Info

SECRETS TO REAL ESTATE INVESTING SHOW | HOUSE FLIPPING | CASH FLOW | INVESTING | LANDLORD

Secrets to Real Estate Investing Podcast with Holly McKhann. Expert Real Estate Investor and House Flip Master.
RSS Feed Subscribe in Apple Podcasts
SECRETS TO REAL ESTATE INVESTING SHOW | HOUSE FLIPPING | CASH FLOW | INVESTING | LANDLORD
2017
November
October
September
August
July
June
May
April
March
February
January


2016
December
November
October
September
August
July
June
May
April


All Episodes
Archives
Now displaying: Page 1
Apr 22, 2016

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 

 

1 Comments
  • almost two years ago
    Alx
    Excellent information.
    What a great combination, Iris Veneracion and Holly McKhann.