7 Figure Flipping with Bill Allen HFHQ 30: 5 Tips to Create a 5 Hour House Flipping Work Week
Today I share some information on how I was able to systematically build my house flipping business so that I only need to work around 5 hours a week and still flip around 100 houses a year. These are five tips I blogged about on Danny Johnson's Flipping Junkie, but I felt deserved a bit more attention here on the podcast.
Have any questions for me? 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
Today I interviewed Brian Davis from the House Flipping Mastermind group who just got his first offer acceptance after 58 days from starting his house flipping journey! He shares his background, what made him want to start house flipping in the first place, and how he found out about House Flipping HQ and the mastermind.
He also gives details on how he found his property and the work that he will do on the house to add value and increase the ARV so that he can get his projected ROI. We talk about the importance of taking action and what it takes to move forward.
Show Notes
In this episode we cover:
- How losing rental properties helped me understand the great ROI available from flipping houses
- The power of creating systems to automate and grow your business
- The Five Tips that you can apply to systematize your house flipping business
- Tip 1: Let others do the leg work on acquisitions
- Exception: If you are brand new, then do as much property analysis and walk-throughs as you can until you really understand the process.
- Utilize your agents who are already doing part of the process for you.
- It will take time, but you can eventually train them to take over more and more of the acquisition and offer making leg work
- Tip 2: Use a rehab price list
- This came as a result of me seeing a lot of similarities in the price that materials were costing for our rehab jobs
- Using a price-list means that you reduce negotiations with contractors and your entire rehab process can be streamlined even more
- Tip 3: Get those agents to work!
- The combination of using a general contractor and an agent is equivalent and much more efficient than hiring a project manager.
- My agents help to manage my rehab project <– yes, you read that right!
- My contractors make sure the work is 100% finished before the leave a job. And the agents check the contractor's work and take care of all the small items related to selling a house.
- Tip 4: Avoid the paperwork pile-up
- Paperwork causes a big distraction that takes away your productivity and focus
- I had an attorney create a document that allows me to give authority to specific people to take care of things for me.
- This might not be for everyone. I am not providing legal advice.
- Tip 5: Outsource the busy work
- Start with the easy tasks and then build from there.
- Always try to eliminate tasks and replace yourself over time
- Tip 1: Let others do the leg work on acquisitions
Tweetable Quotes
Click a quote to tweet it!
- “If you keep pushing at it, good things will come with your house flipping business” ~ Justin Williams
- “Just get out there and do it” ~ Brian Davis
- “What's bad is good and whats good is bad” ~ Justin Williams
- “Your house flipping machine will always need a certain amount of maintenance. But if you build the machine then all you have is maintenance” ~ Justin Williams
- “Make sure it is mutually beneficial” ~ Justin Williams
- “Get those agents to work!” ~ Justin Williams
- “It is impossible to streamline and grow your business if you have your hands in every part of the machine” ~ Justin Williams
- “Try to see, what can you eliminate?” ~ Justin Williams
- “Always ask yourself, how can I 10x myself?” ~ Justin Williams
- “If you're going to think, you might as well think big” ~ Justin Williams
Transcript
Click here to Read and Download the Transcript for Episode 30
Links and Resources
- Just Start Real Estate with Mike Simmons
- Email Brian at brian@bamboodetroit.com or call him at (248) 470-6280
- My guest post on Danny Johnson's Flipping Junkie website
- The E-Myth
- The 4 Hour Work Week
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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! This time I'll be focusing heavily on acquisitions!
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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!
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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