How to Do Your First Profitable Real Estate Deal
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What inspired Justin and Tara to start their real estate journey?
This is The Top, where I interview entrepreneurs who are number one or number two in their industry in terms of revenue or customer base. You'll learn how much revenue they're making, what their marketing funnel looks like, and how many customers they have. I'm now at $20,000 per top. Five and six million. He is hell-bent on global domination.
How did Justin and Tara overcome financial struggles in their early years?
We just broke our 100,000-unit soul mark. And I'm your host, Nathan Latka. Okay, Top Tribe, every Monday I give one of you a hundred bucks to invest in your idea and get to the top. To enter, subscribe to the podcast right now on iTunes and then text the word Nathan to 33444 to prove it. This week's winner was Jesse from up in Chicago.
What strategies did they use to achieve their first profitable flip?
Coming up tomorrow morning, Top Tribe, we hear from Chad Whitman. He's 26 years old and he sold Edgerank Checker for $3 million. Okay, good morning, top tribe. You're gonna love today's episode.
What lessons did they learn from their experiences in wholesaling?
I'm here drinking my coffee in Southwest Virginia, and you actually get double value today. We have Justin and Tara on. Justin and Tara Williams have been entrepreneurs since they got married just over 11 years ago. In 2011, they found themselves in a position where they didn't know how to pay for rent the next month, so they worked hard to put together their house flipping machine. And the next year, in 2012, they flipped over 100 houses and made their first million bucks.
How did they build their house flipping business into a seven-figure income?
In 2013, they created House Flipping HQ, where they teach others how to create a passive house flipping business. And now recently, they started 8 Minute Millionaire, where they teach people how to take control of their lives and financial stability. future and they document their journey towards a $10 million annual income. They reside in San Clemente, California with their three super studly kids. Justin and Tara, are you ready to take us to the top?
What is their approach to creating online education for aspiring investors?
We are ready. I love it. I love it. This is going to be so much fun. So first off, you guys are sitting on a rocket ship, an eight minute millionaire.
What advice do they have for avoiding common pitfalls in real estate?
Why is it working so well? Because Tara's on it. So that's why you've been married for 11 years. Okay.
You know, I think the thing is, is there really is a need out there.
How do Justin and Tara balance their business with family life?
Like there's a whole world opened up to people that they don't even realize is there. And I think that there's this gap of people knowing it's there and the people that not knowing it's there and they need someone to tell them, Hey, there's this amazing lifestyle you can have in world. And we're trying to pull those people in and people are responsive to that because they're not happy and fulfilled in their lives.
It makes complete sense. And you know, back in episode 109, I had Joshua Dorkin on with Bigger Pockets. And so this whole real estate thing, people are loving the real estate stuff. Your guys' background is in real estate. Tell me the story about the first flip. What year was it? What'd you buy it for? How'd you do it?
Well, it was in 2007 when we first got into this business, the real estate business. That was after we had $120,000 of debt from a satellite dish business. And, oh, I mean, just a huge, quote, unquote, failure, which wasn't really a failure, right? So, we made $2,000 when we got into real estate, and it took us seven months to do our first deal. hindsight, they might be like, oh, it's not too bad. But it was tough. And it took us seven months to get there. And we did a strategy that was called wholesaling, because at the time, we didn't really have any money. So we basically got a house under contract, and we sold the rights to that contract. And I think we made $20,000. And before that, we like, I don't.
Gross or net? That was net.
Yeah. Okay.
That was net. And we didn't really know if this business was possible. And then we made $20,000. And it was crazy. Two months later, we did it again. And then after that, it was like almost every month, practically.
You were addicted to the drug at that point.
Oh, yes. Yeah.
So over that period, so you said you guys did, what did you say? You did 12 of them, 11 of them?
Yeah, it took us seven months to our first one. And then we started doing an average about one a month.
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Chapters
8 chapters
1
What inspired Justin and Tara to start their real estate journey?
0:00–0:21
2
How did Justin and Tara overcome financial struggles in their early years?
0:21–0:45
3
What strategies did they use to achieve their first profitable flip?
0:45–0:57
4
What lessons did they learn from their experiences in wholesaling?
0:57–1:24
5
How did they build their house flipping business into a seven-figure income?
1:24–1:47
6
What is their approach to creating online education for aspiring investors?
1:47–1:57
7
What advice do they have for avoiding common pitfalls in real estate?
1:57–2:07
8
How do Justin and Tara balance their business with family life?
2:07–21:43
Speakers
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