My name is Odaly Portes, and I founded King of Flips after moving into the real estate business and learning to successfully flip properties.
Before I got into real estate, I worked as a concert promoter for A-list entertainers. The business was risky, but I had a lot of fun and scored some big events that made me hundreds of thousands of dollars very quickly. However, the business started to decline and in the blink of an eye I found myself out of capital and 150K in debt. I decided I had no choice but to get out of the concert business. I remember having a moment of clarity when I looked in the mirror and told myself “It’s not you, it’s the business you’re in.”
I knew that it was time for me to invest in something more tangible that offered more security. At the time, I had almost no knowledge of the real estate business, but I decided to learn everything that I could about it. I wasn’t exactly the prime candidate for getting into real estate; I was 150K in debt and I had absolutely no startup capital. Still, I wasn’t going to back down. I sold my beloved car and managed to scrape together enough money to buy my first investment property.
I bought a house and in a buzz of excitement I posted my first ad on craigslist. I figured that if I rented out the three bedrooms separately I’d make more money than I would if I rented the entire house to only one family. I couldn’t have made a worse decision. I rented the first room to an ex-convict, the second bedroom to a deranged young couple who were nothing but trouble, and the third bedroom to a guy who showed me a fake pay stub and turned out to be a drug dealer. I realize now that I could have avoided all of this if I’d requested background checks, but I was ambitious and inexperienced.
When my tenants stopped paying, I took them to court. This was another bad idea. The city found out that I had been renting out rooms illegally and I was forced to pay a hefty fine. All of my rental profits were lost to lawyers and municipality fees.
I had made the mistake of assuming that a quick dip into real estate was going to send me shooting up to the next level. That certainly wasn’t the case, but I had learned two important lessons: 1. If I wanted to survive, I had to step up my game, and 2. Real estate is not an easy business. It was time to go back to the drawing board and come up with a new strategy. For a second time, I found myself in desperate need of capital, and now the condition of my income property was deteriorating by the day.
Frustrated but still determined, I met with a respected investor who offered to sell me an investment property. He was only asking 20k for a nice investment home that only needed a very small amount of work. I asked him very directly, “If I can sell this property for you for more than 20k, can I keep the difference?” All he said was, “Odaly, I don’t care if you sell it for 80k, I just want my 20.”
Two days later, a mechanic I knew referred me to a friend of his who was looking to buy a cheap house, so I sold him the investment property for 38k. The property’s after repair value (ARV) was approximately 65k, so it was a good deal for the buyer too. I was excited about the success I’d had in flipping this property, but because I was so new to real estate, I wasn’t even sure if the transaction I’d just made was legal. I met with an attorney the following day to make sure, and he informed me that what I’d just done was called a wholesale deal. He gave me the paperwork I would need to use to properly document these
deals in the future. Suddenly, my eyes were opened. I remember realizing in that moment that I had stumbled upon something big.
This time, I was going to start off on the right foot. The first thing I did was go out and find a partner with lots of experience in the industry. I found a top real estate agent who was well respected and specialized in selling and flipping properties. I asked him if he would take me on as an apprentice. At first he said no, but I persisted until he agreed to mentor me.
Because of this partnership, I was able to learn the ins and outs of the real estate market. My mentor taught me everything I needed to know about what investors needed to do to sell their investment properties. After only four months I was debt free and had helped flip several properties. In this short time, I developed effective strategies that would help me build my own real estate empire.
More time passed, and I amassed enough capital and expertise to buy properties with my own money. My wild and unconventional journey has led me to incredible success in real estate, and I want to share everything that I have learned with you. When I get up on stage, I speak confidently because in the course of three years I have flipped hundreds of properties and I’ve had the opportunity to learn firsthand what works and what doesn’t.
I love my job, and I’m passionate about sharing everything I’ve learned with other people trying to get into this business. I want to draw on my own successes and failures so that you can launch yourself into the real estate business with confidence. Let me be your guide to financial freedom!