely building for the future of his business, and learned a lot about the importance of setting the right goals.
2015 is going very well for Justin so far, and he explains the systems he’s setting in place to grow his business even further this year.
Justin started a great program called Fail Fast Flipping last year. If you’ve been listening to the podcast for a while, you’ve definitely heard me talk about it and it’s been a great success. It’s been amazing to watch beginning investors learn about the business. In today’s episode, Justin gives us some more information about the program and how it’s worked so far. Most importantly, Justin realized how deeply fear affects beginning investors. The Fail Fast Flipping community really embraces failure and celebrates taking action. This year, the program has been rebranded as House Flipping Formula. Justin has put together a great free video course, which you can find here.
Listen to the full episode to hear Justin explain his Three Cs of House Flipping:
The program is for those of you looking to build a legitimate business. We don’t want anyone who’s not serious about the business in the program. We expect you to collaborate, share your success, and give back to the community. I’m proud to be a part of this program and I’m proud to be talking about it on the show.