Storage Wins EP456: 7-Figure Wholesale Business in 2019 to 6-Figure Flips in 2020
Matt Fullerton has been on the podcast before and is ready to share his knowledge on what he's been doing differently this year! Lots has changed due to the pandemic and Matt doesn't see wholesale being as lively as it once was. He shares his thoughts on doubling down on your strengths, diversifying your business's services, and so much more on this week's episode!
Key Takeaways:
- Matt closed nearly $1m in deals in 2019. Where is his business today?
- When COVID surprised us all, Matt saw a lot of hard money lenders going under.
- What percentage of Matt's deals are wholesale vs. fix and flip?
- Matt really resisted doing fix and flip because they know they were incredibly good at wholesale.
- Is Wholesaling Dying? Matt shares his thoughts.
- Why did Matt decide not to go into multi-family?
- Mat would rather be really good at one thing than be ok at 5 other things.
- Deals have been harder to come by because of the market prices, so Matt has really relied on his partnerships.
- About 20% of Matt's deals are coming from referrals.
- TIP: Alex pays people a $5,000 referral fee.
- What's Matt's deal criteria and what he decides to take down/pursue?
- Just because you can make a lot of money, doesn't mean you should mess with it if there's a large headache factor involved.
- Alex doesn't know too many investors who are making six-figures in their flips. How is Matt making such high-profit margins?
- If you're going to fix and flip, make sure you have healthy cash reserves.
- The biggest lesson Matt learned this year is to be adaptable.
- Why does Matt love the ASCEND mastermind?
- Sometimes you have to delay gratification to get to your dreams.
MENTIONED IN THIS EPISODE:
The Flip Empire Experience in the Florida Keys; Flipempire.com/private
Connect with Matt: Website & LinkedIn
Episode 390: 1st Year in Business, and Around 1 Million in Wholesale Fees! Matt Fullerton Explains How They Did This with Severe Marketing Restrictions
Episode 424: Matt Fullerton β $946,000 in Wholesale Fees (After Just 1 Year in Business)
ASCEND:
Don't Wait To Enjoy Your Life Tomorrow, Live It Today! How To Grow Your Business, Expand Your Impact, and Experience Your Perfect Life:
π LISTEN & SUBSCRIBE TO THE FLIP EMPIRE SHOW (PODCAST) on Apple Podcasts βΆοΈ http://www.flipempire.com/podcast πΊ SUBSCRIBE TO ALEX PARDO'S YOUTUBE CHANNEL NOW βΆοΈ https://www.youtube.com/alexpardo π How To Grow Your Business, Expand Your Impact, and Experience Your Perfect Life Don't Wait To Enjoy Your Life Tomorrow, Live It Today βΆοΈ https://www.AscendYourSuccess.com/ π» Access to Online Course: 5 Ways To Scale Your Real Estate Wholesaling Business To Six Figures (In 6 Months Or Less): http://www.flipempire.com
β ββ WHO IS ALEX PARDO? https://flipempire.com/about/
FOLLOW ALEX ON:
β INSTAGRAM β http://instagram.com/alexpardo25 β FACEBOOK β https://www.facebook.com/alexpardo15 β LINKEDIN β https://www.linkedin.com/in/alex-pardoβ YOUTUBE β https://www.youtube.com/alexpardo.
TWEETABLES:
"I pay a referral fee to anyone, friends, family, doesn't matter. Anyone refers me to a house that I can buy, I'll pay them $1,000 cash."
"Buying them right, that's where you make your money. For flips, we take 70% of less of ARV minus repairs and we don't go above that."
"Don't be afraid. Do not conduct business through fear or a scarcity mindset"
ASK ALEX A QUESTION:
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