This week we have Viktor Jiracek in the lab who took the journey from leaving an uneventful job to taking up real estate and aiming for 30 flips in a year with 20 a year already done.
Viktor Jiracek is an entrepreneur out of Gainesville Florida who is a full time fix and flip real estate investor. Viktor helps others get started on flipping houses. He completed 20 flips last year and his goal is an additional 30 flips for this year (2021). His best flip was a $64K deal.
In this episode, we will learn about creating the flow of numbers, the importance of branding, sourcing your deals with leads, and the two sides of course correction.
HIGHLIGHTS OF THE EPISODE:
1:00 - Background of the guest
22:40 - Numbers are the biggest thing
24:31 - Do what you’re passionate about vs doing what’s actually in need in the marketplace
31:05 - Sourcing: The source of deals
33:30 - The income goals
34:30 - The structure of the team: salary or percentage
44:42 - The mentoring on six-figure house flipper
KEEPING IT REAL:
13:57 - What’s strong about my branding?
21:01 - Knowing a good deal comes with: What are you buying for? What do you put into it? What are you going to sell it for?
29:38 - How does it look like on combining projects: The permanent team
31:46 - What’s interesting about a wholesaler?
36:56 - The biggest course correction in your business: Macro
38:38 - The biggest course correction in your business: Micro
NOTABLE QUOTES (KEY LESSONS):
“So it's really like knowing a good deal really comes down to three numbers. It's like, what are you buying it for? What are you putting into it like repairs or renovation? What are you going to sell it for like RV? So that's really all you have to look at, because when they're when you're flipping a house, there are a million variables like, OK, what's the bedroom bathroom? What's the square footage? What's the neighborhood? What's the school district? Do you know? Is it a dirt road? Is it a paved road like there are a million variables? So just to make it as simple as possible, just break it down to three numbers. So that's what I recommend. And the other thing with that I do what's called 70 percent rule. So it's 70 percent RV like 70 percent. We can sell it for minus repairs, and that's a good deal.”
“Your brand is what other people say about you when you're not in the room.”
“If you’re showing up late and you leave promises unfulfilled, you’re just not easy to work with. Even if you have the best brand in the world, that’s really hard to recover from.”
CONNECTING WITH THE GUEST
