HFHQ 31: Tim Gordon the Action-Taking Sophomore House Flipper

Tim Gordon, a “sophomore” investor has taken incredible action and shares with us how he got his first deal and the struggles he had.  We talk about benchmarks, success and closing deals.  Plus we get in to some details about financing and rehabbing and much more!Have any questions for Tim or I? Just post them in the comments area below! And if you like what you hear, be sure to click here to subscribe in iTunes. And while you’re there, why not leave us a review and five-star rating?The next webinar is tonight!Tonight (March 6, 2014) we will have another House Flipping Webinar at 6PM (Pacific)/9PM (Eastern). Click on this link below to sign up!This time I'll be focusing heavily on acquisitions!houseflippinghq.com/webinar.And the winner is ….The winner of the Michael Quarles 1,000 yellow letters give-away is Ed!  Just e-mail Michael at [email protected] to let him know you were the one who won (we have your email on file, so this is how we confirm your identity).For the rest of you who entered, you can also email [email protected] with the subject line “HFHQ Biz Cards” with your complete name and mailing address and he'll get you the business cards that he mentioned in the podcast episode.  We'll be checking your name against the entries so be sure you actually entered the contest if you send an email! Show NotesIn this episode we cover:Tim's introduction to the potential of real estate investingHis first experiences with a real estate investment clubs and learning to flip through a 60-day challenge “boot-camp”The specific things Tim did to take action during his 60-day intensive challengeLearn how to comp properties and connect with agentsRequired you to make over 50 phone calls a week (FSBO, Craigslist, etc.)Trains you to handle rejectionUse of Proof of Funds to make offersRequired you to make at least 10 offers per weekForces you to make more offers than a normal professional investor makes in a typical yearThe find whatever you are the most uncomfortable and make sure you learn how to do it.Different methods he used to connect with sellers and dealsMore traditional methods like using the MLS or talking to agentsLess traditional methods like going on Craigslist or finding FSBO signsTim's experience with the Flip to Freedom event for wholesalersHow Tim found his first deal by looking at rental ads on CraigslistTim's use of $1,250 from his first deal on mailers during ThanksgivingThe story of Tim's second deal which forced him to listen and solve problemsHow Tim developed his business during 2013Use of Zoho as a CRM (Customer Relationship Management) systemTim's current marketing strategiesIn the beginning of 2013 Tim was using strictly direct mailLater 40% of deals were through direct mail, 35% were through other wholesalers and 25% were through the MLS.His current focus is on absentee owners although he's done owner-occupants, but hasn't pulled deals yetUsing SEO and the web to generate leadsTim's next step to build his business by bringing on people to help him automate his systemsTim's unique approach to financing through an FHA 203K Loan3.5% down paymentRequires occupancy in one unit for at least a year203K means the property requires repairs which are amortized over 30 yearsFrom single-family to a four-unit propertyHow Tim's full time job gives him access to great financingTweetable QuotesClick a quote to tweet it!“What gets measured gets done” ~ Justin Williams“I don't need to reinvent the wheel.  I just need to do consistent marketing on a monthly basis, no matter what the results are.” ~ Tim Gordon“I need to have systems in place to track and monitor my leads” ~ Tim Gordon“You have to invest to get the results” ~ Tim Gordon“You've got to get your hands dirty” ~ Justin Williams“Everything I was doing when I didn't have deals was preparing me for when I did” ~ Tim Gordon“Once you label yourself as a problem solver, you aren't surprised when problems come up” ~ Justin Williams“Reverse engineer the deal to find out who it's best for, and then go find them.” ~ Tim Gordon“Once you add value, you get paid” ~ Tim GordonTranscriptClick here to Read and Download the Transcript for Episode 31Links and ResourcesBigger PocketsBill Tan's San Diego Creative Investor's AssociationInvestClub for WomenFlip2Freedom with Sean TerryZoho.comDanny Fitzpatrick with Wells Fargo in San DiegoTim's Email: [email protected] (facebook.com/timgordon)Leave us a Rating and Review!If you’ve found any value or helpful information in the House Flipping HQ Podcast, we’d love to hear about it! Head on over to iTunes and leave us a rating (5 stars would be great!) and review so that others who are interested in starting a house flipping business can find us and get in on the good stuff. Click here to leave a review and rating If you have any questions or comments about this show or it’s contents, please post them in the comments area below and I’ll be happy to answer them!Image Attribution:The post HFHQ 31: Tim Gordon the Action-Taking Sophomore House Flipper appeared first on House Flipping HQ. Hosted on Acast. See acast.com/privacy for more information.