Heyyyyyy! It's tough out here in the real world. I'm not paid to make these videos since I'm too small. However, a REVIEW on how you enjoyed this useful real estate content. It would be a huge help for a small creator like me. You'd be my MVP for dropping a quick rating or review below on my Google business page. g.page/r/CVZbVUlHO1QbEB0/review
Ok -If you’re worried about being underdressed for a restaurant…you’re fine. -When in doubt, just paint your house brown. -There’s more grass and trees here than you think. -park in the shade whenever possible
Legit strategy. I feel like I'm officially out of excuses for not acquiring real estate. I think this could help people buy properties in the Bay Area without selling their souls.
Haha. Yea it‘a good to get into no matter your field. Yea it definitely would be for Bay Area! Selling your soul would still only amount to 20% down. You need to get a loan of like 4 more souls just to cover it there.
I’m obsessed with the chihuahua part and the like button series! Super informative otherwise. As someone who knows a minimal amount about flipping, I felt like I came away with a good base. Also, I think it would be interesting to hear your negotiating strategy either specifically in this case or more generally!
Networking basically. I went to local networking events that had a focus in real estate investment. I went to 1 basically everyday for about 8 months until I found someone willing to partner.
About two years. But originally we weren’t trying to do a quick flip. Until that lady flooded everything our monthly rental income was a few grand a month once it was fixed up.
@@BrokerBob The passive income seems great, and you did more than I have so far, so that's really awesome. My question is, if you don't mind, could you tell me about how much exactly per month you were making per month before your tenant fucked up the place, and was it a lot of work to keep up. Was it worth it to you. Could you have a full time job while doing it. Do you wish that you would have sold the house sooner so that you could have taken that money 50k+ and allocated it towards your own down payment towards a house and taken those profits rather than have multiple hands in the pot? My strategy for now was to save enough for a down payment on a house, yet stay in my apartment and just rent out the home. The more I think of it though, it seems like it would take the same amount of time to earn enough partnering with an investor and then selling and buying my own home as it would to just save the dough then buy myself. The former seems like it has the upper hand because even though it would take the same amount of time, I would gain much needed knowledge from the experience. What would you advise?
The net income for the property for me would have been maybe $500-600 a month when split 3 ways and assuming no huge rehabs. Remember I had planned on a 2 way split. Not three which is what happened when we changed partners. But what matter is your rate of return on your own house so you can gauge what you’d get. I sold because the timing was right and it was looking clear that selling more quickly was the best way to maximize value given the splits and market. Experience is always worth it’s weight in gold but again it all come down to your underwriting to see what your returns would be. The one thing to note when underwriting is time. My place needed a TON of time because it was lower end. Higher end places or “medium” don’t usually suck that kinda time from you. I was handling this place with a full time career so yes it’s possible, but I put in far more than 40 a week. Many landlords do the same. If you can’t then Just budget for a proeprty Manager. Call around and get average rates and what you get for those rates. My company charges 8-10% of gross rents for management and I’ve heard the same realm in many states. Hope that helps!
Hi love the video, I’m in the Phoenix area and I love with a property in Tolleson. I’d love to buy it and flip it but I’ve got no experience no agent and I’m afraid of doing this alone. I’d appreciate your help if your available.
Hey man love ur channel and just subbed. Do u have advice for someone who doesn’t want to use investors? I have about 10,000 saved and wanna do a deal for a duplex to hold for cash flow.
Thanks! I appreciate the sub! Basically you should buy the complex and move into it yourself. You'll get a loan with around 5% down instead of 20%. You get to rent out the other unit and if improving your units it's usually a 100% write off on the rented unit and 50% write-off on your own. It's a good deal.
Get a real estate license in your state now so you can become a broker at a young age. Really gives you an edge in credibility and will teach you the ropes with little upfront risk! LMK if you start actually taking classes!
Learn to swing a hammer!! Seriously, my biggest advantage in real estate today was learning carpentry, painting, simple plumbing and basic electrical at your age. One of the largest cash killers in ANY project is hiring a licensed contractor to complete basic work like pulling a rotten floor or siding, replacing toilets & sinks, etc. Lord forbid you hire a professional paint crew @ $275 per painter per day....there goes your profit. Learn the basic trades and you will be more profitable on EVERY DEAL.
@@erinmitten4227 Absolutely. Did the same route as a handy man. It's great to have at any level. Now I work notably larger deals and if I didn't understand the nuts and bolts of the rehab process...we might not make anything. If anything the basics get even more important the higher you go!
Good content!
Thank you for sharing.... GOD bless you!
Housing chair bob you are a savage! I’m trying to follow this path
Haha. Thanks Garcia. Good luck!
This is the kind of info I’ve been looking for. Just the nuts and bolts of a deal without too much filler. Love it.
Who the hell is this handsome new TH-camr? Graham and Kevin are in trouble!
Best. Comment. Ever.
Heyyyyyy! It's tough out here in the real world. I'm not paid to make these videos since I'm too small. However, a REVIEW on how you enjoyed this useful real estate content. It would be a huge help for a small creator like me. You'd be my MVP for dropping a quick rating or review below on my Google business page.
g.page/r/CVZbVUlHO1QbEB0/review
Hope you come back to TH-cam one day, I just found your videos!!
That 70 ‘s Show taught you well
Learned more as Spider-Man.
thanks for sharing your idea.. just sub.!
Thanks! Glad you liked it!
I just wanted to be the first guy to comment on. All the best moving forward. It was informative. Thnx.
You made it! haha. Thanks for watching. I appreciate it Fatin.
Liking the video so far keep it up
Thanks! I really appreciate the feedback!
lost it at 14:12. love your channel.
weekendxwars thanks! Yea good spot. Haha
His credit was AAA
My partners definitely was. I was younger then and so my credit was pretty average with not much weight behind it.
Superb video! Very entertaining and a great explanation of how complicated deals can become with multiple investors.
Thanks! I'm glad you liked the video. Doing my best to post new real estate/personal finance videos every week.
Teach me how I live in Phoenix prices are cheap and overall area is nice
Ok
-If you’re worried about being underdressed for a restaurant…you’re fine.
-When in doubt, just paint your house brown.
-There’s more grass and trees here than you think.
-park in the shade whenever possible
hahaha the like button series, love it
Ahhhh yeeee
Legit strategy. I feel like I'm officially out of excuses for not acquiring real estate. I think this could help people buy properties in the Bay Area without selling their souls.
Haha. Yea it‘a good to get into no matter your field. Yea it definitely would be for Bay Area! Selling your soul would still only amount to 20% down. You need to get a loan of like 4 more souls just to cover it there.
@@BrokerBob Hmm. I might just have to hire some dementors to get some passive soul income.
I’m obsessed with the chihuahua part and the like button series! Super informative otherwise. As someone who knows a minimal amount about flipping, I felt like I came away with a good base. Also, I think it would be interesting to hear your negotiating strategy either specifically in this case or more generally!
Michelle Avrutin thanks! I’m glad you like it! Haha ahhh my negotiation strategy. Not sure if that one is a freebie. Haha
That Chihuahua though 😁😂
To him I was just the landlord, but he was the one who owned the streets.
Can you explain how you got money to fix up the homes?
Networking basically. I went to local networking events that had a focus in real estate investment. I went to 1 basically everyday for about 8 months until I found someone willing to partner.
How long did it take you to make that 50k?
About two years. But originally we weren’t trying to do a quick flip. Until that lady flooded everything our monthly rental income was a few grand a month once it was fixed up.
@@BrokerBob The passive income seems great, and you did more than I have so far, so that's really awesome. My question is, if you don't mind, could you tell me about how much exactly per month you were making per month before your tenant fucked up the place, and was it a lot of work to keep up. Was it worth it to you. Could you have a full time job while doing it. Do you wish that you would have sold the house sooner so that you could have taken that money 50k+ and allocated it towards your own down payment towards a house and taken those profits rather than have multiple hands in the pot? My strategy for now was to save enough for a down payment on a house, yet stay in my apartment and just rent out the home. The more I think of it though, it seems like it would take the same amount of time to earn enough partnering with an investor and then selling and buying my own home as it would to just save the dough then buy myself. The former seems like it has the upper hand because even though it would take the same amount of time, I would gain much needed knowledge from the experience. What would you advise?
The net income for the property for me would have been maybe $500-600 a month when split 3 ways and assuming no huge rehabs. Remember I had planned on a 2 way split. Not three which is what happened when we changed partners. But what matter is your rate of return on your own house so you can gauge what you’d get. I sold because the timing was right and it was looking clear that selling more quickly was the best way to maximize value given the splits and market.
Experience is always worth it’s weight in gold but again it all come down to your underwriting to see what your returns would be. The one thing to note when underwriting is time. My place needed a TON of time because it was lower end. Higher end places or “medium” don’t usually suck that kinda time from you. I was handling this place with a full time career so yes it’s possible, but I put in far more than 40 a week. Many landlords do the same. If you can’t then Just budget for a proeprty Manager. Call around and get average rates and what you get for those rates. My company charges 8-10% of gross rents for management and I’ve heard the same realm in many states.
Hope that helps!
Hi love the video, I’m in the Phoenix area and I love with a property in Tolleson. I’d love to buy it and flip it but I’ve got no experience no agent and I’m afraid of doing this alone. I’d appreciate your help if your available.
Hey man love ur channel and just subbed. Do u have advice for someone who doesn’t want to use investors? I have about 10,000 saved and wanna do a deal for a duplex to hold for cash flow.
Thanks! I appreciate the sub! Basically you should buy the complex and move into it yourself. You'll get a loan with around 5% down instead of 20%. You get to rent out the other unit and if improving your units it's usually a 100% write off on the rented unit and 50% write-off on your own. It's a good deal.
I’m 18 what would your recommend for my age
Get a real estate license in your state now so you can become a broker at a young age. Really gives you an edge in credibility and will teach you the ropes with little upfront risk! LMK if you start actually taking classes!
Broker Bob thanks for the advice. You should create some sort of group chat or course !!
Snozy thanks! Yes I’m thinking about an investor course down the road.
Learn to swing a hammer!! Seriously, my biggest advantage in real estate today was learning carpentry, painting, simple plumbing and basic electrical at your age. One of the largest cash killers in ANY project is hiring a licensed contractor to complete basic work like pulling a rotten floor or siding, replacing toilets & sinks, etc. Lord forbid you hire a professional paint crew @ $275 per painter per day....there goes your profit. Learn the basic trades and you will be more profitable on EVERY DEAL.
@@erinmitten4227 Absolutely. Did the same route as a handy man. It's great to have at any level. Now I work notably larger deals and if I didn't understand the nuts and bolts of the rehab process...we might not make anything. If anything the basics get even more important the higher you go!