All Forum Posts by: David Oldenburg

@Preston Lam Do you have a good REI group in your area? If so, start attending and network with the most experienced flippers, and ask if you can shadow them.

@Micah Carter  I'm glad you like the way I structured this group flip with the LIVE events!  It really is about the hands on experience and learning inside the home.  It was huge for people to be able to ask questions as we went along.  I probably answered 200 questions during the flip, but that's how people learn.

@Marla B.  Your welcome!  I enjoy sharing these stories, as I think they help to motivate newer RE investors.

@Johnna F. Thank you! The after pics were used in MLS and it sold in 4 days!

@Alan Kahanu  The basic numbers on my group flip...I listed it myself so I only paid 2.5% to the buyers agent.  I also paid cash so I had no cost to carry.

Purchase $235,000

Rehab $50,000

Closing and Commissions $11,250

Credit to Buyer FHA Loan $5,000

Total:  $301,250

Selling Price $355,000

Profit  $53,750 

@Account Closed You are correct. Most flippers are not out teaching others how to flip, and increasing their competition! When I launched my REI group 4 years ago, it was just me and 2 other people who signed on to help me. I have grown the group to 1400 members and it grows every month. I made a decision day one to always keep my meetings FREE! That has been difficult as the group has grown, and we meet in a location that is not free!

I have a sponsor that speaks for the 1st 5 minutes of each meeting on vacant property insurance for flippers, and that helps a little.  The bottom-line is I pay the difference, and only do this because I want to.  Last night I spoke for 115 investors at a live event, and 40 of them lined up during the networking hours to shake my hand and say thank you...that to me is a big reward :-)

You are right... flipping is NOT like HGTV! 

@Preston Lam I actually spoke on the "Gurus" last night. This is hard to see, but take a look at the slide behind me "It says No Gurus" My REI group theme for 2018 has been "Real People Doing Real Deals". I have been speaking all year by myself and with others about the power of learning from people who actually do deals and actually make real money. I have nothing against people who charge for their knowledge, but it's not cool to scam people out of money and pump them up with false hopes. You wanna learn to flip, you gotta get inside the home :-)

@Eric Hrlbock  The question of liability is something I thought about before I decided to take on 1400 people in a group flip!  I looked at the risk/reward and I took on the risk to teach a big group "hands on" inside the home how to flip.  I limited some of my exposure in a couple of ways.  First, I limited the LIVE events to 30 people inside the home at a time.  They had to RSVP and talk to me on the phone first.  

The most challenging LIVE event was "Demo Day".  I had 30 people swinging hammers, using saws, and bumping into each other!  However, each event started with me speaking to people about safety, about what we are going to do, and assigning people to different tasks.  Once the work started, people had an idea of what they needed to do, and they stayed focused on it.  I also limited the LIVE events days to very specific areas, rather than having multiple projects going on at the same time. 

I could have used a volunteer type of form that Churches and non-profits use, as there is some added protection. I am happy to say that no one got hurt and everyone was very happy to be involved :-)

@Unique Washington  Yes, I get asked a lot if I do this kind of in the home flipping training in other areas.  I will admit doing this for my 1400 member group took a lot of organization and planning.  The "LIVE" events in the home had to be well planned in advance :-)  Chicago awesome!  There is a lot of flipping going on in your area. If I ever do something closer to your area I will post about it here on BP's.

@Kathy Parker Im so glad you were able to attend my REI meeting last night. It was a big crowd! I met at least 70 people after I spoke, so I don't remember everyone, but a lot of people were excited about my "Wholetail versus flipping" explanation! I am posting a pic of me here talking about it, but the screen is hard to see! Basically, you can make $50K in 2 weeks or $50K in 4 months, it's your choice!