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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.

Right now Your problem is like, how do I find that duplex or whatever. This is what I talked about with people that come to me. He told me it was like delivery, Scott McGillivray. Anyway, like I said, this guy was a huge impact on my life. Brandon:All right, Scott, welcome to the BiggerPockets Podcast. First week, we said, who was our dream guest for the BiggerPockets Podcast? We kind of almost did it once, and then there was a tech problem, and so now here we are eight years later, and we finally nailed it down. Scott:I was in New York, and my publicist was trying to get us connected. Brandon:Your were house hacking before house hacking was a thing. You were talking about and teaching house hacking… That was the inspiration for so much of what we have built at BiggerPockets. You were like the foundation builder here of this is what… It just works. The idea of turning… Let me ask you, what was the show about? Let me make the show about you, not me, explaining about you, what was the show about? But then a friend of mine who worked in television asked me to help on a show to do some construction. If it was painting or design, or it was construction and building maybe, but real estate investing, it might be just too far outside the box. I remember when we were shooting the first episode of Income Property, it was in one of my properties, and everyone was completely oblivious.

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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But the second best time is now and the worst thing you can do is delay your opportunity to make money in real estate. I know you have a very cool story of a time when you were actually the tenant, and you went to drop off your rent check and you realized what was going on on the other side of the curtain. Do you mind sharing what that light bulb moment was for you and how it affected you? I was 19, 20 years old, I was away at school, and my friends and I were living further and further away from campus with more and more people where can i get a loan fast to be able to afford something, and I had the worst landlord, that year was just the worst landlord, he was brutal. I remember thinking, this was the moment where I was like, wait a second, I thought for sure we were only contributing to part of the expense of this house, not covering the entire thing, and then making this guy money. Because this guy literally spent five minutes that entire year showing up to collect the cash from us and never worked again. If this slumlord can sit at home, sleeping on his couch and make money, this is a unsecured personal loans online instant decision job for me. I basically just haggled with the seller a little bit and was able to just unsecured personal loans online instant decision barely buy this place. Why do so many people get excited about real estate? Logically, it might make sense to them, like, "Oh, yeah, this would make perfect sense. I look back, and a lot of people asked me this question like, why did you do this? A lot of my friends, their parents were paying their tuition, some of them had a car and mom and dad made the payments or covered the insurance. But I realized at that moment when I was about to buy that property that I was just as scared to buy the property as I was to face the rest of my life without a solution.

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.

When did those get… I had never noticed a furniture store in my life, and then I saw three of them in the mall that day. I started getting a little bit excited about my property. It took me a year or so to slowly renovate it, being able to afford literally a dozen two by fours at a time, and doing most of the work myself. Now, at the time, this was the year 2000, basically, a year after I bought it, it was the year 2000, and you could do short, to a lot of short term mortgages. This was a one year mortgage, and it was up for renewal. I went in to talk to my broker about renewing it, and I remember how excited it was, I said, this was such a great decision. I have a list of 20 people that would rent rooms from me if I had them. I wanted to understand the practical things that were going on in my life. Negotiating with sellers, how to shop around insurance.

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.