Welcome to “Tarl's Weekly Insights," my take on real estate today. 

I just did a training a few days ago that was geared towards investors who have done several deals and reached the point of breaking...

(So dang good.)

That point when you really need to start getting systems in place or you're going to fall flat...

Running in circles with the same problems over and over...

Contractors not doing jobs correctly...

Stealing time from your family...

Etc.

It's important to really know where you are in the business cycle of flipping.

Why?

Because it will help you understand what kind of actions you should be taking...

So, read on.

 

Starting Out - The Rookie Hustle

You're fresh on the scene...

Eager to make your mark in the real estate game.

You haven't flipped a single house yet, but you've got that fire in your belly...

Maybe you've devoured books like "Rich Dad Poor Dad"...

Getting pumped up about the potential of passive income.

Or maybe you've taken notes on every single social media investor's post...

Trying to graduate from YouTube University.

But you know what?

Taking that leap into your first deal?

That's the real game-changer.

It's like stepping onto the battlefield for the first time...

... You're nervous, but you're ready to fight for your slice of the pie.

 

Just. Get. Started.

 

Tip 1: Start building real relationships.

Attend local meetups.

Join (real investor) Facebook groups.

Get in front of homeowners or wholesalers who can sell you a deal.

Find out how you can add value and how others can add value to you.

(Ps. don't buy anyone's sh-t or send anyone money. You've already consumed enough. Start taking action and having problems to solve)

 

Tip 2: Start small and smart. 

You don't need to take on a full gut rehab. 

You might not even be ready to take ON a rehab at all.

Find a fix and flipper you can be boots on the ground for in exchange for the hands on learning and ability to ask questions.

If you have resources you can bring to the table, i.e. money, deals, etc. you may even be able to partner on the deal for more learning opportunities.

At the end of the day, it's important just to get a deal under your belt.

And there's many ways to do that.

I'm not going to be the one to sit here and tell you all the ways...

There's a lot of investors on the internet who already do that.

 

One Deal In - Riding the High

Boom! You've done it!

You've closed your first fix and flip deal.

You've tasted victory...

... Felt the rush of seeing your hard work pay off.

Maybe you stumbled a bit along the way, but you came out on top!

Now, you're buzzing with excitement, hungry for more.

(It's kind of like hitting that first bullseye in darts... right?)

This was a huge shift for you, now knowing what real problems come with flipping.

With no deals under your belt, you just don't know what it's like until you've done just one.

Underestimating rehab costs...

Not understanding your market well enough...

Overestimating ARV...

Project taking way too long...

Or too long to sell...

So here are my two tips for you guys in this bucket.

You're only now getting your toes wet…

 

Tip 1: Really learn how to analyze a deal.

It's time to sharpen this tool.

If you learn how to evaluate properties correctly...

And assess the market you're buying in...

You'll spot those great deals and be more prepared for your next buy.

 

Tip 2: Build your team!

Now that you're ready for deal two...

And probably experienced what it's like to not have a team lined up...

It's time to scout team members that can be reliable and support your efforts.

Agents.

Contractors and subcontractors.

Inspectors.

County and city personnel.

Lenders, both private and institutional.

Other investors, local or even virtual.

Real estate is complex with many layers.

Think every step of the way where you may need or want support.

 

Beyond Five Deals - Mastering the Game

Now we're talking.

This is my bread and butter.

You are who I want to talk to!

You've got five, ten, maybe even twenty successful deals or MORE under your belt.

You've leveled up, my friend.

You've honed your skills...

Fine-tuned your strategies...

And built a solid foundation for success.

You're not just flipping houses anymore.

You're running a well-oiled machine.

You've got systems in place, teams on deck, and a playbook that's dialed in.

It's like going from rookie quarterback to seasoned veteran...

And you know exactly how to play the game.

 

Or at least you should.

I found that this is really where you learn that what you put pressure on...

... May just break.

But instead of implementing systems and processes to never deal with that again...

You put a bandaid over the leak and find yourself coming back to it.

Time and time again.

Your focus should be shifting from closing deals over and over again just to survive...

To building a business that thrives and supports you long term.

So here are my tips for you…

 

Tip 1: Streamline and systematize!

If you've got multiple deals under your belt, you need to dial in efficiency.

This is where you find out what going from SELF EMPLOYED to BUSINESS OWNER is really like.

You are no longer the bottle neck to getting the job done.

You are no longer the one that needs to do every job start to finish.

You are no longer the one that needs to follow up with every contractor and make sure they get paid.

Figure out what you like to do...

AND what you don't like to do.

And then start to build systems and delegate.

Your business cannot grow and thrive if you are still taking pesky photos of properties

(Which you can easily find someone to do for less than what your time is worth)

 

Tip 2: Think long-term...

What is next for you?

Do you have a business strategy?

A vision in mind? A lifestyle you want to live?

After I figured out what I like to do, what I don't like to do, and how much time I wanted to spend...

It helped me discover that building long term wealth by holding properties was more lucrative than just flipping over and over and selling those properties.

You may be in the frame of mind that all you want to do is flip.

And that's OK!

As long as that's what you've determined for your long term strategy.

Remember: this is a fluid process - but you need at least have a target in mind.

 

In my journey from zero to mastering how to build and run a business that supports my lifestyle...

I've pretty much seen it all.

From the nerves of that first deal to the thrill of closing your twentieth.

And guess what?

I'm here to share every step of the journey with you.

 

And if you missed that training Tuesday...

I only want to see those succeed around me.

It was free99.

Click here to access the replay.

And let me know that you're sorry for being so busy IN your business that you had to miss it...

Ha, just kidding.

But if that really was the reason, seriously, watch it.

 

That's all I got for today's newsletter and I hope you had a few takeaways you can implement in your business right away!

 

Talk soon,

Tarl