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You Need A Budget will help you plan for the things you need and get more of the things you want. Like save for a down payment, track your rental property expenses, and make strategic choices about how you use and grow your money. Those unexpected repairs that show up with every rental property? Support your wealth building strategies and take total control of your money at youneedabudget. Try You Need A Budget free for 34-days (no credit card required). Do you like watching home improvement shows such as Income Property, Vacation House Rules, andBuyers Bootcamp? Joining us on the podcast is HGTV host Scott McGillivray! He realized that he and his roommates were paying a few hundred dollars over what their landlord was paying monthly for a mortgage. While in college with no job, very little money, and no experience, Scott bought a house payday loans idaho and moved out of his rented room. Over the next few years, Scott started amassing more and more rentals, taking as many financing options as he could get his hands on. By the time he was 25, he already had 25 units and a significant amount of profit coming in every year.
This only pushed Scott to strive for bigger and better deals.
Now Scott owns hundreds of rentals, and spends his time between Florida and Canada, finding more deals, and fixing up more rentals. Scott is a tried and true how many payday loans can i get investor, one who has gone through different market swings, different fads, and flexible loans for bad credit many different tenants.
Stay tuned and be sure to join the millions of others who have benefited from biggerpockets. We joked about that on the show about trying to pronounce that. We just got done recording him, and that was terrific. Yeah, I wrote down a couple of notes as we went through it, to make sure I bring up, his how he got to 25 units by 25 years old.
What we call the Scotty Mc Method, or the Scotty Mc Method for getting your offer accepted. Totally a cool way to get your offers, increase the chance that your offer gets accepted, very cool strategy. It reminded me of what it was like when I was scared to death, and I laid there all unsecured personal loans online instant decision night long thinking I should have wait for prices to drop more, and what was I thinking? I never thought about that before about how people will listen to the problems that maybe I have or you have, and then they get all stressed out about it.
We brought how to borrow money fast in this whole new audience of people who were like, yes, I want to know about real estate investing, and finally, somewhere to get credible information.
After the crash of 2008, I remember so many shows were canceled, and basically the president of the network at that time, was named in Time Magazine as one of the people to blame for the 2008 market crash. We came through the 2008 crash as a bit of a hero show.
I choose to leave one of the units empty out of the three, because I like having family and friends hang out with me. Scott:One of my biggest regrets is actually in Hawaii, believe it best payday loans online no credit check or not.
The first time I was there, it was my honeymoon in 2008, I got married in 2008. We were in Honolulu and I went to the launch of a condo, they were launching this brand new condo on the water. I went to the bank there, and I was able to get approved for a mortgage in Hawaii there at the bank.
I had 11 condos under contract for about 150 grand a piece. Then later on, it always seems like they were giving it away.
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If you want to get anywhere amazing in life, you have to get both aligned up together. What did that first phase of your investing life look like?
Scott:It was pretty low key, all things unsecured personal loans online instant decision considered. I got that first property, and the first thing I recognized was pride of ownership. When you go to school, live in residence, party with your friends, get that out of your system before you make a commitment. I remember I went to the mall, and I went to go see my mortgage broker and just make sure everything was cool. As I was walking through the mall, I was like holy smokes, there are three furniture stores here.
So, I refinance that house, and now, I got some of the equity out, which was insane. Back then, that was everything, but that was like a bargain, obviously. My renters are paying down the principal balance on my mortgage. A train moves very slowly in the beginning, and a lot of people give up during that phase. Then the eight gets you to the next phase, which gets you to the apartment or the 50 houses or the whatever it is you buy next, and each builds upon itself. I remember spending seven days a week, 10, 12 hour days racing around like a madman to try to get it set up. Like you said, getting that train moving took more energy than I knew I had. I think by the time I got those eight properties, I was in way over my head at that point.
I figured it out, and I started buying multiplexes.
All of a sudden, multi units became the flavor for me. It was no more single family, it was all had to be two, three or four units for me, just because the cash flow was high enough that it could support my goal of getting enough financing to get the next one, and the next one, and the next one.
After 25, interestingly enough, I bought 33 properties in a week, after hitting that goal. I was so pumped about it, I went to an auction in Ohio, and I was there and I had met this property manager who was preaching about these properties. They were trying to sell all these properties, and I ended up negotiating with the auction house and the bank that had all these REOs, and I bought all 33 in one shot.
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