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The Legacy Blueprint

Joe Evangelisti is an avid real estate investor, broker, entrepreneur and owner of multiple different businesses. Joe helps new and experienced real estate investors, entrepreneurs, CEOs, and other great minds looking to grow, gain the edge they need to take their life and business to the next level. He strives to help leaders win and live their legacy. Joe’s motivation to see people succeed in life and business is unmatched. The Legacy Blueprint is meant to be an interactive place for you to learn and grow. Message joe@joeevangelisti.com today and let’s discuss YOUR goals.
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Now displaying: November, 2015
Nov 18, 2015

It’s great to be a fix and flip rehabber. The upsides far outweigh the downsides IF you make sure that you’re acting wisely as the variety of circumstances in deals change. Joe’s been doing this a long time and he’s learned hard lessons about what to do and what not to do. In this episode Joe is going to outline 4 of the biggest mistakes that rehabbers make and how to avoid them. If you’re a seasoned rehabber or brand new to this type of real estate investment, you’re guaranteed to learn something in this episode, so make sure you listen in to hear Joe’s years of expertise when it comes to making the most on your property rehabs.

Are you falling in love with your rehab properties? It could be a mistake you’ll regret.

 

Properties can be very cool. There’s lots to like. And when you find a property that you see great potential in it’s easy to get carried away with your enthusiasm for the possibilities instead of sticking to your “analytical” mode and making sure the numbers work for you. The same can be true of properties you have already renovated. You don’t want to fall in love with the job you did to the extent that you can’t let go of it for some sentimental reason. When you’re in the business of fixing and flipping properties, you want to fix them wisely and sell them. Joe’s insights on all of this is powerful stuff for you to apply to your rehab business, so make sure you listen in to this episode.

 

You can shoot yourself in the foot by trying to save money on the wrong things on your rehab.

 

Everyone who does fix and flips knows they need to save money wherever they can. But too many times and in too many instances rehabbers are cutting costs on things they shouldn’t be, and spending too much on things they shouldn’t. Saving money is important for your profit margins but if you skimp on the wrong things you’ll regret it in the long run. In this episode Joe pulls from his hard lessons learned file to bring you some of the most common places people cut costs when they shouldn’t. You’re going to hear some things most people don’t think to mention, so take a few minutes to hear what Joe’s got to share with you.

 

Are you rehabbing your fix and flip with the neighborhood and potential buyers in mind?

 

If you’re not, you could be spending significant amounts of money that you don’t have to be spending. Many flippers want to go “up scale” when they do the rehab on their homes. Granite countertops, ceramic tile, high end carpet. Hey, it’s nice to see a home with all of those things but here’s the hard truth: In some neighborhoods you’ll be over building compared to the rest of the homes on the market. It might mean that your home sells faster, and that’s great, but it may also mean that you did word you didn’t have to do and the home would have sold just as fast. You could also be putting things into your rehab property that the average buyer in that neighborhood may not even notice or care about. What sorts of things fall into this category? You’ll need to set aside a few minutes to listen to this episode so Joe can give you all the details.

 

Don’t take on a fix and flip job without being prepared for it.

 

Joe’s always excited to hear that people want to get into the fix and flip market. It’s a great and fun way to earn a living. And though it’s important to get started and learn as you go, you need to make sure that you’re not jumping in ignorantly. If you don’t know how to bid out a job or figure costs, you need to learn those things before you go out to bid on a property. If you don’t know how to find reliable, good quality contractors, you need to learn how to do that before you start hiring your renovation team. Those are just a few examples of the kind of things you can give your best shot but may turn out to show that your best shot is not good enough. It’s one thing to be inexperienced, it’s another thing to be ignorant. You may be the first but you don’t have to be the second. Hear Joe’s advice on this episode of The Flip King.

 

 

OUTLINE OF THIS EPISODE OF THE FLIP KING

  • [0:43] Joe’s introduction to this episode: what you can expect.
  • [1:20] The latest rehab project Joe’s been working on.
  • [1:44] Today’s topic: Problems investors and rehabbers are facing with fix and flip projects
  • [2:58] Problem #1: Falling in love with the property - why it’s a problem.
  • [6:13] Problem #2: Trying to save money on the wrong things.
  • [12:10] Problem #3: Overbuilding for the neighborhood or people you’ll be selling to.
  • [14:56] Problem #4: Not being prepared for the job.

LINKS MENTIONED IN THIS EPISODE

 

www.LevelUpRealEstateTraining.com


www.TheFlipKing.com

Nov 4, 2015

Hey, welcome to this episode of The Flip King Real Estate Radio. Joe’s just come back from a conversation with some new investment partners in New York City and he’s excited to tell you about the relationship, how it came about, and how he built up to the point that he’s able to have conversations with people who can invest very large amounts of cash in real estate investments. It doesn’t come naturally and it doesn’t come without a lot of paying your dues and hard work, but when it does come, it comes in big! In this episode Joe’s going to walk you through some steps and mindsets that can set you up for one day making those kinds of connections yourself. Give it a listen.

A financing snag that brought about a great opportunity

 

Today’s episode flows out of a situation Joe and his team hit recently. His main investor typically has around 2 million dollars available for Joe to use. With that in mind Joe had a handful of projects going in various states of completion. Then he got the call. His investor couldn’t give him any more money for the time being. It was scramble time. A high level associate recommended Joe talk to some guys from New York who were curious about real estate investing, Joe made the call, set up a meeting, and made a good connection with some new investors. Within days he had a high dollar amount wired to his account and things were back on track. Hear the story and how Joe made the right sort of connection with these new investors, on this episode.

 

When you first get started, you need to do anything to get deals under your belt.

 

If anyone ever tells you that real estate investing is an easy field in which to get started, don’t listen to them. When you first begin things will be hard. The learning curve is steep and the things you have to to in order to make your first deals work will cut into your profits. But that’s OK because you’ve got to have a long view. Successfully completed deals now are the clout you need to show future investors that you’ve got what it takes to see things through. They’ll want to see a track record of successful deals to prove that you can be trusted with their money. That’s a big part of how Joe got his newest investors on board. Joe’s got some great tips for how you need to look at that balance on this episode.

 

Amazing things happen when you shift your focus.

 

Joe was cruising along, running his business as usual when the news that his main investor was pulling out came. He had to make a dramatic shift of focus right away. For the next week he and his team were doing nothing but searching out a new source of funding to enable them to complete the projects they already had underway. The result was that the increased focus on the area they needed most enabled them to make contacts they wouldn’t have otherwise made, find the financing they needed, and get back on track to finish up their projects and make money for everyone. Think about that principle. What you focus on is what you’re going to see the most gains in, every single time. What is it you need to be focusing on right now? What are the distractions and diversions that will keep you from getting there?

 

Why you need to prequalify your private money lenders.

 

After Joe made a phone call to get to know some potential new private money investors he scheduled an appointment to drive up to New York City to meet them. He didn’t talk about money once. Instead he focused on getting to know them, their desires for their investments, and to get a feel for how they did business. The last thing he needs is somebody who’s looking over his shoulder, calling him every week, making him feel like he’s not being trusted. His visit was to prequalify them, to make sure they were someone he wanted to work with. When you need money the temptation is there to accept anything that comes your way. But you have to be careful. Often times the person who gives you the smallest amount is the one who’s the most irritating to deal with… and it makes sense, they don’t have much so they’re very concerned about how it’s being used. Hear Joe’s lessons learned on this episode of The Flip King.

OUTLINE OF THIS EPISODE OF THE FLIP KING

  • [0:43] Introduction to today’s show: Debunking myths about cash investors.
  • [2:20] Hitting a snag in his funding pipeline.
  • [4:10] The power of shifting your focus.
  • [6:46] The meeting with new investors.
  • [7:54] The one thing to tell yourself about funding when you first get started.
  • [9:16] What matters most when you first get started.
  • [10:30] Why Joe doesn’t give away equity in his real estate deals.
  • [14:52] What it means to prequalify a private money lender.
  • [16:33] How your limiting beliefs will keep you from growing.

LINKS MENTIONED IN THIS EPISODE

 

www.LevelUpRealEstateTraining.com

 

www.TheFlipKing.com

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