Real estate investor, Trainer Trevor Evans, teaches, how to invest in real estate with No Money. Trevor teaches, how to get funding for your deals, fix and flip, your, investment properties, and, how to flip a house.
Watch the YouTube video to learn how to Invest in Real Estate from a, Rich Dad, real estate investor.
What you will learn about Real Estate Investing in this motivational video:
1. What are some strategies to purchase property for your, real estate investing, business with little or no cash?
There are several way to do this. You can max out your credit cards, you can set up a lease to own deal, you can get seller financing.
2. What does, Hard money lenders, look for in a good deal?
They look for the ROI or return on investment
3. How do you make your deal attractive to a, Hard money lender?
Show that the resale value is at least 40% higher that the investment.
Strategies using other people’s money to fund your, real estate investments:
1. Using your credit cards to fund your deals. The more credit you have the better off you are!
2. Hard money Lenders, Hard money lenders, look at the asset and not at your credit score.
3. Borrow money from friends and family. You convert them into, Hard Money lenders, and pay them a good interest rate to start your, house flipping, business.
4. Borrow from your Whole Life Insurance policy.
2. Take a loan from your 401K.
3. Take out an Equity line of credit on your personal house.
The commonly used strategy in, real estate investing, is the use of a, Hard Money Lender.
You need a, Hard money lender, for your, real estate investing, business. A money lender does not look at your credit, what does he look for?
1. Your expertise. Most, Hard money lenders, want you to have three investments under your name. This does not include your personal residence.
2. The ARV or after repair value. The property must have equity before the deal is made.
3. How did the property come on the market. Eg is it a Foreclosure, short sale or probate.
4. What is your, exit strategy? Is your, exit strategy, to, buy and hold, or, fix and flip?
Make no mistake, hard money lenders, need borrowers to deploy their capital and get a return on investment for their capital partners. They often enjoy repeat business, real estate investing, aren’t typically one-time borrowers, so asset-based lenders like, hard money lenders, or, private money lenders, value the business relationships they develop with quality borrowers.
Real estate investing, with no money down or little or no cash is to borrow from, Hard money lenders, who charge high interest for short term loans. When, hard money lenders, provide a loan, they want to be confident that the, borrower, is able to repay the loan on time. If the, borrower, isn’t able to pay back the loan, this creates a great deal of extra work, stress and potential financial loss for the lender. A strong, borrower, with a significant down payment (or equity in the property) and cash reserves has the best chance of obtaining a, hard money loan, and succeeding with their, real estate, project.
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Looking for a, Hard Money Lender? Here is an article from Connected Investors on how to get bids on your project.
Connected Investors, the world’s largest, real estate investing, network and marketplace, today announced the launch of the first centralized real estate investment funding portal, CiX.com. The technology allows real estate investors to quickly and easily submit their deals to a network of asset-based lenders, ensuring the best terms for loans on their, investment properties.
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Real Estate Investing, in Rental properties gets a lot of admiration because of, passive income. Usually there is positive cash flow in, rental properties.
Joke of the day Rental properties
A young woman, pursuing a graduate degree in art history, was going to Italy to study the country’s greatest works of art.
Since there was no one to look after her grandmother while she was away, she took the old lady with her.
At the Sistine Chapel in the Vatican, she pointed to the painting on the ceiling. ‘Grandma, it took Michelangelo a full four years to get that ceiling painted.’
‘Oh my, ‘the grandmother says.
‘He and I must have the same landlord!’
A few weeks ago I interviewed my co host Trevor Evans on the topic “The path to Financial Freedom” We received such an overwhelming response to that topic that I decided to have a spin off on, Real Estate Investing. This is episode #2 in the series: Real estate investing, “Funding, Fixing and Flipping. Is Owning, rental properties, worth the headache?
As a realtor for over 17 years, investing in, rental properties, has been my space up to this point. I own several rental properties and I also manage several rental properties.
My co-host for this podcast is Trevor Evans: Speaker/Trainer for Legacy Education Alliance and Rich Dad Education. Trevor is also an Entrepreneur, Real Estate Investor. Banker and Founder of Personal Awakening Brand “Being Normal Sucks.”
I met Trevor earlier in the year when I attended a Get Motivated Seminar and signed up for a 3 day, real estate investing, seminar. I met my co host Trevor Evans at this program and let’s say his vast knowledge on the subject of, real estate investing, and, real estate, opened my mind to new opportunities.
I didn’t know what I didn’t know!
His knowledge base was extensive. I immediately enrolled in the Legacy Education Alliance, investing in real estate, training program.
Real Estate, will be a natural choice for many as an, real estate investment, vehicle. Generally, real estate, can be counted on to rise in value over a period of time. If you want short term investments, you can use short term investment vehicles like treasury bills. Other options are gold, commodities and the options market. Small investors are now also switching to Mutual funds because they offer a great deal of flexibility, and they can be cashed in at any time.
So, the best investment choice depends on your country laws as it relates to Capital Gains tax vs interest tax. In the USA and Canada, interest is taxable while you can make a lot of money tax free with capital gains.
Are you looking to invest in the south Florida market? The time is ripe for investors. Call Myrna Young at Century 21 Selling Paradise 239-542-5777 for all your Wholesale or Rehab purchases, Buy and Hold, rental properties, or Property Management services. We are licensed in real estate and property management services and can also buy or lease your home. Don’t delay, Call today 239-542-5777
“Is Owning Rental properties worth the headache?” Show notes:
What are investors doing that is causing the headache?
Not properly screening the tenant.
Most investors are stressed to put a tenant into, rental properties, because it costs to have a vacant property.
That is the underlying reason that they short the screening process or decide to take a risk with a tenant. But it costs more to have the tenant removed and evicted, so the pain of a bad tenant lingers for a long time.
Not understanding the renters mindset
A renter does not have an owners mindset to take care of a property.
The environment the rental is living in determines the mindset of the tenant. If you have a tenant in a single family home that is costing over $1500 per month. That tenant has an owner’s mindset and would usually take care of the, rental property, as his own because he or she is probably an executive and is not renting because they can’t afford to buy.
Know your tenant
That allows you to skip inappropriate steps.
Understanding the positive cash flow cycle
Buy only properties that need remodeling instead of renovations
Setting up warranty or replacement work directly with local scratch and dent shops
Paying a flat fee to a Property Management company
Additional resources
Some resources for Real Estate Investors: BiggerPockets: The Real Estate Investing Social Network. There are many free articles and forum threads all for free on how to get started in real estate investing.
https://www.mashvisor.com Use analytics to find lucrative traditional or Airbnb properties in a matter of minutes.
The path to, financial freedom, comes from the quality of our lives. This is, true wealth.
True wealth, does not depend on how much we accumulate, save, or spend our money.
True wealth, comes from who we are on the inside, and not by what we do, or what we have.
The first step to, financial freedom, is to make the mental shift, that your world in here, will be reflective of your world out there.
This week on Mindset Transformation radio, I interview Trevor Evans, teacher/trainer in real estate investments.
Here is a tip of the week Financial Freedom:
There are 2 types of people in regards to, wealth, one who is magnetized and full of confidence and know his potential, and the other is demagnetized and full of fear and doubt, and he tells himself I will fail, I could lose my money, people will talk about me behind my back etc. So, he does nothing. He takes no risks!
As you have probably figured out, the demagnetized man will never get very far.
I love the parable Jesus told about the man who was going on a long trip. He called his servants and entrusted his money to them while he was gone.
He gave 5 bags of silver to one, two bags of silver to another, and one bag of silver to the last.
The servant who received the five bags of silver began to invest the money and earned five more. The servant with two bags of silver also invested and earned two more; but the servant who received one bag, dug a hole in the ground and hid the master’s money.
When the master returned, he was full of praise for the two servants who invested his money and increased it; but the servant who gave him his money back with no increase he called “wicked and lazy.”
The moral of the story is the path to, financial freedom, is investing what you have to earn more. Let your money work for you. Also it show those who use well what they are given, even more will be given to them; but those who take no risks and do nothing, even what little they have will be taken away.
There are 3 honest ways to financial freedom.
The first is to work for it. The common consensus is that with a few exceptions you can never become, wealthy, working for someone else.
The second way is to inherit it. For most of us, inheritance is not a sure bet.
The third way to, financial freedom, and the most powerful way, is to invest it. Let your money work for you. Compound interest, is one of the most powerful tools in the accumulation of, wealth. Let it work for you. Do you know if you put $2000 in your 401k at 21 years old and let it grow with an annual compound interest of 10%; at age 65 it would have grown to over $1,000,000?
Nassim Taleb said, “The three most harmful addictions are heroine, carbohydrates, and a monthly salary.” But salaries, fed through cubicle farms, are worse than addiction: salaries are slavery. While starting a company may emancipate you from salary slavery, most founders are enslaved to their startups — trading family time, personal health, and happiness for late nights, long commutes, and stress. So where’s this, financial freedom, in the Land of the Free?
This week on Mindset Transformation radio w/ coach Myrna and podcast, I interview Trevor Evans, Speaker/Trainer. Trevor is going to talk about the mindset of an investor, what you need to do to think like an investor and not an employee as well as some foundational tools of real estate investing.
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Are you looking to invest in the south Florida market? The time is ripe for investors. Call Young Real Estate Investment Services at 954-999-6125 for all your Sales, Rentals or Property Management services. We are licensed in real estate and property management and will buy or lease your house. Don’t delay, Call today 954-999-6125
Show notes Financial Freedom:
• Topic: What is, True Wealth: The Path to, Financial Freedom
1. Question 1: Tell us of your path to becoming a Speaker/Trainer for Legacy Education Alliance and Rich Dad Education.
2. Question 2: Before you become an investor, what mindset shifts must you overcome?
3. What I love about the Legacy training is that it focuses on understanding the market and how to use money and not just on the brick and mortar of Real Estate investing. It covers using credit card as an asset instead of a liability. So that is the first mindset shift I think we should discuss.
4. What is the second mindset shift you think is important to acquiring, wealth?
5. If someone listening to this show wants to start investing in, real estate, what advice would you give them and where should they start.
6. When I took your class, you spent the first 2 hours totally letting us wait for the information you know we all wanted to hear but you spent time teaching about Abraham Hicks vortex and frequency. Why was that important?
Wholesaling, is often marketed as a low-to-no cost way of getting into real estate investing and this can be true. A new, wholesaler, can certainly profit with a much lower initial cash outlay than a, real estate investor, who has to buy a property and rehab it.
In, wholesaling real estate, a real estate, wholesaler, contracts with a home seller, markets the home to his potential buyers, and assigns the contract to the buyer. The, wholesaler, makes a profit, which is the difference between the contracted price with the seller and the amount paid by the buyer.
What Exactly is Wholesaling Real Estate?
Wholesaling, is often marketed as a low-to-no cost way of getting into, real estate investing. However, the successful, wholesaler, has to have a firm grasp of what makes for an attractive deal – once you understand this process of , wholesaling, it becomes much easier and can be broken down into a serious of repeatable steps.
Word from our sponsors:
Are you looking to invest in the south Florida market? The time is ripe for investors. Call MyHelps Real Estate Investment Services Services LLC at 954-999-6125 for all your Sales, Rentals or Property Management services. We are licensed in real estate and property management and will buy or lease your property. Don’t delay, Call today 954-999-6125
My co-host today on this podcast is Trevor Evans.
Trevor is a Professional Speaker, Real Estate Investor, Retail Store Owner.
Speaker/Trainer for Rich Dad Education and Founder of Personal Awakening brand “Being Normal Sucks.” Trevor has also been married for 19 years and have 2 beautiful daughters ages 22 and 18.
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Investors ready to learn how to start, wholesaling houses, will be happy to know the process is not complicated. Here are a few simple steps to get started, real estate wholesaling:
Research your local market before getting started.
Find a realtor with off market discounted properties.
Secure a financing source that works best for you. This is usually a Hard Money Lender.
Begin searching for potential, wholesaling, properties by driving for dollars.
Decide whether to sell the contract or assign the contract.
What is a step by step plan to becoming a Real Estate Wholesaler?
Step 1: Create a Database of buyers:
Contact local Rehabbers and Contractors and ask them what kind of properties they are looking for to rehab.
You can find them at your local Chamber of Commerce or your local REIA
Ask them these questions.
1. What kind of properties are they currently rehabbing?
2. Type of properties they like to work with Eg. Single family or multi family?
3. What are they certified to work on? Eg. Are they certified to work on burn down or water damaged properties?
Step 2: Put an AD on Craigslist
Ask the following questions when you get responses to your AD
1. Is the property listed with a Realtor?
2. Are you speaking with the owner of the property?
3. Is the property in, Foreclosure, probate, bank owned, or free and clear
4. Does the property need rehab? If so what is the estimated cost of repair.
Step 3: Put together your power team which includes your Title and Escrow Agent.
If you structure your deals properly, you could use one escrow deposit for 10 properties!
In our first episode you talk about process. You said that setting up a process prevents failure.
What is the process for the real estate Wholesaler?
My friends at Connected Investors wrote this article on Getting started with, real estate Wholesaling.
Wholesaling, is often touted as the easiest entry point into the world of, investing in real estate. And financially speaking the barriers to entry are generally a lot lower, especially when compared to fix and flipping or buy and hold investing. Many experienced, professional investors have door-knocked and bandit-signed their way up the REI ladder without having more than a cell phone, gas money, and the will to WIN. read more …
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Free eBook: Wholesale Plan of Action Cheat Sheet
This cheat sheet was created by Connected Investors and goes into further detail on the Wholesaling steps.
Mobile home parks, are a great, real estate investment, because of their low maintenance, high returns and overall affordability. There’s a strong argument for, mobile home investing. Listen to this interview with Jefferson Lilly, mobile home park, investment expert and educator and learn why and how you should be investing in one of the, real estate, industry’s hidden gems.
Jefferson Lilly is the founder of Park Avenue Partners, a private equity real estate fund that acquires and operates, mobile home parks, nationwide. His investment funds are currently returning 8% – 15% cash annually to Limited Partners. Both personally and through his partnerships, Jefferson has acquired 25, mobile home parks, in 13 states since 2007 totaling over $56mm in value.
He also started the industry’s first, mobile home park podcast, and the largest group on LinkedIn dedicated to, investing in mobile home parks. Jefferson has been featured in The New York Times,Bloomberg Magazine, and on the Real Money television show. He holds a B.A. from the University of Pennsylvania and an MBA from the Wharton School of Business.
Listen to the full interview here:
Warren Buffett advises that we should stay within our circle of competence, so I figured that I had always lived in a house or apartment so that was within my circle of competence. I started looking for traditional apartment buildings; but kind of stumbled into, mobile home parks,. I began researching it, in then realized why, mobile home parks, was really the best niche in, real estate.
How to Get Started investing in, Mobile Home Parks,
I started out by buying my first, mobile home park, it was a little under $500,000. I put down a little less than $100,000 and I borrowed almost $400,000 from a bank. I still had some other reserves and I still had my day job. Just to be clear, at no point you can say like hey, mobile home park, next stop actions is silicon valley. I was looking for passive income, I had two streams of income the, mobile home park, and my regular W2 income for about a year. It’s now just coming up on 12 years later and I haven’t looked back.
The first, mobile home park, I purchased, I just bought the land, I didn’t actually buy any of the homes at that time. My tenants owned all the, mobile homes. There were about 45, mobile homes, in the park. I purchased the land and the, mobile home, owners paid me rent to park their homes in the park. Think of it as a parking lot. You own the lot, not the cars parked on the lot. The cars pay you to park there. Same concept in a, mobile home park.
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Investing in, mobile home parks, instead of mobile homes
Then about 5 years ago, I formed my first partnership to start acquiring, mobile home parks, Nationwide. Now sometimes I buy, mobile home parks, with the homes as well as the lot.
We call those a horizontal apartment building of sort, our colloquial term for that. Most of the, mobile home parks, the owner of the park does not own the, mobile homes, and the owner is paying rent to the park owner.
Whenever we buy a, mobile home park, with the homes, we tell the tenants, hey you can now own your own house for the same monthly payment as renting. Depending on the value of the house they can own after about thirty six months or less then 60 months. When they become homeowners they have to actually maintain the houses. It’s just like real home ownership, they’ve got to put on big-boy pants, there now a homeowner. So when that proverbial toilet leaks, they don’t call me. They have to go to Lowe’s or Home Depot and spend $12 for the part instead of the $200.00 it would cost me to send in a plumber to fix.
The optimal way to own these, mobile home parks is to not own the home but just home the park. You don’t want to be responsible for fixing leaky toilets and such.
If you don’t have the money to buy, mobile home parks, for $500,000 as most of you will not, then buying individual homes and fixing them up or something and selling them or even renting them would be a good start. I know one gentleman who started with just a couple thousand dollars and now owns over 50 mobile homes.
How to talk to the owner of the, mobile home park, to get a deal
If you don’t have a lot of money to start, investing in mobile home parks, what you can do is you can go to a, mobile home park, owner and say. Hey do you have any individual, mobile homes, in your park that are just sitting there vacant? Maybe they need some renovation so you you can hopefully find a win-win scenario.
That Park owner may even give you the house for free or maybe just for a couple thousand dollars. You then put some sweat equity into it. You paint, put in new flooring etc. Your agreement with the park owner is that maybe you’ve got a couple months to get the house fixed up. Hopefully you can do it in one month and then indeed you’ll begin paying the lot rent. Because that house is just sitting there un-renovated and obviously the, mobile home park, owner is getting no cash flow off it because it’s sitting there vacant.
So you get a month or two abated lot rent, you fix up the house and then rent it or sell it. You might then get an extra two to three four hundred dollars a month for the house depending on the market. You put that additional money in your pocket, and that is how you get started.
The average income of a, mobile home, owner is around $35,000 annually. That’s about three thousand a month. So their housing budget is around a thousand dollars a month. Most folks that make thirty five thousand a year aren’t going to be able to save up twenty thousand for a down payment on a single family home, so that is the target market for the mobile home buyer. Our, mobile home, a 3 bedroom, 2 bath rents for about $800.00 per month. We offer a rent to own package and in 3 to 5 years, they can own their own home. Beats a 30 year mortgage any day.
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If you visit my website https://parkstreetpartners.com , on the homepage you’ll see our phone number and information on our, mobile home parks, nationwide. There is also information on investing in our private equity fund. You can also email us at Park Avenue partners. com. You will find other information on the web site as well. Articles and webinars on investing in, mobile home parks, on the upper right corner of that web page they’ll see a button that simply says “Invest” they will find and again they can find summary information on the fund and also the PPM, the private placement memorandum which is a very long and dry legal agreement.
Looking for, passive income streams, for retirement? Jack Gibson, President of High Return Real Estate, shares how to use real estate to build passive income.
Today’s episode in the 3rd in our series on building wealth with Real Estate investments. My intention is to sow seeds into your subconscious that 2019 is the year to build your net worth. The power of intention is an invisible force of energy in the Universe. It is activated when we become inspired and will propel us towards our goals.
Passive Income Coach Myrna
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Guest Biography
Jack Gibson began his entrepreneurial journey at 19, and founded his first company at the ripe old age of 21. Operating a successful nutrition consulting and distribution company. He had built a multi-million dollar venture before he was old enough to rent a car. Soon thereafter, he bought his first home as an investment. One home quickly became five, and then the bug hit. He became obsessed with learning everything about Real Estate Investing and soon had over 50 investment properties generating Massive amounts of passive income. Today, Jack spends his time mentoring other entrepreneurs, building his real estate investment portfolio, and helping other investors to build a brighter future through the power of turnkey real estate income.
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Show Notes
My very first business that I started at age 19 was a multi-level marketing nutrition distribution business. The whole goal of that business was to build up a sales team and create ongoing, passive streams of income, so I got that concept right away. I built that business up over the years and we currently have annual revenues over ten million dollars. The last couple years it’s been a little bit more part-time or quite a bit more part-time as I pursued building my real estate company. But I mean I still love it, I still love the people and I love the, passive streams of income,. Two years into my network marketing company, I read the book Rich Dad Poor Dad, that was the book that really transformed my mind to start thinking about utilizing real estate as a way to deploy the cash that I was making in my primary business and add additional, passive streams of income,. I was still investing in stocks until about 4 years ago. I was in stocks for most of the last 14 years, so about four years ago two events happened that were critical and really pushed me over into investing into real estate as another, passive streams of income,
There were two negative events, but you know most negative events if we look back we can find the good in them. One of them was I had some insider information, not anything illegal by any stretch, I mean I knew that our company had a good earnings quarter. I mean it wasn’t that hard to figure out based on what I heard from all my colleagues, so that’s kind of my insider information.
I bought into the stock about a week before the earnings report was to be released expecting things to be great. Well the earnings report was phenomenal and typically, not always but typically stocks go up when the earnings report is great. Well this billionaire Hedge Fund investor was very well known as an activist in terms of shorting stocks. He gets on our company earnings call, he asked three or four pointed questions and then it appeared that he was shorting the stock; the stock drops 30% overnight.
I realized then that I didn’t have control over stocks. Not even a sure thing is guaranteed. I want to be in the driver’s seat and put myself in a great position where I have as much control over the outcome as possible. I took that as my sign that this is my time to learn a new asset class and another, passive streams of income, it was the final push. I told myself, I’m going to draw the line in the sand. So I studied real estate and listened to podcasts for a hundred straight days.
Jack you know that someone listening is going to pay devil’s advocate and say the same thing happens in real estate. What’s your come back on that?
So here’s what we have to consider when looking at real estate as another, passive streams of income, we look at the past. I mean could go back 100 even you know 200 years or whatever, the variance between real estate and the stock market is almost four times different. If you look at historical data, the swing in the stock market is around a variance of 16 or so from year to year. Real estate has a variance of four. That means from year to year on average that the swing in the market is going to be four percent, so you’re not quite so volatile in real estate.
The other part in this, passive streams of income, scenario is it that you’re investing in the real estate as Robert T. Kiyosaki says, for the cash flow that it produces. Not necessarily for it to go up in value. You really don’t care if it appreciates or depreciates. As an investor and you’re renting it out and you will always be able to rent it out for more than the mortgage payment.
At the same time property values will go up eventually, even if it dips for a little in the short term. I was listening to the Automatic Millionaire Homeowner and the author was interviewing homeowners who lived in their homes for about 2 years and then sold and moved to bigger homes, and became millionaires because homes always go up in value.
We’ve discussed real estate, we’ve talked about the stock market and we’ve also talked about multi-level marketing. I understand why that’s been your foundation for, passive streams of income, because you’ve been you’ve been taught well. You stayed in the business for 20 years so you must be really doing well, because everybody that joins the business under you feeds you, passive streams of income,.
Multi-Level Marketing a Tool for generating, passive streams of Income,
Yea, it is phenomenal. If I could describe the business to people without saying what it was they’d be like wow that sounds too good to be true. I have a multi-million dollar business that I work right here from my home office. That I help people with their health and nutrition. I have no employees, I have no accounts receivable. I have no inventory, I have no monthly overhead whatsoever. I have a free cash flowing business that produces ten to twelve million dollars in sales revenue per year. That’s not obviously my income; but a percentage of that.
Skilled , passive streams of income: Writing a book, Music, software
That’s why, passive streams of income, is so important. On my website, www.myhelps.com I talk about a some other forms of, passive streams of income, like writing a book, or writing music. Mariah Carey wrote the song “All I want for Christmas” in 15 minutes. She’s generated sixty million dollars in royalties off of that 15 minute work. So her, passive streams of income, is phenomenal.
Explain what we mean by, passive streams of income, which ones would you recommend it to a seasoned investor or someone just starting out?
Passive income is created from work you have done in the past, that is paying you today.
You have one or two scenarios. You either have money at work or capital at work and you’re drawing royalties. There’s multiple ways to go about creating, passive streams of income, it boils down to either unskilled or skilled forms of passive income. It’s like what you talked about in terms of creating music and selling music, or writing a book, or creating a piece of software that you then are able to license out and sell. Those are very technical skills, very skilled types of, passive streams of income,.
Creating, passive streams of income, from a business I won’t say is unskilled in terms of work. It does it takes skills to put the right management team in place. There’s a way you can have any type of business that you set up to become a, passive income stream, if you’re not involved directly in day-to-day operations, then it’s a, passive income stream, business.
To listen to the full interview, download on iTunes and please subscribe and leave a review.
Check out Jack on the web https://highreturnrealestate.com/. All of our properties are listed on the website. Nicole is the Head of Investor Relations and she will be happy to answer any questions.
On the nutrition side, we have a brand new system, it’s a nine week online body transformation Course that we’re planning on scaling so that over 10,000 people can participate. Check out Jack’s Body Transformation podcast
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Mike Wolf has made millions from, investment property, and created, freedom lifestyles, for many of his investors. Mike has helped investors in the Atlanta area build wealth and passive income from, investment property, by offering them turnkey services.
I’m your host coach Myrna Young, as we start 2019 I wanted to spend some time on how to build wealth through the vehicle of, investment property,. As you know I am a Realtor, an Investor, Property Manager and a, Life Coach, so I have a very high-level overview of how to build wealth through home ownership or with, investment property,.
So this month I will be interviewing experts in the field of, real estate investments, investment property, as I help you to get into the space of building wealth in 2019.
Wealth is the vehicle that you need for any successful venture in your life, whether it’s to give your kids a better life, whether it’s to have financial freedom, whether it is to retire wealthy, whatever you need to do, you need money unfortunately to do it with. So building wealth through, real estate investments, investment property, is what we’re going to be focusing on for the next three remaining episodes in our four part series.
Freedom Lifestyle
So what I will be doing is bringing you experts who have made millions through, real estate investments, investment property, and who will share the details and how they did it so you can do it too! Be sure to subscribe to your iTunes, Google play, Stitcher, iHeart Radio, or TuneIn Radio, so you’re not missing any episodes.
In today’s episode I have a re-purposed an interview with Mike Wolfe from back in 2017. I thought it would be a great resource for this series. Mike made his wealth from offering turnkey,
Investment property, services to in the Atlanta area. His system allows his investors to sit back
and collect, passive income, while living a, freedom lifestyle,
Mike Wolf
Mike Wolfe has been a real estate investor for over 28 years. Over the years he’s gone from being a workaholic who would put in 15 hour days, seven days a week to someone who works smarter, not harder. He regularly travels the globe doing humanitarian projects and seeking Sun and sand while living off the, passive income, that he’s created through his, investment properties,. Mike’s company sells, turn-key real estate, and, investment property, in and around Atlanta to investors around the globe. He helps his investors create truly, passive income, where they get all the benefits of owning a real estate, investment property,.
How did you Start your, investment property, business?
I started, investment property, in Calgary Canada. I was only investing in Canada back then at the beginning of my, passive income real estate, career but I had a friend of mine move to Las Vegas and when I went to Vegas to visit him, I got into this addiction. It’s not what most people have when they go to Vegas. It’s was not gambling or drinking. It was actually this addiction to go look at real estate. I noticed that back in those days the prices of, investment property, kept going up and up.
I had no intention of investing in Las Vegas originally but I ended up doing it and it was kind of at that point I was forced to start building a team, because I couldn’t be in two places at the same time. I couldn’t go collect my rent from my, investment property, in Calgary and my rent from my, investment property, in Las Vegas. So I reluctantly hired a property manager.
Three phases of, investment property, business cycle.
At first you know what would I find most entrepreneur’s do is we go through three phases if we survive long enough.
The first phase is where we do everything ourselves, usually because we don’t think anybody else can do what we do as well, and we don’t have the funds to hire help. It’s kind of like for an entrepreneur our business is like a birthing a baby and you don’t trust just anybody with your baby.
The second page where I had no choice but to get somebody to help me, so I reluctantly hired a property manager; but phase two is what I call the micro manager phase. I needed to about know every little thing that was going on. So I basically told my property manager to keep me in the loop with every repair, every issue with the tenants. I remember there was one week where my property manager called me twice with the same issue, it was about a broken fridge. Two of my properties had a fridge that wasn’t working and in either case I tell the property manager. I don’t think the tenants need a new fridge, just fix it. I realized I gave the exact same answer. Let’s see what it cost to fix it and if it’s over a certain amount then we’ll replace it. I started thinking if I gave him the same answer both times maybe I can systematize this and instead of him having to call me, I can give him the freedom to follow our systems and procedures manual, which is to find out what is the cost to fix and if it’s more than X number dollars let’s just replace it.
Phase three was where I hired a team and put the right persons on our team. You trust them and they do a good job for you. I started to realize that I could build a whole team like that, where I put the right people in the right position, give them a certain system so that they were following my procedures then it made me feel comfortable to let them do their thing. I would get my time back and so that was kind of the start of the transition to my, freedom lifestyle,. That now has led to a typical work day for me these days is literally. I wake up, I answer some emails and make a few phone calls when Myrna asked me to do a radio interview I do that and then I’m done for the day!
How to become efficient in, investment property, business:
After 28 years in the, investment property, business I still go to seminars. I still open to seeing how other people run their businesses and how they make their money. I’m always looking to be more efficient. I also do a lot of personal development of work on myself. Back in the early days I thought I was too good for all that; but the most successful people I know are all lifelong learners, or at least they’re always trying to strive to be better and get to that next level.
I’m making it sound like it was a very short transition like I just did some deals and I became rich and start traveling the world. There were a lot of ups and downs along the way.
Let’s say that you know someone is listening to this podcast right now and they want to quit their job and go into real estate full-time, because obviously they can make much more money in, investment property, real estate then they can working for a pay check.
How would someone start an, investment property, Business?
If I could go back 28 years and talk to myself, the first thing I would ask myself is, Do I want to have my money work for me, or do I want to work for money?
Take advantage of the benefits of, investing in real estate, to create, passive income,
Investment property, is something you buy once and it generates income forever until you sell it.
You’ve got to be ready for that kind of commitment. You’ve got to treat, investment property, as a career. You don’t dabble in it. If you dabble in it and try and mix it part-time and with your job, I don’t see very many people being successful.
That’s the number one thing. Figure out what type of investors you want to be. You want to be creating, passive income, or you want to get out of your job and make this your career?
Make sure you have a passion for, investment property, don’t get into it just because you see those shows on TV that make it look really easy, flipping this property and that property. These shows make it looks like you can just every day wake up find a property, flip it, make a couple hundred grand and call it a day. It doesn’t work like that.
So number one thing is to figure out what kind of investor you want to be. Then the second thing that I would do is figure out what resources you have. Whichever side of that equation you’re on. Whether you’re the passive investor side or whether you’re an active investor. Figure out what your resources are. How much cash you have available? How much time do you have? How much education do you have?
When I first started I got really lucky on that first deal, otherwise there would have never been a second deal. Then I had some humbling experiences that made me go get educated. I got a mentor, somebody to help me. So I didn’t go winging it.
Joint ventures in, investment Property,
If you were to go do a joint venture with somebody. You have to decide what are you bringing to the table. Are you bringing money? Are you bringing the ability to qualify for the mortgage? Are you bringing education? Or are you’re bringing access to good deals? Figure out what you’re adding and then figure out what you’re lacking and then go find joint venture partners. Find other people that have the pieces that you’re lacking. So if you have a lot of spare time and no money, there’s a lot of people out there with money who can’t create more hours.
I want to be enjoying time with my grandson and my daughter doing a lot of volunteer work and humanitarian things. I don’t want to be door knocking, looking for good deals anymore. So if I find somebody who’s got some time, I have got the money.
If you start off on that track asking yourself those two questions, then you’re going to have a pretty realistic chance of succeeding and going forward in your, investment property, business. A lot of people have really big dreams because they go to some seminar where they make it sound really easy, because they’re trying to sell you some high-end expensive, investment property, coaching program. They fill your mind with all these things you can achieve and probably only about two percent of people who go to those seminars ever end up not even earning their money back that they spent on the seminars!
People come to me after they’ve invested a lot of money in their education and their education is pretty much worthless. So make sure you do your homework and you know what the reputation is of these quote-unquote gurus that are selling stuff. They are professional marketers.
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Biggest Myths in, real estate investment, investment property,
I think I think a lot of myths are perpetuated by the media. We see all these shows about flipping this and flipping that. I feel the biggest myth is that you know, real estate investment, and, investment property, can create, passive income, but it can also become something that takes up a lot of your time. You might be trading your eight-hour day job for a 20 hour a day job. It can be fun it’s exciting because you’re out there and you’re meeting new people but sometimes when you spend so many hours working on your business, you kind of forget about things such as your health, such as your family and other things start to fall apart.
A lot of people get into, real estate investments, investment property, because they think it’s going to change their lifestyle to a, freedom lifestyle, and they actually end up with actually sometimes with a worse lifestyle with no freedom, because, investment property, is something you take home with you every day. You can’t just say oh I’m going to work from 9:00 to 5:00 today on my, real estate investment, business. Because guess what at six o’clock when you’re having dinner with your family, a tenant will call about a leak in the bathroom! And you have to take care of it.
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You want to invest in, turnkey real estate investing, near in or in bigger cities, near big employers, and near downtown areas.
Jeff Schechter, CEO and co-founder of High Return Real Estate teaches, how to build wealth, through, turnkey real estate investing, Jeff has been helping his clients build wealth through, turnkey real estate investing, for close to 40 years.
As a Realtor, real estate investor, as well as Life coach. I myself have been in the, real estate, business for some time 19 years. So I can lend a lot to this conversation. In fact if you google, Realtor Life coach, I am at the top of the list! .
CEO & CO-FOUNDER Jeff Schechter, aka “Shecky” has had the entrepreneurial bug his entire life. He started his first business right out of college, and over the years been involved in numerous businesses ventures. His love for, real estate investing, began in the 1980’s, when he rehabbed 5 of his own residences, before the term, house hacking, even existed.
Since those early days of torn up kitchens and bathrooms, he’s bought and sold many properties, and is an active investor to this day. In addition to investing, he operate a private consulting practice. He thrives on helping people realize their full potential…not just in business and investing, but in all aspects of life.
Turnkey Real Estate
What was the fire starter that got you into, turnkey real estate investing?
I kind of sucked at school. I was not very focused. I came from an incredibly traditional Background, where I just reversed a lot of expectations placed on me. As a result it was very difficult for me to follow through with stuff in college. So entrepreneurialism and starting my own businesses were really a form of necessity, because I didn’t really have any terrific formal training. It was also a form of establishing my own, freedom Lifestyle.
What made you choose, real estate, as your business?
I just always kind of have this entrepreneurial bend and would look for ways to increase my income. Eventually I started seeing that high ticket items like homes, had lots more opportunity for profit. I figured out back in the 80’s, I could buy them in not as good a condition and be able to buy them for a whole lot cheaper than what the pretty ones were, and I could fix them up and add a whole lot of value to them, because people were willing to pay a premium for the really nice homes.
So what I would do is, I would just live in them for a year or two while I was fixing them up and then I would sell them and move on to the next one. It was a way to make some really nice extra profits and live for free for many years.
That was kind of the initial seeds of my, real estate investing, career before I started, turnkey real estate investment,
That’s also a good model as well, because you know the government helps you with the capital gains tax breaks. If you live in a house that’s your primary residence for two years and sell that home, then you can earn up to $250,000 in tax free income if single and $500,000 if married.
I actually didn’t know that at the beginning, but learned it very early on. I would figure out that I wanted to live in most places exactly two years and one day!
I was listening to the audio book “The Automatic Millionaire Homeowner” and the author was interviewing a lot of homeowners who started off with purchasing small homes, like buying a $30,000 home and then selling it to buy a bigger home and so on and so on. One homeowner couple who started off with like $3,000 or something like that to buy their first home ended up making $500,000 on a $750,000 property. All tax free!
What is your advice for someone who is starting out today, Real Estate Investing, in 2019?
Someone starting with a small house or a condo or something and trying to build wealth?
There is a bit of a downturn going on in the current Real Estate market, but you know, Real Estate, is cyclical and there’s a natural cycle. When we look back at what happened in 2009, the banks were doing some really stupid stuff. Anybody could get a loan, even if they didn’t have a job. It had to crash. Fast-forward to today, there’s been a lot of laws and regulations that has been put into place to prevent that situation from happening again.
But playing the appreciation game is dicey. It’s not the way that we invest anymore in our, turnkey real estate investment, model; appreciation is not our primary concern. What I mean by that is the only thing that we know for sure is that people need basic things. They need food and they need shelter, and so from a shelter standpoint, we know that owning a basic property whether you call it a house, duplex, apartment, whatever it is, always going to be something that’s in demand, because people will always need a place to live.
You want to invest in, turnkey real estate investing, near in or in bigger cities, near big employers, and near downtown areas. Rental properties are always going to be in demand in those areas. So what we look for from a standpoint of, turnkey real estate investment, are properties that we can buy inexpensively and sell as, turnkey real estate investing, that we don’t have to put a lot of money into rehab. The price to rent ratio is everything to us. In other words, can want to get a really good return on our money when we put that property out there into the rental pool.
So cash flow is more important to us than appreciation. We start by getting that thing rented and cash flowing. Even after we take out all kinds of money for taxes, insurance, property management, repairs all that other kind of stuff, can we still make a really attractive and in most cases, a double-digit return on our, turnkey real estate investing,.
If we can do that, we don’t really give a crap about appreciation. We don’t even really care if we have a little bit of depreciation, because we always have the demand for the rental properties, and as such we will always have cash flow. If we always have cash flow, we always have a great asset and the investors are happy.
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What is the, turnkey real estate investment, services you offer?
We offer fully finished performing properties that we have inspected, warranted, and professionally managed. The benefit of this service to a new or an investor or even an investor who already has a portfolio is we just know that we can do it better than they can.
We buy properties in bulk, so the properties are acquired for the right price, rehabbed correctly so that it’s in great condition. It doesn’t need a lot of repairs moving forward and most importantly it has to be managed correctly for cash flow.
My business partner and myself are buying properties in the Midwest and Indianapolis and neither one of us lived in Indianapolis, but we wanted to invest where it made sense. In the last two and a half to three years, we’ve just really dialed everything back and built a better mouse trap.
We now have an amazing acquisition team, amazing rehab teams and a full property management division that really does everything. We married the combination of this great city for investing where prices are low and price to rent ratios are really like the best in the country and we’re also in a state that has incredibly friendly landlord laws.
This week on The Mindset Transformation Radio show and Podcast with Coach Myrna and Rich Dad trainer Trevor Evans, we discuss the topic “Is Starting A Real Estate Investment LLC A Good Idea?”
This is the 6th episode in our Funding, Fixing, and Flipping Series:
Listen in to understand how important setting up your Real Estate Investment business with the right tax structure, would allow you to keep most of your investment income and not pay all of it to the tax man!
Tip of the week from Coach Myrna: Landlord LLC benefits
If you hold and rent Real Estate, this article could offer massive insight on one possible way to structure your company. We are not giving legal advice, just questions for you to ask you asset protection attorney.
Keeping in mind the risks associated with opening your business as a sole proprietorship, consider using this scenario for your business.
Open an LLC, purchase a property, but don’t manage it. That’s right, don’t be the one to manage the property. You can use the combination of a C-Corp and an LLC. Let the C-Corp manage the company. This is good to reduce liabilities. How? Let’s take an example.
For the last four months, the tenants have been complaining that the parking lot in the complex you own is too dark. They don’t feel safe walking to and from their cars at night and want to have you install more street lights to brighten up the area. They continue to complain to the management company, the C-Corp, letting them know of the issue. Having not addressed the concerns, the parking lot remains dark and one night, while walking in from her car, a young mother of two who live in your property is robbed at gun point in the dark parking lot. When she sues, who is liable? The LLC? They own the property, so it would be them, right? Wrong.
The C-Corp, as the managing entity, is the responsible party when it comes to any damages and liabilities incurred because of this incident.
The LLC, having limited liability, is protected. This is something very important to keep in mind when making the decision on which type of entity you wish to use.
For more information on setting up the structure of your Real Estate Investment business, check out this Connected Investor Blog post
So, What are the Pro’s and Con’s of LLC for Real Estate Investing? Is starting a Real Estate Investment LLC a good idea?
Tune in to hear Trevor’s answer.
What exactly are the major differences between an S-Corp, C-Corp and an LLC as it relates to real estate investing?
A C-Corp is a management entity. As per my tip of the week. Use your C-Corp to manage your rental properties.
So, in case you are sued for negligence, the C-Corp would be the benefactor of the law suit and you as the owner would have no liability.
The C-Corp also has more leniency in regards to what expenses can be written off; but the biggest benefit of having a C-Corp manage your rental properties, is the ability for the C-Corp to collect rental revenues and pay the HOA dues and other expenses from these revenues. You as the owner of the property, would only be responsible for your positive cash flow at the end of the month.
If you were collecting the rents in your personal name then you would have to claim the entire amount as income.
LLC – A single member LLC offers no asset protection and is charged with self employment tax.
A multiple member LLC has asset protection.
A multiple member LLC, members are not liable for debt incurred by the LLC
A multiple member LLC can be viewed by the IRS as a partnership and as such the members can determine the split or who gets what.
S-Corp or self corporation is a flow through entity.
Used primarily to expense big ticket items that cannot be expensed by the LLC.
The S-corp does not pay taxes, its members file a K1 for any income not written off and that income is taxed at their income level.
Some other questions answered by Trevor:
I have a rental property in my personal name, can you tell me the pros and cons of transferring that property in an LLC?
I have no mortgage on this property. Could I have transferred it into an LLC if I had a mortgage on it?
What are the states that have the most conducive laws that benefit the Real Estate Investor and protect the LLC?
Can you explain some of the benefits of incorporating or forming an LLC in Florida?
For additional reading, here is an article on “Is Starting A Real Estate Investment LLC In Your Future?
As Investopedia so eloquently puts it LLCs are a “corporate structure whereby the members of the company cannot be held personally liable for the company’s debts or liabilities. Limited liability companies are essentially hybrid entities that combine the characteristics of a corporation and a partnership or sole proprietorship.”
If you found this blog post and podcast inspiring, please Subscribe, rate, and review this podcast, then send me an email to info@myhelps.us with the subject line “podcast review”
and I will send you a Free Gift! The Mindset Shift Focus Wheel.
This is a workbook to change your Mindset from a Fixed Mindset to a Growth Mindset. This is so important for success in investing. It will allow you to look at an opportunity with the eyes of an Investor and not with the eyes of an employee. As an employee you have the Mindset of limits and security.
Until next time Namaste.
What is the Number one mistake people make when Flipping houses
The number one mistake people make when investing in real estate is investing before understanding the rules. Listen to learn the rules to win the game of investing in real estate.
A few weeks ago I interviewed my co host Trevor Evans on the topic “The path to Financial Freedom” We received such an overwhelming response to that topic that I decided to have a spin off series on Real Estate Investing. Trevor Evans is a Speaker/Trainer for Legacy Education Alliance and Rich Dad Education. Entrepreneur, Real Estate Investor. Banker and Founder of Personal Awakening Brand “Being Normal Sucks.”
We will start off our series teaching on one of the most popular investment strategies in Real Estate Investing “Funding, Fixing and Flipping.
Flip or Flop
Doing my research for this topic, I found that there is a plethora of mistakes beginning investors make when working with rehab properties. Many of them because of watching shows life MTV’s Flip or Flop where they always end up making the right choices and thus make thousands of dollars in profit!
My co host and I both agree, since we are both Abraham Hicks students, there is nothing wrong with looking for contrast around you and choosing what you want to bring into your vortex.
We are setting the intention that all you would be investors or current investors will gleam from our knowledge and make fewer mistakes with your real estate investments. So if you do fail, you would fail forward!
One of those investment vehicles is to Fund, Fix and Flip houses. It is by far the most popular vehicle because of the opportunity to make a lot of money quickly.
So, make sure you tune in to this podcast twice per month for our series or subscribe to my podcast so as not to miss anything!
In keeping with the format of the show, I want to leave you with my tip of the week.
This week’s tip of the week: Winter is the best time to purchase Real Estate”
From the book “Your money and how to keep it” by Brian Costello
“While economic development can make a difference when it comes to purchasing a house, there is no question that winter is by far the best time to buy.
Think about it for a minute, the weather is freezing cold, the winds are gusting, everything is covered with snow, everybody wants to stay inside where it is warm – and those few who do go outside to see houses that look unattractive because they are knee-deep in snow are serious buyers. Could there be a worst time to be out braving the elements looking for a house? No.
And that’s exactly what happens. Everybody sits tight. No one even thinks about buying a house in the winter months. They are all waiting for the grass to turn green and the flowers to start to bloom.
In the meantime, houses are being put up for sale. The biggest reasons for selling a house still affect the marketplace, no matter what the weather. They include family breakups, company transfers, deaths, and financial hardships.
When a family splits, it’s not uncommon for the house to go up for sale right away as neither spouse has enough money to pay for it outright. If your boss decides to transfer you to another city, you generally have no choice but to move. As a result, your house might be on the market right away, no matter what the market is like. Most of us can’t afford to pay the cost of accommodations in two different locations.
Death, financial hardship, and divorce happens throughout the year; summer and winter. But to have them happen when there are fewer buyers interested in another house always works in the favor of the buyer. It is the old law of supply and demand. And that is what you see in the winter months. There is more supply than there are buyers, so the buyer is in a much better position to demand a lower price, better financing terms or a combination of both.
Winter is also a good time to check that the thermostat is working correctly by looking for heat loss. If the prospective house has less snow on the roof than the other houses, it could indicate that insulation is lacking. When you get inside the house you can listen to the furnace. If it goes on and off while you are there, you know that the house has drafts or furnace problems.
These are some of the reasons why winter is the very best time to get a bargain.”
That is my tip of the week. I hope that you received some nuggets about house hunting for bargains.
Here are some show notes from our expert Trevor Evans:
Words do not make you an expert, experience does. I practice what I teach.
Trevor feels that he is an expert because he is not only a teacher but he is putting in work in the field.
Question: “What is the catalyst to your success as an investor?”
Answer: “Understanding the rules.”
Reasons for failure as an Investor
Most people play the game of investing in real estate with enthusiasm and talent.
Talent could be their investment funds or just understanding money.
But in any game, You should play to win!
In order to win, like in any sport, you must understand the rules.
If you don’t understand the rules, your talent and your enthusiasm will run out before you can win!
But if you combine your Talent and Enthusiasm with Competence, then you could win the championship or make lots of money!
So let’s answer the question:
The Number One Mistake People Make – Getting into the Rehab Game?
Watching TV shows like the Flip or Flop people think that they can just buy a house, throw some money into it and then flip it and make lots of money.
They do not see the underlying problems that happen to first time investors who do not know the rules of the game.
The flip or Flop investors are doing great now; but I am sure it took them a number of years of failure by trial and error to understand the rules to win the game.
Investing is not easy but it is simple, if you follow the rules
Over your head
It is a process that is done through setting up a system or a set of principles.
Principles do not create success, they prevents failure.
3 Reasons for Failure:
1. They get emotionally involved
2. They pay retail
3. They become intimidated
Listen in to learn how to overcome these reasons for failure.
