Podcast: Play in new window | Download
Pat Flynn has only been in real estate investing for a couple years and has already scaled to wholesaling and flipping 20 to 30 deals a month. He outlines how he is able to find so many deals and compete against other investors. Learn how he is adapting his mailing campaigns and working to find deals where the competition isn't as focused. Pat also gives insight into the mistakes he has made, along with his advice on getting started in real estate investing. This is one interview which will have you thinking outside-the-box when it comes to finding houses to wholesale or flip.
Key Takeaways
- Real estate investing takes consistency!
- Focus your buying efforts to outer areas where there are fewer other investors looking.
- Consider mailing lists which aren't the standard list other investors would get.
- Sometimes you have to “eat some crow” when doing your own cold calling.
Resources & Books Mentioned
- Book: Rich Dad Poor Dad by Robert Kiyosaki
- Book: Four Hour Work Week by Timothy Ferriss
- Book: Never Split The Difference by Chris Voss
- DealMachine App
- PipeDrive
- Wunderlist
- Audantic
- Foreclosures Daily
- White Pages
Topics Covered
- How Pat got his start in real estate investing.
- Why his direct mail campaigns are producing less results & what he is doing about it.
- Why Pat doesn't use the standard mailing lists most other investors are using.
- How he finds deals by “Driving for Dollars”.
- How Pat Networks to find deals.
- What makes other wholesalers want to do business with him.
- What marketing strategies work for him to find 20-30 real estate deals a month.
- When a deal comes in, how Pat processes that deal and determines what to offer.
- Estimating repairs and determining the exist strategy.
- Target profit margins depending on deal type.
- How to properly vet contractors.
- Staging properties.
- How Pat sells is flips faster than most other investors.
- Pat's best deal he did by getting rid of bad tenants.
- Pat's worst deal and how you can avoid making the same mistakes that cost money and “time”.
- Pat's advice on how to get started in real estate investing and how to quickly scale.
Tweetable Quotes
- “Real estate investing takes consistency!” TWEET THIS
- “Don't believe the gurus out there who tell you real estate investing is easy.” TWEET THIS
Sponsors
FlipLender.com Direct access to funding for your flips.
Show Related Definitions
- Wholesaling Real Estate: The strategy of putting a real estate property under contract and then assigning that contract for a fee, usually at the closing. Because the wholesaling investor has an “equitable interest” in purchasing the property, they do not need a real estate salesperson license to sell the purchase contact.
- VAs / Virtual Assistants: Workers who perform tasks remotely from home by computer or phone, usually from another country.
