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Flipping is not the path to it when you want time, freedom, and wealth in your real estate business.
But, how do you flip without building another job for yourself and instead create passive income?
Chris Bounds is a real estate investor and Top 0.5% growth leader at eXp Realty with over $65 million in transactions. With his wife Jamie, Chris has used more than $19 million from private lenders and equity partners to flip over 200 properties. Together they have $44 million in assets under management, including close to 400 single-family and multifamily units.
In this episode, Chris advises not to do flipping the traditional way but instead recommends a more clever move to do it without all the headaches while still maximizing your profits.
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What you'll learn in just 16 minutes from today's episode:
Resources:
Topics Covered:
01:13 - Why Chris decided not to do flipping anymore after having done 200 plus flips
04:21 - Lessons from flipping that he carried over to buying and holding properties for profit
06:31 - What it looks like transitioning from flipping single-family houses to multifamily
08:36 - Teaching agents how to become investing agents
10:21 - Why most agents don't invest
11:45 - How you can engage with Chris
Key Takeaways:
"Flipping is just another job. These rentals that we held, and when we finally would dispose of them to sell them after a three or five-year window, we made so much more money. And the flips were much more of a headache, a lot of timelines, and then when something went wrong, your margins took a hit. You may even lose money on a deal or two." - Chris Bounds
"It's a monster [Flipping] you must constantly feed to keep the machine running. I'm not against flipping. But at the end of the day, you understand it's a job, and you're not building wealth and passive income flipping." - Chris Bounds
"This is why I tell folks, if you need the money, like flipping, there's nothing wrong with it. But at the end of the day, especially in a low inventory environment, if you have the skill set to find good deals and get them at the prices that make sense, hold as many of them as you can because otherwise, you build a job for yourself." - Chris Bounds
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