#150: Flipping a House in 7 Days

Welcome to The Accelerated Investor Podcast with Josh Cantwell, if you love entrepreneurship and investing in real estate then you are in the right place. Josh is the CEO of Freeland Ventures Real Estate Private Equity and has personally invested in well over 500 properties all across the country. He’s also made hundreds of private lender loans and owns over 1,000 units of apartments. Josh is an expert at raising private money for deals and he prides himself on never having had a boss in his entire adult life. Josh and his team also mentor investors and entrepreneurs from all over the world. He doesn’t dream about doing deals, he actually does them and so do his listeners and students. Now sit back, listen, learn, and accelerate your business, your life, and your investing with The Accelerated Investor Podcast.

Josh: So, hey, guys, welcome back to Accelerated Investor. You know, once in a while I have an interview that I do that really just gets me juiced, really gets me super juiced. This is one of those interviews. I’m interviewing a gentleman named Tyler Jensen. He is with Utah House Flip and he is an amazing, amazing interview. You’re gonna love it. He’s a residential investor, primarily focuses on flipping houses, meaning buying with private money or rehabbing properties and selling them for a profit. And in this interview, we’re going to talk about how Tyler has successfully rehabbed and flipped four properties. Get this, guys, in less than seven days. You’re gonna love this interview.

Josh: We’re also going to talk about what Tyler’s working on right now in his own business continue to focus on. He does about 35 to 45 big rehab flips a year. We’ll talk about how he’s finding deals off market, renovating and rehabbing them, sometimes in as little as seven days. Guys, think about that. A 30 to 40 to 50-thousand-dollar rehab budget punched out in seven to 10 days. It’s amazing. You went to talk about that with Tyler. And then he brings these properties back to market. And because of COVID, because of Corona virus, there’s less inventory on the market. He’s selling properties for over asking price.

Josh: We’ll also talk about his first deal, where he lost thirty-seven thousand dollars on his very first deal and then how he turned around and made thirty-nine thousand dollars on the second deal to make his private investor and private lender whole. So we’ll talk about some of the challenges he’s face growing up poor, growing up, having his lights turned off and his family cars repo’d. We’ll talk about all of that. And then finally, some specific advice that Tyler has around real estate and how it’s really a people business. You’re going to love this interview with Tyler Jensen. Take a listen.

Josh:So Tyler, listen, welcome, welcome to Accelerate investors, so excited to have you on. Listen, man, when we got prepared for this and I was kind of reading the show notes for my team and I read some of your other buddies on the podcast, Mike Simmons and some other guys. When I started hearing about you flipping houses in seven days, like full rehabs. Forty thousand dollars at a time, I’m like, dude, I got to have this guy in the podcast. We’ve got to interview him. So, Taylor, welcome to Accelerated Investor. What I would love to hear from you right away, Tyler. It was a lot going on in the world. We just recently had this crazy presidential debate.

Josh: Guys are totally killing each other kind of sets a really weird example for the country. COVID is still going on. Got this election coming up. But entrepreneurs, guys like you and I are still out there. Turn it up. Very positive. Making things happen. Making money. That’s what our audience wants to hear is positivity. So, Tyler, tell our audience something that you’re working on right now that you’re really excited about, whether it’s a property, whether it’s an event, podcasts, book. What are you working on that’s getting you juiced up?

Tyler: Yeah. Awesome, Joshua. First off, man, thank you for having me. Like, I’m honored, like. I love your stuff that you put out. You’re making a huge impact. So really appreciate you having me on your show, man. But something I’m super stoked about. Corona virus has been really good for our business, honestly. And so we’ve had a really great year. It really hasn’t slowed us down. We kind of paused there when it first kind of came on for about a week and we said, hey, you know what? There’s opportunity out there. We’re going to go and take it. And I feel like that that tidal wave of opportunity is coming and going to be even better. So I’m really excited about that.

Tyler: If the market changes or corrects or anything like that, we’re in a really good position to take advantage of that. And so I’m kind of looking forward to that. Right, to see what happens and how this corona virus and the presidential election and all of that happens, because there’s always opportunity about there out there. It’s just a matter of seeing it. And so I think that there’s a lot more opportunity coming, which is great. But another thing I’m super stoked about is we’re having a huge event. It’s called Flip Hacking Live. It’s amazing at some of the best real estate investors in the country. You talked about Mike Simmons and Bill Allen. All these guys are just powerhouses out there, and I get the opportunity to speak at it. So I am super stoked.

Tyler: It’s my second year speaking at it. There is going to be over a thousand people at this event and I just got to teach. That’s what I love doing. Right? I love talking to people and helping people grow their businesses. So I’m going to talk about everything from flipping houses in seven days to working with contractors, to finding good contractors to managing that time, that budget and the quality of rehabbing houses. So, yeah, everything you need to know about flipping houses, I’m going to talk about. So I’ve really just been consumed with that. What do people need right now and what’s working, what’s not? And then what do I see coming down the pipeline in the future for guys like me that are rehabbing houses?

Josh: Perfect. Well, let’s talk about what let’s talk about what we see over the next six to 12, 18 months first. I’d love to get your take on that. And then let’s jump into some of your techniques and strategies for flipping houses very quickly. For a lot of people, finding deals can be a challenge. For other people, it’s finding private money could be a challenge for the people finding contractors and doing a quality job in a timely way. You’ve got that pretty lift. So I’d love to talk to about that. So let’s back up, though, and talk about the market. You know, inventory is very low to what’s on the market is very low. But we’ve got this kind of total wave of forbearances, evictions, potential foreclosures coming up. So what’s your take? What do you think’s going to happen in the next six to 18 months? And how are you going to position your business to take advantage of it?

Tyler: Yeah, right. I wish I had that crystal ball that everybody wishes they had. Right. They could say, yeah, this is what’s going to happen and Trump’s going to win the election or whatever. Right. Like, we don’t know any of that. And so it’s really you just got to keep that pulse on it. But the best part about this is that I surround myself with people across the country. Right. So I get a good feel of, hey, how’s your inventory levels over in California? And how’s your inventory levels in Florida? And what do you guys see happening? And kind of that pulse that I’m getting is that, yeah, there is potential for some of those things that you were talking about, notice of defaults coming in and landlords that they can’t evict their tenants till the end of the year, like all of those things really can cause issues for the market.

Tyler: But as far as us like low inventory is really good. We’re still buying deals, we’re finding properties and we’re getting multiple offers and selling. We’re really pushing the ARVs, the after repaired values is what that is. But we’re really pushing those. We’re getting multiple offers and we’re pushing more than what we thought we could get for him. So right now, we’re getting the good. Well, that’s good, right? When it happens, we can adapt. I started flipping houses in 2008, right. That was the bottom of the market. I had no idea what I was doing right. And I was like, oh, this is a great market. And if you look back and you say 2008 stock was a terrible market, but I was ready for it.

Tyler: And we adapted. Right. We were doing a ton of foreclosures and short sales and stuff like that. So I was really poised in that position that we could do those things. And then those kind of dried away and we went into flipping houses and renovating and kind of stuff like that. So it’s really just a matter of what happens if you’re willing to adapt and to pivot. Right. So if notice of defaults come back and there’s a huge tidal wave of of these foreclosures, then, yeah, we’re gonna jump all over that and we’re gonna get ready to take. If it stays strong and the economy stays on an uptick where we are or at now, then great. We’re going gonna keep buying houses at a discount and we’re gonna keep getting multiple offers and selling them for more than what we thought we could.

Josh: That’s fantastic. So let me just pick your brain on a few things so that after a period values, I love the fact that you’re pushing that a ARV’s. We’re seeing stuff that hits the market sell in a day for over asking price. And we’re getting away with, not getting away with. But the market’s dictating we can when we do a rehab flip. Very similar to what you’re talking about, really even selling it for much more than before. Covered prices have actually gone up. Inventory is down. So literally, the question becomes, how do you find deals? So what are some strategies that are working for you? Because I talk to my audience all the time like there’s so there’s no inventory for investors. There is no inventory for inventory for retail buyers. So if you can find deals off market, whether you’re wholesaling them, whether you’re rehabbing them and selling them retail, the market is consumed with finding deals that are on market. So you have to find stuff that’s off market. Rather, prefab at rehab. Take it back to market and you’re going to sell it. You’re going to sell it because everyone needs inventory. But the key then is finding the stuff to begin with. What kind of things are you guys doing to kind of position yourself differently and get that off market inventory?

Tyler: Yeah. So finding deals for us, our biggest push, we it really comes down to two things, right? If first time investor, if you have time or you have money. Right. So there’s both ways to do marketing and we do both. We spend money to do marketing. We’re doing direct mail and RV M and texting and all that kind of paid advertising, but also the stuff that doesn’t cost any money that we’re doing. Right. I’m teaching at REA’s. I teach a lot of realtor classes. I teach. We work with a lot of attorneys. Stuff like that. Just building your network and building your brand has been really a huge thing for us. We get a high majority of our deals from wholesalers that can’t move a property or we just closed on one yesterday that the guy said, hey, look, I’ve got way better offers, but I know that you can close. Yeah, I’ve got to close this by tomorrow. Right.

Tyler:So he took twenty thousand dollars less because I wasn’t going to pay that price. But he knew that we could perform. And he just called us. Right. He said, hey, I got this deal I need to close tomorrow. I know you’re the guy. I’ve got better offers, but I need you to close on it. So we did it right. And that was just building our network. So we do a lot of that stuff that we’re just really networking with other investors, other wholesalers, other agents. We do a lot of things that we’re giving value to them. Right. We can perform. We say we’re what we’re gonna do is what we do. And that just really builds a huge, powerful impact in your network. Right. I think we have a we have a lot of people bring us deals that we don’t have to go out and hunt for him. Right. We either have students or we have people that we’re helping teach or all of these things that we’re building. So that’s been the most successful thing for us. This just is having that integrity, doing what you say you’re gonna do and then performing on it. Right. And making sure that we really are the closers and we can make it happen. So, yeah, that’s been the biggest key for us. But we also do that other paid advertising, stuff like that. But it’s just not my favorite. I like meeting people and I like giving value so that’s what I enjoy doing.

Josh: We’ve got an apartment building that we’re buying. We’ve got a couple real big ones. Four-million-dollar deal, seven-million-dollar deal. But we’ve got this little guy. It’s a 16 unit. We went last week on the tour real quick and they were marketing the property for almost seven hundred thousand dollars with multiple offers in the six hundred range, 650, 625. And I can’t reveal the price because we haven’t closed yet. But we got it for way less than that. Way less than that, because we’ve bought from this particular wholesaler multiple times already. We’ve closed cash every time. It wasn’t our cash, but it was our private investors’ cash. The guy knew we could close and we had no financing contingency at all. So very similar to what you’re talking about.

Josh: Now when you work with new investors, Tyler and they don’t have the ability to maybe get up and teach or they don’t have the reputation that you have as a closer. How what are you teaching your people or what strategies would you recommend a newer investor use? Because you talked about time or money. What can they do to find more deal flow when inventory is low? People are, you know, with COVID maybe a little bit skittish to meet people face to face. What are you doing with those folks, your newer members or newer students so they can find deals in this market?

Tyler: Yeah, a lot of things. So really, we kind of pitch that question to them. Do you have time or do you have money? Right. And then pick your marketing strategy based on that. And if you don’t, you’re just getting started. You don’t have any money. You’re trying to find deals. Then I we strongly encourage people to network right now. Go to these REA meetings, go to stuff like that and just create. Hey, look, I’m starting new. I’m trying to ask for help. What do I need to do to get deals? So networking is really good, especially if you’re a flipper like me. Wholesaling is a different avenue. Right. But if you want to flip houses, then you need to network with those people that can bring you deals or that are already spending the money to go out and find the deals. And so just a lot of things like that, driving for dollars we teach is a big thing, right? I have a kid in our market that that’s all they do is drive for dollars and they do 40, 50, 60 deals.

Josh: What do years that a kid in our market right now, one of these young dudes that are hungry. Right. The older dudes like me. Forty four years old, gray hair. I’m like, I don’t know if I feel like working that hard or getting in my car and driving, but we teach a similar strategy, Tyler, we’ve got the software A.I. office. We can pull out vacant houses, absentee owners with high equity, and then we teach our members to get out, get in the market, get in your car, go drive 250 or 500 houses. You’re probably gonna come back with 10 percent of those, maybe 15 percent that have physical distress. You can see physical distress in the outside. So now you’ve got this amazing list of vacant high equity out of town, an owner with distress that you can physically see now. That becomes your smaller list that you can really focus on with direct mail, text messaging, things like you talked about.

Josh: That’s the stuff, my brother said years ago. My brother was a partner of mine in this business for a long time. He said, expand your market or expand your marketing. And that’s really resonated with me. What do you do if you can’t find deals, expand your market, meaning go up maybe to the more rural areas or pick another market or expand your marketing, which means just get better at marketing, get a little bit more of dialed in with your marketing. Don’t just spend more money on direct mail, actually spend less money, get more laser focus. But you might have to put in some sweat equity, some sweat time, really hone that list and. Right. That’s so that’s working in today’s market. You guys are in a totally different market than we are too, which is awesome to hear you kind of doing some of the same stuff.

Tyler: Yeah, totally. And we recommend the exact same things that you’re doing. Right. If you are going to market, then do some niche-based marketing, maybe focus on probates or vacant properties or absentee owners or things like that isn’t just people with high equity. Right. Like that’s a huge list. You want to narrow down that list to like things you can physically see. That’s why. Same thing, right? Driving for dollars. You can see this house needs some love. We’re going to make an offer and they’re motivated sellers. So absolutely. It’s but it really, Josh and I think you’ll totally agree with this. It’s one hundred percent a numbers game. You have to have that desire and that passion and that hunger to get out and to knock on 100 doors or to make one hundred phone calls. And if you’re not willing to do that, then you’re not.

Tyler: People always say, oh, I can’t find deals. Well, how many phone calls did you make yesterday? I didn’t make any. Oh, well, no freaking crap. You can’t find deals, right? You’re not working to find deals. Right. Like it really is. You have to have that drive no longer that, hey, I’m gonna make a hundred phone calls today no matter what whatever it takes, I’m going to go drive and see a hundred houses. If you do that, I, I promise that you’ll get deals because it really is. Anyone in this business knows that it’s one hundred percent a numbers game. You have to be willing to go out and to do the make the hundred phone calls in order to get deals. A lot of people aren’t willing to do that and they’re surprised at why they’re not successful.

Josh: Yeah, I’m not going to pick up the phone. I’m not going to sign any direct mail. I’m not going to pull any less. I’m not going to drive four dollars. Why can I find any deals? Oh, so, Tyler, listen, I want to make sure we get to this. This is really cool. Totally. You’re getting pretty well known. You guys are doing a really amazing job at flipping properties. When I say flipping, I mean rehabbing and flipping on the retail market, like on the MLS to a retail buyer. But you’re able to pull off these big rehabs, 30, 40, 50 thousand other rehabs in seven to 10 days. And so when I heard that I’m like I have Tyler on the podcast to figure out how he’s doing, it helped me understand and then give us some tips about locating contract or some of your tips for locating contractors, getting your crew sort of on time, on budget and sort of ready to do a job in seven to 10 days. That’s that big. Just first of all, tell us how it gets done. I’ve never done one that fast with that kind of budgets I’m dying to hear.

Tyler:So we’ve. We do a lot of these seven-day flips. Right. We just filmed a YouTube series about we did four rehabs in seven days. So we had two duplexes that were right next door to each other. And it was it’s really just about logistics. So what I I’m a huge proponent. These are the three principles of flipping a house. Right. You have to have you have to control your time. You have to control your budget. And you have to control your quality. If you can meet those three pillars of this flipping stool, if you will. Right. Then you’ll be successful. So let’s talk really quick about time. How do you manage time? I was sick of flips taking six months. Eight months. Right. Contractors would never show up. And it would piss me off. We call them dead days. Right. When you show up to the property and you’re the only one at the property.

Josh: Yeah, I hate that because I love it when I call a contractor conference like I just left. I just went to Home Depot to get material. Yeah. Yeah, sure you did. You weren’t even at the property today. Exactly.

Tyler: My mom died again the third time this week. Right. It’s just all that excuses. So controlling time. I was sick of that. So I told my project manager, I said, hey, I’m sick of these six month projects like they’re killing money. Our investors are making more money than we are like. This isn’t the way we need to do it. I want to control the variable of time. So I said, I want to do this next house in seven days. What does that look like? We have to manage our materials. We have to manage our man out. We have to. What does it really take to do that? So we thought about that, right? We looked we said, hey, well, if we had this many guys, it would take this many man hours. And if we could control the materials, how do we do that? Right. So we really took that six month flip. And I said, hey, Parkinson’s law says that the time that you give something, that’s how long it’s going to take.

Tyler:So I said, we’re gonna do this in seven days. Forty-thousand-dollar rehab and it change the rule. We’re going to do the utilities. We’re going to do everything in seven days. And he’s like, no way. It’s not possible. You can’t do that. Right. And so I was like, well, I think it is possible. And here’s why. Here’s my explanation to it is that we can really control those things. So managing our time was a big thing. We planned it out really, really well. We said, OK, day one, what has to happen? What are our milestones that we have to hit? Day two, what does that look like? Day three and even on our flips. Now, we don’t flip every house in seven days, but we really take the time to plan amount. A lot of people just jump into these and say, yeah, here, contractor, here’s a bag of money. Go flip this house and get it done in two weeks. Right. That never will happen.

Tyler:So we really spend time and planning these things and say we fill out what’s called a Gantt chart. Right. That we’ll say, OK, day one, it looks like this day, too. This looks like here. And then we’re also stacking our contractors. So I never have one contractor working on one of our properties. We always have two or three. If I have guys on the roof, I want guys inside painting and I have a window guy doing windows outside. I want someone laying floors. Right. So that’s it’s just really about that efficiency. So that’s kind of the time management side. And like what you said, in our seven day flips, I banned Home Depot runs. I said no one’s allowed to go to Home Depot because it kills time. Right.

Josh: Yeah. Couple hours. Drive through. You have lunch on the way. I got to go to the bathroom on the way. I got to grab lunch. Come back. You left at nine thirty. Now it’s twelve thirty. You’re finally back on a job site and you only needed like two thousand dollars’ worth of stuff, but you just wasted a whole day.

Tyler: Yeah, no kidding. And most of the time it’s not even two thousand dollars, it’s like eight dollars’ worth of stuff and four guys have to go get one part. So we banned all that. We we bought a U-Haul truck, so we strategically stacked it. So day one was at the back of the truck so they’d open up the door. And here’s everything you need for day one. Here’s day to day three. Day four. Day seven was at the very front of the truck. All the appliances stuff you put in last. Right. We just really thought about what the plan was for this flip. Material management. No Home Depot runs. We had a bathroom. We catered lunch. I spent a thousand dollars on lunch. And I guarantee I got more than five thousand dollars back just in time because guys weren’t leaving. They were staying on the site. They weren’t taking two-hour lunch break, a smoke break, a B.S. break. Right. They were there onsite. They were working. And we could manage that time. We could control that time. And then budget, as far as our budget goes. We work, we call a standardized pricing. So every contractor, we don’t get bids from contractors anymore. We give them the bid and flat rate it. We pay eighteen dollars a sheet for sheet rock. Can you do it for that and make money on it. Great. If not, then you’re not our guy. Right.

Tyler:So we really control that number that we know exactly how much our budget is going to be. So we’re very rarely now over budget. And even if a skeletonpops out of the closet. Right. An unexpected thing. We’ve already planned for it. We already have a piece in our budget that we say, hey, what if this happens? Okay, let’s plan for it. And then we have a solid budget. We’re never going to go over budget, right? So controlling that budget again in seven days. You have to manage your materials. We had to ban all those Home Depot runs. And we don’t we don’t pay any contractors upfront. We don’t give any deposits. We say, hey, look, we want to control the money, because if you can control that, then you can be successful. How many times have you given a contractor money and they never show up or they take that money and they put it into another job? Right.

Tyler: So that time we talked about how do you control the time? How do you control the budget? But I also said, hey, we’re doing this really fast. I don’t want it to be poor quality. Right. I want it to be a high level of quality. And so you have to manage that as well. You have to set those expectations with your contractors saying, hey, this is what I expect and this is the standard. And if you can’t hit this standard and my expectation, that’s not going to work. So are you OK with that? Can you give me your best effort and let’s make sure that the subway tile is straight and that paint touch up looks good and all that other stuff. So those are really the three pillars that we look out when we’re flipping a house. That’s fantastic. Yeah. And then just as far as getting contractors, there’s so many ways. I’m talking about this in in super big detail. It flip packing lives, but I talk about twenty five different ways to find contractors. So just some of my favorites are we call it driving for contractors. When you’re out and you see a roofer and you take a picture of his van. Right.

Tyler: Or you’re at Home Depot at the pro desk and you’re talking with those guys. Hey, who. You know who. I’m an electrician. Who do you recommend? Oh, this guy was in here this morning. You should talk with him. He’s really good. Just a lot about stop. Right. Putting yourself out there were good contractors are because good contractors usually don’t need you. Right. Right. You want you want to be the horse that they want to say, hey, well, how can I add value to them? Right. We pay them every week. They don’t have to find more work. We always pay consistently. They know exactly what they’re gonna get paid on the job. All of those things were adding value to the contractors. They don’t want to go and hunt and kill. They’re not business owners. They don’t want to own a marketing company. They want to swing a hammer and be craftsman and do what they’re good at. And so how do you add value to them?

Tyler: And you just got to think of that, hey, this is a win-win for both of us, that I’m not going to pay you retail, but I’m going to give you give you a lot of work and we’re gonna win together. And if you have that abundance mentality, then contractors will come to you. Right. They’ll want to work with you because they’re like, oh, man, I heard that. You’re awesome to work for. You always pay me. I know how much I’m gonna make up front. And, you know, I always have work that I never have to go and find new work. So there’s no lapse in my time. I can keep my guys busy, and that’s really important to them.

Josh: Amazing to me how many investors are like, OK, I found a great deal. Check that off the list. I found the private money. Check that off the list. Now, I’m just and I’ve got a sixty-thousand-dollar profit in here and maybe minus on my soft cost, my carrying costs. Want to walk away realtor fees walk away with 40 grand bought. They don’t put nearly the effort into finding the contractor so that forty thousand all of a sudden becomes eight thousand because the contract went way over time, way over budget. All of a sudden, soft costs are growing. The price that you thought it was going to sell for is no longer four hundred thousand because the quality of the work isn’t there. It’s not 360 and you’re selling the property for less. And so the upward pressure of expenses is happening, the downward pressure of the market, because the quality of the work is not there is happening.

Josh: And then all of a sudden that profit goes to zero because you didn’t put the same amount of effort into finding the contractor and working with the contractor, drilling the contractor, using some sort of project management software to make sure the contractor hits their deadlines. You put all that effort into finding the deal and then just left it up to some schlub who’s going to do a deal for you. You like you’ve got to make sure you have all three. Like you said, three pillars of the stool. Finding the deal. Finding the money. Finding and working with the contractor. Then you’ve got a home run deal and that usually requires all three. Very rarely do you get like. I found this deal by accident. I got the private money by accident. And then the contract, it was by accident and it all worked out. I still made forty thousand. Yeah. Yeah. Just doesn’t happen that way. Give us give us some backdrop.

Josh:Obviously a lot of experience now you’re doing some teaching, some education and you’re speaking at events. But you started somewhere. Where did you start? Everyone’s always interested like I’m maybe part of our audience is just getting going. Never done a deal or only done their first couple deals. Maybe COVID has them freaked out. They don’t want to get started yet. They’re kind of sitting on the sidelines. How did you get going and how did you kind of convince yourself that, yep, this is something I want to do. I’m gonna be really good at this. How did you gain confidence?

Tyler: Yeah, totally. So kind of background story on me. I grew up on a dairy farm. We didn’t have my family to have a lot of money. I grew up broke. Like I did. I remember our power being shut off and our cars being reposed and all that stuff. Right. So I grew up. That was kind of always my motivation to never have to do that. Right. I didn’t want my kids to experience that. So that was kind of my driving factor. Growing up, I was like, hey, I want it. I want to be successful in this. This lifestyle is not for me. Right? I want to make sure that I can be financially free. So that was kind of my upbringing. And then I went to I started college and that’s when I started flipping houses. Right. I took the corporate America route. I was like, hey, I want to be a CEO of a Fortune 500 company. I need to get a degree. So I was going to school and flipping houses. So picture this, I’m working full time. I’m going to school at night and the nights and weekends after school, after Hallmark spring break, all that stuff. I’m literally flipping houses.

Tyler:So I’m doing my own paint work. I’m doing my own tile. All of that stuff right. I did 100 percent everything just on a side hustle my first deal. We lost money. Now I’m like in the hole. I’m starting out. Thirty-seven thousand dollars negative. Right. And I was like, that’s more than I make in a year. So that was a driving factor to make sure that our second deal we made thirty-nine thousand. I paid off our investor and I said, hey, you know what, I’ve had a really bad experience and I’ve had a really good experience. I feel like I can keep going. So I still took that corporate America route. I was a COO for a company. I did all that stuff. But I realized really quickly that you’re trading your time for money. And I didn’t want to do that right. I wanted to have both. I wanted to have time so I could hang out with my kids, with my wife, and that I could also have that that financial freedom that I wanted as well.

Tyler: So real estate to me was always that draw. So a couple of years ago, I was still flipping houses on the side. I would have I had a couple Jeezy’s that would do it for me while I would go to work. And I just side hustle that right. I knew that that was my passion and that’s what I wanted to do. And it just came to this point that this crossroad that I felt like I was losing money by going to work honestly. Like I’m like I’m going to work today. Why don’t I just do real estate. Like I’m going to lose money by going to work? So long story short on that. I came home one day. We had just closed on two properties. And I told my wife, I said, hey, I want to quit my job. I want to pursue this dream. I want to go tackle real estate. And what do you think she said? Josh she’s like, absolutely? She’s like, no way. Right. You are not going to quit your job. You have 401K and you have health insurance and you have a steady income. Like why would you go to school for this? Why would you want to do that?

Tyler: And so anyways, long story short, we thought about it. We prayed about it. We talked about it. We said, hey, look, this is something that I want to pursue. And she said, all right, you have six months, six months. If you’re not successful, you got to go back and get a job. And so that’s what happened. But it was up to me now I could control my own fate. I can control my own income. I can’t control my own hours. And that was freedom to me. Right. And that’s exactly what I wanted. I wanted to have that freedom. And now it’s great. Every Friday, I take off and I hang out with my kids and I get that time freedom. I have good income that my team does most. There are houses. We just bought a house yesterday. I didn’t even see it. I probably won’t ever see it. Right. And that’s just really cool that I have a good team in place that have just built good people around me. And so my advice for people that are getting started is you have to know your why. Number one. Right.

Tyler: Why do you want to get into real estate? Why? What are you going to do when you know something goes bad and you lose sleep at night or you’ve lost money or whatever? Is your wife strong enough to carry you through that and keep you going? So that’s first off. Right. Start with why. And then second off is your driving your passion? If you don’t have that drive and that passion, you’re probably never going to get there. Right. You’re going to be one of these guys that still goes to a REA for 20 years. And I’ve never done a deal. Right. I’m looking at a few of those guys. Yeah. Like, you know, I go to the REA. I know everything there is to know about real estate, but I can’t take that next step and take action. So it really is just that right there. There’s is there deals out there? Absolutely. In any market, I truly believe that there really are deals out there. If you’re willing to put in the grind and make that numbers game that we talked about, there’s deals out there and money.

Tyler: You don’t need money to start in real estate. I don’t invest any of my own personal money ever in any of our deals now. Maybe you do that as well, but you just don’t need that. If you have a good deal. The money is the easy part, right. Go and find the deal and the money will come. So you just have to get over these misconceptions and these myths of why you can’t do real estate. And you have to just turn that mindset around and say, I can’t do real estate. Hey, look, if Tyler could do it, he grew up broke. He had no money. He lost thirty-seven grand on his first deal. I could do that right now. I can yeah, I can learn and I could grow. And I could I could flip houses in seven days. Right. That was kind of the four-minute mile. And everyone told me that was stupid and that we couldn’t do it right. You can’t flip a house in seven days. Yeah. You can’t do a forty-thousand-dollar rehab in seven days. That’s dumb. Why would you even try that? But for me, it was like, you know what I’m going to show you. And to me, that’s the most important thing. I don’t care what other people say or what other people are doing. I care about me. My success is measured on what I see in the mirror.

Josh: Right. What I love about Tyler. But some of the books that you’re given is what I’ve taken away from. This is your passion for the work. Like putting the work to find the deal. Make the phone calls, drive four dollars. You find the deal. You’ve got relationships. The money is going to show up. And then contractors. And really what the big take away was the amount of time and effort and passion you have for other people. You said, I like to talk to people. I like to work with people, to network with people. While you’re finding deals through networking, you’re finding private money through networking and you’re finding contractors through networking, know vetting everybody out. A lot of it on the phone, a lot of it through email, text messaging, those kinds of things. But if somebody doesn’t have, you know, the passion for people, this might not be the right business for them because like even yesterday that that apartment building I told you about, we were going to raise six hundred thousand dollars, pay all cash for it, which is everything purchased, rehab, soft costs. And we usually take an acquisition fee upfront. That six hundred thousand covers at all.

Josh: I held a call yesterday at 60 attendees. We raise three million bucks for that six hundred-thousand-dollar deal. So my biggest problem now is I’ve got to I’ve got to tell some people know I’ve got to push some people off, guys that we’re kind of at the front of the line. I’ve got to give them the deal. And luckily, I’ve got some other larger deals coming down the pipeline. But because we’ve focused on the relationships people now, they don’t want to invest with other people. You know, people are saying, like, I’ve got other people I could invest in, I could invest in the stock market. I don’t want to do tha, I want to invest with you, Josh, because I’ve invested that passion for people just like you do, Tyler. That’s a big thing in this business, because if you don’t, then, you know, the deals are going to go to someone else. The private investor is going to work with someone else or just put their money in the stock market and the contractors are going to want to work with you. They’re going to just go work for somebody else who’s maybe not as organized. Maybe that will pay them more. But the job would drag out. People like to work with people who are organized.

Josh: Tyler, you sound like you just doing a dynamic job, man. I really appreciate it. I love your advice. So, Tyler, as we wrap up here and kind of head for home, where can people learn more about you? I know they have this event coming up. You’ve got your YouTube channel. We’ll put all that stuff kind of in the show notes. But if somebody wants to reach out to you and learn more information about you and your business, where should they go?

Tyler: Yeah, totally. So just to recap on what you just said was awesome. I totally believe that you are in the people business and real estate is the product. Right. So whether it’s a motivated seller, whether that’s a contract or a private money lender, anyone like that, you’re in the people business and you sell real estate. Right. So you got to understand that first that you’re in the people business as far as getting out to me, totally reach out to us. My company is called the Utah House Flip. You can follow. On Instagram, on Facebook. Come to Flip Hacking Live. It’s an amazing event that you have some of these top players that are doing a ton of volume that are just really opening up their doors to their business. And it’s an incredible event. That’s October 15th through the 17th. That’s a three-day event. It’s virtual this year. You want to buy a plane ticket? You don’t think at a hotel you don’t have to do any of that. We’ll probably never get this experience again, which is kind of cool that you don’t have to travel. You can stay and just be involved.

Tyler: But you’re going to network with some of the top players. I have a saying that I always say it’s so much easier to fly with Eagles than it is to fly with turkeys. Right. So you got to surround yourself with these eagles, these people who are better than you and have been there and done that and can really help you lift up and go to your next potential. So anyways. Yeah. Reach out to us on Facebook. Tyler Jensen on Facebook. Utah house flip on Instagram. We’re doing another seven-day flip, probably in December. We just got to find a house and we’ll see women in seven days. Right. Like, we just really use that as as an ammunition. But I’m like, hey, I’m itching for another one. Let’s do one. Right. And so you can follow us on that. See how we do it. Check out our YouTube Channel seven figure flipping. Check out the seven-day flip series. There’s nine episodes. Everything from finding the deal, from raising capital to our strategies on how we did it in seven days is all in there. So, Josh, thank you. Thank you, man. Like it’s been an honor. Like hopefully your audience got some value out of it.

Josh: It sure is. Tyler, this has been great chatting with you. Yeah, you too, my friend. Thank you so much for joining us today on Accelerated Investor. We appreciate it. Yeah. Thanks again.

Josh:So all my Accelerated Investors. I’m so excited to have done that interview with Tyler. I hope you really enjoyed it. There were so many nuggets in there. I hope you connect with him on social media. Make sure you grab this episode of Accelerated Investor. Share it on social media. Facebook, Instagram, LinkedIn. Share it. So give us a rating review. If you really enjoyed this interview with Tyler. You learned a few things. Leave us a five-star rating and a five-star review. And guys, as always, I just want you to know how much I’m grateful for you, how excited I am to be with you sharing these strategies, my own solo casts, these expert interviews that we do on Accelerated Investor. Help us share the word. Help us build the ecosystem. Help us build this community of Accelerated Investors by sharing this online and leaving us the ratings and reviews so we can help out the next person and the next. And the next and the next to be a better entrepreneur and a better real estate investor. Thank you so much for joining me today. We’ll talk to you soon.

Hey, Josh here. And do you want to win a free Accelerated Investor T-shirt? All you have to do is give Accelerated Investor our podcasta rating and a review on iTunes. OK. Do that now then send us a screenshot on Facebook, Instagram or Twitter. What we’re going to do then is every week we’re gonna pick our favorite rating in review and we’re going to send that person a free T-shirt and maybe again, some other cool fun stuff as well from Accelerated Investor. So, again, don’t forget to take a screenshot, leave a rating review, take a screenshot, send it to us so we know exactly who you are. And then once a week, every week on the podcast, we will announce a new winner. Don’t forget to take a screenshot and send it to us so we know exactly who you are. We’ll announce a new winner every week.

You’ve been listening to Josh Cantwell and the Accelerated Investor Podcast. Leave a comment on our iTunes channel and let us know what you want to learn next, or who you’d like Josh to interview. While you’re there, give us some five-star rating and make sure to subscribe so you can be the first to hear new episodes. Follow Josh Cantwell and his companies, the Strategic Real Estate Coach and Freeland Ventures on all social media platforms now and stay up to date on new training and investment opportunities to start your journey toward the lifestyle you’ve always dreamed of. Apply for coaching at JoshCantwellCoaching.com.

Dead days at renovated properties suck up a tremendous amount of time and resources, and as a project continues to drag out, the only losing out on money is the fix and flipper. Tyler Jensen got so sick of his projects stretching out into 6 months, and he wanted a process to flip everything faster. That’s when he came up with his 7-day house flipping plan.

There are three pillars of a deal:

  • Finding the deal
  • Finding the money
  • Finding the right contractor

If you walk into a deal with the money, but no contractor, then you’re going to waste valuable time trying to find a competent contractor who has time to squeeze you into his schedule. So Tyler’s 7-day house flipping plan lets him promise steady, consistent work to top-notch contractors. It’s a winning strategy for everybody involved. He’s got the project planned down to the on-site toilets, lunches, and dumpsters so that a lot of the normal interruptions that happen on a job site don’t derail his project.

In Utah, Tyler continues to buy and sell at a brisk pace because inventory remains so low. His company, Utah House Flip has relied on traditional marketing in the past like text messages and flyers, but now he’s begun expanding out his relationships by teaching at REAs, working with lawyers, and building out his wholesaler network. If you’re a newer investor, some of these strategies might be hard for you to implement, so Tyler focuses on teaching his newer investors different strategies based on whether they have more time or money.

Join Tyler online for Flip Hacking Live from October 15th-17th for more creative ideas on how to manage fix-and-flip properties to maximize their profits.

What’s Inside:

  • Why you don’t always need to market to people with high equity.
  • Tyler increased efficiency on his flips by banning Home Depot runs.
  • Find better contractors that will make your project run smoothly with Tyler’s tips.
  • Why off-market properties are going to make a big difference in your business right now.

Mentioned in this episode​

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