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Get a job as a maintenance person to get yourself into real estate.
But he just does such a great job of explaining different things, including how to set up a partnership structure and how he actually finds a partner. So I think you guys will find great value, especially listening into that partnership piece. Tony:So before we dive inside the meat and potatoes of everything, Andres, tell us about you.
Andres:So growing up, I grew up in Dominican Republic. And for some reason he got wealthy at one point and that stuck in my mind. So I got a full ride to play in Puerto Rico and it was a blessing. I got actually three degrees and then came to the US with the hope of playing professional tennis. And at the time, I just had someone that was going to help me out to play professional tennis, pay day loans on line but that was an option.
And then I came here, played professional tennis for almost two years.
And at one point, I was working 10 to 12 hours and I burned out.
So I google, how can I not work that much and make some money? Andres:pay day loans on line So after that I bought… So I was renting my place and then I decided to buy my own place.
I bought a property that is around up to 210 pay day loans on line with three and a half percent down.
I mean it was a no-brainer for me at that time because it was not too much money. Tony:So I just want to make sure we got the story right.
So you bought a condo first as your primary residence. And then after that, you transitioned into a three unit. And also I was running the numbers of if I rent… It was already ranted. First and second floor was section eight and I was going to live in the third floor. The thinking process, I think it was just I can live here and the worst case scenario, my mortgage I can afford the mortgage. Well, you looked at what your worst case scenario is and you knew how to solve that problem. So worst case scenario, you had zero tenants and you had to pay the mortgage yourself.
So payday loan direct lenders only tell us a little bit about handling the tenants.
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Because, I have maybe 10, 12 tenants right now fast payday loans tallahassee and they all pay in time and they all have suffered from COVID. And I think that I establish that relationship with them.
Tony:So it sounds like you learned a lot Andres on this first property in terms of dealing with tenants. You briefly mentioned this, but I want to go back to it. You said that you had a tenant who was a problem tenant, but you made an agreement with them, for them to leave.
What was the issue that you were having with that tenant? And then what was the deal that you worked out to get them to actually leave peacefully? Andres:The first and only thing I will say is solve a problem.
At online installment loans texas one point, I have to pay a U-Haul for that person. If they need people to… Sometimes they need just a U-Haul. Sometimes they need a security deposit for another place.
Well, in that case, you have to weigh what is best for you? Ashley:And then you added into your business as a loan payable and you pay them back out of your business when you get a new tenant in there and pay it out of the rent. Now you had mentioned that you watched your godfather build wealth and everything like that. What was that like when you came here and you started out? Are you a huge tennis player that you had millions of no doc loans dollars to buy these first properties? How did you come up with your payments for my down payments? So then I transitioned to a professional tennis instructor.
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I bought it for 144, but I also… We got also a piece of land because I asked. So we just have a resource for CapEx, maintenance, vacancy. And how did you structure this in a way that made sense for both you and them? The first thing I will say actually it will be, make a list of… Just take your phone right now and make a list of all your contacts. And I bet anything that you will find at least one or two people that have money that maybe or maybe not necessarily invest in… Know about real estate, but they have capital. Will you be interested in investing in real estate? Because you can print that report and I send them to that. At that time, I did have money but they have more money than me pay day loans on line and they want to put it to work. And I found very good deal because of the piece of land that we actually got next to it.
We bought the house cash and we are splitting all the profits three ways. If you do good in the tennis business, you can pay us back or we can refinance the property.
And then for your partnership agreement, is this something that is going to continue on? Then pay day loans on line we can talk about that later if you guys want. Because everybody is good when everything goes well, but what about when something happens with the property? But everything is set pay day loans on line in stone just in case something happens. Tony:One thing I want to comment on really quick, Andres. Just going back to something you mentioned earlier. But Ashley and I have talked about this before is that people invest with folks that they know they like, and they trust. What you just said Tony, is the best way to know people that invest in real estate. But the little that I post, it has give me so much good results. What kind of systems you have in place to do this efficiently?
Say anything with social media, I have a crew that obviously they are not on a payroll. How about if I charge you a fee for renovating, I give you a budget and then we just do it and I find you a good deal? And obviously I do have knowledge of renovations and all that.
But I think because you take… In real estate, you got to take risks.
And I think a lot of people are suffering right now of analysis paralysis. And unsecured personal loans alternative to payday loans poor credit I said to…The only thing that I have to tell them is, listen, if you have analysis paralysis right now, just think about working 9:00 to 5:00. Just think about working on weekends, being away from your family. Think about your boss demanding you more harder work for him or for her. I worked for somebody for seven years, which I still love that person. Now, I want to touch real quickly on the vendor piece. Because I think for new investors, one of the biggest challenges is how do you go about building the team? And it sounds like you found a really effective way to do that. Doing that at a reasonable price is the second thing.
But I maybe went through five, six people to find one good plumber. And also, I think one of the most important thing is said with clarity what you expect from that person.
So set expectations before you start working with them without being too mean or anything. A bank when you go to do a construction loan with the bank, they have their draw site. Make it the same for yourself, have the same rules that the bank does and stick with it and follow with it. So just pay day loans on line tell us a little bit more about your portfolio. I sold it, I made around 12,000 just because the tenant just pay off the mortgage. I have a duplex, I did another BRRRR with none of my money.
It was a tennis friend that I have that work with me. Tony got his fiance involved too with real estate doing short term rentals. Can you explain how the equity pay down accounts for that 12,000?
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