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Updated over 9 years ago on . Most recent reply

User Stats

316
Posts
181
Votes
Jared Lichtin
  • Contractor
  • Cleveland, OH
181
Votes |
316
Posts

Started Flipping, Then Quit My Job, Now Podcasting About It

Jared Lichtin
  • Contractor
  • Cleveland, OH
Posted

Hello, BP. For those of you who don't know me, my name is Jared and I am.. WAS an oil & gas attorney at a large law firm in Ohio. I found BP in 2011 when I was in law school. I loved it.. the engagement, the content, the podcast. I loved everything about it. It was the only one stop shop where real estate investors as a community could meet, network and get deals done. So, throughout 2011-2012, when I was in law school & studying for the bar exam, I absorbed everything I could.

To make a long story short, I already had a good general contractor, who I used on my first couple flips right when I started working after the bar. From 2013-2014, I flipped 4 homes.. one took forever, and one came close to breaking even. I did this all while holding my full time job.

Basically, my job was helping the oil companies frack for natural gas, sell & buy leases, get royalties, etc. Regardless of your political beliefs on that, I was miserable at work. Usually 60 hours a week and 10 hours on top of that traveling in my car to remote areas where I had to run title to oil & gas property in the courthouse or drive from Cleveland to Pittsburgh to draft mineral title opinions. So, I couldn't really amp up my real estate investing operation until I quit.

Things were dead for a few months, when I finally picked up a really good deal (after some crafty negotiating) on another house in December 2014. I talked it over w my girlfriend & family, and I realized.. "I'm sick of this crap.. I'm sick of being taken advantage of at work.. I know I can make money at this.. and I know I want to be an entrepreneur, even if the real estate investing stays as a side thing." I decided that I wanted to quit, but I also wanted to give back. How was I going to do that? Well, I had always been a fan of the biggerpockets podcast, and other podcasts, like 'startup' or 'entrepreneur on fire'. I decided to give back with my own podcast.

A lot of podcasts I listen to are interview based, but I wanted mine to include some narrative, following my journey of house flipping. I thought that I could do an interview with a pro, then the rest of the week kind of update listeners on the work being done, how much I am paying, and the problems I encounter. I called my podcast 'Flip', and I have gained a decent amount of traction since I launched on March 16. I have interviewed several real estate heroes of mine, but I am most excited about tomorrow's episode...

I could not have started filling houses without reading 'The Book on Estimating Rehab Costs' & 'The Book on Flipping Houses' by @J Scott. J was gracious enough to Skype me last week, and he just knocked his interview out of the park! I think we more than doubled the alotted time for it, so I am going to release it as a 2-parter, Monday April 20 & Tuesday April 21. In the episode, we mainly focus on estimating rehab costs, but since my podcast is meant to teach beginners the basics, I think it's really applicable to everyone who rents, flips, or wholesales. Everyone needs to put together a scope of work, or have a general understanding of what needs to be completed in a project.

For those of you who don't know me, or haven't heard of the ‘Flip’ podcast, I would like to extend you this informal invitation to connect with me on BP & subscribe to my podcast on iTunes. A link to my podcast is below, and also to an interview I did on the podcast “How to Quit Working”, where I detail my job quitting to real estate story.

Finally, if you would like to be interviewed on the podcast, I am always looking for real estate investors,contractors, agents & lenders to interview about their real estate investing. Connect with me on BP & message me if interested. Enjoy the 'Flip' podcast!

Flip Podcast

http://howtoquitworking.com/flip-houses-and-quit-y...

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