On this episode of The Flip King you’re going to get an earful from Joe as he responds to a scenario that somebody asked him about early last week. The situation involve the purchase of a house that the questioner wanted to purchase and flip with very little in terms of repairs. His question was whether or not he should execute on the deal and make an offer. Joe’s rant today is in response to his question, because there was no way that Joe would ever make an offer on the deal as it was described to him and on this episode he's going to tell you why.
Do you just fly by the seat of your pants? Do you shoot from the hip? Do you do what you feel is right in your gut? None of those things are available to make an offer on a potential wholesale property. You need to know the hard-and-fast numbers that are going to be a part of the deal and whether or not they are something you can live with. You are in this business to make money, and your goal is to make offers that will make you money. If you can't do that, you have no business being in the wholesale real estate business. On this episode it was going to walk you through his simple formula for making the right offer on a wholesale deals every time.
Imagine that you came across this scenario: A property in a great neighborhood is for sale for $170,000. You do the research on the neighborhood and the property values in the area and discovered that the property could probably sell for $190,000. Wow! You could make $20,000 for doing nothing. Or could you? On this episode of the podcast you was going to tell you when the answer is, “NO!” and why you should never make an offer on a spread that small. If you don't know these important things you will get yourself into a hole that you can never get out of. Make sure you listen to this important episode.
You work as a wholesaler in order to make money, right? If you're not, why are you in the business at all? Joe has learned over the years that is OK to make $3,000 or $5,000 on one deal. But he believes that if that is all you were trying to make you are thinking far too small. His goal is to make at least $10,000 on every deal and even more if possible. On this episode he's going to tell you what is behind that mindset and how he goes about making sure it is the case in every single opportunity. If you think you might be thinking too small, Joe has a lot to say to you on this episode.
In order to make an accurate offer on any wholesale property you have to know exactly what you can live with. Jose formula for doing that takes into account the cost of the property, the cost you are going to incur in trying to purchase and sell the property, any rehab cost that will be involved, and the most important thing of all, the amount of profit you want to make as a wholesaler. If you don't know all those numbers, you have no business making an offer on any property. Joe is going to walk you through his simple formula on this episode of the podcast and give you his tips on how to use the formula to your greatest advantage.
What’s going on guys and gals, this is Joe Evangelisti from the Flip King, Real Estate Radio. It’s been a few weeks since I’ve set aside the time to chat with you and it’s all because business is rocking so hard! My team is ramping up for one of the best years ever and it’s already begun. But as I was driving this week I had some thoughts so I hit “record” and started talking to you (that’s why the audio quality is not the best). What do you do when you want to quit? What can you do? That’s what this episode of the Flip King is all about.
You’ve been there… something goes wrong, something didn’t work out the way you planned, and inside of you something begins to rise up. It’s a fear, a doubt, an uncertainty that pushes you to reconsider whether you’re doing the right thing at all. And you want to quit. Where does that feeling come from? For lots of people it comes from the way they were raised… maybe they never had anyone who believed in them to encourage them forward. For others, it’s a bad habit, something they’ve felt and followed all of their lives. But I’m here today to help you discover how to push through those feelings and reach your greatest levels of success… all on this episode.
One of the most helpful things I’ve discovered about fighting the fears that rise up inside my chest is the comparison of two possible outcomes. First, I ask myself what is the absolute worst thing that could happen in the situation. I write that down. Then I ask myself, what’s the very best, amazing thing that could happen? Then, I write that down. Then my only job is to sit back, compare the two answers, and ask myself which one I’d prefer. Then I have to remind myself that reality is likely not going to be either one, so which one would I rather be heading toward? Do you see how it works? Find out more of how I use this 2 question tool, on this episode.
If that feeling of fear and self doubt that’s always plagued you is something you can’t seem to shake then you’ve got to do something to shake yourself out of it. You can’t continue on doing the same things you’ve always done to battle it. If you do, you’ll wind up in the same paralyzed place you’ve always wound up. That’s why you need to surround yourself with others who are on the same road as you, people who can see your fear for what it is, call it for what it is, and kick you forward when you need it. I’ve got an opportunity for you to be in a group like that, and you can find out more details about how to be a part of it, on this episode of the Flip King.
I’ve discovered that one of the things I need in my life, one of the things that moves me forward in life and business more than any other resource, is a group of high level failures. That may sound strange, so let me explain. I want to be part of a group of people who have failed in life, people who know what it tastes like and hate it. I want to be among people who have been there, done that, got the T-shirt, then moved forward again. Those kind of people are the ones who have finally pushed through to success and can help me push past my own fear of failure and temptations to quit and become a success myself. You can join a group of us who are coming together for that express purpose, coming up soon. Find out how on this episode.
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