On this episode of House Flip Masters Holly is joined by guest Jackie Mendoza. Jackie got her start in real estate investing when she was in high school because her parents were involved in the business and she saw a lot of the process that went into getting properties ready to be sold and rented and saw the profits that could come from it. Her younger sister gave her the book “Rich Dad, Poor Dad” because she felt that the book described her perfectly. Jackie got a job in the corporate world that lasted about 1 year before she quit and got into real estate at the age of 18. When asked to share about her first deal Jackie recalls that she partnered with her chiropractor for a deal in Corona, in that deal Jackie walked away with about $45,000 and says that she was immediately hooked on the real estate business with that profit from her first deal.
Currently Jackie works in wholesaling, she says that she has done flipping and it is a love hate part of real estate investing for her. Jackie says that she likes the simplicity of wholesaling. Jackie shares the easiest deal that she has ever done where she walked away with $100,000. She had a client who was renting to her siblings and hadn’t been paid in 7 years. Jackie had a friend who was a realtor who had been approached by this client that wanted her house sold but did not want to deal with the people living in it; this was an off market deal. When the Realtor came to Jackie she told her she could have the deal she just needed to get the tenants out of the house. Jackie made a phone call to a leader of a group to discuss how to get tenants out of the home because she had never dealt with this situation before. She went to the seller and the tenants and talked to them and negotiated cash for keys to get them out of the house. Jackie says this was one of the easiest deals that she has ever done and the person who ended up buying the home after her made around $200,000. Jackie and Holly discuss that if it had not been for the relationship she had with that realtor she might have never come across that deal. Both women agree that networking is vitally important for your real estate investing business.
Holly asks Jackie to share her strategy in getting deals and Jackie says that she uses what her mentor calls Bird Letters are direct marketing. She sends out mailers that are not only quality but are also esthetically pleasing. She sends out 500 to 1,000 mailers a week to homes that are high end. She says that her mailers need to be tailored to the people she is sending them to, she does not mass send mailers to everyone she is strategic in her mailing process. Holly asks Jackie if she personally mails the letters out and Jackie says she does not she uses an intern who created a font that looks like handwriting and they product the letters themselves. While Jackie says that her envelopes and supplies for mailing are higher than most but she wants to make sure that she is sending out nice mailers that reflect the business that she is running.
Holly asks Jackie if she knows how many calls she gets per mailers that she sends out. Jackie says that out of 100 mailers that she sends they will get about 4 to 5 calls and they will get about 1 deal from those calls; these deals aren’t always people who are ready to sell now, they will sometimes have people who will be ready next year or in a few months and tell Jackie they will keep her letter because it caught their eye with how pretty and different the letter was.
Jackie prides herself in taking these calls herself because she wants to get a feel for the person on the other end of the phone.
When Jackie gets these people on the phone she has to come up with solutions to get the deal, Holly asks her to share what kind of creative solutions she has offered potential sellers. Jackie says that she offers potential sellers lease options, cash, or various different terms based on their situation. Jackie finds that a lot of people will immediately put up a guard when they hear the word real estate investor and she reminds us that it is important to listen to what the seller wants and to work with them to make the deal work for both parties involved.
When asks what the most frustrating part of being an investor is Jackie says that her most frustrating part was contractors but since she was switched to wholesaling she has eliminated that frustration from her business. She felt they were the most frustrating because they lack consistency. She also has come across recently sellers who say they are sellers but they aren’t actually the seller. She is learning about fraud and how to handle those sort of situations. Holly says that she has never encountered anything like this and is surprised that there are people who do this sort of thing with properties.
Holly asks Jackie what she likes best and what she finds most rewarding or fulfilling about the real estate business - Jackie says that her mentor approached her about teaching and her mentor told her that the way you learn more about the business is by explaining it. Jackie decided to take on this challenge by hiring on interns who work for free in exchange for real estate education from Jackie. Last year Jackie had a total of 3 interns and 1 student and she says that it was completely eyeopening and life changing because in real estate you aren’t just taking yourself to the finish line when you are helping other people succeed in their goals and dreams. She loves to see people succeed by way of her help.
Last year Jackie also co-wrote a book “Three Feet From Gold” which discusses the struggles that people go through when it comes to not working in corporate America and wanting to make your own hours and be your own boss. Teaching and writing has opened up a new world to Jackie and it has also allowed her to meet new people and grow her network.
Holly asks Jackie to comment on what it is like to be a woman in real estate. Jackie says that she finds that being a woman in real estate that there are times where women don’t get taken as seriously as a man would in this business and she finds this being the biggest challenge. She sometimes finds advantages to being a woman in real estate because sometimes sellers want a woman to help them with their home; especially when she is working with a husband and wife. She says that regardless of being a woman she wants people to realize that she has the experience and she is there to get a job done.
On this episode of House Flip Masters Holly is joined by guest Lauren Hardy. Lauren is a full-time real estate investor that flips houses and also does wholesaling, she is a mother to two and says that she loves juggling being a full-time mom and a full-time real estate investor and wouldn’t have it any other way because real estate investing allows her to spend more time with them than she would have if she worked in the corporate world.
Lauren was drawn to real estate investing after having her oldest daughter, she realized it was too difficult to maintain a full-time job in the corporate world and also taking care of her child; it was really tough for her to juggle both. She wasn’t set on real estate investing but she knew that she wanted to work from home. At the time her brother was flipping houses and one day they were at a family BBQ and she was telling him how she was frustrated with her schedule and trying to juggle motherhood. Her brother suggested that Lauren try real estate investing and she agreed to give it a try; her brother became her mentor. The first thing that Lauren learned about real estate was how to get deals - she worked full-time while she learned the business of real estate investing. After a couple of deals she gained the confidence to quit her job. Lauren has been real estate investing for about 3 years and enjoys it everyday.
Lauren says that in her first year she had 2 deals, and in her 2nd year of business she says that it was like the school of hard knocks because she spent too much money on marketing and says that this year was her year of learning. In her 3rd year she did 15 deals and her goal for this year is 20-25 deals; to date she has 5 homes. Lauren likes to keep her deals in Southern California - Orange County, Riverside, San Bernardino and she recently picked up Nashville, Tennessee as a new venture to try out. Lauren always wanted a secondary market because of California’s competitive market.
Holly asks Lauren to share how she finances the flips that she does. Lauren says that she has private money lenders through family and friends that are interested in making some good solid money. She also utilizes hard-money to cover the gap when she doesn’t have enough private money. Lauren is also a licensed realtor and the homes that she flips she also sells them for a greater profit.
Holly inquires with Lauren if she is using entities for the deals that she does. Lauren recalls that she did not have an entity on her first 5 deals or so, she says that she didn’t create an entity until she felt that she was going to continue to stay with real estate investing so that she could save the $800 LLC tax that you are charged every year.
Holly asks Lauren to share what the most frustrating part of being an investor is and Lauren says that it is not knowing what your salary is going to be because there is a lot of uncertainty in the real estate business. Holly reminds listeners that real estate might not be the right business for people who want to avoid risks because the market can change and there can be unforeseen problems with the homes or even the contractors. On the flip side Lauren says that the best part of being a real estate investor is that she that she can have the lifestyle that she wants. Real estate investing has allowed Lauren to spend time with her family and friends. She also finds that when she’s allowed to work when she wants to work she really enjoys it.
When Lauren had a bad year she says that she went to two consultants to look at what she was doing so she could better understand what she was doing wrong because she knew that she didn’t want to give up on real estate but also did not want to make the same mistakes the next year. The consultants were able to advise her on what her mistakes were and Lauren took that information and used it to make her next year of investing even better.
Holly asks Lauren how she feels about being woman in a male dominant real estate world. Lauren says that women can sometimes not be as good at negotiation because of the way that they are raised as far as being polite and not asking for what they want. She feels that men are more assertive and negotiation can often be easier for them. When it comes to talking to sellers she feels that being a woman is helpful because women are more sensitive and empathetic to situations. Being a woman in this business she feels is often used to her advantage.
Holly asks Lauren how she gets her deals and Lauren says that she does a lot of marketing about $8,000 worth per month - she does a lot of direct mailers. Lauren uses a company called Postcard Mania for her mailers, they handle all of her mailings.
Holly asks Lauren to share some words of encouragement for new investors and Lauren says that she remembers being a new investor very well and says that there is 1% of people who make a bunch of money very quickly and never seem to go through a trial period where they are trying to figure out the business. Lauren says she was not part of that 1% and she had a really hard time figuring out how to turn a profit in this business. She advises that just because you don’t turn a huge profit immediately doesn’t mean that this market is not meant for you, you need to give it time; Lauren says that sometimes it’s a matter of luck and timing - things that have nothing to do with you. She advises to work hard and to not give up on what your goals are. Don’t be discouraged if you are not part of that 1% because you will come out on top if you keep pushing.
If you are interested in getting in touch with Lauren you can reach her by email at
On this episode of House Flip Masters Holly is joined by guest Mark Kolher. Holly exclaims that Mark is her favorite CPA presenter, when she first heard Mark speak she says that not only was his content amazing so was his delivery of that content.
Holly asks Mark to share some of his favorite tax tips and strategies. Mark currently is finishing his ebook about the top 10 strategies that he has. He says that a lot of CPAs don’t give their clients this necessary and helpful information and it is hard for him really pick his favorite 10 tips because there are so many good tips that people should know about.
Mark’s first tip is that if this podcast is the first time you’ve heard about any tax tips for your investment business you need to think twice about the CPA that you hired because these are topics that you should be discussing with you CPA when it comes to investments.
Holly says that one question she gets frequently from new investors is if an entity is important to have when buying homes to fix and flips. Mark says that having a real estate investment helps you to build wealth and it is a critical tax strategy and again your CPA should be discussing this with you because it is so important. But he cautions that there are a lot of scam artists out there when it comes to having an LLC or any other entity and that having that entity is not important to have right out the gate. When it comes to the different properties and different businesses there are certain entities that you want to look into and make sure that you cover yourself accordingly. To make sure that you follow the right path you want to make sure that you make an appointment to get professional advice before signing anything or paying any fees for an entity.
Another topic that Holly asks Mark to discuss is how parents can save on taxes by paying their kids. Mark says that this tip is even for people with children over the age of 18 - Mark says that if you are helping your family financially quit paying taxes and giving them money and put them on the payroll and have them pay taxes at their own rate. Mark emphasizes that this tactic is completely legal and it allows for people to have responsibility and it also opens the door to teaching them how to have their own business and to get those wheels turning at a young age.
Mark and Holly discuss the various items that you can purchase for your small business that will easily become a write-off. Mark discusses purchasing properties where you like to vacation because you can use your trip to your destination as a write-off because you will have to check on your property.
If you are interested in learning more from Mark you can listen to his weekly live radio show at 11 am PST which you can find on his website www.RefreshYourWealth.com - you can also find his Refresh Your Wealth podcast on iTunes. You can visit his website at www.MarkJKolher.com and sign up for his newsletter and also get your hands on his books an training, which are tax write-offs as well.
On this episode of House Flip Masters Holly is joined by guest Iris Veneracion. Before Iris got started as a real estate investor she worked in mortgage finance. Because of her job in mortgage finance she said she understood the mortgage side of it and would see the potential in real estate when she would do refinances on homes for her clients. Iris picked up the book “Rich Dad, Poor Dad” and it changed her outlook on working and how she wanted to have money work for her instead of working tons of hours for an institution. She knew that she wanted to do something for herself and work for herself. Iris put in a lot of work in the corporate world and climbed the corporate and found herself at the top and the only way she could go any higher is if she started the process over in a different industry and she knew that was something she didn’t want to do.
When she did her first flip she was approached by a friend who asked her if she wanted to do a flip with her. Her friend told her about how flips works and Iris said she would be interested in doing it because she wanted to make that big profit. Because of the success of this first flip Iris was instantly hooked and within 3 months she quit her job in corporate America and started doing real estate investing and flipping full-time. Iris said that if she could do it all over she wishes that she would have stayed at her job a little bit longer so that she could stabilize her business before she made the switch. She would have waited a little longer and worked full-time as well as do her real estate so that she could all have her systems in place and make sure that everything was ready for her to come over full-time.
Holly asks that when you do your first flip if it is necessary to have an LLC or an entity and Iris says that it is not absolute necessary because it isn’t something you should be concerned about unless you actually have assets that need to be protected. Don’t spend the money setting up an entity to protect assets that you don’t have, work on getting your deals and deed before you start getting into entity structures. Iris advises consulting with a CPA once you have established 1 or 2 assets. Holly and Iris both buy, sell, and hold properties and each woman uses certain structures when it comes to protecting those assets.
In 2003 Iris talks about how the market was going up and up and people didn’t think it was going to go down and the reality was that you couldn’t make a mistake - you could take a house and flip it and still make a profit. Iris admits that when she started she started in a false market. A few years after she started the market crashed and this made real estate a very interesting time for her. In 2005, Iris says that she was buying properties all over the country and because of the crash there was a lot of lessons to learn because of the time that she started at. She was buying out of state in places that she didn’t even go to. She realized that in out of state deals homes don’t appreciate as much as they do in California so she worked to move all of her homes from the other states to bring them back to California.
Holly asks Iris what her acquisition strategies are and Iris says that in the beginning her goals were own 100 houses and she got to a point where she owned 48 and decided that was enough and she says she’d rather have a few good deals than a bunch of mediocre deals all around the country. She now pays more attention to what is going on in the California market, she likes to rent and flip in California and will sometimes do notes in other states but wants to stay in her own backyard.
Holly asks Iris to share how she finds her deals and Iris says that she gets her deals from wholesalers, mailers direct to the seller, referrals, and every so often on the MLS. Iris advises listeners that the relationships you make in this business are vitally important because you never know what deal someone might help you to find. Iris says the marketing is a critical part to anyones business so you need to find marketing that meets your style so that the seller can start to build that relationship with you. Holly says that her deals are all coming from relationships with others and she actually has not yet sent out mailers for deals but that might be something that she sees herself doing in the near future because of how successful it is for many others.
Holly asks Iris to share what kind of work she does on her flips and what work she has team members do. Iris says that the hardest thing for her to do was to delegate some of the things on her to do list; letting go of these tasks freed up her time and allowed her business to grow more rapidly. Iris says that the things you don’t like to do you should hand off to someone else and keep the things that you do like to do for yourself so that you can make money and enjoy what you are doing in the process.
Holly asks how being a woman in this business has been for Iris; has it been an advantage or a disadvantage? Iris recalls that one time she was dealing with a seller over the phone who was not the friendliest and instead of getting upset about the way this man was treating her she passed off the phone call to her male colleague to take close the deal. Iris can’t say that there is an advantage or a disadvantage to being a woman in this business - women just have a different approach to each situation which can often times be used to their advantage. Iris says the reality of the situation is that we live in a world where we are working in a men’s industry and she thinks it’s great that more women are getting involved and succeeding in real estate investing.
Iris says that to do this business you need to first and foremost get educated and utilize the free options that are out there but also to surround yourself with people who are working the business and succeeding - Iris suggest getting involved with a real estate club. Iris runs a real estate club called Invest Club for Women - men and women are both invited. They meet the 3rd Tuesday in Los Angeles and the 3rd Wednesday in Orange County more information can be found about the meetings on their website at www.investCLUBforWomen.com
If you are interested in reaching out to Iris you can email her at irisv@investCLUBforWomen.com or call her at (714) 265-7676 ext. 4