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And then if worse comes to worse, have another exit strategy. Do you have the reserves in place to hold it for six months? Or would you be able to sell this property and then move on cheapest payday loans to another property? So these are all ways to put plans and ideas and strategies in place so that when you think about that worst fear, you say, "Oh, well actually I have a plan for that. So if you guys need an accountability partner, send us your deals and prove to us how you got those numbers. As new investors, we can make investing be an emotional experience when really it should be based in the data. So when you can remove that emotional factor and really focus on the numbers, it makes a huge difference. I guess one other thing I would add, and it came to my mind as you were speaking, is can you live with the worst case scenario? Whatever you feel the worst case scenario might be, think if you can live with that worst case scenario, and if you can, then what are you waiting for? It just came to my mind, but I love what you said, Ash. Ashley Kehr:A lot of times any problem or issue can be fixed with money.
So for me, my first partner, he came to the table with all of the cash. I put in a little of my own for the rehab, but he used his cash to purchase the whole property, but he also had money and resources beyond that. He had payday loans lincoln ne his stock investments, other ways to access capital if we really needed it, if all of a sudden cheapest payday loans we needed to replace the whole foundation or fix the sewer, all of these things that you think of as a new investor, I knew that we could tap into his other resources, and to me, that was my safety net and that made me feel comfortable. So every month he was paid principal and interest and five and a half percent. So if you really want to get started, give up something too and make it an opportunity for someone else. You follow that advice and you should be able to get that first deal done. Ashley Kehr:So make sure you guys tune in next Saturday. We will have another Facebook question that online payday loans direct lenders only we will be answering and make sure you join us on Wednesday for episode number 51. Mashvisor provides you with the most trusted rental data and analytics in the market, with just a few clicks of the mouse. With Mashvisor you can analyze both long-term and short-term rental properties, and their Airbnb data is simply outstanding. Researching markets, collecting rental data, filling in spreadsheets, and running manual calculations, Mashvisor do all these for you.
Kevin Christensen is no different, he works a full-time job, runs a retail store with 5 locations, and self-manages his long and short-term properties, all while doing some handyman work himself! Kevin only started actively investing in real estate around 2 cheapest payday loans years ago, but has so far done 18 deals, won a lawsuit, and hired two full-time contractors for his properties. He was sued in the middle of a subject-to deal while renting out a house as a short-term rental. I was scribbling feverishly throughout the whole podcast trying to keep up with all the different stuff.
He talked about subject to, he talked about hard money, he talked about hiring folks. Just so many things that that rookies I think will benefit from hearing. Ashley:Yeah and he actually volunteered himself to help me on a subject to deal. So make sure you guys watch in the Real Estate Rookie Facebook group for me and Kevin to go live in there.
I mean we could have gone on and talked to Kevin for hours. Do you want to start off telling us a little bit about yourself and how you got started in real estate?
I mentioned to Tony earlier, this is a bucket list thing for me. Probably about six months before I got started in real estate. I was just looking for an alternative way to pay off my student loans. And I started doing the research and digging into wholesaling and I really got invested in podcasts and I listened to hundreds of BiggerPockets podcasts and other podcasts and YouTube videos. Hundreds of hours of content and then finally got up the nerve to go out and drive around and look for a property. I just was thinking about this short term gain on it. And it slowed me down and reeled me back in and I started running numbers. Tony:Can you walk us through what those 18 deals are? Just give us the 30,000 foot view of what those 18 deals were. So in the beginning like I said, I was really, really gravitating towards not spending money. And not counting the one I was just talking about, the first actual deal I did took 10 months to close and I can go into that one a little bit later and why it was so difficult. And essentially the house gets deeded to you and the loan stays in their name for a period of time. It can be up to and including the entire length of the mortgage depending on the deal. And I did not know that I needed to go through a formal get a loan with no credit closing process and have the house deeded to me. It forced me to purchase the house years ahead of schedule which set me back.
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The neighbors were complaining about the short term rental guests coming in and out all the time. The guy who owned it got scared and told a bunch of lies to a lawyer and said that I lied about everything I was doing. Fortunately I had everything in text message so I loans for bad credit no guarantor was able to prove that he was lying about everything. It fast loan approval was a 20 page contract that was all signed up and Ts crossed and Is dotted. And actually my attorney is supposed to call me tomorrow to discuss it, if this is something that we can do. Kevin:So for the rest of the deals I had a couple subject tos. I have one commercial loan on a two unit and then I just recently in December did my first wholesale deal that I got all excited about in the beginning.
I want to ask you about … You had your mind set on that strategy. Was she always on board with you doing wholesaling and getting into real estate investing and what would be your advice for someone trying to talk to their spouse online pay day loan about getting on board? Kevin:I will tell you that my wife and I have a very good relationship. We got married after knowing each other for two months and 10 days. We started a retail company six years ago with one location. Kevin:So she was dead set against rental properties. The irony that she suggested keeping the house is not lost.
It was two houses and a 12 car garage on a one acre property split down the middle.
And I was just going to sell it for 250 as a wholesale to somebody, make a quick 60 grand and move on. I just need you to be in the background doing what you always do. Being supportive, keeping our kids schedule in check, and let me go out and grind and do what I do. I do my day job, I get done, I go to work building my legacy. And we see that a lot where the other spouse has this faith in the partner that wants to start the real estate investing. Because you have the subject to which was one your first actual deals. Just walk us through what the negotiation process looks like on those kind of deals. And I think that that weighs in heavily when people make a decision is, this guys sounds like an expert. My parents raised me to be confident and strong and always speak my mind. And I think that that has carried me my whole life. And when I negotiate with sellers I just treat them like people. I literally pulled into his driveway and I walked up, knocked on the door.
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They had a for sale by owner sign stuck out in the front yard.
I pulled into the driveway and I got out of my truck and I walked up to the door and knocked. And the front house is a two bedroom, one bath that had a tenant in it. That house definitely needed the majority of personal loans jacksonville fl the work that we did to the property. I live in a small town and cheapest payday loans I think this is another huge thing for a lot of people I see in the forums. So anyway, we walked around the property, he showed me everything. We got back into the main house and he was showing me pictures. And he had an entire room decorated in stuff from this … I mean it was probably worth tens of thousands of dollars. And I just sat there and smiled and listened and let him tell me everything. Tell me all about this thing that gets you so excited. It was just financially the best cheapest payday loans 60 minutes of my life. So I was excited to be talking about real estate like I knew what I was doing and I just let it flow naturally and it worked to perfection. They got exactly what they wanted and I ended up with an amazing deal on the other side of it. And personal loans online approval even way beyond that, I helped them move into their new house. And that was payday loans in mobile al all just I really enjoyed meeting them and they reminded me of my grandparents and I felt like I needed to do something extra for them. And a lot of that was because the deal that I was getting was so ridiculous, I felt like I needed to do whatever it took to help them get to the next stage. They needed help moving and you helped them with those things too even after the fact.
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