Making $100k/Deal Using Other People's Money, Time & Experience with Cory Nemoto | BP Podcast 302

TL;DR

Cory Nemoto shares his house flipping strategies and relationship-building tips.

Transcript

this is the bigger pockets podcast show 302 you're listening to bigger pockets radio simplifying real estate for investors large and small if you're here looking to learn about real estate investing without all the hype you're in the right place stay tuned and be sure to join the millions of others who have benefited from bigger pockets calm your h... Read More

Key Insights

• Cory Nemoto emphasizes the importance of building relationships in real estate to find deals and succeed in house flipping.
• He uses a strategy called "debt-quity," combining debt and equity to attract deals and investors by offering flexible returns.
• Cory highlights the significance of understanding one's market and leveraging other people's money, time, and experience to scale effectively.
• He transitioned from wholesaling to flipping by learning from mentors and building a strong network, which he continues to leverage.
• Cory's approach to flipping involves ensuring a minimum profit of $100k per deal, focusing on high ROI and fast project completion.
• He has successfully expanded his house flipping business from Hawaii to Seattle by applying the same relationship-driven methods.
• Cory discusses the value of reading books that resonate with one's strengths and using those insights to guide personal and professional growth.
• He shares the importance of hosting and attending meetups to build a network and find potential partners and deals.

Questions & Answers

Q: How did Cory Nemoto get started in real estate?

Cory Nemoto began his real estate journey by reading 'Rich Dad Poor Dad,' which inspired him to attend local real estate meetups. He connected with experienced investors who mentored him, and he started by door-knocking for a year to learn the ropes. This hands-on experience taught him the value of building relationships in the industry.

Q: What is Cory's strategy for maintaining a strong deal pipeline?

Cory maintains a strong deal pipeline by focusing on building relationships with other investors, agents, and wholesalers. He shares his resources and knowledge with new investors, helping them succeed while benefiting from their deals. This approach creates a network of people who bring him deals, ensuring a steady flow of opportunities.

Q: How does Cory ensure a minimum profit of $100k per flip?

Cory ensures a minimum profit of $100k per flip by carefully analyzing deals for high ROI and focusing on quick project completion. He leverages other people's money, time, and experience to maximize efficiency and minimize costs. By targeting high-profit deals and maintaining strict criteria, he consistently achieves his profit goals.

Q: What is 'debt-quity,' and how does Cory use it?

Debt-quity is a strategy that combines debt and equity to offer flexible returns to investors. Cory uses this approach to attract investors by providing them with a choice between interest payments or a share of the profits, whichever is higher. This flexibility makes his deals more attractive and helps him secure funding for his projects.

Q: How has Cory expanded his business to Seattle?

Cory expanded his business to Seattle by applying the same relationship-driven methods he used in Hawaii. He partnered with local investors and leveraged their expertise to navigate the new market. By building a network of reliable contacts and using his proven strategies, he successfully scaled his house flipping business to a new location.

Q: What role do books play in Cory's real estate journey?

Books have played a significant role in Cory's real estate journey by providing insights and guidance that resonate with his strengths. He recommends reading books that align with one's personal and professional goals, as they can offer valuable lessons and help clarify one's path in the industry.

Q: Why does Cory emphasize the importance of meetups?

Cory emphasizes the importance of meetups because they provide opportunities to build relationships, learn from others, and find potential partners and deals. By attending and hosting meetups, he has expanded his network, gained valuable insights, and established himself as a trusted figure in the real estate community.

Q: How does Cory view the role of relationships in real estate?

Cory views relationships as a cornerstone of success in real estate. He believes that building strong connections with other investors, agents, and industry professionals is crucial for finding deals, securing funding, and growing one's business. By fostering win-win scenarios and helping others succeed, he has created a sustainable and profitable business model.

Summary & Key Takeaways

• Cory Nemoto is a successful house flipper in Hawaii who has expanded his business to Seattle. He emphasizes the importance of building relationships and leveraging other people's resources to scale his business effectively. Cory shares his strategies for maintaining a strong deal pipeline and ensuring a minimum profit of $100k per flip.

• Cory uses a unique approach called "debt-quity," which combines debt and equity to attract investors and secure deals. He highlights the significance of understanding the local market and creating win-win scenarios to build a sustainable house flipping business.

• Cory recommends reading books that resonate with one's strengths and using those insights to guide growth. He also stresses the importance of attending and hosting meetups to network and find potential partners and deals, as well as learning from mentors to transition from wholesaling to flipping.