SREI 0048 Living a lifestyle of freedom and being with her kids through flipping houses by Erin Pullins

Published: April 19, 2017, 3 p.m.

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On this episode of Secrets to Real Estate Investing host Holly is joined by Erin Pullins. Erin joins Holly to discuss how she finds her deals in the market where deals aren\\u2019t as plentiful as they once were.\\xa0 Erin started her career out of college in financial services, while she did love this field she wanted to have the background because she knew that she didn\\u2019t want to do it forever but she did want to learn all that she could. Erin worked in financial services for 8 years before her and her husband had their first child, after their first child was born she went back to work part-time until the couple had their second child. After the birth of their second child Erin found it to be much more difficult to work and take care of the family so she quit her job to take care of the babies. While both her and her husband were working they started buying and renting properties and once her youngest was in preschool they started flipping properties. Both Holly and Erin boast the love that they have for the flexibility that their real estate journey has afforded them.\\xa0

Holly asks Erin to share the story of her first flip. Erin and her husband partnered with someone who had experience for their first flip which Erin says did not go so well. The person that they flipped with was a member that they were in a mastermind group with; in retrospect Erin says that this member was someone that they didn\\u2019t know very well and other members also didn\\u2019t know this person very well. The deal was structured so that Erin and her husband were to bring in the money for gap funding, the amount of money that the hard money loan does not cover - Erin and her husband brought the money for gap funding. Long story short Erin says that her and her husband lost $50,000 on the deal because the person that they partnered with was getting paid all along the way and was not passing the money down through the partnership. While Erin and her husband did lose a lot of money from this deal they both felt that it was a learning experience and they have not let this happen to them again they also knew that this bad experience would not make them quit because they knew the lifestyle that real estate investing offered was one that they really wanted. Holly reminds listeners of one of her favorite quotes \\u201cit\\u2019s not you win or lose, it\\u2019s you win or learn\\u201d because at the end of the day each experience is one to learn from.\\xa0

The next deal that Erin and her husband did was one that came from an agent that they work with a lot and one that they trusted. This deal came to them because the deal was brought to them and it was already ready to go. Holly asks Erin how she finds her deals - Erin says that 50% of them come from realtors and the others still come from the MLS. While neither Erin or her husband are licensed agents they do a lot of the searching on their own and Erin says that she favors Redfin to look for deals because of the way that they lay out the information which Erin feels is much friendlier and easier to read than the MLS.\\xa0

Holly asks Erin what her strategy is when she gets her deals from realtors. Holly says that a lot of time realtors will set investors up on an auto email for deals similar to the ones that are sent to those for people who are looking to own and occupy the home. Holly reminds listeners that this can be frustrating for investors because the realtor often times does not even check out the information that is being sent out on these auto emails. Erin shares that her strategy when working with real estate agents is that she talks to the listing agent. On one property Erin called the listing agent and was told that he couldn\\u2019t represent her and connected Erin with a colleague that specialized in working with investors. This agent has now become an agent that Erin and her husband work with often because this agent knows the specifics that they are looking for and sends them exactly what they want which is helpful because ther'