Thursday, April 27th, 2017

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Oklahoma Newbie Flips 2 Short Sales, Scores Nicely (Listen)

Here’s the latest in my “man on the street” series of interviews.

It came about after Cory Boatright told me about one of his Shortsaleology members, Ron Harris.

Ron’s a relative new investor from Oklahoma who’d recently flipped a couple of short sales netting him more than enough to completely pay off all his business debt and still pocket a nice piece of change.

So I says, “Let’s hear his story!”


[display_podcast]

This is not a guru interview.  Nothing for sale. It’s just my personal chat with Ron about his 2 deals, and I thought you’d enjoy hearing it.

Some of what we covered:

  • The “numbers” on each deal (ARV, bank discount, purchase price, sales price, estimated repairs, profit, etc.)
  • The “nuts and bolts” of each deal (acquisition methods, exit strategies, problems encountered, lessons learned, specific resources used, etc.)
  • Are you a “short sales specialist” or a “real estate generalist?”
  • What got you into short sales specifically?
  • What’s your market like right now?
  • What’s your median home price, and how did these deals compare?
  • What’s your primary form of deal marketing?
  • What were hurdles did you face and how did you overcome them?
  • What were your biggest “take away” lessons from each deal?

Also, a few other bullet points I took down from our chat…

  • High paid I.T. guy transitioning into full-time REI
  • Profits from his last couple of deals more than completely paid off his $25k in business debt
  • One deal he snagged INSTEAD of Cory specifically b/c of his own custom direct mail piece
  • The benefit of an abundance vs a scarcity mentality
  • Why he took the time out of one deal to teach an 80 year old former nun how to do a budget
  • The one website he used to quickly flip BOTH houses in 10 days
  • How he saves time by using technology to prescreen his potential buyers (even in today’s market)

So scroll up and give it a listen.  Or download and listen later.

Either way, I’m glad to share it and hope you enjoy it.

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About 

JP Moses is a roughly-hewn man-child who first got into REI after reading Rich Dad, Poor Dad back in Y2K and went full time in 2002. He's tinkered in everything from landlording to short sales to rehabs to Realtoring to REOs to notes to owner financing, blah, blah, blah...Till he finally stuck his flag deep into wholesaling and has since flipped somewhere north of a couple hundred deals.

JP's not a “guru” but also doesn't think it's a bad word. Among his core values are authenticity, creativity, big honkin' value, general fun-ness and being unshaven. He's super proud to be chief blogger guy at REItips.com and host of the free REIology podcast. He also thoroughly enjoys sharing his 53 best real estate investing forms with anyone who wants them. You should totally check that out. :-)

  • Congrats Ron! Good stuff and paid off the business debt. Outstanding!

  • Congrats Ron! Good stuff and paid off the business debt. Outstanding!

  • Thanks Freddie!

    Of course, business debt is the “good debt” vs “bad debt” as personal debt.

    I’ve been debt free personally for many, many years. But, even with cash in the bank, no personal debt, large investment accounts, and all the nice toys (Convertible Corvette, big screen TV, Man Room, tons of electronics, etc), that for all my hard work I still woke up unhappy. The reason for this is I know that I would have to work the rest of my life for someone else and never truly getting free! One major event in life could bring it all crashing down. I know this sounds silly, but I just want to be able to sleep again! Being in IT, there are no regular hours and no sleep. Combine that with Real Estate there is no sleep.

    I was taught the opposite of the “go to school, get an education, get a good job, retire”, so it always bothered me that, while I didn’t get a full college education, I was going down that career path. I woke up one day, and realize I needed to do something else if I wanted to get my most valuable asset back, time. So, that’s why jumped into Real Estate with both feet first, with a book on RE investing.

    This is the time to get into investing! The next time this comes around I’ll be an old man! I do not want to look back at this event and say “I wish I would have…”

  • Thanks Freddie!

    Of course, business debt is the “good debt” vs “bad debt” as personal debt.

    I’ve been debt free personally for many, many years. But, even with cash in the bank, no personal debt, large investment accounts, and all the nice toys (Convertible Corvette, big screen TV, Man Room, tons of electronics, etc), that for all my hard work I still woke up unhappy. The reason for this is I know that I would have to work the rest of my life for someone else and never truly getting free! One major event in life could bring it all crashing down. I know this sounds silly, but I just want to be able to sleep again! Being in IT, there are no regular hours and no sleep. Combine that with Real Estate there is no sleep.

    I was taught the opposite of the “go to school, get an education, get a good job, retire”, so it always bothered me that, while I didn’t get a full college education, I was going down that career path. I woke up one day, and realize I needed to do something else if I wanted to get my most valuable asset back, time. So, that’s why jumped into Real Estate with both feet first, with a book on RE investing.

    This is the time to get into investing! The next time this comes around I’ll be an old man! I do not want to look back at this event and say “I wish I would have…”