080: Is Flipping/Wholesaling Fastest Way to Make Money?

Jul 2, 2019

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If you’re not good at raising money, then you better be behind-the-scenes to make things work. Operations is where you make or break deals.

Today, I’m talking to RJ Pepino, co-founder of Columbus Turnkey Houses. He’s done more than 500 deals and provides insight into rehab and property management.

Topics on Today’s Episode:

Brotherhood of Rich Dad Poor Dad: Entrepreneurial spirit of Pepino family
Journey into Real Estate: Seminar that sold RJ on cash flow and cars lifestyle
Fastest way to make or lose money? Flipping and wholesaling properties
Corey is CG OG to bring sexy back by talking about investing in apartments
Turnkey Definition: Buy distress asset, renovate it with standards, find tenants, and bring property management in-house
Buying and Holding Properties: Ability to keep and pull out cash flow; tax-free money for owning rentals
Business Motto: We’re all about fine tuning our rehab management.
Bread-and-Butter Classes: Neighborhoods with more owners than renters; where you can collect rents and everything is good at the end of the day
Rehab Book: Scope of work and plan to make property safe and functional
Home Depot or Lowe’s, find cost-efficient supply chain to buy same fixtures
Snapshot of Process: Schedules, scopes, and personnel
Communication and Construction: Chat with general contractor (GC), “Change this and fix this.”
Keys to Partnership Success: Open communication; stay in your lane based on skill set and personality type
Constant Changes: Learn from every deal and come back stronger and better

Links and Resources Mentioned:

Quotes:

“The fastest way that I saw to make money....I got my start as a wholesaler, flipping, doing a lot of transactions." RJ Pepino

“Most people...are just buying and selling. They’re never keeping anything for themselves. That is where the money is made, by keeping it.” Corey Peterson

“Turnkey is kind of a loose term now. A lot of people are saying they’re selling turnkey rentals, and some of them aren’t even doing the rehabs.” RJ Pepino

“We’re not trying to sell for profit, we’re trying to rent it for money, cash flow. If you go spend a hellacious amount of money, then there goes your profit.” Corey Peterson

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