Cash flow and revenue should always be your main focus, but that’s not always the case. Often, the focus tends to be on the number of doors, with many investors not realizing you can make more with less. Today’s guest, Welby Accely, has mastered the art of maximizing revenue per unit and automating his flips. Despite his primary focus being quality over quantity, Welby has done over 100 flips in just four years!
Welby’s success didn’t come overnight, in fact, most of it has come from trial and error. Welby started investing in 2004 without knowing anything about ROI or cash flow, but that didn’t stop him. Unfortunately, this lack of knowledge cost him a fortune in time and money. Fast forward thirteen years, Welby has realized all the detrimental mistakes he was making. The price of his lessons may have been high, but now he knows people with twice as many doors as him that don’t make half as much net income.
As Welby says, everything is about the numbers. When you realize this, it’s easier to focus on the properties that generate income and ditch the properties that don’t. Before you focus on the numbers, you need to understand cash flow and depreciation while also figuring out your financial goals and what aligns with them. These two metrics are Welby’s bread and butter. After he understood them, he created a simple formula for his flips and automated everything in his business, allowing him to make more while doing much less.
In This Episode We Cover
Generating capital through your flips and how to invest that capital to make even more
Understanding capital, ROI, and depreciation and the importance of setting your financial goals first
How to maximize revenue per unit and focus on the numbers to reach your financial goals
How to simplify your scope of work, control your capital, and make your money work for you
Building a business model that focuses on maximizing your revenue and simplifying your flips
Welby’s flip formula and how to automate your flipping process to get the most out of it
And So Much More!
Links from the Show
Ashley's Instagram
Tony's Instagram
BiggerPockets
Real Estate Rookie Youtube Channel
Real Estate Rookie Podcast
Real Estate Rookie Facebook Group
Scammed, Cheated, But Still Coming Out with 50 units with Welby Accely
MLS
Zillow
Redfin
Realtor.com
Lowe’s Home Improvement
Flipper Force
Connect with Welby:
Welby's Instagram
Welby's Website
Check out the full show notes here: https://biggerpocket.com/blog/rookie-187
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