Let’s rewind to 2012… what were you doing?
Teddy Slack Jr. remembers that he was flipping about one or two houses a year. Since he owns an environmental company, he would buy environmentally impacted houses, clean them up and sell them.
Then in November 2015, Teddy decided he wanted to get a little more serious about real estate investing and did a Google search to find Strategic Real Estate Coach. He started to following us on social media and listening to our podcasts. After he decided that we seemed like a legit company, he bought a ticket to our Flip & Fund Summit 5 in Las Vegas in February 2016.
Teddy had set himself a goal for the year of 2016 – flip and sell 12 houses. He had currently only 2 in process. After the Summit, he decided now that he was armed with the proper knowledge and support of SREC community, he changed his goal to 30 houses for 2016. He wrapped up the year with 21 houses total, some wholesaled and some rehabbed – all in his first year of real estate full time while still running his environmental business on the side.
Learn as You Go
Currently in February 2017, Teddy has seven houses under construction, but this year his goal is not a certain number of houses. Something he learned from his first year was buying so many properties at once and having so many contractors and staff to hire became chaotic. He was also raising private money to fund his deals on the side as well.
This year, his goal is a profit amount, and not a number of houses. He would like to make $1 million dollars in profit by the end of 2017.
Looking for a change in your life?
Finding Your Niche
Teddy is located in New Jersey right outside of New York and recently it was reported that New Jersey is #1 in the country with foreclosures, so the inventory is limitless. Teddy also has an advantage because he owns an environmental property and out of the 21 he flipped in 2016, 10 were contaminated and no one else wanted to buy them. It’s a niche not many people go after that he has the resources to properly handle.
For a regular real estate investor, it’s unknown how much it would take to clean up a contaminated property and what resources you might need – but for Teddy and his crew, they have a method of figuring how much it would cost for them and it helps determine purchase price.
If you can believe this, when Teddy came to our Flip & Fund Summit 5, he was working on flipping two properties – one of which he purchased for ONE DOLLAR because it was contaminated. He didn’t have to question whether or not that one was a good deal. But since not every deal is that good, Teddy understood he needed to have systems and a formula in place to make sure all his future properties were good investments.
Prescott Road Case Study
A recent property that just closed for Teddy on December 20th was located in Ho Ho Kus, New Jersey and it left with him a net profit of $110,000!
Address: 10 Prescott Road, Ho Ho Kus, New Jersey
Purchase Price: $367,500
All In For: $425,000
Sold For: $578,000
Net Profit: $110,000
Be honest… how much of a difference would $110,000 profit make in your life right now?
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Implementing the Process
Teddy knew that if he wanted to increase the volume of houses he was flipping and profits he was bringing in, he needed a repeatable formula, systems in place and a support system of experienced professionals. That’s where we came in.
Learning how to focus on big profit flips and raising capital were two things that were important to Teddy and two things we believe in and teach our students. Just this month, Teddy was able to launch his own private equity fund to start raising money for his deals. He knew that no hard money lender would lend to him on a contaminated property, so he needed to have the funds available to him.
One of Teddy’s biggest pain points have been finding good, reliable contractors (as we hear from so many of our students). Since Teddy was working on 10-15 deals at a time, it was tough to find multiple good plumbers, electricians, etc. He also tried his hand at acting at the General Contractor, which didn’t work because he had way too much going on and needed to be focused on higher level things.
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One Flip Away
Teddy Slack proves that even if you don’t dislike your current job and want to do real estate on the side, it’s possible. Run two companies at once? You can do it! If you put in the time and effort it takes to be successful, learn from your mistakes and continue to educate yourself, the sky is the limit!
You are only ONE flip away from changing your financial future. How would having an extra $110,000 in your bank account change your life?
Would you be able to finally pay off those student loans?
Or maybe you could buy that little house on the beach you’ve been dreaming about.
What would three pay days of $40k in the next few months do for you and your family?
If you want to get serious about real estate like Teddy did, watch this brand new, free training class where I’ll reveal my Proven 5-Step Process that generates your life changing BIG profit flip… in as little as 60 days.
Remember, you are only ONE flip away from re-writing your story.