Real Estate For Beginners | All Your Real Estate Questions Answered | Subscriber Real Estate MeetUp

Real Estate For Beginners | All Your Real Estate Questions Answered | Subscriber Real Estate MeetUp

so what kind of questions do you all have about real estate what’s going on in your neck of the woods well I mean we’ve been talking about what we want to do as far as like making an income wise if we don’t want to work there somebody relevant work for some reason the least it blesses we can okay real estate seems like the best thing to get into to invest rather than to have that passive income okay so it’s also risk but I feel like I have a good personality I’m outgoing I’m able to meet the people I could give and still trust the people so if I can do that with people and get them to trust me we can go from there and go on make some money yeah I think it’s just more of learning how to get into it how to find the right people how to approach them all the different avenues there are in this realm that we can get into the wholesale the resell real estate the broker so I don’t I don’t know which one’s the best I just wanna start using seroff where I learn the ropes I have free time right now I have time to do this stuff so let me learn the ropes do something productive with my time and then turn that to something right you start making some passive income where we can use about and travel another ten years from now worry about sitting at my civic town or having one house I have multiple houses in his trial around understand we’re getting RV just drive around the country you just go visit places kind of stuff hey that’s what I want to do yeah visit all the football football state would be fine and not deal with it but in terms of real estate and then investing there’s just there’s so many avenues like there are now funds like fun rides if you don’t want to deal with the buying property flipping it and all that you can just invest in this one real estate fund and it gets you somewhere between a 8 and 10 percent return does that hold money people are using to fund yes fun fun real estates called fun rise calm Thunder Brian yes so if you just wanted to do real lazy man approach and notice you’re going to get close to us somewhere between 6 to 10 percent returns you can just invest your money and fun rise go to sleep now if you want to do really really do better and like take a higher risk that’s when you can get into things like flipping or finding a property and fixing it up putting a renter in it or find a property fix it up and selling it yeah or you can take the Avenue of getting into wholesaling which is kind of what I recommend everybody learn as an initial real estate investing skill because that is the ground floor of how you find properties so for example when I say wholesaling all you’re really doing with a wholesaling deal you find a property you find some a home that looked like it’s distressed for you riding by he’s finding owns that home you see what their deficiencies are see what their issues are tell them that you would like to try to help their situation if you put a contract on the home then you find someone who buys them for cash and sell them that piece of paper you just help yourself you help you everything home and you’ve also helped the person that’s new to real estate investment how do you find the person when you have when you have the house and you put the money down how do you find the person that wants to so basically you’re saying how would you find a buyer so you’ve got the piece of paper you’re going through your due diligence process and you’re trying to find someone that would buy that piece of property a lot of people don’t talk about it but probably your best way to go be a real estate thing everything Mike you tell us now you would have to find a real estate agent or find some real estate agents there are several ways you can go about this but probably the best one be find a real estate agent ask him who have been your cash buyers in the last 90 to 120 days and tell them you’re a real estate investor you have a property that you think would be a benefit to some of his cash buyers and offer them a little bit of the cash money – okay if he can get it moved for it that’s one way you can also go to whatever County you guys live in court house auctions to see who are the people that are buying cash properties at the courthouse steps Hilary that’s another way you can go about doing it and in another way you can find motivated buyers go to your local real meetings your local investment group meetings and just see who are these people in there buying properties and oftentimes they’ll let you advertise the properties that you have on the contract okay howdy is there a way to easily find properties that are in distress not really the the number one way that most people find them is what they call it driving for dollars basically you hop in your car and you ride around and look for homes that have the distressing high grass unkempt you know maybe broken windows broken chandeliers mail piling up at the mailbox maybe city ordinances all on the door that’s how you find those properties that are in distress okay okay the driver and there’s also means there’s the houses in distress but also the stress of the financial house we distress where you see it’s falling apart but also the flipside is the financial distress of the person might be under as well like they might have some tax issues that you don’t know about right or some other biggie somebody died the family recently they can’t afford the house payments anymore in two months from now we’re screwed so usually that’s what causes the house to be in distress yeah yeah that’s as ease into that probably and then believe it or not you have a whole lot of homes though distressed because this has been passed down to individuals who are wealthy and don’t want to manage the home or don’t care to manage the home one of my sellers was very very wealthy do people care less about real estate investing he didn’t want to deal with it and he led to two more properties for me laughs because he’s just he inherited the home he didn’t care about it and when I worked with him to get the first deal done he was happy and satisfied with how fast I was able to expired because I got two more that I want you to have yeah so and you did this where important near you have you bought or so places on just on the internet without going or looking at him no I’ve never done that everyone I found has been either driving for dollars or through a connection of me okay okay now you could try the one that but think about it like this if it’s on the internet think about all the people has already been guilted – yeah you know when you drive four dollars and you find that property you you are one of the first pants of the people in fact you see this property indeed but get in control of it or people but if we get with a realtor a real estate agent and tell them what we’re trying to do because they’re gonna get people coming to them that maybe they don’t follow the criteria and they’ve vacant houses coming in the through stress like hey give me that lead and let me go work that lead and in the vice-versa if I get people who aren’t really into distress but living it by itself house I’ll send them to motivation she got that cycle right there if he possibly but a good real estate agent if he finds a home that’s in distress or he knows the homeless in distress he’s gonna assure them to that list I just told you about yeah I mean like I said whole selling real estate is the foundation like you could just the front line so how you can get some of your best deals now you know other methods much one of my favorite Memphis is I like to buy a home that’s rent ready already is rent ready people don’t fix it up and all that maybe it’s for sale by owner and I tried to negotiate them down to 85 percent of what the home is worth so I could have some enforce equity in the property okay cuz I like to win and in order for you to make some money on a rental you need to get it for a deal you need to have some equity in it but at the same time I don’t want to deal with having to fix it up whereas a lot of people will tell you their method is they get something they fix it up then they stick a renter into it just not my method what I like to do is strength of me is negotiating okay and if I can’t negotiate you down to 85% or 90% of the value out okay when you see or drive by a door you can you so you you could definitely do that if you want to but what the way that I do it is I get the address I go home I look them up on the county tax tax form to see who they are see if they owe taxes if they owed taxes that means they are a high level priority and if you can figure out whether they are high priority or not then at that point in time you can go knock on the door they’re probably not living there or you can try to look up their phone number online and that’s one of the things I’ve looked up phone numbers online I’ve called people and you can send them the distress letter based on the information you find that the county okay so vibrant ready yeah as if see if you’re if you’re trying to buy places in to flip you’d want to make sure you have reputable people maybe already and II like tractors cause crackers are hard to find yeah well and even having them handy it’s gonna be hard to find because most contractors are not gonna sit down and talk to you because they are busy so what you do is you find someone who’s been doing real estate investing asking who they’re using and you and you’re probably gonna have to go through about five of these people because they’re probably using those contractors on a day-to-day basis but you just want to know who they are and then give the contractor a call see how long it takes them to call you back if it takes them longer than a day or two to call you back the one we want but you want to have a bow in hand so that when you are ready to do a deal he’ll possibly come and take a look at it for you to just say hey you might need to fix this this and that this is how much it’s going to cost until you get to the point where you start seeing and understanding how much certain things would cost on its own without having to need to come out but you definitely want to have about three or four contractors on dad okay well like red flags like we really have you ready certain things like you like oh if I see this like I’m walking away before I get into it into like a home yeah yeah it just depends like because I’m really I really don’t like to pick stuff up like but you know there are some investors who are taking a shell of a home flip it around and fix it now if I can get a home for $10,000 but like if I see water damage I’m gone okay what water is like the biggest threat to a home if I see a lot of water damage on short of that or if I see that the house is uneven so one of the deals I walked away from either the roof was bad or the foundation was bad either way because the home was older in that community the new city ordinance if I had to play with any of that and pull permits it was going to cost me you know the price of what I was going to pay for the home in a community that was only going to rent for about 525 nope no banks yeah $50,000 and the lady was going to sell the home for 20 and this one cost like 50 to fix it up yeah how do you choose where to look like you do you look online and find like hot areas that are sunglass stuff we look for older neighborhoods really I was purchasing people in these neighborhoods have been around for a while and they might be in distress so that really comes down to that really comes down to how you want to invest so me I didn’t mind investing in here because I know you’re gonna get those properties cheaper I know you can fix them up and I know what my escape route would be at the end either I’m gonna pick them up and try to sell them to somebody else so I’m going to fix them up and possibly put them on section 8 those are my estate plans a lot of people in the real estate market are trying to find homes and what you call a be a neighborhood or B C neighborhood but the problem with that is everybody’s looking for those okay as I’ve been lower-income neighborhoods or so those are the high-end so on a scale you go a B C and D D would be the worst C kind of be you know mid poverty area stuff like that’s gonna be it seems like a lower yeah yeah AMD are your highest or you can just go somewhere where you think that the income of the homes my range between you know 75 to 150 thousand that’s probably about the average but again you’re gonna be fighting everybody else yeah you kind of have to figure out which one of those which directions you want to go which are investing to start making your plan to go forward I like because of the one need every winter they talked about the guy was like Hispanics don’t like to pay for 45 you just made 20 years one of my mentors has a great connection in Greensboro High Point with Hispanic families they don’t care about buying a house in it you know you can get it fixed up and you can get in through their network they will spend fifty thousand in cash and buy the home that’s a guy Richard Simmons like that bet we’d at that time and I met with you right afterwards you’re talking about it what does it mean it they’re saying it and I’m a matzo getting into it now a year ago now you’ve been into it for a while in the house is worth it now I mean having said all this stuff about we’ve talked about all the good there’s some bad you know I just I struggled with that daycare because of contractors you know bad contractors I didn’t understand how contracts work like having a lease contract and what triple net meant I didn’t know what any of that stuff meant in the beginners all learning experience it was oh yeah intensive learning said yeah at the end it paid off but you know that’s the learning curve you get and having someone like me around to come and meet and talk to you about it you can kind of start thinking about those things yeah as I said that network right and then you can kind of you know subside some of the pains you might would have with feeling once you can get the real estate really turning some great investment great long summers that’s something to pass down to kids generations generational will you know once these homes are paid for and you’re still young people so 20 years from now you’ll still be probably over 60 I’m 38 no 40s oh okay no no no man stop putting years all right you’re like 40 something’s always liked me he looks really good I got all the gray my beard they never need to help like with people like helping you out like if you’re like getting deals going or if you just start to invest this started process a do some stuff like you need people helping you out where I come in biggie like an intern I haven’t got to the point where I’m ready to hire someone agrees some who say no there’s still talking about scaling your business and the ultimate goal is to get to a point where you’re scaling and you do want to finally get to a place where you’ve got someone answering phones or looking for deals going representing you at these network meetings networking with people for you so that you don’t have to waste time going on yeah that’s something that you could well I mean I’m always everybody’s always at that point you know it’s always good to have a network of people that can go and represent for a common good to build yeah yeah but you know one of the things that people usually are looking for when they talk about do you have someone that you can help out it’s someone that might be helped out financing the deals or someone that can help out with down payment and I’ve been blessed enough now for the perab you have one or two mentors that have cash money that you’re on my list for cash alone so right yeah I’m sure I do have a mentor too that if I present them with a good enough deal is good enough return they’ll give me some cash if I need it like that but it’s just got to be a good enough deal I’ve got the baby to explain to them the deal how they’re gonna get their money back and what works in between so those are ways that when you want to get into this thing without a lot of money but you’ve got time and effort how do you get involved with it you know that’s the whole concept of using other people’s money you know that bad late night TV commercial that say would you like just flipping real estate using other people’s money yeah that’s the concept behind that but what they don’t tell you is when you go to those bad late night meetings they want to use your money to fund their stuff yeah you’re the product lose meetings all right the so yeah it’s a plant that’s you so if you need help in doing that kind of stuff you’re hey Tony there’s a meet-up over here I can’t get to or go check this out so Howard if you go to the banks to get money what’s the best way to use the bank’s money like would you have to have me be collateral already like I already have collateral can you give me a loan against or if you have them prior business credentials a great credit so now a lot you see a lot of real estate professionals talk about funding deals without using the bank because the bank has their strict kind of regiment of things that they want to see done in order to give a loan on real estate so yeah they probably won’t want you to have a decent credit score decent – I didn’t say good decent so they might want you to have 650 but they’re also probably gonna want you to have some down payment money as well so when you’re talking about getting a commercial properties not where you’re gonna live banks typically wants you to be able to pay down 20% of it yeah so you’re if you’re gonna buy something that’s a hundred thousand dollars you’re typically gonna need $80,000 then they’re gonna go inspect it because it doesn’t just become when they do their inspection then their appraisal it’s not just gonna be based on the value of the home it’s gonna be based on the value of it being a rental property which is not going to be as high as it being right a live-in home so for let’s just take the last property I bought for example the value of the property was one hundred and twenty five thousand is a duplex but the rental income value that the bank appraised it for was a hundred and seventeen thousand now I’m renting it for more than that great because I’ve done one or two little manipulations to make the property rent for more than what they’re saying so at one hundred seventeen thousand they were saying it was rent for six fifty again I wound up renting it for 700 per side okay so the duplex yeah yep the bank is gonna want to see everybody the bank is gonna want to see income down payment and possibly some equity in the property so what a lot of people do is they go the route of not using the bank and how do you do that is a term called owner finance so you find someone who owns property they might want to get out of it and not pay capital gains upfront and then just get them and negotiate it basically the same deal the bank will do you pay them instead of 20 percent maybe 15 or 10 percent and then they just give you a loan as if they were the bank and they don’t have to pay capital gains but they’re gonna make whatever you negotiate to pay them for 20 15 years whatever you set no credits involved right now you set terms in that they can’t just take it if you late one – yeah my baby after three months then the house goes right back to them and they haven’t lost anything so a lot of people like going that route that’s using I would read it mattify I will tell you look for if you see something that’s for sale by owner call them up and be like look would you be willing to do some creative financing and sell this home on the finance and if they don’t allow people don’t understand how it works you tell them basically you know instead of going to debate and increasing my debt to income ratio I would just like to be able to give you the same down payment I would do the bank show you the income that I have in my bank account show you the income I’ve made over the course of this or you know I can pay it and just do wanna find we probably that was that if they didn’t need the cash up front to go buy something else so if they were having a median C of not leading the cash right away they’d be okay that’s right so maybe I wouldn’t be I need the cash right okay okay I’ll look into that one and it’s Bob most of my incomes right now is the money’s mostly tied up in cryptocurrencies which I bought most of mine back in October November last year and that’s when everything yeah man I remember we did a video on they’re not jumping ship Lydia else I cashed out when I’ve seen it going down they haven’t recovered yet they’d still sitting there so I’m just sitting there holding I’m just waiting it’s gonna go back up and those people understand is they don’t know one don’t understand anything it’s just not worth anything no no it’s it’s going to go back up eventually it’s gonna go down there’s billions of dollars being put into the infrastructure to get it to work right and once that’s in place they’re gonna flip the switch and that shit’s gonna go oh this was a rocket it’s just a matter of yeah and there’s getting the ETF’s in places what they’re trying to do is they’re trying to get it so your 401k money can start going some of it can start going off from stocks on Krypton once that’s in place and money starts going from 401k decrepit oh you’re talking trillions of dollars right well I could the market over a matter of months so it’s gonna be nuts educate those who are gonna need to invest their money they can instead of you know their I think it’s going to be huge so they don’t think there’s a lot of people who know about any of the cryptos like they do about Gerber or yeah definitely there’s a lot people think it’s all fake I mean I’m running the guys for a pretty technical savvy and they think bitcoins not going around in five years right you’re not you’re listed rock music yeah normal media there’s no country right let’s stay down until they can make a bunch of money off it they go up till they figure out how to cap it they want it down to like that four thousand dollar mark was able to buy a crapload 4,000 exact with the switch and they’re gonna sell it for fifty to a hundred thousand six months later so yes I’m gonna start beating the street I’m gonna talk to Elizabeth or else that’s my first step is go roast agent say hey can you get me access to old some 90 days 60 days whatever MLS cash sales and under certain and a certain marks under I guess hundred fifty thousand dollars maybe and then just start looking for hot regions looking for places maybe where there was twenty houses sold over here in this region but only five over here that twenty investors are really hot over here so we’ll look at in that area cuz it’s also hot over there the one thing about the see if you can find a real estate agent who has or is into real estate investing okay that’s but you don’t just want a real estate agent who their whole Mitzvahs I’m just selling a house you want a real estate agent who has either work with people who do real estate investing or they’re doing it themselves because they’ll under is with their understand your language and they’ll be more Iger I think they certainly will because other real estate agents and look at you if they can’t make money off you in the future yeah yeah but shot she prank you me the list at least a few I doubt it yeah people people are not gonna people that tell you what deals are on the MLS but they’re not gonna give you the list so you could ask her are there any good deals on MLS but again what I see for past selves past saleslady that would be a or ask her just ask her do you have cash customers you have people who have paid for homes in cash in the last hundred and twenty days I think she’s gonna say no only because she’s in Wake County right there in the heart of Apex I’m pretty sure people aren’t paying cash for a thing houses certain areas the venue slab Durham you have some areas of raleigh-durham sherlyn I don’t think she does her so that’s why you go to these real meetings and find out who’s real estate agents and those okay and then you just start you start to meet up I’m gonna start going to meetups urea is one of them you said yeah don’t we start there the RIA meetups and all the local meetups start going to those mm-hmm as I get questions as I go all this I’ll try not to the barrio let’s try to get like maybe ten questions or five or six questions at once in this you got something they’ll just put you on retainer yeah I’ll put up put you on a timetable and also in our house if you know anybody who’s looking to invest me how I keep us in mind fear if somebody’s looking at this we got nine acres of land and Cameron with the 21 her square-foot house on it and you could do whatever are you saying I think it started for us because we have this house and part of it was like well let’s just move back into it save money for two years surveyed chunk of change and then move on but we don’t know if we want to live it’s really not it’s spreading cuz it’s great it’s in Cameron in next with Sparrow and Sanford and Southern Pines and all of them all expanding outwards and more expanding right towards Cameron so Cameron’s eating more popular more expensive as well you might want to hold on to it I mean people renter in there just keep a renter until someone pops up then I’ll pay you double the value of what it’s worth but I don’t I don’t think that anybody is going to just come to us and say here you go I want to buy your stuff oh we just going to markets hot

4 thoughts on “Real Estate For Beginners | All Your Real Estate Questions Answered | Subscriber Real Estate MeetUp

  1. Hey Lamont thanks!These are some good questions. I was wondering the same thing. But my question is why would a person go through you to sell a property instead of going straight to a realtor?

  2. Quick Info brother just wanted to let you know terrarium TV is down for good the developer decided to stop the app search the internet for more information

  3. Good one

  4. What’s up Lamont what contracts should I be using for a whole seller. I would like to try it but not sure what paperwork I need. I love all the Kodi and streaming videos but these videos make money 💰so keep them coming

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