10: Flipping Houses 101 with J Scott

House flipping is one of the most popular methods of investing in real estate. However, it’s sometimes difficult to know exactly how to get started, as there are thousands of blog posts, articles, forum posts, and more about the topic. In today’s Podcast, we talk with one of the best in the business, J Scott, about how he got started flipping houses and how you can follow the same strategies to build your own real estate investing business. Read the transcript of Episode 10 with J. Scott here. In Today’s Flipping Podcast, We Cover:How a TV show got J started with flippingHow J made every mistake possible on his first flip…but still made moneyTips For Working with a wholesaler and tips for wholesalers to work with flippersMultiple exit strategies for flippersWhat the “sweet spot” is in terms of profitThe “flip formula” and how to use it to estimate your profit.How to determine the “after repair value” of your property.Why you should get your real estate license.Why having a construction background might not be great when flipping.How J’s got his days-on-market down to a 17 day average.Tips for finding a great project manager.How to find private lenders to fund your deals.Automating you flipping business to flip while holding a full time jobLinks From the Flipping 101 Show:J’s Blog: 123Flip.comThe New Member Introduction ForumHow to Subscribe to a Forum Category [Video]BiggerPockets ForumsBP Podcast 001: Building a Successful House Flipping Business and Losing Millions with Marty BoardmanUltimate Beginner’s Guide to Real Estate InvestingThe Book on Flipping Houses and The Book on Estimating Rehab CostsMichael Quarles and K Marie PoeBooks Mentioned in the ShowThe Complete Guide to Real Estate Finance for Investors by Steve BurgesThe Four Hour Workweek by Tim FerrissTweetable Topics:“You gotta be conservative in your numbers, so your ‘beginner mistakes’ will be covered.” (Tweet This!)“Always have 2, 3, or 4 exit strategies as a backup on your house flips.”(Tweet This!)“What you did yesterday may not work tomorrow – you need to be flexible in your business.” (Tweet This!)“Pricing a property right is key.” (Tweet This!)“You don’t raise money if you don’t ask. It’s not rocket science – it’s just hard work.” (Tweet This!)“It takes work and a lot of up-front preparation – but business automation is possible.” (Tweet This!)“Putting together a plan on paper will help you figure out where your gaps in knowledge are.” (Tweet This!)“Real estate investing education shouldn’t cost as much as a college education.” (Tweet This!)“Those who do best in this industry are those who work ON their business, not IN their business.” (Tweet This!)About J J Scott runs Lish Properties LLC, a real estate investment company in the west suburbs of Atlanta, GA that specializes in purchasing, rehabbing and reselling REO properties. Along with his wife, J purchases and renovates about 15-20 houses per year. In addition, they consult to other investors, manage rehabs for other investors, and stage/list/market properties for the investors they work with.J’s BiggerPockets ProfileJ’s Facebook Page