If you would have told me before meeting Tyler Jensen that someone could successfully flip houses in 7 days, I wouldn't have believed you. Tyler has turned what seems like an impossible feat into a lucrative, well-oiled real estate investing machine. Taking on upwards of 45 rehab flips a year, this guy more than knows what he's doing. I'm in awe of his process and I think you will be as well.
Tyler's story of building his house flipping company, Utah House Flip, from nothing is one that will inspire all kinds of folks interested in real estate. Whether you're just starting out or you're a seasoned pro, Tyler's grit and passion for his craft and drive to live life on his own terms is something that you'll want to pay attention to.
Humble Beginnings
Tyler grew up on a dairy farm with his family, who struggled financially at times. This was his motivation to become a success so that the family he'd ultimately raise wouldn't have to deal with those same hardships. He spent some time in corporate America but didn't like the feeling that he was trading his time for money. He wanted more freedom.
Originally flipping houses as a side hustle, the venture quickly turned into something that needed Tyler's full-time attention. His wife wasn't crazy about him leaving his safe corporate job to take a chance on the business, but it wound up being more successful than either of them had anticipated. Now, Tyler gets to spend a ton of time at home spending quality time with his loved ones.
Trusting The Process
Tyler's super-fast, efficient way of flipping houses has revolutionized the game. He recently shot a video where he mentions completing four flips in just 7 days. He does this by always controlling what he refers to as his "three pillars": time, budget and quality. Tyler was able to back into his goal of flipping houses fast by making sure each of these three factors were accounted for and streamlined.
Time is managed by figuring out how many man hours a job will take and then staffing accordingly. Tyler also eliminates any variables in wasted time by trying to anticipate them up front. For example, to cut out any unnecessary long trips to grab something at Home Depot, they stock a U-Haul truck full of all supplies that will be needed that day and it sits in the driveway. He also brings in catered lunch and makes sure there are bathrooms on-site. Although the investment for these extra details may seem like it's too much up front, Tyler's saved tens of thousands on the back end by stopping leaks in wasted time per day.
Budget is controlled mainly by managing materials and planning for any unexpected purchases that could pop up. Tyler also has a rule where he doesn't pay any contractors up front. This is also where having a solid network can help you. Tyler even networks for contractors at Home Depot, where you can get some pretty good intel on them from the guys at the pro desk. They're somewhat vetted and that gives you a good start. Also, the draw for contractors to work with Tyler is that his work is consistent and repeatable, which is a huge plus for someone who would otherwise be struggling to always find new projects. The last pillar, quality, is intimately tied in with this, as you need dependable workers to make this all happen.
Nurture Your Network
Tyler enjoys teaching real estate classes and it also enables him to stay connected with the community and grow his network. He advises anyone who wants to grow their brand to get out there and make as many connections as possible. The trust factor of having someone in your network who's already vetted makes closing a deal that much easier and smoother. For example, someone Tyler knew within his circle was having trouble finding a buyer. He knew that Tyler would be able to close with cash, so he was able to get the deal for much less. These types of things usually only happen when you have great relationships, so it really shows you how rewarding they can be if you nurture them.
Looking ahead in terms of a real estate market forecast, Tyler is extremely optimistic. Finding deals can be tough in this environment, especially when you're starting out, but if you have a pulse on things, it can be a totally different story. Tyler really emphasizes the importance of building and maintaining a solid network of people who can provide you with key information, like inventory levels across the country. Even though the news isn't always ideal, as long as you're able to adapt to changing environments, you can weather any kind of storm. Tyler started flipping in 2008, which was a less than ideal environment for many investors. He was able to find opportunity despite the odds and that ability has stayed with him throughout the years.
One piece of advice Tyler offers to a newbie who wants to get into flipping is figuring out if they have time or money. Whichever they choose should be the driver for their marketing strategy. If they don't have any leads on good deals, the advice would be to start networking and get out there as much as you can. Narrowing down your focus to a specific niche in the market can be beneficial as well. Finding deals is really a numbers game. Tyler finds that many young, new investors don't want to put the time into making hundreds of phone calls, like he did when he was starting out. If you can really dig in and get it done, you will see success from your efforts.
Conclusion
No matter where you are in your real estate investment journey, I think there's a takeaway from Tyler's story for everyone. He really shows just how far good old-fashioned grit and determination can go when trying to make the seemingly impossible possible. If you want to learn even more about the process and get inspired, sign up for coaching at JoshCantwellCoaching.com.
Be daring,
Josh
