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Sending a couple of lease agreements to the right emails, showing the properties. So very standby, very passive, not even management. But we did have experience in that and we molded a lot of systems on how we managed that sixplex for them. So we created a lot of very strict rules that we would follow and we had them written out for us. So much so that we even knew what to respond when a tenant requested one thing or another thing. Even though there might be some extenuating circumstance that wants you to not charge a late fee for someone because you do really feel bad.
But once you have these processes in place, it allows all the tenants to be treated fairly. So I guess you took the year to stabilize, you got your systems going, you got tenants going in there. Daniel:So right now it is winter and we are not doing that much. We are still scrolling through Zillow, Facebook Marketplace, looking for what we can find. But since we recently moved down to another part of Alaska, we are very excited to be able to start investing down here.
It is a little bit different of a market, but there are still plenty of opportunities. Definitely more opportunities for a flipper too, just to keep us busy and entertained, and then also get loans fast acquiring more long-term investment rentals. We just have to find the right deals, need cash today bad credit where we have personal loans with no credit enough equity. So the spread between the purchase price and the appraised value also has to be really high for me. But then rather than wholesaling to someone, I just keep it for myself. Daniel:Definitely being able to scale and setting up the processes that come into place. But going from nothing to a lot of units, I think we were up at 15 at one point, the management aspect definitely takes a lot more time and planning than we initially expected. So having get loans fast the systems in place, using a software to manage rent collection, we stopped accepting cash almost instantly because it was a headache. And then having things like fees automated, having vendors set up also has taken a long time.
We have people on our list, on our need money now with bad credit roster and systems in place to be able to contact them quickly. And then once you have, you get loans fast go and then you build your portfolio for a little bit. So are you flipping houses or was that an accident?
And it was just clear that the property, which was on the market for almost a year now, was not moving unless we had a really good deal to take it. The negotiation becomes easier, the longer those properties sit for. Was it vacant for the seller when they were selling it or they rented for them? And I worked with that flexible credit union I talked about and I got them to agree to give me a loan based on the appraised value. This keeps them safe and just ensures that they have enough equity in the deal when purchasing, that you have enough skin in the game. But this get loans fast credit union was letting me flip it and letting us finance the greater of the purchase price or appraised value, which made it very special. I still wanted that no money down deal because I knew it was possible. Meaning, I purchased the house for 130 and I was getting a loan for 130 and I had no money in it. Daniel:Well, this property was actually a really big disaster.
Things can go wrong and you definitely have to have equity in the deal. You have to have some kind of barrier between you and losing a lot of money to keep you safe. Even though I had no money in the deal, I definitely did have equity. Daniel:But I definitely guaranteed approval payday loan needed that little bit of equity signature loans online no credit check to keep me safe through this. Because after all the remodeling, all the repairs, the vacancies and everything that we just put up with, it was a nightmare for six or eight months.
And my wife and I just had too much of it, it was an emotional drain and we ended up calling it quits on the property. We wanted to keep it as a long-term rental, but it was just too much. And by that time, I think about eight or 10 months in, we already had a really solid portfolio that was giving us enough cash flow from the other units to where we could easily sell this one off.
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First of all, where do you see yourself headed from here forward? Are you going to get in multifamily ever, are you going to stick with what you have? Daniel:Oh yeah, definitely more cash flowing rentals. But definitely, definitely more opportunities for that. And then my last question, before we head to the famous four, what can our audience do to bring you value right now?
What are you looking for in your business, real estate-wise? So if you wanted to follow me on TikTok or on YouTube, I definitely break down all my deals on there. What is your either current favorite or all-time favorite real estate related book? Daniel:Definitely The Book on Investing in Real Estate with No (and Low) Money Down. Thank get loans fast you very much for getting me started, Brandon. David:Yeah, we hear a lot of good things about that book. I know a lot of people say it, but it still is the four hour work work-week. I listen to it about once every year on Audible and it always fires me up. We should have Tim Ferriss rewrite The Book on Investing in Real Estate with No (and Low) Money Down. We are very lucky to be living on a private airstrip and my father-in-law flies. What do you think separates successful real estate investors from those who give up, fail or just never get started? Daniel:I think successful real estate investors are definitely persistent. Even if you have no money, you just need to be persistent.
Daniel:So it is 610,800 followers, which I think is more than the first time. But I also wanted to leave the BiggerPockets listeners with some incredibly valuable resources. These are things that I use every week, if not every day, sort of like a goody bag for the people who made it to the end of the show.
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Memphis Investment Properties locates and identifies properties in undervalued, stable neighborhoods. We have developed a system to streamline the investment process, enabling investors to secure the highest quality properties at the lowest price. Another year of the BiggerPockets Real Estate Podcast is in the books! Thanks again for joining us this year, we look forward to interviewing even more amazing guests in 2021 (and beyond)! Stay tuned and be sure to join the millions of others who have benefited from biggerpockets. And if you can, go up for a weekend, take your spouse out, do it together with your spouse. David:I have never regretted any time I did something intentionally. The best friends I picked, I intentionally chose them, the best businesses I started, I intentionally chose it. Palak Shah we had on the show back on, it was show 368 of the podcast. And in the beginning, I had to learn to be comfortable taking risks and assigning numbers to it so that I got more and next day loans in ga more comfortable. Did you have any advice for the listeners of some things that you did that helped you build that risk-taking muscle?
What I would do is I would make a spreadsheet and do the first column as, put all of the risks involved in a deal, and in 1 hour cash loans the beginning… So we do BRRRR deals. Palak Shah:In the beginning, for example, thinking about my very first BRRRR deal, there are so many risks that come to mind. And as a new investor, what one does is you just clump all of these together and put them in a big risk pot, and then it just seems like a massive daunting task but they can be broken down.