Good Morning!
Are you a fix & flip investor? Or agent representing clients who fix & flip houses? We have 34 Investor Deals currently for sale across Atlanta, Chicago, & Philadelphia – plus a few other states.
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Here are today’s highlights:
- Building Successful Partnerships
- Why I am Selling My Entire Portfolio
- $350M across more than 1,700 units owned without Partners
- The Remaining 9 Units of my Portfolio For Sale
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Here’s Why I Write the “Jewels of Wisdom” Newsletter
I write this newsletter each week because I am hoping you buy a deal or two, become one of my Private Lenders, or perhaps, maybe you & I become business partners and do a deal (or a few hundred) together.
Our company, Diamond Equity, has flipped 146 deals this year so far. We have another 117 deals either under construction, or under contract awaiting closing. Between Atlanta & the Phila Tri-State area, we have 9,175 leads – Sellers who have called us to buy their property. This is beyond our team’s current capacity and we are looking to add another partner in each the Atlanta & the Philly/New Jersey region. Details can be found here.
One thing I know by my own experience is building a volume house flipping business. Next week I’m going to discuss my favorite market in the U.S. to build a house flipping business that would generate $500,000 per year in gross profit. Keep your eyes peeled for that one!
Why I am Selling My Entire Portfolio
1031 Exchange Coming Soon
Got a Deal I Can Buy? Email me Details!
If you’ve been following the Jewels of Wisdom newsletter, you’ve probably noticed a small portfolio of apartments for sale. They’re at the bottom of this email and 3 of 5 are sold so far. Here’s why: I am selling my entire portfolio to simplify things and keep my focus on Diamond Equity, our growing house flipping business.
These apartments and my single family rentals have done well. They’ve appreciated a bit, I’ve done quite a bit of improvements and the cash flow is now solid. However, for me, these units are more like a savings account than my main business. Viewed that way, the number of emails from management, the number of evictions, & the necessary refi’s due every 5 years is making this savings account unsustainable from my point of view. So I am selling them all.
I’m Looking for a 1031 Exchange Property Priced $2M-$5M with Some Upside in Rents. Apts, Retail, or Industrial. If You Have a Deal Available, Please Email the Details.
That said, I will do a 1031 Exchange into the right deal, if one becomes available in time. To me, the right deal is going to be in the price range of $2 million – $5 million and have low rents. I need to be able to invest additional money, if needed, over the next 2-5 years and push those rents & the value upward. Otherwise I’ll just pay the tax due and keep lending out my money at 2 points & 10% interest to fix & flip deals.
$350,000,000 in Apartments without Syndication Partners
Many of us, myself included, begin real estate investing without any money. We are taught that raising capital is the method to make our success – an it is a great way to get to the next level. I offer 10% and 2 points on short term loans to my Private Lenders.
But this week’s REI Diamond Show episode with Gino Barbaro highlights the next level AFTER syndications, which seems like the most ideal position to end up: Owning $350M in assets WITHOUT the hassles of syndication partners Check out Gino’s REI Diamonds Show episode here.
How I Made My First Million Dollars
At the Commercial Academy event in Cleveland on August 23-25, I will share the details on How I Made My First Million Dollars. I only invite 3 people to attend each event so that I can spend some time meeting each person that attends as my guest. For this event, I already had those 3 people register. If you missed out, maybe I’ll catch you at the next event in January…
37 9 Unit Chicago Portfolio For Sale
15 Units @ 9211 S. Laflin Street, Chicago IL 60620 $1,249,000(Sold)
10 Units @ 6221 W. Wabansia St., Chicago IL 60639 $1,149,000 (Sold)
3 Units @ 871 N. Richmond St, Chicago IL 60622 $699,000
3 Units @ 9235 S. Brandon St, Chicago IL 60617 $279,000(Sold)
6 Units @ 1843 W 54th Street, Chicago IL 60609 $399,000
These are all listed on the MLS individually, but may sell at a discount if you buy as a complete package. For additional detail, please connect with Jason Marcordes, IL broker, at 630-842-5557 or [email protected]
Be the BEST Partner Possible
Team First & Exceed Expecations
Bad partners are terrible, and Great partners will make you rich. My personal motto has always been to be the BEST partner possible. I want to bring twice as much value to every partnership as any other partner is contributing. When they do the same, that partnership will exceed everyone’s expectations. Everyone is grateful to be in business like this.
As I’ve become the senior partner in most of our deals, I’ve been blessed to be able to guide and grow some of my partners to the next level of their professional and personal development. It has been a real honor for me and I am humbled to be in this position. The strongest suggestion I often make in during these conversations is a timely book recommendation made from my reading list.
View my reading list here. These books have been the most impactful in my own career and have driven our results here at Diamond Equity for more than a decade. There is one more book which is even more powerful than any on that list. That book is also on more millionaires’ bookshelves than any other book. That book is the Bible, and it is the foundation of my life & career.