Success Trajectory: Recent Episodes
Teo Bogdan
Teo is here to help you make the leap into having the life you want. Whether it's through real estate investing, mindset shifts or even just to talk about cars for a minute to keep you focused on your goals.
WE DID 365 VIDEOS! Thank you for following with me through all of this, I hope you learned a lot but the top 2 lessons are real estate investing is awesome and you should do something that you enjoy.
Here are the reasons why your appraisal could be low:
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The Property is listed way over comps
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The Appraiser is being .... "silly"
Here is what to do: 1. Challenge the Appraisal 2. Give A Break On The Price 3. Put It Back On The Market
You can literally see which houses have bad insulation by which houses have big icicles. Ice forms and pools, going under the shingles or forms icicles in the house.
It all depends on your market and what your price range can support. It depends on what in the surrounding market is selling for.
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Don't Be A Jack of All Trades: Stay Focused and Master 1 Thing
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Contractors Suck
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It's Not As Easy As They Make It Look On TV
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You Have To Look At A Lot of Shit Deals Before Finding A Good One
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Every One Time Flipper or Investor Tries To Sell Themselves As A Guru
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Property Management Companies Suck
Make sure that you check them and if they are popping randomly, replace them - that means they are going bad.
Take the packet, unwrap it, set it down, level it for 2-3 days, take it seal it in the package and send it to the lab. It's super simple and cost affective.
It's so interesting that this book was written a long time ago and yet everything is stands true in this book.
Look for those driveways and sidewalks that are untouched, chances are that house may not be occupied or are not being kept up. ❄️
Welcome to getting zero credit... or ridiculous pizza days for a job well done. It's the dumb stuff like that makes you feel unappreciated for your hard work. If you have a similar story, share it below - I want to know. 👇🏼
"We've always done it with way." and the mentality that goes with it is another HUGE reason why I will never go back. If you have worked in corporate, drop a comment with the thing that drives or drove you nuts. 👇🏼
Here are your first property commandments:
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Buy A Property That Cashflows
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Don't Overpay For A Property
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Inspect It To Make Sure That It Is Not A 🍋
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Make Sure You Know the fair Housing Laws
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Get A Good Lease
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Get The Proper Insurance
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Pick A Good Tenant
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Train That Tenant To Be A Good Tenant
Let's talk about the numbers on the 4 unit, with $1,500 a month in cashflow it looks like it is going to be a sweet deal.
It's hard to go to work in a place where people just seem miserable, and that is one reason why I will never go back.
You need to make sure that you are ACTUALLY making $$$ on your investment, if you aren't running numbers on your rental - how are you going to know if it is profitable?
Running numbers on a rental means you can figue out your expenses, profit and even what your rental could actually be worth.
Getting the lot and selling it making $65,000 on that deal, it was easy to realize that I would do way better in real estate.
If you had 150 pesos would your rather get 5,454.54 sombreros at the end of the year or 21,818.18 sombreros?
There are a million different ways to do it - but we automate it and keep it online, so it's all in one place.
I would call all of the highly rated real estate agents and ask what is the best neighborhood for investments, then I would get to wholesaling some houses.
Tell the good and the bad side of the investing, let people know the REAL story when it comes to what it truly is like investing.
Don't mess up these things on a rental house - grab a notebook and be ready to take notes. 📝
Try to understand Dogecion before investing in it, don't just jump on the bandwagon - understand what you are investing in before you invest in it.
There are loans out there that also can cover your property and the rehab costs, so good news rehab does not have to be out of pocket!
Maybe you don't have to sell your first properties - if possible pull out the equity and keep both. It's a WIN WIN.
Build a great relationship with the people who bring you deals because they will bring the great deals to you before anyone else.
EASY DO BOTH. 🤷🏻♂️ Get a multiunit and live in it, rent out the other units. And keep on house hacking! 🏡
Where are you currently at financially? Flipping can lead to funding your rental, rentals are the investment that keeps on giving - with flips once it is over it is over, you won’t get any more money from that rental.
What do you think a true “serial entrepreneur” is? I think if you are using the term, you need to have a successful business. Drop a comment below if you agree or disagree 👇🏼
GET ON CLUBHOUSE! You can meet people from all over the world, and learn from other markets. If you aren't on clubhouse - you need to be
Here's My Advice: Know What You Want To Do and Stick To It, Read Books, Listen To Good Podcasts
Ps - the audio sucks on this one because my phone is dead, but it's still all in here.
It all depends on your market- but the bigger the property it can be a bigger risk. 🤷🏻♂️
Proof and quotes are everything to prove that the seller ommitted the truth on the disclosure.
Or working with people who you have 110% faith in to close the deal? It goes along way to have a great relationship and being easy to work with, your deals get pushed through faster.
Follow the order and save yourself from doing things twice, for a full rehab here are the steps we take:
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Demo
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Take care of Foundation, Framing, Roof
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Seal the House Up
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Bring in the Mechanical Experts
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Do the Dry Wall
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Start Tiling
7.Paint and Cabinets
- Put Down Flooring
Do you have a hack to focus your brain on boring coursework? I do! And it involves LEGOS. 🧩
It's now faster than ever because everything is online which is AWESOME. You can leave a group in a second if you don't like it, you can join a new group right away and you can meet awesome new people.
If the tenant is paying for the utilities they are going to make sure they use them wisely and not waste their own money, they won't think about wasting yours. 🤷🏻♂️
There are HUGE upsides to buying from Old School Landlords, especially if they come from the scarcity mindset because that gives you room for growth.
If the deal isn't yours, don't market it as your own or if you do, at least be creative with it.
Know your numbers, make sure that it is an actual deal for the buyer - don't market a bad deal as a "good deal."
I set SMART goals - I make my goals achievable and challenging, it needs to be important to you.
We always make sure the numbers work on our investments, stay conservative on your numbers and we always have multiple exit strategies. What how did you just your investment strategy this year?
People will always resist change, you can usually bet on it but change is something worth the grumbling for. If you have a funny story about people crying about change, put it in the comments 👇🏼😆
On smaller multifamily properties. Do you have the tenants do it or do you hire someone to do it? It all depends on the property, size and for waste, it can depend on your city.
They make sure that you actually own the home without any surprises in a lien, use a title company every time.
Build your team of awesome people who can help you from fellow investors to attorneys, CPAs, title companies, etc - that way when you need your team, you have someone to refer to or rely on.
Be ready to ask "do you have the background checks, credit checks, and all of the other paperwork from when they applied?" and "what kind of criteria do they have for potential tenants?" You would be surprised at how many landlords do business.
A quick in-depth look into the 5 Minute Journal, I use it every day - it goes next to my bed every morning and I write in it every night. The prompts are helpful and the challenges are fun. I highly suggest it.
Why I re-read these 5 books every year? Because REPETITION is the best way to learn.
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Mindset by Carol S Dweck
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The Magic of Thinking Big
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Law of Attraction
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Can't Hurt Me by David Gogins
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Rich Dad Poor Dad
We are founded by investors for investors, we get the frustrations that you are facing and we are here to help - give us a call.
Lucy is such a good dog that I just keep buying her toys 🤷🏻♂️😆 Four paws up on this one!
This podcast was recorded earlier in the year, but you can do a mid-year check-in and set goals or check on your goals. Setting SMART goals is how I have been able to achieve my goals, how have you been able to achieve your goals? Drop it in the comments below.
It's your preference. You don't need a license to invest however you do have a competitive advantage of seeing properties right when they hit the market and you get to do the negotiations. If you are an investor or a flipper, do you have your license? Let me know 👇🏼
There are options instead of a formal eviction process - you can do cash for keys (once they are fully moved out), you can talk about the long-term effects an eviction has on someone's record to convince them to leave without going through the process.
YES. It's important to know exactly where the property lines are - crazy neighbors are no fun and it helps to know what is your property.
You got the eviction judgment in your favor.... now what? You have to wait 10 days before getting into the unit and whatever you do, do not collect money from the tenant being evicted. That would start the WHOLE process over.
What happens when you get yelled at for driving in your own yard? Sounds ridiculous, right? 🤷🏻♂️ This is real life, listen to the podcast for the full story and all of the ridiculousness.
I don't have the information for every state but for Michigan, here is the process: 30-day notice (sent through the mail and don't collect their rent), 31st-day file with the court for the eviction, get a court date if the court sides in your favor the tenant has 10 days to move out after the court date.
If they don't pay rent or there is a breach of the lease, it may be the time for an eviction.
The buyers will still be looking at the average selling price for the area, it doesn't pay to be the highest comp. The people making the offers won't be looking to set a record on paying the most in the neighborhood.
This is what happens when you have bad management or bad tenants, we have a lot of work to do on this unit.
We have a checklist of things to change and fix, listen to this podcast to find out what we will be changing in this unit.
Start with checking the plumbing, electrical, and foundation... check out those things to avoid redoing your work later.
What do you do after finding your first qualified tenant? Don't panic, I have your back (hint - it involves signing paperwork and finding your next great tenant). 🤫
If the property is only $50,000 and they are telling you it's worth $200,000 - why are they selling it? If it's true, you better believe that your wholesaler would have bought it themselves, if it's too good to be true it probably is.
The Magic Number is .... there isn't one 😬 but the chances are the more offers you make the more likely you are to have one successful offer. How many offers do you have to make to get a deal? Let me know 👇🏼
This is how to make reality better than your projections, make conservative projections and be ready to jump on deals during "sleeper" season to truly make the most of your deals.
Your brain is a super-computer and it's easy to waste energy on things that aren't productive - use it for productive things. I am working on this, what do you waste your mental energy on?
NOW. But go find the right deal for you, get it done, make it happen - now is the time.
It all comes back to 'what does your market look like?' If your comps tell you that your the market price for the home is low, a full rehab is probably not a viable option.
How many offers will they put in? Educate your agent as to what you want and that you are looking to put in more than one offer.
The pros, the downfalls, the tips and tricks - we are talking about all of it but Lucy still loves it, so that's a win. 👍🏼
NO... not everyone will have your vision for the property - save yourself and wait until the flip is done.
Or during a rehab? Honestly... no. Let them see the finished product and let that speak for itself.
Since I got a lot of inquiries after my video about Key Management, here is an in-depth look at Kwikset Control Locks.
This book has a crazy history, originally supposed to be released in 1925 but it was somehow blocked by Henry Ford and was eventually released 10 years later. It still holds up today and is a great book on how to be successful. If you know more about the history of Napolean Hill, let me know ☺️
Thinking about leaving your full-time job to invest or thinking about starting investing passively? Here are 3 things to look into. 👆🏼
A Property Manager is not an expense, they are an investment. They can save you time, money, hassle, and energy, that's a worthy investment.
When the "Perfect Deal" comes to you, make sure to look at the rents and who is paying the utilities. If rents are low and the landlord is paying utilities, it's not the end of the game - it just means that there are opportunities to turn it around.
Hindsight...you don't know what you don't know and it applies to going to college too. What's one thing that you would do differently knowing what you know now? Let me know 👇🏼
A cash offer can really make for a short, quick and easy transaction which means I could take that capital and put it into another property twice as fast.
A repair fee is going to protect you from eating the cost of things your tenants break, this fee is not for normal wear and tear. It's so you can replace what has been broken without worrying about your bottom line.
One of the most important parts of the real estate transaction - the title company. Especially as an investor, you need that clear title and the title company is the one that will make that happen.
I set the goal, pick a prize, achieve the goal and then enjoy the prize. This helps me stay extra motivated when I know that I can buy that thing after achieving my specific goal. What do you do to stay extra motivated?
Grab a pen and some paper, we are going to breaking down what you need to know to figure out your rental reserves. Class with Teo is in session and if you think that you don't need to figure out your reserves, listen to this twice. ✍🏼
TAKEAWAY - Don't break your own rules and make sure you have crystal clear comps. You live and you learn. What are your awesome lessons learned when flipping or investing? Drop them in the comments.
Always keep your eye out, you never know how your next deal is going to come out the woodwork. Let me know what is the craziest way you have come across a deal. 👇🏼
40 SFH- you could diversify markets, appreciate in value
40 units - one loan, one roof, one lawn, easier management, one insurance policy but the property only appreciates at the market rent...
So what is the best way to go? It depends on your goals but you may want to go with a mix of the two, either way, you are investing and making 💵
You can work in your strength and hire someone whose strength is your weakness, creating a strong team truly allowing you to scale.
Have a checklist of course! We go through and inspect the unit with the checklist, we make sure that we have all of the follow-up information along with whatever touch-ups/remodeling/cleaning that needs to happen.
Put up a sign 🏡 chances are the house we bought is not the gem of the neighborhood and people will be happy that the home is getting updated. You bought the real estate might as well get some marketing out of it and it's a great way to get good leads.
RESEARCH YOUR BANK- why? Your hard-earned money is going into the bank and you need to make sure that your bank is safe from failing (like we have seen in the past). If you have a way of telling if a bank is truly good, please put it in the comments because I still don't know how to tell. 👇🏼🤷🏻♂️🦈
Why I try to Stay Away From Condos? Hello HOA fees and guidelines, also they typically don't have the best resell value and when the market goes into a downturn, they go with it.
Truly, only you know what's best for you - listen to what you know is right for you. 💥 Go find your own answers.
What's most important to you? Having all of the capital right away or does your investing strategy align with going with the long game in renting the property out? Another thing to take into consideration is if you have a hot seller market, if so you may just want to flip. What's your go-to strategy?👇🏼
Going with the highest offer may not be in your best interest or make you the most $$$$. Have you been weighing all of the options or going with the highest bidder?
Which offer is most likely to close? Who has the best qualifications or put down the higher downpayment? It's usually not about who offered the highest, it's which one will be the smoothest and fastest transaction, the faster you have that property sold the faster you can move on to the next. Don't get hung up with the highest offer but complicated closing.
Spoiler alert even vampires should invest in real estate 🧛🏻♂️ When you put your money to work, make sure that is going to get the best return for it, your 401K is not going to get you as much of a return as real estate.
Almost done with the flip, and nothing is going to get in the way... it's those last final details and touches that seem to take FOREVER. It's super annoying but those little details are so important. What are the most annoying thing that you have found with what you do?
1031 Exchange is basically a way to not pay capital gains taxes when you sell a property and reinvest the proceeds of the sale into a new property (within a certain amount of time). It's a really cool program, and we do need this program in place, I'll explain why. 👆🏻
This person is running your business, so you need to pick some one good... what questions do you ask a property manager? Start with what is their fee structure, get a fee list, ask for anything that you possible could be charged for. How do they handle maintenance? How do they handle evictions? The list goes on! It's all in this video/podcast, if you are looking to hire a property manager you may want a notebook for this one. 📝
Does luck exist? This book is really awesome because it talks about how you make your own luck, you put in your own work and people who are too lazy to do anything say "lucky you." Some people might be a little lucky, but a majority of the time we make our own luck.
You can stock up on all the same parts, keep the parts in the building for maintenance to use and then fix the issue. At a house, you can't store parts there so the maintenance person will have to go get the part and come back. If you are looking to scale, it is way easier to have a multiunit.
Cutting costs is just as important to your bottom line as raising rents, don't over look it. Check out this podcast for some ways way cut costs.
You don't want to be surprised when buying your property, have it properly inspected so you are aware of any issues that may come with the property. But make sure that you are hiring a good inspector.
Are you looking for a long term game or a short term game? Flipping is a short term game, you get a bulk of money right away but Buying and Holding is a long term game that will continue to provide income.
Cash Out Refinance is paying interest even when you aren't using the money , HELOC not paying interest on it, but the bank is holding that money - it's not yours.
Don't invest with someone if you don't know the numbers for yourself, you have to know whether you are getting a good deal not just trusting someone who claims you are getting a good deal. In the end, it's your money on the line not theirs.
Go watch it and check it out for yourself, it's so interesting how basically all of the recessions have started because of the government pumping money into the economy trying to avoid a recession only to create one. It really gets into buying homes and what happens to mortgages when everything goes down hill with the economy. Check it out at letusdisagree.com
1 Cash Flow makes a great rental and the location but how easily could you sell the rental? 🤷🏻♂️ A very sellable rental makes for a great rental property, make sure to have perimeters in what you are looking for in a rental, stick to the rules of what a homebuyer will want.
Being creative and doing what you love is the way to LIVE. We have tried to do projects that are very creative in converting buildings into a different type of use than what they were originally intended for and we really have not had one plan out yet, but we will get there. It's all part of the fun.
KEYS 🔑 If you don't have them you are SOL... so how do we avoid loosing keys or reduce our key replacement expense? Watch the video for my tips and system for key management, if you have any questions please comment below or send me a DM.
Reglazing instead of replacing your tile or tub is easier and much less expensive, you can replace the vanity and toilet if needed. A simple bathroom remodel and refresh.
How well you control the asset is how well the asset performs. When you have control of the company, you can pivot and make changes right away instead of complaining about the management company. We make more money because our properties are being managed well, and our maintenance guys go through an entire task list to do all preventative maintenance each time they are in a unit. That alone is worth it.
1 year lease works well, you can also do a month to month lease which will help you get rid of the bad tenants. You have options.
YOU... boom.💥 Educating yourself is one of the best ways to invest in yourself, listen to awesome podcasts on whatever it is that you want to do, eat right, exercise, take care of yourself and do something that makes you grow.
It started with a mindset change from working for stuff to working for freedom. Before you do anything, put your percentage of savings into a separate account - out of sight out of mind.
Get the expenses from the owner (tax return's are great) and run the numbers to show that you won't make any money (aka the bank won't lend because it doesn't meet their DSCR). Let your numbers negotiate for you.
A reduction in value of a property and asset due to wear and tear assessed by the IRS. Which is awesome because that is x amount less that you will have to pay in taxes. We all know that real estate appreciates over time, your property goes up in actual value - it depreciates according to the IRS and you will pay less in taxes. This is again why real estate is the best thing EVER.
Think about refinishing versus replacing- depending on the condition, you could save some major $$$ by refinishing your surfaces and cabinets instead of replacing everything. Make sure that your flip is actually profitable in your market.
What would you think would bring the whole show to a stop? 🏠🛑 Like what would stop people from buying houses right now? I have been asking myself this question to mentally prepare for a worst case scenario and the only thing I can come up with is if back stop lending, which it doesn't look like that will happen. Anticipating hurdles is part of the job, right now the hurdles for us is navigating the lead times and dealing with the uncertainty of the market. In your industry, what hurdles are you going through right now?
Sometimes in the end the hassle is not worth it, and that is what happened to the motel that we looked at a few months ago. Let it go and move on to the next deal.
You never know where your next deal could come from 🤷🏻♂️ It could come from just telling people what you do, you just never know so always tell people what you do.
Good News... THERE ARE MANY WAYS TO RAISE RENT. 🏠 You can slowly bump up the rent to the market price, make everyone leave to rehab the whole building and bring in new tenants at market price or your could slowly rehab as tenants leave and charge new tenants market price. Don't forget to get rid of your bad seeds right away when you get the property, save yourself from loosing great tenants. Questions? Drop them in the comments below.👇🏼
Buy 💵 🏠🤑💰 We have to focus on the "B" for the BURRR method for it to work, you want to buy in cash to aviod the mortgage fee and refinance out, rinse and repeat. Keep on investing, use the BURR method to keep on building your empire. Questions? Let me know.
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Waiting for contractors
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Looking for random parts
*When you have double supplies
*When things get misplaced
Pro Tip: Have a designated table for supplies, if it is not on the table - we don't have it. Let me know what your most annoying thing is in the comments. 👇🏼
People are always going to need a place to rent and rentals are a low maintenance high profit investment. It's a no brainer for me, but if you think there is a better investment than rental properties drop a comment below, I want to know what you think. 👇🏼
Do you value your time? Save yourself the hassle, money, time, year off your life, ect. and just put a dollar value on your time and if the thing that needs handling isn't worth it or you don't have any knowledge in an area - bring in an expert. It will save you in the long run.
When I did the math on one of my rentals, when I put in 40 hours on that property and I made $50,000 from that deal (not all deals are this profitable) BUT damn, that hourly rate is worth it. When it came to thinking about how much sucking up I had to do at work and never will get a payout like this at my corporate job, I could just be an investor and answer to no one. Done.
It's important to find an agent who understands what you are trying to do or is an investor already, if they are really in your corner they will contact you as soon as a deal pops up go see it and get your offer in right away.
Hard Money Loans can be super handy when you need one, so here is a breakdown of hard money loans and the commonly asked questions.
They both are good options, and living for free is AMAZING. But there are pros and cons to both, for instance a pro for duplex is less noise and not sharing your living space with a renter, a con is a higher down payment. Pro for SFH Hack, lower down payment and a con is sharing all of the living space.
Don't force your deals, leave a good buffer in your numbers because THIS 👆🏻 can happen.
There are a lot of good things to learn when you have to start from the beginning, I think it's good to start with a vacant SF so you can do the process from start to finish and make sure that you have a good tenant in your property.
There are 3 main reasons: buying to live in it, buying it as a rental or a flipper who doesn't care about making money but needs to keep the crew busy. Don't worry about loosing the bid to these people, stick to your numbers and do what is right for you.
And why you should always take advantage of it? A final walk through is your opportunity to make sure that the agreed fixes from the inspection were actually done. Another thing to check, is that when the other person moved out that they did not damage the property.
Running numbers on a vacation rental is VERY different than running numbers on a normal rental. For running numbers on the vacation rental, you have to account for the management fees (which are higher), furnishing and decor to make the property desirable, and you have to get professional pictures. Make sure that the numbers work as a standard rental if you are buying a property to be a vacation rental, if the vacay market fails then at least you can rent it out as a standard rental with cash flow.
What to look at when investing outside of your market? Obviously, look at the jobs available, income range, schools, housing but the best thing talk to someone who is investing or living in that area and get the inside scoop.
My parents did something so massive and brave by moving us to America all with 3 pieces of luggage, $3,000 to their name and hope of a great future. All for the endless opportunity we have in the US, it's amazing what we can do with hard work.
YEAH, rent it unless the taxes and numbers don't actually make sense, then that is a different conversation. Don't forget, renting offers cash flow!
A great book on how to control a pitch or situation, by targeting the fight or flight part of your brain and staying in control of the pitch. This helps your day to day interactions, it's a great book - I give it 👍🏻👍🏻. Check it out.
Why you should also make videos? Creating videos versus scrolling on social, creating videos was way better than scrolling on social. You would be amazed what you learn from creating 180 videos and posting them, it's awesome to have people who you didn't know is interested in this kind of stuff comment or drop dm's about investing, it's cool. Another great thing is how much I have learned and grown in the process, it will be great to look back someday at this moment in time.
Here is the plan: increase rent (for a good reason), decrease building expenses, and some updates - it will be a great property once we can get our hands on it.
Don't loose money right away in your flip by paying too much for the property, stick to your numbers and don't sacrifice your money to score "a deal."
It's as simple as putting EVERYTHING in a letter to the tenant notifying them of the ownership change, get them to sign a lease with your name on it, where they will pay rent and where they submit maintenance requests. Having it all in writing and in one place makes it that much easier for the tenant and for you to say "hey, I know you got this information."
And why buyers should pay attention to them?...Let's talk disclosures, a disclosure statement is a legal document designed to let you know as the buyer what issues have happened with property in the past and if it has been resolved. As a seller, you have to be honest and truthful about the issues with the property.
THE POWER OF LEVERAGE Another beautiful thing about real estate is you can hold a property and let it keep on making you money every month. Or you can cash out refinance and purchase another property, you have multiple properties making you money with the same amount of money that you put in. Why not go for it?
LLC - 1 per property or 1 LLC per multiple properties? When deciding what to do, go talk to an LLC attorney they know how to properly set-up your business to maximize the benefit of an LLC. But make sure to think long term, how many units do I want to have and how many bank accounts do I actually want to deal with?
If they did, who would sit in a cubicle and do the desk work? No one, but honestly anyone can invest in real estate and make a significant amount of money doing it. Just think if we were taught in school to save money instead of buying cool shit and invest it instead... how much better would things be?
What if your tenant doesn't have internet or checks? What now? Well... it is possible to have the tenant directly pay into your bank account through your bank. It's possible, it can get messy but it's another way to make sure that you get the rent.
It's important to close around the 6th -12th because you will have the pro-rated month of rent cleared and in your account by the time the property has closed. AKA you already have made money by the time you have closed, win win win. Also it gives you basically 3 weeks to get the current tenants switched over to paying rent with your system, not the way it was done before.
It can be as simple as taking care of the maintenance requests right away and calling to follow up on how the maintenance call went. Make sure your tenants are happy and that means you will have tenants for a longer amount of time, equaling more $$$ for you.
Things I look for in houses that have had fires in them - the brick (or siding) if they have shifted, the windows, the roof, check out the ceilings. This one is "not that bad" but will need to be gutted for sure, we'll see if we make it happen, stay tuned! 😉
Only buy the materials as you need them...DONE. Save yourself the hassle of storing and tripping over the supplies, just wait to buy them.
My Sunday nights are for planning my week, 30 minutes to an hour every Sunday night I write it all out and go through everything that needs to be done this week. It's helped me stay focused and making my 5 power list for each day, keeps me focused.
Coming to you from the '96 Ford Bronco to talk to you about House Hacking and why it a great option for getting started in real estate investing. This is a great choice if you need a place to live and you want an investment property, there are many ways to do this and it can be a great strategy for getting started. Drop a comment below if you have or are currently house hacking 👇🏼
For purchasing a single family house, stick to your buying criteria and the types of properties that you are comfortable with. Always leave plenty of room as a buffer in the budget and have a few exit strategies planned out. For rentals as long as you have a good cash flow, it should always make sense no matter what and there are always people looking to rent. There are always people looking to rent, and more land doesn't just get made, so go get those properties while you can.
It's as simple as offering to be a runner for a flipper, so they can keep working while you are running errands. You can find a deal, and bring it to the investor, you could also follow up on leads for the person you want to learn from. Offer up free labor as a helper, all of these things add value to person you are learning from AND helps you gain important knowledge.
Ohhh the furnace filter that never gets changed or the gutters that never get cleaned or the flowers that don't get mulched. How do we deal with this? We send our maintenance guy over to the property every 6 months to take care of these things, to make sure that our properties are kept in good order.
Go BIGGER. That's my advice for getting started in investing, go for a multi unit over a single family house. The cost is not dramatically different to purchase a MF vs. a SF, you are getting more income for close to the same amount of expenses. More units, more income and more opportunities.
What would you want in your first house? These little touches make the final product so much better! Fix the lights, soft close on the cabinets, update the cabinet handles, add granite, ect. Do the little things that you would want if you were buying your first house.
It comes down to what are my goals and which offer I am going to net the most on? A cash offer is going to get my investment back much faster and usually no inspection, that is a better deal for me- usually, it just depends on the situation.
Honestly, what are your goals? At the end of the day, it takes about the same amount of work to flip as it is to rent... so really what is your end game? You have to weigh the options to make sure the line up with your goals. Are you working on a rental or a flip, let me know how it is going post about it below 👇🏼
Let's look at the first time home buyer type of house, it's really simple supply and demand - there just isn't enough supply of the first time home buyer houses. To add on to that issue high comps keep on raising the listing prices on the houses when they are listed, and the banks use those comps to compare what the homes are worth, so they just keep on rising.
REAL ESTATE IS AMAZING. I am making a huge return my first property by remodeling and renting that out property, I ran rough numbers and its amazing what I am getting for the little I put into it. You can't always get these kinds of returns in the stock market or other investments.
A cap rate is your capitalization rate for your property, it is a percentage and you figure it out by using your NOI (Net Operating Cost) divided by your price which equals your cap rate. There are different cap rates you want to stick to when evaluating potential properties.
This book is great for new people and people who are veterans in investing because it goes through alot of little details of how to invest and examples of running numbers.
Tour of this Roseville property, this home is already snatched up but this is a great property to show for inspiration for your next flip.
Self Directed 401K is awesome but there are some restrictions so like you can't purchase a collectable, you can't invest into anything with someone you are related to or in a company that you have interest in. I was able to roll my 401K from the corporate days into the self directed 401K to use for investing.
I think it's important to pick what area you want to invest in, and go all in. I am investing passively because I trust these guys to do great work on the deal, and I get to sit back and do nothing, while my money works. It's a great way to invest and diversify since I can only work on so many projects at once.
When inheriting tenants send the tenants a letter that say's "we are taking care of this, this is how you will be paying rent and submitting maintenance requests, ect." It is important to have them sign leases with the same rent and original lease date, but it needs to have your name or the property manager on it to keep everything clean. It's important to just lay everything out as to the process and explain how it will go, provide some reassurance off the bat.
Getting a loan on them is the biggest problem... they are probably selling the property because it was mismanaged but the lenders don't like the debt to income ratio. How do you work through this? Bring in a higher down payment, which helps fix the ratio and take a look at the rents, chances are the tenants are being under charged.
There are so many platforms that you can use to collect rent, it is so easy to use your tenant can sign in to the portal, everything is and pay rent. Everything is tracked in the portal which makes the tenants life easier and yours, especially for taxes the reports are all there. Go find the best platform for you, and stop wasting your time with running around like a chicken with your head cut off to collect rent. Remember in order to scale, you need systems in place.
You can look at the properties that you already own and if it is comparable to your current property, if you have a broker that is an insurance agent call them up and get a quote, use a ballpark figure to plug into your calculations. Taxes you can call the city, they will be able to give you an estimate of what the taxes will be if you purchase the property at "X" amount to then plug into your calculations.
It's an income producing asset that is being sold as an income producing asset (aka the rental is already live-able and rented), usually with a property management company attached - it's a great way for someone to invest without investing much time.
Making Changes to the Lease? USUALLY NO... but there some exceptions to be made and different ways that it can work out in your favor if you take control of the situation right away.
When the market is hot, how do you stand out when you are buying a house?
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FIRST AND FOREMOST DON'T HIRE A CLOWN FOR AN AGENT
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Learn why the seller is selling their house and cater to that need
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Make sure the financing is buttoned up before putting in the offer
Ohh Home Inspectors... the home inspector for my home dug a hole and looked at worms to say that my septic was fine - which I learned is located on the other side of the house. Moral of the story: not all Home Inspectors are untrustworthy. If you don't trust the inspection, go back and hire your own inspector to check things out.
IS STAGING WORTH IT? Do you have a unique property? If you have a weird space, that when you are looking at you think "does furniture fit in this space?" - you probably need staging. It is helpful to have it staged to show what is possible in the space, at least in this hot market it isn't necessary to have a property staged every time but if the property is unique or has small bedrooms, just stage it.
It's important to have a system in place for your tenants to submit maitencace request, it saves you and your tenants time. Clarify with your tenants what is considered an "emergency", what is an emergency to your tenant may not actually be an emergency. In some cases, you may be able to trouble shoot the issue on the phone with the tenant saving everyone time.
Walking through the foundation repair on a flip, lots of crazy cracks that will be fixed and this property will be ready for its remodel.
This video was made one year since I left the golden handcuffs. It's awesome living my life on my own conditions and working how I want to work, I don't feel like I am working because I like it so much. Another huge thing awesome thing is I choose who I work with and who works for me. Happy 1 year of not having a W-2! If you are scared of leaving your job that you don't like, just make the jump don't let anyone else's insecurities hold you back.
Since I am a real estate agent, I have access to the MLS and that is how I found the small apartments. But the 7 unit we found through our marketing, if you are looking for something larger look at LoopNet or the other sites, just get on the brokers list and they will email you when they have something. With stuff that is on the market, you have to move fast.
I am SUPER EXCITED about this, we got a 7 unit - it is under contract with a cash offer. We should be able to double the value of the property, we are going to turn it and I will show how we are turning it so you know how you can do this too.
This book is basically about how fast technology is advancing and how much faster it will keep on advancing, it's pretty cool. It will change how we shop and how we connect with each other.
Say hello to the Corvette. I am doing the oil change on my vette, so I thought I would give you a tour of the vette and all of the new things.
MENTAL TOUGHNESS. 75 Hard book is all about the mental toughness challenge and getting rid of the bitch voice in your head.
Both options are great, it just depends on what your goals are and your situation. There are somethings to be aware of, for instance passive investing gets taxed at a higher tax bracket than the active investor. Being passive or active, it just depends on the lifestyle you want.
First and foremost: ASK AN ATTORNEY OR CPA before creating an LLC Having an LLC can be great, it can protect you from a lot of stuff however if you don't structure your LLC properly, it can be a nightmare. Protect your assets, the best way I have learned to protect my assets is to hold the rentals in an LLC.
It is possible to refinance your property that is held in an LLC, it can be difficult to find a lender who will do it but I was able to do this with a commercial banker and it really worked out for me. If you are looking for a recommendation of who to work with, let me know.
This house had a fire which means it is going to be a fun flip. We have a lot of work to do, including replacing all of the windows and doing a full remodel, it's going to look great.
There are a few sites to use the MLS to see what has been rented in the area, Zillow or Rental Meter to pull comps. Do your research on your comps to make sure that they are truly comparable to your space.
What do you do if you buy a building and the landlord pays utilities? You got into investing to make money and you have options, for the bigger buildings you can have meters put in and the tenants will be charged for the utilities or do a charge back on the utilities used. Or just stay away from properties without landlord paid utilities. 😉
Let's be honest, Zillow has not been to your house and evaluated your property to figure out a listing price. It doesn't know if your house has a weird layout or if it is very out dated and the other homes in the area were updated, Zestimates are created from the data of the sales in your neighborhood. It can be a great metric, but don't rely on the Zestimate for your listing or purchasing price.
Pro Tip: Do your inspection when the tenants are home, and ask what things are wrong with the place. They will know the weird quirks of living there and we learned a lot in the inspection today after talking to the tenants of the building.
Keep your eyes open for unique investment properties, we are looking at converting a motel to apartments. It's not pretty but there are so many opportunities with this property.
Super excited to share my new baby, '94 Bronco - a little break from real estate videos to remind you when you work this hard you can play hard to.
What do you do if your seller backs out at the end of the deal? There are many things you can do in this business when you are far into the contract, but if you get labeled "the asshole no one wants to work with" it's really hard to get good deals. If your seller backs out at the last minute, let it go and move on, right? What would you do if you were in this situation?
Be the first person on the ball when it comes to going and looking at a property, put in an offer right away if you are interested in the property - you can put in multiple types of offers on one property. Just say'n.
Getting into Real Estate? Here are my book suggestions for anyone who is interested in getting into real estate:
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Rich Dad Poor Dad (basically the gateway book)
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The Weekend Millionaire - Trump's Strategies for Real Estate (it's good, regardless of political views)
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The Millionaire Real Estate Investor
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The One Thing
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Any book by BiggerPockets
Stay hungry for knowledge.
Build your systems so you can be freed up to keep your business growing. If you do something twice, you can build a system and tell someone how to do it once with the system in place and they can be successful. Build your system if you want to build something that is scaleable.
Too many beginners worry about their logo and branding over just getting into a deal, just do it as long as it is actually a deal. Finally, if you ask someone who is experienced for their advice, take it. All of this to say, it's okay if you are a newbie and have made these mistakes, but do what you can to avoid these newbie pitfalls.
Finding a good property manager can be hard, but if you ask the right questions you can get a good property manager. If this is something you are looking for, you may want pen and paper to take notes on the questions I always ask.
It's really not that complicated of a process, I swear - today I am walking you through the process of buying a home. The professionals can make it sound far more complicated than it really is.
Just get the ball rolling and the only limit is the limit you put on yourself - if I could go back I would have done this differently and I would have chased more deals. Just tell everyone what you do and what you are looking for. Don'ts listen to the nay sayers, and find someone with experience that you trust, team up on a deal.
Don't get screwed over by your contractor - pay by work completed, you can purchase the materials for them if that is a hindrance for them getting started. Also make sure that they provide a timeline, you can have them sign a contract saying that they loose x-amount of dollars for everyday that the go past the completion date. Don't get taken for a ride by your contractor, I can't say it enough.
This was a REALLY good book about advertising. It points out the life forces that go into advertising and also it taught me that I need to get to the point when it comes to talking about what I do or want.
Is it possible to collect rent on old tenants moving out early and new tenants moving in early? It is possible to do, which is awesome but when running your numbers on a property before purchasing use 4-8% for vacancy (the vacancy % all depends on your area).
Why not make your money work for you? Money in the bank will not get you the return that the money invested in a fix and flip deal will get you. But make sure that you are first on the mortgage, and let me know if you have any questions on how to passively invest in fix and flips.
Have you ever heard of a 1031 exchange? It defers your taxes to another property when you are selling real estate, it is an excellent tool to avoid paying capital gains on your property. If you have capital gains on your property, this is something you should consider utilizing.
How do you know? To figure out the area, use the 1% rule: look at the purchase price and the rent for what that home would go for, make sure that the rent is either 1% or higher of the purchase price.
What if you are working on buying a property, you offered low and the owner came down - but not to your price. And it still is a deal, should you do it? If it works, put your ego aside, don't loose the deal.
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You can do anything you set your mind to
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When you start something you got to finish it
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Be kind to people
Best lessons from my dad, what are the lessons you have learned from a father figure?
Buy, Rehab, Rental, Refinance, Repeat this method is popular for buying real estate rentals to keep on building your real estate empire. Have you heard of the BRRR method or use it yourself?
Today is demo day in one of my flips, take the tour with me as we walk through this property and I point out a few changes that we will be making to give ideas just in case you have a property that needs help like this.
Why sell your old home when you can rent it out? First off, if you have lived in your home for a while you have equity built up and it's your house, you know it inside and out. Plus you probably took great care of the home and you already own it, if you are thinking about selling your home, buying a rental and a new house - consider this option. It worked out well for us.
We weren't exactly taught how to budget or encouraged to save our money, but what good is working all day to spend all of it on useless things? I was spending all of my money until I sat down and figured out how much money I was thoughtlessly spending, you can save that money invest it and then enjoy spending your money again because it's not the money that you worked all day for. Let me know if you are interested in the budgeting worksheets, and I will try to find them for you.
You can ask for them to dial the deal back (get terms and interest), it's a sweet deal for the seller and for you. Another option is to go for a purchase for land contract, a lot of owners will go for this option but it just depends on what the seller's motivation is. There are so many creative ways to structure a deal, the ways are infinite but make sure that it benefits you and the seller before offering the option.
Some people aspire to just pay off their home, and that's all they want to do. But if you use some of the built up equity to invest in a rental with someone managing it, it's passive income and you can keep on snowballing the investment to pick up more properties making you more money.
After studying successful people that I admire, the one thing they all have in common is keeping a routine. I have a daily routine filled with all of the things I need to do, necessary tasks and other items that keep all of the projects on schedule, these are important non-negotiable things but it has helped me so much to stay productive by scheduling out my day. It's important to find what works for you and go with it.
Why you should require renters insurance? If there is an incident and the renter is liable, the renters insurance covers most of the liability. It's basically like a second around of protection for your renter and for you.
Infinite Banking Concept basically instead of paying interest to the bank you pay yourself and grow your wealth, it's an interesting concept. Go check out the book if you are interested in learning more.
It is financially better to have your own crew for flipping houses, they are more reliable and quality control is much easier, they can also work on the rentals when there isn't a flip to work on. It just depends on what your needs are, we don't keep an electrician or plumber on our crew. Let me know if you have any questions about flips or real estate or whatever.
Quick walk through of a 3 unit we are hoping to get and as I am walking through, I list out some changes that I would make to the property. Hopefully we get it and you guys can see what we do with the place.
I am going through examples of how to create equity and how to buy equity, either way works and honestly, it just depends on what works for your deal.
Here are the highlights:
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Don't be a spreadsheet ninja and never invest
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Buy off of cash flow or investment style, not emotion
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Don't buy in areas that you are not familiar with just because it looks like a "good deal"
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If you are purchasing an existing rental make sure they are running it like a business
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If you are hiring people to manage your properties, you are managing that person
If you are calling another landlord doing your due diligence, while you are asking them about the tenant- just ask if they are interested in selling. It's an easy way to get a lead on a rental and if they say no, not a big deal. Do you have any cool, creative ways of talking about one thing and sneaking in something else? Let me know!
As it turns out, you should. I didn't allow pets originally, but after talking to another investor about how much more rent they made in a year from pet rentals, I just started allowing pets in my properties. There are some studies that say pet owners are more stable and are more likely to be longtime renters, so we will see if that is true.
Progress video of one of our flips, it was basically a crack house and when we are done it's going to be basically all brand new. It's going to be so nice.
Once again, get a good jockey and make sure that they have a good hold on what the rents are, the potential return, taxes, ect. correctly. Make sure that you put some sort of lean on the property, so if the jockey tries to sell if you will be notified. I hope this video helps if you are looking to be a passive investor of a rental and if you have questions, comment or send me a dm.
It is possible to invest passively in a flip, but you have to find a good jockey someone who is going to find the deals and do the hands on work, they have to show you that the math works out. But you have to have a good knowledge base of how the business works and what a good deal looks like. If you have questions on how to invest passively, comment or send me a dm.
In this book Donald Miller goes through how to create a great story brand, and uses case studies to show how much of an improvement branding can make to your business. It's a great book and anyone in business should read it, there are so many actionable items that you can use to improve your business. TWO THUMBS UP
Make sure to understand the process of buying and closing a house before labeling yourself as an "expert" in it, if you cannot understand or explain it fully - then you are not an expert. It's not fair to your clients, they want to know the process of buying or selling their home, it is the agents job to explain it and help them understand what is going on.
You don't have to have a real estate license to invest, I invested in real estate for many years without a real license but it is helpful and not for the reasons you may think, shop talk can be very helpful. Let me know if you have gone through the same thing or something similar.
This walk through was WILD - but it is a potential of a really good deal. But always look for the one thing that will keep people way from a property and find a way to solve that problem, then you have a good deal. What has been your version of the "weird guy"?
How to figure out your rental rate? I look at Zillow, find the rentals that are comparable to my property (neighborhood, size, ect) and compare their finishes to the properties finishes. Another thing to consider is what type of tenant are you attracting at that rate? I think through would would attract long term tenants, and if possible I look at what rents have gone for in the area in the past.
You have to figure out what you what to do - rentals, flipping properties, land development, buying apartments. Before I started, I listened to every podcast I could get my hands on and took notes on every single episode. Self educate and make an effort so you have an idea as to what you want to do so you when it comes time for you to ask questions you can ask good questions and not waste another investors time.
My suggestions: BiggerPockets Real Estate Podcast, Rich Dad Poor Dad: What about the Rich Teach Their Kids and The Millionaire Real Estate Investor.
I was able to get an amazing deal on my first property because I figured out that the sellers were working on a tight deadline and I was able to meet it, so they took my offer even though it was lower and in a hot market. Sometimes its worth paying more or fitting into a timeline, depending on what the other party needs in a deal - it's a creative way to make a deal happen. What creative solutions have you used in a deal (real estate, cars, sales, ect.)?
I think of money as a tool and happiness is a feeling, but so many people think money equals happiness. Why do we associate money with happiness? I have been miserable earning a lot of money, but I was miserable and I have been happy and broke because I was doing something I love. Drop a comment, let me know what you think.
"It's just another day in paradise" was not a phrase I used when my dental hygienist asked my if I liked my job (back when I was an engineer). Ha! She did not get the answer she was expecting but it was funny and if you hate your job, go change it. This is a short life, don't waste it.
At the time I recorded this I was doing 75 Hard, it really is about becoming mentally tougher. It is hard to get all of all of the pieces of the challenge in daily, which I have failed at and redone the challenge but when you do it right, you get really good at not procrastinating and you get your shit done. It also helps get rid of procrastination, you have to do something do it right away - it makes you mentally stronger and helps you get more done. If you are interested in the 75 Hard here is the link, no it's not some diet or shit like that, it's totally free and meant to make you stronger.
https://andyfrisella.com/pages/75hard-info
Stick to your buying criteria, whether it's putting in an offer based on the true current value of the property or stick to a certain price range - stick to it. It can save you a lot of $$$, it's okay to loose a few deals if you can't come to a reasonable price for your criteria.
More on The Checklist Manifesto by Atul Gawande, all the little things we do routinely at work or anything else it is really easy to overlook those things and that's why it is so great to use a checklist. Also for the examples they used was for a surgical team, they had the checklist for the whole team so everyone can hold each other accountable and it dramatically improved the overall patient outcome.
There are many reasons why you might receive a bulk rent payment, money now is better than money tomorrow. The nice part of receiving money now is that you can invest it, there are a few things to be aware of if you are taking a bulk rent payment but all in all, it's a pretty sweet deal.
We are taking a trip to one of my Airbnb's, Airbnbs are great but you have to fully furnish the house, decorate, and make it homey for it to be successful.
How do you know if you should do a rental or an Airbnb with your property? Airbnbs require decorating and furnishing the property along with paying for the utilities but the long term payoff can be far greater than if you did a rental. But a rental property can make you money right away and bring consistent income. It just depends what the situation is.
Today we are running real numbers on a flip, there are many ways to get the money for a flip which I go into in today's podcast but for example of price point we are figuring out what it will cost to flip a house worth $100,000.
When figuring out whether you are going to use your property for an Airbnb or not, you have to run your numbers with all of the factors included that are not involved with a regular rental. For an Airbnb, you will need to furnish in a way that is pleasing and durable, adding in your security system, cost of house cleaners, maintenance and making sure that your rate is based on how many heads in beds. For figuring out what Airbnbs go for in your area and what your competitors are probably charging, I use Airdna.co it's great at providing data on the Airbnb industry.
If you find a house worth $2,000 a month house for rent on Craigslist for $600.00 and they are asking for a "refundable" $100 deposit to view the place - it's probably this scam. I just had to deal with this scam over the weekend and it affects the landlord and the potential tenant. I am sharing how I find out if my properties are being listed by a scammer and how I deal with the scammers (I may mess with them a little bit). If you have dealt with a scammer and messed with them a bit, please let me know in the comments. I might need some new tactics.
Is there a perfect time for buying real estate? There really is not a ever a bad time to buy a rental as long as your numbers make sense. You can always justify something as it not being the perfect time, for anything, just do it. Quit waiting, just go for it.
People have lost their minds, welcome to 2020-2021. What do you do when the title company for the sale of your flip won't let the buyers sign because one of the buyers is a doctor and has been exposed to COVID (from work) but the spouse can sign? Common sense is lacking but the house sold.
When do you make a checklist? I just read the book The Checklist Manifesto by Atul Gawande, as it relates to my property management business we have a checklists for the different scenarios when having a new tenant and there are checklists for when the tenant moves out. Basically, if we do something more than once we make a checklist, it helps the tenant and the landlord.
So my last podcast was a lot of complaining about engineering, when I was in the industry all of the parties or employee meetups the conversations were all just everyone complaining about the same stuff I was complaining about. At some point I realized that complaining won't make a change, so I stopped complaining and made the change. You have to do the work yourself to get what you want.
All the things no one told me about engineering, I got into engineering and learned that it was not as great of a job as I thought. This is a brutally honest breakdown of what the industry looks like, and no surprise this is why I got out of engineering, let me be honest being a real estate investor is a whole heck of a lot better than my old desk job. What is one thing you wish someone warned you about or told you before getting a job in your field? Let me know in the comments.
We are talking about foundations, what I look for in an investment properties foundation and who to call to figure what a fix will cost you.
How do you tell if a deal is ACTUALLY a deal? Look at the properties that have sold in the area and figure out what the property is worth, yourself. Then do the math: figure out your expenses, your costs, what you are putting into the property and what you want to profit. If the numbers don't work out, it's probably not a deal.
Teo's House Buying Tips: When buying a house or a rental it is so important to not fall in love with a property, it's an easy way to loose money. Get a good home inspector, they will catch things that could have you bleeding $$ later to fix. Don't buy any houses with super weird layouts, it's a recipe for weird things to happen. Be careful when purchasing a home from a flipper, just make sure the work was completed on the house, don't be afraid to ask what they did on the house.
Don't want to replace good quality but outdated cabinets or spend the money to on your next flip? If you have cabinets in good condition, you can easily restore your cabinets to look clean and updated by just painting the cabinets. It's simple, but very affective, check out this podcast for more tips about updating the existing cabinets.
So you have a rental - who pays utilities? I always try to buy a properties that the tenants pay the utilities, it's one thing off your plate as the landlord and it helps your tenants be accountable with their resource usage.
If you ever want to become a better speaker, I highly recommend Toastmasters and these days they are primarily virtual so they are easy to join.
For starters, I would think way bigger and buy more real estate! The best time to start investing is in the present, don't limit your self if you find a good deal the money will follow.
When you make the choice to go all in on something, don't give yourself another option to run back to when it gets hard or after your first failure. Stay with it, tell yourself that you will have success and there is no turning back. So many people make the jump to something that is different, after the first failure they give and go running back to their old careers. Failure is not final but giving up is.
Do you feel like you don't have time for anything after work or even during the day? I found scheduling a timeline of when I have to get something done and figuring out what my time wasters are have made a huge improvement in my productivity.
The way you do one thing is how you do everything. Discipline is how successful people get their stuff done, today I was not disciplined and woke up late, it threw off my whole day and I am feeling it, but tomorrow I will be back on track. Do you ever have days like this? What are your daily disciplines/nonnegotiables to set you up for success?
You have two potential tenants that sound like they will be great tenants, what do you do now? Is there one potential tenant that is better than the other? Today, I am going through how I chose one tenant over the other and it's simple, not a perfect science but simple.
First figure out your criteria, find a good agent, figure out who you want to lend with and stick to your plan for scaling your business.
Is buying stocks and bonds risky? Buying stock and bonds is a long term game, but the biggest risk is not buying at all. In Simple Wealth, Inevitable Wealth by Nick Murray, he lays all of the data out about just how over time stocks and bonds are not that risky. I think this is a great book to read about stocks and bonds, which is just dipping into another type of investing.
You can absolutely be a real estate investor and work a 9-5, it's all about being efficient with your time. Find a real estate agent or whole saler who can bring you exactly what you want, provide them with your criteria and be flexible. View the properties as soon as you can and consider having a property manager.
There are some very simple ways to show your rental properties from having the current tenant show the unit or using a lock box and Simply Safe in an empty unit. You can always show if yourself, but if you can't these are some great options.
You have the property, you have the tenant and now there is maintenance. Who is replacing the lightbulb in the your rented unit? It's all about drawing the line in your lease as to what is the tenants responsibility and what is the landlords responsibility. Then you have to build your system to help you maintain but also to grow.
It is a challenge to find a good real estate agent and it's so important to find a good real estate agent especially if you are a real estate investor. You need an expert as your real estate agent, you find them through word of mouth and social media, if their face is on a bench - no deal.
The Bronco and I go way back, all the way back to childhood - I remember the first time I saw a Bronco and how huge it was in comparison to all of the other cars I was used to. It was incredible. I remember the amazing day when my dad brought home the Bronco.
2020 has been full of adjustments, we have become pros at using video walk throughs for tours instead of showings for potential tenants or potential buyers of the homes. What kind of adjustments have you had to make and how have you stayed productive?
We are talking about what you need to provide to a hard money lender in order to get a hard money loan. If you have any questions after listening to this podcast please comment below.
Today, I am talking about why having a screening process and sticking to it is the best way to protect yourself from bad tenants. I also talk about a the way that I screen in order to get the best tenants for my investment, give a listen to pick up a few tips. If you have any tricks that you use comment below I want to hear what you have done and how it has worked for you.
You got your rental, now is the most important part - finding a great tenant. The steps to finding a great tenant advertising, screening and being a great landlord.
"United we stand, divided we fall." I was thinking about how we as Americans are like passengers in a plane, the pilots are our elected officials and they are just doing their best to fly the plane, getting us to safety. Can't we wait to critique them until we are on the ground?
Ways to avoid burning money while doing your flip: make a good plan, stay on schedule and pay attention to all of the little details in the flip.
Today is the story of Teo, from growing up in Romania to moving to the US when I was 10 years old and didn't speak any English to where I am now. It all attributes to who I am today and the work ethic that got me here.
Why I invest in real estate instead of stocks? There are many reasons, but you really can't leverage anything quite like real estate, I am talking leverage today and why it's one of my favorite things about real estate.
So you have found a property that you want to buy but you need to contact the owner to see if they want to sell... now what? Today I am going over some different ways to find out who the owners are of a property and how to get their contact information.
How to determine the number of rental units you need to live the life you want? I was asked this question from one of my past episodes, so today I am going through how I reverse engineered how to figure out my goal. This technique is not only helpful for rental units, but you can use this thinking process for any goal. If you need help figuring out your number, just let me know and I can help you figure what that number needs to be to get you to your goals.
Take the opportunity to make the most of this time, and do something that you don't normally have time for. What have you done in quarantine or just general COVID time that you would have not have had the time for? Comment below, let me know.
Isn't using blame instead of taking a problem head on just a waste of time? Extreme Ownership by Jocko Willink is one of my favorite books because it calls out this issue and teaches the importance of taking ownership.
There are 4 main types of different people to target for great deals: probate, tax delinquent, ordinance and absentee owner.
Hint- it's direct mail marketing. I am talking about the strategies that I used in the beginning of my career when I didn't have the connections to get good deals. This technique is great if you have a type of property that you are looking for, great the address and mail it to the owner.
Shouldn't we have high school kids actually shadow people in the career that they are looking to study in college and see if they really are interested in it? I would not have picked engineering in comparison to real estate investing if I had that opportunity, with real estate investing I can go work on my car whenever I want too. Do you think that we will be the generation that will push college like the one before us or do you think we won't push it?
In my experience, the times I have gone against the grain I have received a benefit of tenfold. Have you gone against the grain of advice from someone, and what was the outcome? Also what was their reaction? Drop your example of this in the comments, I want to know if this happens to you too.
Investor FB Pages, Wholesalers, Meetups, Real Estate Agents and MLS are all great ways to build the connections to open up the doors to make all of the connections.
Investing can be gambling if you don't have any understand what you are putting your money into. In gambling the house always wins and in real estate investing, you own it. Do you think crypto is investing or gambling?
What is the dollar amount for your time? Consider what is the highest and best use of your time, if it won't get you closer to your goals it's not worth it. What is something that you decided to pay someone else to do something that you could do but you decided it wasn't the best use of your time?
I talk to so many people that wish they could start a business or invest but they "don't have the time or the money". Hate to break it to you, but there is usually some unnecessary spending that is holding that person back or they are wasting their time on entertainment. Just do it and start, you will figure it out.
Do you really want to wait to be rich when you are 65 or older? Or would you rather work your butt off for the next 5 years to be rich in 5 years? Reading the book Automatic Millionaire brought up some thoughts and reasons as to why I left my old job, I don't want to wait that long to enjoy my life. This episode is a throwback to earlier in the year, but it still applies.
We are talking about The Magic of Thinking Big by David J. Schwartz, if you haven't read this book - go get your hands on it. Think positive, set high goals, don't settle, stay grateful and don't let people make you feel bad for wanting more. Heads up the audio is not perfect, but the content is still great, the next episode has much better sound quality. Thanks for listening.
Don't feel pressured to invest in something that you don't know anything about, do your research and learn more before investing. Heads up the audio is not perfect, but the content is still great.
My name is Teo, welcome to Success Trajectory. Here is a video about my background, who I am and why I am doing what I am doing. I hope you check out this video and other content I have to help you live the life you want.
Airbnb arbitrage or renting your property to an insurance company are two unique ways I have rented out some of my properties, there are more options than the standard rental.
High return vs. low return running exact numbers to show the opportunities of investment between a less desirable property and a more desirable property. If you want to watch the full running of numbers, head over to my Instagram @realteobogdan to watch the full video or my Youtube Channel Teo Bogdan.
Do you feel anxious or panicked after watching the news? The news is a business, take my challenge and then tell me how you feel afterwards. Listen for the details- you won't regret it.
Today, I am going to run through the numbers on rental properties and the different options of what to be looking for in your investment property.
What could you give up to help you level up and invest in yourself to get something better in the future? Or have you already given something up so you can reap the benefits later? Let me know.
Can cars be an investment? People actually pay attention to your car, it can help break the ice between you and other successful people. What hobbies have you had that helped you network or meet new people?
My four favorite reasons as to why I chose to focus multifamily: valuation, scale, management and taxes. It's difficult to find 100 residential properties to invest in over a few months, but its not hard to find 100 units over a few months to invest in, and in this video I hit why it's easier in the long run to focus on multifamily properties vs. residential properties.
Who actually knows what is going on? This is a throwback to the beginning of the pandemic and how there are two different options on how to handle this. You are in control of your life, you can freak out or not.
Does having a college degree make you better than anyone else? Today I am talking about why it shouldn't matter, everyone is important and should be treated with respect. Comment below if you have noticed this stigma around the importance of college and how college graduates treat other graduates.
It's all about leverage. Leveraging properties you own, qualified retirement plan and other peoples money there are so many ways to get a hard money loan.
What frustrates me about Meetups? The hidden agendas, the constant sales - it's not what we started our Meetup for and it's not what we are looking for. We are in it for the relationships and to build those relationships. How do you feel about Meetups? Please drop a comment below t, let me know what you honestly think about them.
It's more than just a car, I accomplished a goal by becoming obsessed with it. In today's video, I get into the details of how I bought my dream car using some great principles about goal setting, becoming obsessed with it and just working hard.
Hard money loans expanded, here is a an example to help you better understand hard money loans and the pros/cons of hard money loans.
Some properties you can't get a conventional loan on - hard money loans are a useful tool for certain situations but are they the right choice for your next property?
You Quit Your Job - Now What? Today I am talking about how routine and consistency makes everything easier for staying on track. PS. No one will hold you accountable, you have to do that.
Endless possibilities, leverage and the freedom to do whatever you want whenever you want - isn't that what everyone wants? These are my reasons as to why I chose Real Estate.
Today, I am going through the step-by-step process of reverse engineering how I picked what I wanted to do.
Last episode we hit on why I left my "good career" and now we are talking about the tactical tips to cut your expenses. Give some stuff up now, so you can have better stuff later.
Unfulfilled in your career? Yeah, I was too. Do you even like you day job? Here is the reason I left my former career to do something that I actually like.
Real Estate Mindset, Platinum Properties