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HFHQ 11: Take your business to a whole new level with Robert Fragoso

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How to streamline your house flipping business, get your deals funded and Robert's market predictions for 2014!

Robert Fragoso, a hard money lender with Anchor Loans in Southern California, has been in this business for over 20 years, has overseen loans totaling over $1.6 Billion (yes, Billion, with a “B”), and from the more than 5,000 deals he analyzes each year, has his hands in more than 1,500 transactions — per year!.  Not only that but this guy is a Master Networker and all around great guy.

Today he provides some incredible insights on the real estate investing business.  From how money lenders analyze your deals, to the importance of networking in developing your business, Robert goes in to some amazing detail in this, the longest podcast we've ever produced.  He even provides some great predictions on where the market will go in 2014.

We discuss just about everything you can imagine, and if you've ever wanted to hear a conversation on some high-level investing topics, or just want to get an understanding of how a beginner house flipper can approach a lender, then this is something you need to listen to.

And if you like what you hear, be sure to click here to subscribe in iTunes. And while you’re there, why not leave us a review and five-star rating?

Show Notes

In this episode we cover:

  • Robert's background in real estate investing and how he developed his business to over $1.6 billion in loans.
    • Keys to hiring and where you can find the best people to learn your systems
    • Robert's number one goal with his business
    • How to work with and qualify contractors
    • Do's and Don'ts of evaluating properties and how to analyze deals
  • The importance of networking, including a recent networking event of Robert's which Justin attended
    • Effective things to do when attending a networking event
  • Strategies and practices of a hard money lender
    • The first things you should do when you find a deal
    • In L.A. 38% of all deals are cash deals.  Nationwide it is 58%.
    • The #1 trigger word you should never use with lenders
    • The three things you absolutely should do when evaluating a hard money lender
    • Robert's number one pet peeve when it comes to writing offers
    • The things Robert looks for when new house flippers come to him with a deal
    • The one thing most beginners grossly underestimate with their deals
  • What Robert can offer to house flippers — from 100% financing, gap lending and even running the rehab
  • Robert's analysis of today's Market and where he sees it going in 2014
    • The best time to buy a property
    • The affect of the Affordable Health Care Act on the real estate market and what is means for borrowers

First EVER House Flipping HQ COMPETITION!!!  “STARTING or Taking Your Business to the NEXT Level!”

 


Some more details …  Robert and I are putting together an amazing opportunity for you to meet and discuss real estate investing with some of the top people in the game.  Here's what you have to do:

  • In the comments section below, write down something specific you will do in the next week to either get your house flipping business started or to take it to the next level.  It should be specific, measurable, and actionable.
  • Over the next week Robert and I will review your entries, provide some feedback/suggestions, to make sure you are on the right track and at the end of the week we will pick one of you to join us at an amazing networking event in the private Hyde Lounge at an upcoming Clippers basketball game.
  • Don't over complicate it.  The winner will be chosen based on the simplicity of their actionable item and how it will directly help them either begin or improve their business.  Oh and you have to actually do what you say you are going to do
Help out a Family this Holiday Season!

Justin's iTunes charity challenge!  Your iTunes ratings and reviews can help a family in need this holiday season.  Plus you get a great free gift and amazing resources that Justin uses in his own business. Subscribe, rate and review the podcast and then e-mail me at justin@houseflippinghq.com with your iTunes name!

Resources and Links Mentioned Memorable Quotes

“The people you do a lot of business with you also have to get along with” ~ Robert Fragoso [Tweet this!]

“The systems that you use when you're buying 1 house a year vs. 100's of houses a year are completely different.” ~ Robert Fragoso

“The point where you're getting too busy, it's too late — you've already lost efficiency” ~ Robert Fragoso

“We qualify our contractors much like we qualify our borrowers” ~ Robert Fragoso

“You have to realize that in this business you're either a deal guy or a business guy” ~ Robert Fragoso [Tweet this!]

“If this is your business, just like any other business, you have to invest in the tools of that business.  You can't be a chef without a stove.  You can't be a contractor without a hammer.  You can't be a real estate investor without access to the MLS and the right valuation tools.” ~ Robert Fragoso

“I love networking as a part of the system to buy more deals.” ~ Robert Fragoso [Tweet this!]

“I would rather go out and leverage other people's work product than go out myself” ~ Robert Fragoso

“Gone are the days where [you can] make 18% on a deal” ~ Robert Fragoso

“We pay 100% of what the property is worth when we buy it. … We are adding value by the work product that we do.” ~ Robert Fragoso

“You have to be willing to set up your business in such a manner that you can take off to Hawaii and not worry, and it still continues.  If you leave at any point and it stops, then you don't have a business — you're a deal guy.” ~ Robert Fragoso

“No agent expects you to buy everything.  But when you think you're not going to buy it, get to that answer quickly.” ~ Robert Fragoso

“There's always money for a good deal.” ~ Robert Fragoso [Tweet this!]

“The good thing about real estate is that you can quantify most of your risk.” ~ Robert Fragoso

“[House flipping] beginners grossly underestimate the cost of the rehab.” ~ Robert Fragoso [Tweet this!]

“This isn't a business where you gamble.  This is a … business with calculated risk.  … It is more important to preserve your capital than make more capital.” ~ Robert Fragoso

“Buy when the price is lower, not when the interest rates are lower.” ~ Robert Fragoso

“Become the expert of your craft” ~ Robert Fragoso  [Tweet this!]

 

Transcript

Click here to Read and Download the Transcript for Episode 11

Like what you hear?

If you’ve found any value or helpful information in the House Flipping HQ Podcast, we’d love to hear about it! Head on over to iTunes and leave us a rating (5 stars would be great!) and review so that others who are interested in starting a house flipping business can find us and get in on the good stuff. Click here to leave a review and rating If you have any questions or comments about this show or it’s contents, please post them in the comments area below and I’ll be happy to answer them!

The post HFHQ 11: Take your business to a whole new level with Robert Fragoso appeared first on House Flipping HQ.

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    36:08||Ep. 872
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  • 871. [871] Why the Messy Middle Investors Got Crushed

    17:06||Ep. 871
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  • 870. [870] The Renovation Debt Trap Nobody's Talking About

    18:49||Ep. 870
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  • 869. [869] This is What Managing $100M in Private Capital Looks Like

    15:07||Ep. 869
    Most investors who struggle with private money don't actually struggle with raising it.They struggle with managing it.Read that again.You can be great at getting lenders. Great at closing deals. And still slowly, quietly lose everything you built.Because you missed a maturity date, went radio silent for 90 days, or couldn't answer a simple question from a sophisticated lender about how you run your operation.And the worst part? You don't even know it's happening.I've been on both sides of this. I've lent money. I've borrowed money. And I'll be honest, I was tracking millions of dollars of private capital on Google Sheets. Whiteboards. Text messages. It was a mess.So we built something to fix it.It's called PMLOS, Private Money Lender Operating System. We built it for our own business because nothing like it existed. Then we shared it inside 7 Figure Flipping, and people lost their minds over it.It tells you exactly how much you owe, to whom, at what rate, and when it's due. It generates interest statements for your lenders with one click. It tracks your equity position in real time. It compares lenders side by side so you always know who's the better deal.If you're still running your capital on spreadsheets and prayer, it's time to fix that.CLICK HERE to Check Out PMLOS >> Catch you later!LINKS & RESOURCES1,000 FREE Seller LeadsGet your first 1,000 seller leads FREE from our partner BatchLeads and start closing deals immediately. CLICK HERE: http://leads.getbatch.co/mztQkMr7 Figure Flipping UndergroundIf you want to learn how to make money flipping and wholesaling houses without risking your life savings or "working weekends" forever... this book is for YOU. It'll take you from "complete beginner" to closing your first deal or even your next 10 deals without the bumps and bruises most people pick up along the way. If you've never flipped a house before, you'll find step-by-step instructions on everything you need to know to get started. If you're already flipping or wholesaling houses, you'll find fast-track secrets that will cut years off your learning curve and let you streamline your operations, maximize profit, do MORE deals, and work LESS. CLICK HERE: https://hubs.ly/Q01ggDSh0  7 Figure RunwayFollow a proven 5-step formula to create consistent monthly income flipping and wholesaling houses, then turn your active income into passive cash flow and create a life of freedom. 7 Figure Runway is an intensive, nothing-held-back mentoring group for real estate investors who want to build a "scalable" business and start "stacking" assets to build long-term wealth. Get off-market deal sourcing strategies that work, plus 100% purchase and renovation financing through our built-in funding partners, a community of active investors who will support and encourage you, weekly accountability sessions to keep you on track, 1-on-1 coaching, and more. CLICK HERE: https://www.7figureflipping.com/runway Connect with us on Facebook and Instagram: @7figureflipping
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