All Forum Posts by: Nick Kosko

Paul has a great book called The Perfect Investment. I highly recommend it as it’s a clear and concise read that any of us can understand.  

Paul was also on a guest on our podcast Breakaway Wealth this past week. It is truly one of my favorite episodes as Paul shared some tremendous ideas on how to build wealth with the projects his team is currently working. 

I've got a highly capable foreman that I'm going to hire to manage 5-10 flips in 2019. He'd prefer to work for max potential instead of max salary. I'm looking for ideas on how to structure his compensation.  What would be customary, what have you seen work, and not work? 

Jim,

I have some flips coming into my inventory. I'd like to be as brainless as possible by having a clear system to use, kind of like a franchise. Now, I understand there are always variables and situations will dictate the level of quality in finish. I figure that if I'm predictable then that will make it easier for my foreman and then my subs.  

I have flipped homes in the past but mostly have all been ones I've lived in and were on the higher end than what I'm going to be working with soon.  

15 years ago I had a PDF that outlined paint colors, carpet brand, cabinet brand, flixture brands, etc. I've long lost it through technology changes, sadly. I'd really like to have something like that now. 

Does anyone have a detailed blueprint like this that they would be willing to share? 

You make money on the buying side. Kiyosaki is great about teaching that the sellers price is his business. You do your numbers and establish the price that yields the numbers you're looking for, and then Do Not compromise. Walk away before you pay too much. All I see in my market are wholesellers asking for the moon. Sadly, people are paying. Even worse, those people aren't likely to fair well once the market goes south.  

I overpaid for some things in 2004-2007. I got my rear handed to me when the market turned south. 

I find it sad that some criticize M1 without even knowing what it is. A great coach may cost at least 20k. I just want to know what I'm getting in return.  I have a couple of clients that are members of M1. They tell me they get more in return in value than they pay. That's it for me when I evaluate a program. They aren't just a networking group, it's life coaching.  Remember, we are the average of the five people we spend the most time with. If you don't have a great, uplifting, and encouraging group around you then tapping into a program like M1 can yield serious results.  If I get say 10x of return then I don't really care the cost, I'm paying.  Rock's program won't stay around long if he doesn't deliver value, period.