Loans for 500
And if your numbers still work, then it makes sense too. Kyle:I think this is an opportunity to be analytical. Tony and I are each going to ask you just a random question.
Ashley:Okay, Kyle, my question is, since you have retired from your job, how has your life changed? Most of it here in Wisconsin and just kind of breaking the mold of the same waking up, doing a little bit of work and just kind of breaking that mold. It was fun to get away and just look at something new. I think the most fun point was two weeks ago, we were on vacation, we were camping on the Mississippi river and I did a wholesale deal. I never walked the property but I did know a buyer who would be interested in this type of deal and I trusted this buyer. Obviously, I met the seller when I came back to town and got to meet and put faces to names, but the deal was done and it was definitely done from a couple 100 miles cash how do loans for 500 i record a payroll advance in qbo till payday monroeville pa away, so that was a lot of fun. So my question to you is, is a bad first deal better than no first deal? Tony:Say in your example, where maybe you ended up losing a few thousand dollars on that deal, is it better to not have done the deal, loans for 500 so you save that money loss or is it better to have that experience and do a bad deal? I always compare the money that people invest in their real estate journey to a school. Ashley:Well, Kyle, thank you so much for coming on the show compare loan rates today with us, and congratulations on all your success. Everybody, make sure you join the Rookie Facebook group. RentRedi is all about helping new landlords manage their business and be happy customers. Go mobile and manage your properties from anywhere at RentRedi. Successful people, like business leaders, are well-known for reading a lot of books.
Blinkist is made for busy people like you, who want to get the main points of a book quickly, so you can start using that information right away. With Blinkist, you get unlimited access to read or listen to a massive library of condensed non-fiction books — all the books you want and all for one low price. Right now, for a limited time Blinkist has a special offer just for our audience: Go to blinkist. The way she solved the problem: buy a foreclosed home and do a live in flip! It worked out so well, that she later decided to do it again, on her second home. Her and her husband then had the idea to go at it full time.
Even during COVID-19, Jacqueline and her husband have 4 flips in the making, and are looking to add more when deals pop up. This only made Jacqueline find better and more efficient ways to do her flipping.
She strongly urges american payday loans any loans for 500 new investor to join their local real estate groups, talk to investors, and present deals to other experienced professionals when they have the ability to.
And then we actually should be closing in maybe four weeks on our next short term rental in Tennessee. Ashley:I got my liquor store going, I have two rehabs going on right now that I hope to have them both finish up this winter and yeah, but nothing else really. I feel like all I do all day is just check reports, check in on things. Ashley:Today, we have Jacqueline Smith on who is a house flipper. And the best thing about this is you guys, she is going to give you access to the Excel Spreadsheets she uses to document and track everything for doing a house flip. Mainly this year, we started actively investing the beginning of 2020, but before that, we did some live-in flips.
They were able to help us get it fixed up and they purchased it on their equity.
And this is when we were like 19, so it was a while back.
Basically got it like the BRRRR strategy, but we did.
Our loans were like only 55,000, and so we were able to have some good equity in it, just getting started off. We did that twice, led the nose for about eight years all together between the two. And then we were able to take that equity, build our house that we were wanting on some land. It was just crazy because it was on a couple acres. We ended up selling it for about 129,000, so that started us off like amazing. Jacqueline:We had at least 25,000 in it, but I would say my parents, they were there everyday working at that time and putting in. And being your first live-in flip where you are actually really tracking the costs either. And that was right when we got most of our stuff rehabbed. We got all new siding on the front, new windows put in and everything, and then… This is when we were living there at that time. And then the tornado came through and then ripped out all the siding on the front, all the windows. So that part benefited us in some ways, but it was hectic for a little bit, but it was livable at the time we moved in. So how long were you in that first property before you guys moved on to the second one? Jacqueline:We lived in that one for about five years, we had our first two children there.
But then the second one we lived there five years and then we put an offer in on a Hubzu new property. I think we purchased it for 170,000, so we were able to take the equity from that first house and all the profits and put into that one. Are you able to see the property before and it just walks through the buying process on the website? And then we were also able to get a mortgage to get the house.
And that was before I knew about all the hard money lending and was afraid to jump in with all of that. Ashley:Once now that you have your primary residence, you did your two live-in flips. How did you get started into actually buying your loans for 500 first investment property? Most are virtual now, do you think that really helped you accelerate your investing? Talk about that and how powerful it is for people to get out there and join these meetups and network with people. So then I was just document and stuff we were doing, which helped a lot. But then I was starting to connect with other investors in our area that were more my age and several of them are like my best friends now. Or how do you start those conversations as a new investor? Ashley:I remember the first couple of meetups I went to in-person payday advance loan toms river nj in Buffalo. But I also had to beg my one partner to go with me the one tennessee cash advance time. For him going out into the city to meet up just to talk and hang out is like a waste of time for him. And just a recommendation, the Zoom calls are a lot loans for bad credit direct lenders only easier I think. Ashley:small dollar loan banks Tell us a little bit more about the first property then, the first one you got under contract this year. We went in with a partner, so it was like a pocket listing off the MLS, our realtor. Had it and we were looking for one, it just worked out we were able to secure it and everything. So we purchased that, worked on it with our partner, he ended up paying for all of it, so all the purchase costs. So we agreed we would do all the physical work and everything. And then we finally got around to selling it, we closed yesterday actually. The buyers were VA loan and stuff, so it got pushed out a few more times, but it finally ended up okay. And then maybe- Ashley:How did you find your partner?
This is your first deal ever as an investment property.
I worked for my realtor in town as her just assistant, friend of the family, but her son was wanting to invest and so it worked out.
My husband quit his job this year, about two months ago so we could do this full-time. Because we have like four flips going right now and cash advance tucson it was just getting to where it was too time-consuming.
Ashley:I just want to say real quick, your first year flipping and you guys have already quit your W2 jobs. Tony:I want to go back to your question, Ashley, because I think it was a good one about like, how did you build that relationship with that partner? So for you, obviously you already have this preexisting relationship with that person, so it makes sense why they did it.
Do you have anybody you think that would be interested in partnering with me? Tony:How many deals did you guys do before you made the leap for your husband to walk away from his W2 job? And then we had one property that we bought in April and we refinanced it. We had that done in May, but we decided the numbers work better right now for us to sell it. Ashley:Do you want to go into a little bit about what your duties are for the flips, what you have to do? But I guess just walk us through a little bit more about that mindset.
Were you guys nervous having your husband walk away because it sounds like you did it before that first deal even finished, right? It was a rough job and he would come home just completely exhausted every day because they work nonstop. Tony:Kudos to you two for having the confidence in yourselves and betting on yourself to be able to figure it out and find a way to make it work. It sounds like same day unsecured loans you know some folks that are wholesaling, you can always do just like the long-term BRRRR strategy. What made you say flipping is a path we want to go down? And then they take those big chunks of cash and they put it into BRRRRs, more stable long-term investments. And then once we get so many, then our money lender will be able to fund more deals. Ashley:What are your current goals with this business? Do you have like a one-year, a three-year goals set for this? In this one and a half year, I think we have left to get our tax history started, and then I really want to build up just a single family rentals for the next year.