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And essentially the house gets deeded to you and the loan stays in their name for a period of time. It can be up to and including the entire length of the mortgage depending on the deal. And I did not know that I needed to go through a formal closing process and have the house deeded to me. It forced me to purchase the house years ahead of schedule which set me back.
I probably would be at 25 or 30 deals right now had that deal not come along and forced me to put that how does quicken loans cash out refi work cash down. The neighbors were complaining about the short term rental guests coming in and out all the time. The guy who owned it got scared and told a bunch of lies to a lawyer and said that I lied about everything I was doing. Fortunately I had everything in text message so I was able to prove that he was lying about everything. It was free online bank a 20 page contract that was all signed up and Ts crossed and Is dotted. And actually my attorney is supposed to call me tomorrow to discuss it, if this is something that we can do. Kevin:So for the rest of the deals I had a couple subject tos. I have one commercial loan on a two unit and then I just recently in December did my first wholesale deal that I got all excited about in the beginning. I want to ask you about … You had your mind set on that strategy. Was she always on board with you doing wholesaling and getting into real estate investing and what would be your advice for someone trying to talk to their spouse about getting on board? Kevin:I will tell you that my wife and I have a very good relationship. We got married after knowing each other for two months and 10 days. We started a retail company six years ago with one location.
Kevin:So she was dead set against rental properties. The irony that she suggested keeping the house is not lost. It was two houses and a 12 car garage on a one acre property split down the one hour loans guaranteed middle. And I was just going to sell it for 250 as a wholesale to somebody, make a quick 60 grand and move on. I just need you to be in the background doing what you always do. Being supportive, keeping our kids schedule in check, and let me go out and grind and do what I do. I do my day job, I get done, I go to work building my legacy. And we see that a lot where the other spouse has this faith in the partner that wants to start the real estate investing.
Because you have the subject to which was one your first actual deals. Just walk us through what the negotiation process looks like on those kind of deals. And I think that that weighs in heavily when people make a decision is, this guys sounds like an expert.
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And I think that that has carried me my whole life. And when I negotiate with sellers I just treat them like people. I literally pulled into his driveway and I walked up, knocked on the door. And sure, there was tons of stuff that needed to be updated. There was tons of stuff that had little repairs and things.
But I could see that he was passionate about this house. It made an impression on me that this was important to this guy. Your sign in the background, work hard and be nice to people, that is literally my entire life. Tony:So many good nuggets Kevin to pull out of everything you just shared man.
But you came through, you were genuine, you built an actual connection with him. So I think there was a big lesson to take away from that. Tony:I think the other point that we kind of breezed through that I want to circle back on is the fact that you knocked on his door as a new real estate investor. They had a for sale by owner sign stuck out in the front loans for sales tax yard.
I pulled into the driveway and I got out of my truck and I walked up to the door and knocked. And the front house is a two bedroom, one bath that had a tenant in it. That house definitely needed the majority of the work that we did to the property. I live in a small town and I think this is another huge thing for a lot of people I see in the forums.
So anyway, we walked around the property, he showed me everything.
We got back into the main house and he was showing me pictures. And he had an entire room decorated in stuff from this … I mean it was probably worth tens of thousands of dollars. And I just sat there and smiled and listened and let him tell me everything. Tell me all about this thing that gets you so excited. It was just financially the best 60 minutes of my life. So I was excited to be talking about real estate like I knew what I was doing and I just let it flow naturally and it worked to perfection.
They got exactly what they wanted and I ended up with an amazing deal on the other side of it. And even way beyond that, I helped them move into their new house. And that was all just I really enjoyed meeting them and they reminded me of my grandparents and I felt like I needed to do something extra for them. And a lot of that was because the deal that I was direct personal loan lenders getting was so ridiculous, I felt like I needed to do whatever it took to help them get to one hour loans guaranteed the next stage. They needed help moving and you helped them with those things too even after the fact.
And I one hour loans guaranteed think it was Prescott that we had on the episode.
But he talks about how he was super nice to a lady and listened to her and figured out what she needed. And at the closing table the lady deeded him two vacant lots. I pay for the expedited rent deposit which is three bucks a month per property. And you can also set it so that the text goes right to your regular text messages too. So I would say the biggest thing for me from a property management standpoint … And I know this is going to probably piss off a lot of people that listen to this. When I renovate them I renovate them like I would live there and I say that to everybody.
But just to put it out there, all of this is longterm play for me. And allowing that money to scale itself is a huge factor for me right now. And I hate my job and I want to leave it right now. So I love the mindset that you have and I just wanted to highlight that because I know so many people who are listening to the show, they have W2s. We actually linked up I think through the BiggerPockets forums and we found out he was local.
And my realtor makes a tremendous amount of money and he had to do a no doc refi at five and a half percent on his personal house because he could not do a regular refi. But he did not have enough tax returns to show two years of real estate work. If you have the time to do all of that, someone who just has a W2 job should have the time to do real estate on the side. And I think that people want to focus on real estate.
They just want to jump in, go after it, stay on it full-time. But you can put systems in place so that real estate investing becomes somewhat passive for you or takes up very little time. How many hours a week do you spend actually on your property management and then sourcing new deals? Kevin:Property management and sourcing new deals is very small. I have two full-time employees now that renovate for me so I can spend a little bit more of my time on other things. But an hour later I get a text from him, "Hey, I got it fixed. I spend the majority of my time actually renovating or kind of navigating projects right now. Figuring out this is what needs to be done at this property and scheduling my guys around and making sure that things get done. Ashley:I am very curious to hear about your two full-time employees. What made you decide to hire two full-time contractors instead of outsourcing this and using subcontractors?
Kevin:It just happened in July of last year so it was probably my 13th or 14th deal. What happened was … As funny as this is going to be, it was 100 degrees outside and I was doing siding by myself.
But the work we were doing was extremely challenging and he plays travel ice hockey.
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So I go back on my phone like in the Facebook group. I have an incredible contact for getting sunday payday loans roofs put on. And then the way it evolved to a second guy was I was furloughed from my day job from April until October of last year because of COVID. And in October when I got called back to my day job I was not expecting it. He soaks up everything around him and he shows up on time one hour loans guaranteed every day.
I have no issues with him calling out of work, anything like that. Tony:That brings up a really I think interesting question Kevin about, as a real estate investor, how much work should you be doing yourself versus hiring someone else to do that work? So they may not be at a point where they want to go out and hire employees. But how do you make the decision of, what work to do yourself versus what you hire out? But the thing that I weigh in is, is it the right thing to do and is it something I want to do? And I think that my reality is I have an incredibly happy life. I drop him off at hockey, I drive 20 minutes to a reno property, I work for two hours and I drive 20 minutes back and pick him up.
So those little steps add up to a bigger project being accomplished faster.
So I just try to get in and do whatever I can to help.
It was like me and my partner could do this so much cheaper. And then when we did our first major rehab it was more, we could move faster than the contractors we had been using and we were so tired of trying to schedule them and trying to get them to show up and then them not showing up and having to figure out why. So it was more just not having to deal with contractors why we did like our first big full gut rehab together and pretty much did everything ourselves except for electrical and some plumbing.
But if I wake up and decide I want to do that I can where can i borrow money online in barchfeld go and do that but I also have people in place to do that for me if I decide not to. Ashley:Kevin, I am really excited to actually jump into one specific deal and find out the numbers and the nitty gritty.
What rookie deal did you want to talk about with us today?
Do you want to talk about the first one or do you want to talk about the one that ended up with the lawsuit that became an Airbnb property? So I went through, looked at it and I start talking to them and explain to them, I said look … First of all they were behind on their mortgage so they were a month or two behind on their mortgage.