RG 172 – The Secrets to Mastering the Flipping Game with Flip King Joe Evangelisti
Joe is the founder of the Flip King and the founder of Operator Town. He’s also the host of the Flip King Real Estate show and as an investor he specialises in flips and new builds in South Jersey. Joe is a veteran from the Navy contruction battalion which he left in 2004 to work in real estate as a construction lead, general contractor, broker and developer. Since then he has flipped over 1000 houses and he makes over $10million annually in flips and he has a team that consistently sells over $20 million in real estate each year. He made his first dollar as a kid when he worked with his dad who was a dry wall contractor so he used to help him.
Joe always knew he wanted to be in the military because the foreman who worked for his father was a senior reservist and in the navy. This man introduced him to the idea of construction in the navy and so despite being in the navy for 6 years he never actually stood on a moving ship. Joe got married and moved to New Jersey and decided to be an entrepreneur in 2007. He did his first flip when the market crashed which was actually a perfect time to learn how to do it all and do it right. There was no safety net for entrepreneurs so he had to believe in himself which is what he teaches now. He’s not encouraging people to quit their jobs, but for those people that want to do it he’s there to help.
Joe’s first deal toook 12 weeks to flip and he and his business partner had full time jobs so were doing the flip on the side in evenings and weekends – he actually got married in week 10! They did the first few flips by hand until they realised it wasn’t scalable and started to hire GC’s which took their work from 7 properties a year to 25 overnight. They realised that they couldn’t manage it all on their own so had to develop systems to give them back some free time. Joe has levels for his projects based on price – the market was so diverse that he needed these levels. At each level he has an A and B type property and each letter has it’s own colour scheme for tiles and units. So Joe goes to Home Depot and buys everything in these colours and then distributes accordingly – he realised that he didn’t need to make each property unique as long as they were done to a good spec.
- Most important habit – Routine miracle morning
- Most influential person – mentor Mark Evans
- Most important tool – Slack
- Most significant failure – Bad hires, but he’d still do it all again