Digital Social Hour - Episode #1041: The $500 House Hack That'll Change Your Life
Release Date: January 1, 2025
Host: Sean Kelly
Guest: Joseph Griffin
Introduction
In Episode #1041 of Digital Social Hour, host Sean Kelly welcomes real estate mogul Joseph Griffin to discuss his groundbreaking approach to real estate investing through tax deeds. With a track record of transforming minimal investments into substantial profits, Joseph shares his journey, strategies, and insights that have positioned him as a leader in the industry.
Understanding Tax Deeds
Joseph Griffin begins by demystifying the concept of tax deeds, providing a foundational understanding for listeners unfamiliar with the term.
Key Points:
- Definition: In the U.S., property owners must pay their property taxes. Failure to do so results in the county auctioning off the property.
- Historical Context: Joseph likens the process to historical practices where property was seized for unpaid taxes, albeit without the violence.
Notable Quote:
"What happens is in the US whenever you own a property, you have to pay your property taxes. You don't, and the county's going to take that property and sell it as some form of auction."
— Joseph Griffin [01:24]
Joseph Griffin's Early Success
Joseph recounts his entry into the real estate market during his time as a nurse and military personnel, highlighting his initial investments and rapid returns.
Key Points:
- First Investments: Purchased properties at auctions for as low as $1,900 to $3,000.
- Rapid Growth: Acquired three properties in his 20s with under $6,000.
- Significant Profit: Sold a property in Deltona, Florida, for a $200,000 profit after buying it for $70,000.
Notable Quotes:
"I entered my first auction, got a property for $3,000. My second in the same month, $1,900."
— Joseph Griffin [02:14]
"I got it at 70,000. I sold it at like 300,000."
— Joseph Griffin [02:44]
Scaling with Other People's Money (OPM)
Joseph delves into his strategy of leveraging OPM to exponentially grow his real estate portfolio without significant personal capital.
Key Points:
- Initial Capital: Started with personal funds as an RN, later expanding using OPM.
- Raising Funds: Established a fund that raised $400,000, managing assets worth $3 million within a year.
- Bank Relationships: Emphasizes the importance of building strong relationships with banks to secure funding.
Notable Quotes:
"People taught me to use OPM. And before I told you, when I was a nurse, I had my own little bit of $6,000 that I use. But once I learned about other people's money, I actually started a fund."
— Joseph Griffin [06:09]
"What niche can you turn $400,000 into? 3 million? Right?"
— Joseph Griffin [07:06]
Innovative Strategies: Business Credit Cards and Wholesale
Joseph explains his unique methods of utilizing business credit cards for property acquisitions and his wholesale approach to real estate.
Key Points:
- Business Credit Cards: Uses credit cards to finance property purchases, treating the investment as "throwaway money."
- Wholesale Operations: Maintains a buyer's list of 15,000 individuals, enabling swift property sales even before acquisition.
- Efficiency: Reports generating between $100,000 to $150,000 monthly through wholesale operations.
Notable Quotes:
"We're using business credit cards to buy a house. Credit cards to buy houses? Yes."
— Joseph Griffin [08:45]
"My wholesale team right now is doing like six figures a month."
— Joseph Griffin [12:36]
Building a Comprehensive Real Estate Business
Joseph outlines the vertical integration of his business, encompassing various facets of the real estate market to streamline operations and maximize profits.
Key Points:
- Multiple Departments: Established Wolfpack Realty (brokerage), Wolf Title (title company), and other departments to handle different aspects of real estate transactions.
- Tax Surplus Recovery: Helps homeowners reclaim overpaid taxes, adding another revenue stream.
- Comprehensive Services: Offers full-service solutions, including credit repair through partnerships.
Notable Quotes:
"We've established ourselves as the subject matter experts. Number one in the nation."
— Joseph Griffin [19:45]
"We are like my wholesale team right now. I had to make a whole different department for it."
— Joseph Griffin [12:36]
Overcoming Challenges and Teaching
Transitioning from investor to educator, Joseph shares his motivations for teaching others and the challenges faced in the process.
Key Points:
- Motivation: Inspired to help others avoid the pitfalls he encountered due to a lack of guidance.
- Mental Health: Faced anxiety and burnout from overwhelming demand for consultations.
- Educational Approach: Initially offered affordable one-on-one consultations, later scaling to group sessions to manage growth.
Notable Quotes:
"It's something that I wish somebody would have taught me. Right. Growing up. I'm from New Orleans originally and came up in the 6th Ward."
— Joseph Griffin [14:24]
"The worst thing you can do is just sit there and do absolutely nothing."
— Joseph Griffin [28:00]
Personal Background and Motivation
Joseph opens up about his upbringing, military service, and the personal experiences that shaped his entrepreneurial spirit.
Key Points:
- Early Life: Grew up in the 6th Ward of New Orleans, raised by his grandmother after his father was incarcerated.
- Military Service: Served 11 years in the Army, experiencing multiple deployments in Afghanistan.
- Career Shift: Transitioned from travel nursing to real estate seeking better financial opportunities and personal fulfillment.
Notable Quotes:
"If I would have learned this, like, it would have really changed my life."
— Joseph Griffin [14:24]
"Joined the army when I was 17 because I knew no other way to pay for college."
— Joseph Griffin [26:31]
The Escape the Matrix Tour
Joseph promotes his Escape the Matrix Tour, a speaking series aimed at educating aspiring investors on real estate strategies and financial independence.
Key Points:
- Upcoming Events: Scheduled stops in Jacksonville and Tampa, Florida.
- Content: Covers a broad spectrum of real estate investment strategies, including tax deeds, OPM, fix and flips, and more.
- Objective: Provide structured guidance to help individuals navigate the complexities of real estate investing without falling prey to misinformation.
Notable Quotes:
"We have November 9th, actually, in Jacksonville, Florida. And then December... we'll be in Tampa."
— Joseph Griffin [27:33]
"It's a lot to the game."
— Joseph Griffin [28:00]
Conclusion and Promotions
As the episode wraps up, Joseph emphasizes the importance of taking proactive steps in real estate investing and invites listeners to engage with his resources.
Key Points:
- Call to Action: Encourages booking a free consultation through his academy to receive personalized guidance.
- Persistence: Stresses the value of consistency and grinding to achieve success.
- Resource Accessibility: Provides multiple platforms for listeners to connect and learn more.
Notable Quotes:
"The worst thing you can do is just sit there and do absolutely nothing."
— Joseph Griffin [28:00]
"Stay consistent and keep grinding and believe in yourself and you'll make it to the top."
— Joseph Griffin [28:00]
Final Thoughts
This episode with Joseph Griffin offers a deep dive into innovative real estate strategies centered around tax deeds and the effective use of OPM. Joseph's journey from a challenging upbringing and military service to becoming a successful investor and educator serves as an inspiring blueprint for aspiring entrepreneurs. His comprehensive approach, combining practical strategies with personal resilience, provides valuable lessons for those looking to navigate the real estate market successfully.
Resources Mentioned:
- Website: taxdeedwolfacademy.com
- Instagram: @taxiwolfCEO
Thank you for tuning into Digital Social Hour. Be sure to check out the links below for more information and resources mentioned in this episode.