7 Figure Flipping with Bill Allen HFHQ 29: Bank Financing, People Helping and Life Balancing with Jason and Katherine Grote
Jason and Katherine Grote
Today we are visited by Jason and Kathrine Grote who are two house flippers out of Austin, Texas. They are doing some amazing things with Bank financing and balancing their work and family life.
Have any questions for Jason, Katherine or myself? Just post them in the comments area below! And if you like what you hear, be sure to click here to subscribe in iTunes. And while you’re there, why not leave us a review and five-star rating?
Flip Tip
A question came in from David and Kelly Kent about making offers on the MLS and structuring relationships with agents. If you're making offers on the MLS you have a lot of competition. Either you need to be okay with lower margins or medium-low margins and making a LOT of offers. Full-time MLS offers are time consuming. After one of my assistants made offers full time for 2 months we only ended up with 3 deals. It was worth it, but very difficult. You have to get serious with some direct marketing if the MLS isn't working to get deals.
Show Notes
In this episode we cover:
- Jason and Katherine's journey from Taxi Cabs and Dance Studios to real estate investing
- The importance of utilizing resources like House Flipping HQ and doing your research to know what you need to do
- The challenges of investor clubs in Texas and things to be aware of
- Their current business model consisting of retail, wholetail, and wholesale deals.
- Retail: Standard MLS listing and flipping
- Wholetail: Purchasing potential flip properties and selling it to wholesalers on the open market with less fixing up
- Wholesale: Bringing deals to investors
- Their current methods for acquiring properties using mainly online marketing through their website and how to approach online marketing for acquiring deals
- The importance of understanding what people are going through and how it helps you get referrals.
- Why high-pressure sales are not a good tactic when dealing with real estate
- How Jason and Katherine communicate and deal with sellers
- How people can get started “driving for dollars”
- Their approach to dealing with out-of-state landlords
- The methods the Grote's use to analyze deals and determine the best course of action
- The flip bucket: a property that works well as a flip or wholesale deal
- The buy-and-hold bucket: a property that works better as a rental or long-term hold
- How the Grote's use bank financing for their flips and have done it on over 40 deals
- Their approach to rehabbing and fixing up properties
- How the Grote's balance their family and businesses and the importance of setting boundaries and priorities
Tweetable Quotes
Click a quote to tweet it!
- “That's the thing about this business. There is no one manual that you can go to learn it. You just have to get out there and learn it and talk to people and immerse yourself in it.” ~ Jason Grote
- “For anyone who wants to get started with online marketing … the key is to just start.” ~ Jason Grote
- “Internet leads need to be mixed with other marketing efforts.” ~ Jason Grote
- “You have to be careful how you treat people.” ~ Katherine Grote
- “Yes, we're in the business of making a profit, but at the end of the day everyone has to feel good about the transaction.” ~ Katherine Grote
- “What gives you success for longevity is treating people fairly” ~ Jason Grote
- “These motivated sellers need your help. You are helping them. The number one priority is to assist these people and do what is best for them.” ~ Jason Grote
- “Boundaries are really important” ~ Katherine Grote
- “Your business needs to serve you. You don't serve your business” ~ Jason Grote
Transcript
Click here to Read and Download the Transcript for Episode 29
Links and Resources
Tiffany Humfeld
Thanks Tiffany!
This week Tiffany Humfeld dropped by the “studio” and sang an awesome intro for this week's episode. Thanks Tiffany!
Tiffany is one of the organizers for the great FIBI (For Investors By Investors) meetup in Long Beach, California. If you are in the area be sure to check them out. You can get more information at their meetup website here.
You can also check her out at PropertySolved.com.
Win 1,000 Yellow Letters! Extended Deadline!!
Our yellow letter contest is still going strong! Answer the question “This is why I became a real estate investor” or “This is why I want to become a real estate investor” in the comments for episode 27 and Michael Quarles from yellowletters.com will give 1,000 Yellow Letters to the person with the best answer. The winner will be decided at the end of Tuesday, February 25, 2014. The best answer will be the one where Michael can really “taste” your hunger to improve their life through real estate investing.
And for anyone who leaves a comment Michael will also give you free business cards to help your business!
The next webinar is scheduled!
We will have another House Flipping Webinar on Thursday, March 6, 2014 at 6PM (Pacific)/9PM (Eastern). Click on this link below to sign up!
Leave us a Rating and Review!
If you’ve found any value or helpful information in the House Flipping HQ Podcast, we’d love to hear about it! Head on over to iTunes and leave us a rating (5 stars would be great!) and review so that others who are interested in starting a house flipping business can find us and get in on the good stuff. 
Click here to leave a review and rating If you have any questions or comments about this show or it’s contents, please post them in the comments area below and I’ll be happy to answer them!
Image Attribution: Arvindn [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0/)], via Wikimedia Commons
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