����� Justin Colby is all about Real Estate Investing and is the founder of The Science of Flipping Podcast and Coaching Program. He is an active Real Estate investor who has flipped over 1500 homes in multiple markets and is known as one of the top wholesalers, flippers, investors in the nation.
Justin has coached 1000s of clients on how to become a real estate investor/wholesaler and is a recognized national public speaker who has shared the stage with Grant Cardone, Ed Mylett, Kent Clothier, Brent Daniels TTP, Ryan Pineda, Jesse Itzler, Tony Hawk, and many more! He has also been featured in Entrepreneur Magazine along with features on FOX, ABC, NBC, and the Associated Press.
Justin's straight forward approach on how to launch, grow, and scale your wholesaling business into a flourishing rehabbing and wholetail business has made him a valuable resource to those seeking help getting into, growing, and scaling their real estate investing business. ___________
On this video I'm going to talk about how to get your very first flip in 2021, without any of your own money. ______________________________________________ �� ���� ��� ������� �������� ����� �� https://www.facebook.com/groups/thesc...
Now, if that interests you, what I'd like is for you to smash this like button and hit the subscribe button. If you so like now let's talk about this. I've been wholesaling and rehab flipping now for over 13 years, and there's a way that I can help you get your very first rehab flip going in 2021. If you're not trying to get your first, because you're an experienced investor, this strategy also works to help you scale your business. I went from doing one to two to six rehabs a year, all the way up to 96 rehabs a year using most of my flips was using this one strategy. And here's the strategy partner with other individuals that have capital, but they don't have the time or any other, other resources to be in the real estate investing game.
Now I know that doesn't sound like a huge secret to many of you guys, but let me tell you a little bit how to structure that so that you can go out and find, buy and rehab, flip your own deal again with none of your own money. Now here's the reason why you want to do it so that it can make sense on why you structure it this way. Most of these individuals that have the money, but don't have the time or resources really want to have some level of rate of return on their money. Now they want to be in the game too. They, they like it. They watch the TV shows that this is fun and you can make a lot of money. I get that. But ultimately, because they're not going to go all the way into this space, like you are, they're really just looking for an ROI or rate of return on their investment.
Now, with that said, if you offer up a 50 50 split to start just for that person to feel comfortable with you, you should, if you buy right, have great returns for that capital partner. Now that's where I want you to take notes. This is a capital partner. They are not a lender. Be very clear here I myself have gotten in trouble over the years, where there was a discrepancy of whether someone was a partner or a lender. And you want to be clear. You want your paperwork to be clear and is a matter of fact, you really would like, I would advise having an attorney draft up the documents about your relationship with one another. So it can be very clear and there's no uncertainty on what is going on in the relationship with that said, if you do bring in a capital partner, they effectively just giving you the money to go buy rehab in flip the property.
Now, do they need to give you all the money? Is the question you might be asking yourself. And the answer is no, there are indeed, there are businesses called hard money lenders who have a lot of the money. Most times we'll fund anywhere from 80 to 90% of the purchase price, which means you really need this capital partner to be a bridge lender. And that really means are coming in to bridge the gap between the loan for your purchase price and ultimately your purchase price. So if there's a 20% gap or a 10% gap, they would come in with that money. Now there's also the subject of rehab costs. Now that obviously can vary depending upon the home you buy, but that capital partner should come in to fund the rehab costs as well. Not only that, the way I would structure this is for them to also come in with any and all holding costs up to six months or longer, or it could be up to the sale of the property as a capital partner should.
Now, why is that important? Because ultimately there is going to be debt servicing with a hard money company. And what does debt servicing mean? Well, just like a mortgage, there's an interest rate owed and they're set to get paid every single month. I would have the capital partner bring the capital for that. I would have the capital partner pay for any of the utilities that need to be turned on for said remodel. I would have the capital partner pay for the insurance and any other costs, including the cost of rehab that might go in to you guys buying remodeling, and then reselling that property. Now, where might you be able to get the property? Where might you be able to find the construction crews and where do you find the agent?
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