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I started a YouTube channel to document our projects around Reno and Northern Nevada. We are doing several episodes per project so you guys can see, in detail, each step of the process - marketing, funding,... Spend 36:04 minutes with me and my student Ayo and learn how he finds and puts deals together. Spend 36:04 minutes with me and my online payday loans no faxing student Ayo and learn how he finds and puts deals together. Darren Sager has made a good case that wholesaling is, for all intents and purposes, similar to a net listing (which is illegal in many states). Furthermore, Illinois has severely restricted the practice of wholesaling and other states are likely to follow suit. And there are plenty of wholesalers around these days. Whenever you inquire about their properties, they will want to add you to their list. If you are active at all in real estate, they will be calling and texting you to get your criteria (price point, size of rehab, where you want to buy, etc. Thus, if you start getting on their lists, you will start getting inundated with potential deals.
Many (though by no means all) have very bad rehab estimates. So yes, you need to put together your own rehab estimate and not trust that of the wholesaler.
And while it should go without saying, some of them are a wee bit oversold. The second most important thing when negotiating with a wholesaler is speed—both the quickness with which you can get to direct payday loan the property to make an offer and the quickness with which you can close. Most want you to close in two weeks or so, which makes bank loans all but impossible.
Buying for cash or having a partner or private lender personal loan with bad credit lined up is the way to go here. Regardless, getting there quickly and making your offer quickly with a quick close is the way to get an offer accepted. Sometimes it will go highest and best as it would with a real estate listing, get a personal loan today in which case you should, again, offer what you are willing to pay.
Wholesalers generally make their money with volume. This is where you want to be, as there is less competition and therefore a higher likelihood of getting a good deal. To get on this list, you need to prove that you can close.
And thus, buyers who they know will close are gold for wholesalers. Most wholesalers are willing to take a bit of a discount to sell to someone they know will close. Regardless of what you think about wholesaling, there are ways to find good deals from wholesalers. It just involves sorting through the junk, acting quickly, and following through. 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 years ago, but has so far done 18 deals, won a lawsuit, and hired two full-time contractors for his properties.
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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 closing process and have the house deeded to me. It forced me to purchase the house years ahead of schedule which set me back. I probably would be at 25 or 30 deals right now had that deal not come along and forced me to put that cash down. 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 was able to prove that personal loan with bad credit personal loan with bad credit he was lying about everything. It 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.
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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 quick payday loans 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. And sure, there was tons of stuff that needed to be updated. There was tons of stuff that had little repairs and payday loan instant approval things. But I could see that he was passionate about this house. It made an impression on me that this was important to this guy. Your sign in the background, work hard and be nice to people, that is literally my entire life. Tony:So many good nuggets Kevin to pull out of everything you just shared man. But you came through, you were genuine, you built an actual connection with him. So I think there was a big lesson to take away from that. Tony:I think the other point that we kind of breezed through that I want to circle back on is the fact that you knocked on his door as a new real estate investor. 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 the work that we did to the property.
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They got exactly what they wanted and I ended up with an amazing deal on the other side of it.
And even way beyond that, I helped them move into their new house. And that was 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 1500 dollar loan 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. And I think it was Prescott that we had on the episode. But he talks about how he was super nice to a lady and listened to her and figured out what she needed.
And at the closing table the lady deeded him two vacant lots. I pay for the expedited rent deposit which is three bucks a month per property. And you can also set it so that the text goes right to your regular text messages too.
So I would say the biggest thing for me from a property management standpoint … And I know this is going to probably piss off a lot of people that listen to this. When I renovate them I renovate them like personal loan with bad credit I would live there and I say that to everybody.
But just to put it out there, all of this is longterm play for me. And allowing that money to scale itself is a huge factor for me right now. And I hate my job and I want to leave it right now. So I love the mindset that you have and I just wanted to highlight that because I know so many people who are listening to the show, they have W2s.
We actually linked up I think through the BiggerPockets forums and we found out he was local. And my realtor makes a tremendous amount of money and he had to do a no doc refi at five and a half percent on his personal house because he could not do a regular refi. But he did not have enough tax returns to show two years of real estate work.
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