What if you could get better returns, safer returns, being the bank instead of being the landlord? Today it's REI in your Car. It’s been a great summer. I'm sharing a little bit about what's been going on in my world as well as some cool new masterclasses we have planned.
Currently, I’m working on flipping some vacant lots with my boys. That’s been really fun. We bought them for 10-11 grand, and have them listed for around 30 grand. It’s a bit aggressive, but we're looking for cash offers, and we could pull through with 13 to $15,000 in profit. These are strictly cash offers, but it does have me thinking based on some calls I’ve received, why not in the future do terms for a lot? That would be cool.
In the midst of that, I’ve been attending some masterminds and conferences. I just went to two masterminds, Leadership Boardroom and The Family Mastermind. Those were really great. I also just went to the conference, Funnel Hacking Live, by the software ClickFunnels. I actually won the 2CCX Award at this conference for selling over $10 million in services and education through ClickFunnels through one funnel.
Lately, I’ve been teaching some 5-Day master classes. I am working on a Lease Option Blueprint class right now. This will be the second one and you can check that out online. I also just finished up a Virtual Prophets Workshop a few weeks ago with Gavin Timms. That was really neat because I just filmed a little video for marketing, where I actually visited the house where 13 years ago I did my first virtual wholesale.
So lastly, I am teaming up with Scott Jelinek, of the Slow Flip Method. We’re doing a 5-day master class that goes through all the steps to get you started on this really cool idea of slow flipping houses. Scott developed this process. While it’s not a get-rich-quick idea, it has big returns 5-7 years later. What if in 5 to 7years, you could own multiple homes outright, and collect money every month in a situation where someone else is the landlord? It’s really an incredibly interesting setup and I can’t wait to share that with you!
Hey, good morning, everybody, Joe McCall, REI In Your Car podcast. Hope you're doing well. I need to do more of these. I used to do a lot of them. I've done probably 250-300 REI In Your Car podcasts. I was looking at my things the other day. So I want to do more of them. I love talking about real estate while I'm driving in my car, which I don't do very much because I work from home. But this morning I'm driving home from the gym and heading home, and I wanted to just kind of update you guys on things that have been going on here in the Joe McCall household. Hope you guys are doing awesome, man. It's been a great summer. Wasn't it a great summer? We… things are going crazy in the world, but we're still doing deals. Gavin and our team, if you don't know Gavin, Gavin is…well you guys know. Gavin, come on. Gavin, his/our team has still been crushing it, you know, not doing as many deals as we were doing in the spring and the winter, but things are still going along. We're doing more whole tailing, right? So buying properties, cleaning them up a little bit and putting them on the MLS. So taking them down, you know, buying them. So you make a little bit more money when you do, that takes a little bit longer, but it's still one of the best ways to get the most money for your deals. So that's been going good, and we, my boys, have been flipping some vacant land. We just purchased two vacant lots for about. One was about 10 grand when I was about 11 grand, and we're marketing them right now, somewhere in the upper 20s, lower 30s price ranges. I need to go look, but kind of being aggressive on the price. But if we sold them for, you know, if we were more competitive with our pricing, we would make an average of 13 to $15000 profit on each of them, which is pretty cool. My 16 year old son is one who's kind of been helping with those vacant land deals, and he's anxious to get them sold so he can get the money, but he doesn't need the money.
And so, yeah, we're just kind of testing the market right now. We're getting calls and we're, you know, we're going to be lowering our prices soon to sell them. But the cool thing about that for vacant land is we're getting a lot of people calling and asking, Hey, can you sell these properties on, terms, with payments, owner financing? And we've been saying no, but it gets me thinking more and more, you know, dang, we should. I've always flipped, sold our vacant land for cash. It's just nice to get the large infusions of cash. But one of these days I'm going to start just holding them and selling them on terms. Why not? You should do that. So anyway, I'm just kind of talking out loud. The other cool thing I want to update you all on is that I went to a couple of conferences and masterminds the last couple of three weeks.
It's been a crazy three weeks. I went to three different masterminds in the last two weeks, one called Leadership Boardroom, which was awesome. It's a, you know, some of you might know Sean McCloskey. He does this thing called Leadership Boardroom, and he's got about four or five different groups. I'm in one of them and there's about fourteen or fifteen of us in the group. It's real good. It's two days. We do it about three times a year, and everybody shares kind of what's working and what they need help with. And it's been really, really good. I went to another mastermind called What is it? Called the Family Mastermind. I think Matt Andrews leads it. There's a great Facebook group.
You should check it out. It's called Real Estate Influencers, and it's for people that are coaches or educators or sell software, do marketing services and, you know, help people in real estate, which is pretty cool. So it's a great group and so we just got to hang out with some really cool people there. I also went to a conference, Funnel Hacking Live. If you are into any kind of online marketing space, you've heard of ClickFunnels and the group is called, the software that everybody uses is called ClickFunnels. ClickFunnels is amazing. I've been using it since it came out in 2014, so six or seven years now and it's pretty awesome. And so that was a great conference, and I got an award. I got an award for, it's called the 2 CCX Award, which is pretty cool.
It's an honor. It's an award that you get for selling over $10 million in services and education through ClickFunnels through one funnel. So anyway, if you're ever interested in learning more of the internet marketing stuff, you should read Russell Brunson's books. There's three of them, Dotcom Secrets, Expert Secrets, and Traffic secrets. I'd recommend starting with the first one. So if you just go to or just Google Dotcom Secrets book, get the book. It's really awesome. A lot of people ask me, Hey, I want to. I want to help people. I want to teach people, do real estate, how do I get started? I tell them to go to those books, right? So what else is going on? I mean, I'm in the middle of doing some five day classes we've done in the last couple of months. I've done a lease options five day masterclass, which has been awesome, just teaching people over five days in a temporary Facebook group that's only up for like two weeks teaching people how to do lease options.
That's been fun. I'm doing a second one. It's been a couple of months. I'm doing another one now, right now as I'm recording this, which is cool. If you want more information on that, just go to leaseoptionblueprint.com. And then I did one with Gavin Tim's a few weeks ago called Virtual Prophets Workshop, where we taught how to do virtual deals, which is cool because and this is so much fun. About two weeks ago, right before I left for all these trips and stuff, I did a master, I shot a video with a new video game that I have. And we went to the first house that I ever wholesale and it's a house about. It's in a town called Warrenton, a small town of I don't know if a couple of three or four thousand people, but it's about 45 minutes to an hour an hour outside of downtown St. Louis. So it's kind of way out in the sub-suburbs. And so I was… get this, It was 13 years ago to the month that I wholesaled my first property virtually, and I didn't even know what virtual wholesaling was.
I didn't even know you could do virtual wholesaling, and this lady called me because I sent her a postcard on another house that she owned in an area closer in town where I had buyers. And she said, I don't want to sell that house. I want to sell this house. And I ignored her calls. She called me like three or four times because I didn't want to buy a house out in this area. I didn't have any buyers. I couldn't get comps. But she kept on calling and practically begged me to make an offer, and couldn't get comps.
It was a three family. So I I looked and it was listed the year before for $150000 or one hundred and forty or something, and it expired and I did not know what to offer. I couldn't get comps on three families. There are no multifamilies out there. And so I just pulled a number out of, you know what? And I said, I'll give you 63 for it. You know, she said, OK. She said, OK, I can do sixty three. And I said, I have a great now. What? Right? Well, anyway, I sold it like as soon as the day I put it on the market. I don't remember. I think I might have done a flat fee listing or I just put a sign in the yard. But whatever, I put a sign in the yard and I sold it. I got a buyer the same day somebody called me up. I think I was advertising eighty five for it. I bought it for sixty three. I was advertising eighty five and I sold it for seventy nine and I sold it and made a $16000 gross profit. After all expenses and stuff, I made about $13000.
How cool is that, right? Well, here's the crazy thing. Thirteen years later, I went to the house for the first time and I saw the house for the first time and I had a video guy go with me and it was so much fun. I talked about this, and told the story a little bit. So the video will be on YouTube soon, and I'm also going to use it for some advertising, some Facebook and YouTube ads. So stay tuned for that. If you see me walking around some small town with a drone flying over my head and shooting video and interviewing me and asking me questions about this house, that's what it is. There's a lot of fun just to see that house and go back to kind of my roots remembering kind of how I got started. Yeah. So anyway, one more thing I want to tell you, and I'm almost home. Hope you don't mind me just sharing kind of what's been happening, if you're bored? I apologize, but I have one more thing to tell you. I'm doing a workshop like a five day, another five day class with a good friend of mine named Scott Jelinek.
It's coming up and it's called Slow Flips. It's called the Slow Flips master class or Slow Flips Blueprint, something like that. And my friend, Scott, he's been an investor for a long, long time. Got started way before the crash of 08 and got completely burned, like lost everything when the market crashed. And he said, All right, I'm never making those mistakes again. And he's got an interesting story because he was trying to buy a house like a rental property for 30 grand, and nobody would lend him any money on the 30 Grand House. And he's like, well, this is ridiculous. I can go buy a car for 30 grand and people will lend me, banks will lend me money all day long for a car, but nobody would lend me money on a house. So and he started thinking about that and he started thinking, You know what? Like with a house, I mean, with a car, you could borrow 30 grand and pay it off in five years and not a problem, right? Well, he thought, what if I bought a house like a car and sold it like a house? So think about that for a second. He's buying a house like a car, so he's buying a house for 30 grand, and he's getting a five year note on it from a private investor, and then he's selling it on a 30 year note to investors. So this is what he does.
It's so cool. It's called the slow flip strategy, and he'll find good houses in not bad areas, but like, C neighborhoods, right? C neighborhoods and he'll buy them for you. Doesn't have to have a huge discount, but he'll buy them for 30 grand and then he'll sell them. He'll buy them from 30 grand for the private investor, and he'll pay them anywhere from 8 to 10 percent interest amortized over five years. OK. And then he will turn around and sell the house without doing any work to it, to an investor on a 30 year note at eight percent interest or something like that. And so, his first five years, his cash flow is zero. He's not making any money the first five years. But think about this. He's also not having to worry about any kind of repairs, maintenance, vacancies or whatnot, right? Because he's not renting it out to a tenant. He's selling it to an investor who's going to fix it up and rent it out to a tenant. And so he sets it up where that investor who's buying the house from him is owner financing. They're putting all the work into it, right? And they're paying him eight percent interest amortized over 30 years. So their total payment with PITI, principal interest, taxes, and insurance is like 800 bucks, but they're turning around and they're renting it for a thousand to $1100 a month. And so the investors cash flowing a few hundred bucks and Scott is not cash flowing anything the first five years. But then guess what happens after five years after his note with his private investors paid off he is cash flowing $700- $800 a month per property? And guess what? He owns a house free and clear. And he's the bank.
He's not the landlord, so it's much, much better to be the bank than the landlord. Many times, not always, but usually it's better to be the bank. I mean, the bank and the insurance companies are the ones with all the tall buildings, right? What if you could get better returns, safer returns, being the bank instead of being the landlord? And he doesn't use any of his own money? So Scott was telling me about all this. He's got like hundred and twenty of these properties, and 60 58 of them or 60 of them are paid off, free and clear. So he owns 58 of these houses, free and clear, and he's getting on average, $800 a month on each of them. What? Yeah, and it's amazing. And he's selling them to investors. He doesn't have to worry about Dodd-Frank. Dodd-Frank doesn't apply when you're selling investment properties to investors. So it's a brilliant model. I love it, and it's super easy to find private investors for these deals. And so we are doing a five day masterclass on this, and I don't know the link yet. But if you go to, I just tell you where to go. If you go to slowflips.com slowflips.com, it's either singular or plural. I think he has both domains, a slowflip.com or slowflips.com, and you'll see some information about the challenge. Check it out because it's going to be really cool. He's going to break down step by step. How to… the first class is going to be how to find your number. So like, design your life. What do you want your life to look like if you had zero debt, you know money didn't matter what you could do, whatever you want, and you'd be surprised how little that actually is like, you don't need to make a million dollars a year or. You don't need to be making $90,000 a month, a hundred thousand dollars a month to live the lifestyle, the life of your dreams. Most people can live a very wonderful, awesome, amazing lifestyle at just like 10 or 20 grand a month. If you don't have any debt. So he helps. We're going to help you on the first day, come up with that number and figure out, OK, well, if I was living the life of my dreams, I would only need to make 15 grand a month.
All right, so let's work backwards then. How many houses like this are using this strategy? Would you need to do that? And you'll be shocked. It's only like 20 houses or something like that, right? And so then we're going to help you come up with a plan to figure out how to do that in five to seven years. And you think about it, if you just got one property a month or one property every couple of three months and you paid them off in five years, in five to seven years. You would meet your number. So it's not a get rich quick thing, right? It's not a get rich quick. It's over five, seven years. You're going to have now a portfolio of 20 free and clear properties that you're not the landlord for. You're the bank for, and you're going to be getting, you know, anywhere from seven hundred, eight hundred dollars a month in payments. Isn't that cool? I love it. And so Scott's been doing this for a long, long time, and he teaches people in his local market how to do this in Virginia. This is the first time he's kind of gone national with it. And this is going to be a great class. The next few days of this class are going to be teaching how the steps and how all of this works, how to get other people to bring you deals. You don't have to do any seller marketing. You can get other people to bring you deals. We're going to show you how to do that. And then we're going to show you how to watch the next one or how to find the buyers. And he does something really cool, too if he wants to make sure that you're only doing this in good markets. So we're going to learn how to and by the way, I'm saying we are learning because I'm going to be doing this too with you guys. I'm super excited about this. We're going to be learning how to find where the buyers are. So like before you even start looking at certain neighborhoods, we're going to find the, make sure that there are investors that would want a property in that neighborhood that we're going to sell with owner financing, right? So we're going to be building our buyers list to find where the demand is. And then the final class is going to be about finding the private investors, finding private money to buy these things. It's really cool. You're going to love it. Go check it out. Slowflips.com. And that's it for now. Hope you guys are doing well. Appreciate you all, and I'll be doing more of these REI In Your Car podcasts. Stay tuned. Appreciate you guys. See you later! Bye bye!