7 Figure Flipping with Bill Allen HFHQ 31: Tim Gordon the Action-Taking Sophomore House Flipper
Tim Gordon, a “sophomore” investor has taken incredible action and shares with us how he got his first deal and the struggles he had. We talk about benchmarks, success and closing deals. Plus we get in to some details about financing and rehabbing and much more!
Have any questions for Tim or I? 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?
The next webinar is tonight!
Tonight (March 6, 2014) we will have another House Flipping Webinar at 6PM (Pacific)/9PM (Eastern). Click on this link below to sign up!
This time I'll be focusing heavily on acquisitions!
And the winner is ….
The winner of the Michael Quarles 1,000 yellow letters give-away is Ed! Just e-mail Michael at michael@yellowletters.com to let him know you were the one who won (we have your email on file, so this is how we confirm your identity).
For the rest of you who entered, you can also email michael@yellowletters.com with the subject line “HFHQ Biz Cards” with your complete name and mailing address and he'll get you the business cards that he mentioned in the podcast episode. We'll be checking your name against the entries so be sure you actually entered the contest if you send an email! 
Show Notes
In this episode we cover:
- Tim's introduction to the potential of real estate investing
- His first experiences with a real estate investment clubs and learning to flip through a 60-day challenge “boot-camp”
- The specific things Tim did to take action during his 60-day intensive challenge
- Learn how to comp properties and connect with agents
- Required you to make over 50 phone calls a week (FSBO, Craigslist, etc.)
- Trains you to handle rejection
- Use of Proof of Funds to make offers
- Required you to make at least 10 offers per week
- Forces you to make more offers than a normal professional investor makes in a typical year
- The find whatever you are the most uncomfortable and make sure you learn how to do it.
- The specific things Tim did to take action during his 60-day intensive challenge
- Different methods he used to connect with sellers and deals
- More traditional methods like using the MLS or talking to agents
- Less traditional methods like going on Craigslist or finding FSBO signs
- Tim's experience with the Flip to Freedom event for wholesalers
- How Tim found his first deal by looking at rental ads on Craigslist
- Tim's use of $1,250 from his first deal on mailers during Thanksgiving
- The story of Tim's second deal which forced him to listen and solve problems
- How Tim developed his business during 2013
- Use of Zoho as a CRM (Customer Relationship Management) system
- Tim's current marketing strategies
- In the beginning of 2013 Tim was using strictly direct mail
- Later 40% of deals were through direct mail, 35% were through other wholesalers and 25% were through the MLS.
- His current focus is on absentee owners although he's done owner-occupants, but hasn't pulled deals yet
- Using SEO and the web to generate leads
- Tim's next step to build his business by bringing on people to help him automate his systems
- Tim's unique approach to financing through an FHA 203K Loan
- 3.5% down payment
- Requires occupancy in one unit for at least a year
- 203K means the property requires repairs which are amortized over 30 years
- From single-family to a four-unit property
- How Tim's full time job gives him access to great financing
Tweetable Quotes
Click a quote to tweet it!
- “What gets measured gets done” ~ Justin Williams
- “I don't need to reinvent the wheel. I just need to do consistent marketing on a monthly basis, no matter what the results are.” ~ Tim Gordon
- “I need to have systems in place to track and monitor my leads” ~ Tim Gordon
- “You have to invest to get the results” ~ Tim Gordon
- “You've got to get your hands dirty” ~ Justin Williams
- “Everything I was doing when I didn't have deals was preparing me for when I did” ~ Tim Gordon
- “Once you label yourself as a problem solver, you aren't surprised when problems come up” ~ Justin Williams
- “Reverse engineer the deal to find out who it's best for, and then go find them.” ~ Tim Gordon
- “Once you add value, you get paid” ~ Tim Gordon
Transcript
Click here to Read and Download the Transcript for Episode 31
Links and Resources
- Bigger Pockets
- Bill Tan's San Diego Creative Investor's Association
- InvestClub for Women
- Flip2Freedom with Sean Terry
- Zoho.com
- Danny Fitzpatrick with Wells Fargo in San Diego
- Tim's Email: tim@gordonbuyshomes.com
- Facebook (facebook.com/timgordon)
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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!
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