W.L.E.R.E #67: 4 Huge Mistakes Author J. Scott Made When Starting Out & How He’s Still Having Success over 500 Flips Later

Jul 26, 2021

“The goal is not to not make mistakes. The goal is to never make the same mistake twice.” In this episode, let's welcome our special guest J. Scott and learn how to estimate rehab costs.

J.Scott  has bought, built, rehabbed, sold, lent-on, and held over $70M in property all around the country. J is the author of four books on real estate investing, with sales of over 250,000 copies.

And... today you'll hear J Scott's story behind his success and learn actionable tips and key metrics that will help you along your journey. The stories shared will inspire and the content will help expedite your learning.

Watch/listen to the full episode as J's answered our HOT SEAT questions directly to the point! 

 

𝐊𝐄𝐘 𝐓𝐀𝐊𝐄𝐀𝐖𝐀𝐘𝐒: 

03:01 In 2008, J and his fiancée Carol quit their corporate jobs, moved to Atlanta, and give a try to flip a house even without any experience in real estate.
5:45 A day J and Carol got married and closed their first real estate deal!
10:54 Mistake #1 - Overpaid the property
10:50 Mistake #2 - Underestimated our rehab costs.
13:43 Mistake #3 - Underestimated the holding cost
16:39 Mistake #4 - Overestimated the resale value of the property.
11:28 As a newbie how does J. analyze the property?
17:25 J’s One piece of advice for every real estate investor!
21:01 How important is it to have your spouse working with you?
31:08 Brief overview in J’s book on how to estimate the rehab costs?
41:54 Doing 500 Flips, in 2017, why J. Scott stopped flipping houses?
42:57 Transition to Syndications Investing Deals
44:56 Details in first Syndication Multi-Family Deals and new opportunity for partnership.
47:55 A tremendous value of having a partner.
53:53 The Hot Seat
1:03 The BiggerPockets Conference #BPCON21 awaits you!
Listen and learn so much more….

 

TWEETABLE QUOTE:

“There are no shortcuts, there's no easy way to learn how to estimate rehab costs.” - J. Scott 

“Give value today. You'll get value tomorrow. “ - J. Scott 

“So don't think this is too hard. Don’t think I can't do it. I'm going to get that first deal. And then I have to start over and do this. No, you don't because you get that first deal. Everything falls into place and you're going to get that second deal so quickly after that third deal so quickly after that. So, if I were to give you one piece of advice, don't quit until you get that first deal. If you get that first deal and you still want to quit….then quit, but you won't. Nobody does. So get that first deal and then make that decision. If you want to quit “ - J. Scott 

“But I am so thankful for those experiences that I went through. Because now I can share those experiences with you. And it gives me a greater sense of gratitude. Now, when we do each deal going forward.”- Marcus Maloney

“No matter what mistakes you make, you can still be successful. You just have to learn from those mistakes.” - J. Scott 

 

Connect with J.Scott

https://www.facebook.com/jscottinvestor

https://www.instagram.com/jscottinvestor/

https://www.linkedin.com/in/jscottinvestor/

www.ConnectWithJScott.com.

 

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