Ep 13: There’s No Such Thing as Beating a Dead Horse with Matt McCourry
Our guest on today’s show is wholesale flipper and John’s long-time business partner Matt McCourry! After a stint at Raymond James where he realized investing wasn’t for him, Matt got into real estate as a hobby, and now rolls out over two fix-and-flips a month! He begins by telling us how he met John through a cold call that led to them successfully co-investing in a mobile home park in Charleston, which itself augmented several more multifamily deals. Matt has found a great deal of success in the wholesale flipping game where others have not, and today he weighs in on just how he did it. Some of his key tips are that one should invest in an acquisitions specialist, keep deal flow high, always decline the first offer (even if its 30 cents on the dollar), and most of all, be extremely persistent!
To Matt, and all of us for that matter, follow up is the name of the game as far as landing deals. It is all about getting the seller at the right time, and to do that, you need to be on their case constantly. We also speak about the importance of learning a property’s backstory, because persistence works a whole lot better if the seller’s motivation is high initially. We end off the show by firing off some stories about a bunch of the most disgusting properties we have ever invested in, some of which are truly horrific. We bring all of this and more to you in our regular raw and unscripted manner, so tune in for good times and great tips!
Key Points From This Episode:
How Matt met John by cold calling him about a Charleston mobile home park deal.
The Charleston deal was a success and it led to an even better legacy deal.
The process of fundraising for multifamily deals, and what kinds of investors to approach.
The reasons for Chris’s bad experience with flipping.
Matt handles fix-and-flips in a hot market as a self hustler by building relationships.
Real estate is the opposite of a get-rich-quick scheme.
Why real estate agents have it the worst: client relations and profit margins.
The fundamental importance of follow-up and deal flow.
Matt’s process of automating his follow-up process once clients show initial motivation.
Follow-up tips and how to handle offers for getting cheap deals even cheaper.
Comparing fix-and-flip prospects to those of a normal job.
Comparing the workload of minor deals to major ones.
Why the backstory of a property is important: it indicates seller motivation.
Realtors take time to make a sale, making flippers more appealing to desperate sellers.
A number of stores about properties in a horrific states of neglect and disrepair.
“You pick up the phone and cold call someone trying to buy a property, or you send out a mail and they respond with a ‘yes,’ nine times out of ten, that’s a bad deal.” — @johnc429 [0:13:32]
“There is no such thing as beating a dead horse.” — Matt McCourry [0:19:03]
“I told Cal, ‘I don’t care what the first offer is. I don’t care if it’s 30 cents on the dollar. You always reject that first offer.’” Matt McCourry [0:28:57]
“The guy that’s motivated to sell, you just have to catch him on the right day, the right time.” — @ChrisGrenzig [0:33:23]
“We don’t want to deal with anybody who doesn’t actually need to sell.” — Matt McCourry [0:36:48]
Links Mentioned in Today’s Episode:
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