Flips, Flops and COVID with Jon Schoeller

Learn how to bring value to the table and become a real estate authority, know more about the plan you need to take into consideration as flippers in times like this coronavirus, and discover alternative investment strategies to do when flipping flops.

Resources/Links

Summary

Jon Schoeller is a real estate investor who lives in Charleston, West Virginia. Together with his partners, he has been flipping over 100 houses in the last three years.

In this episode, Jon shares how he and his partners managed to hit it off really well as business partners despite being complete strangers to each other, how he brought value to the table and proved his authority that earned him the respect of his partners, and also shares their plan of action as flippers in this trying time of Corona crisis.

Topics Covered:

00:52 – What makes flipping a good strategy
01:37 – How he met his real estate partners and forged a strong business relationship from there on
03:16 – Learning what others are doing and being successful, too
04:19 – What value did he bring to the table as he onboarded with other partners
10:12 – As flippers, what plans do they have in place for situations like this coronavirus
12:51 – Are flipping properties can be turned into rental
14:31 – What is his rent-to-own strategy

Key Takeaways:

“You can pay the mentors and all that stuff, but I know how I learn, I learn hands-on and I need someone to show me how to do it. I can’t be, I can’t read it in a book. I do my fair share of reading, but I learn best if somebody shows me how to do it. I can read how to build a chair or you can show me how to build a chair if you show me how we build, check, and repeat that step over and over again.” – Jon Schoeller

“I think a lot of people when they want mentorship or they want something, they just want something and they just ask, you have to give value as well. And I get it. Maybe you don’t have money, maybe you don’t know anything about real estate, but you have something to give even if that’s just your time. And that’s what a lot of people don’t have.” – Jon Schoeller

“You need to buy with the plan in mind that if things go south in the beginning, middle, or end of this flip, can I rent it and hold it and cover my mortgage or whoever owned this money until the market recovers. If the answer to that is no, you are essentially gambling.” - Jon Schoeller

“The margin needs to increase with the amount of risk and that should always be the case.” – Jon Schoeller

Connect With Jon Schoeller:

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