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It took me a year or so to slowly renovate it, being able to afford literally a dozen two north cash payday loan by fours at a time, and doing most of the work myself.
Now, at the time, this was online loans today the year 2000, basically, a year after I bought it, it was the year 2000, and you could do short, to a lot of short term mortgages.
This was a one year mortgage, and it was up for renewal. I went in online loans today qualifying for home repair loan to talk to my broker about renewing it, and I remember how excited it was, I said, this was such a great decision. I have a list of 20 people that would rent rooms from me if I had them. I wanted to understand the practical things that were going on in my life. Negotiating with sellers, how to shop around insurance. So, I refinance that house, and now, I got some of the equity out, which was insane.
Back then, that was everything, but that was like a bargain, obviously. My renters are paying down the principal balance on my mortgage. A train moves very slowly in the beginning, and a lot of people give up during that phase. Then the eight gets you to the next phase, which gets you to the apartment or the 50 houses or the whatever it is you buy next, and each builds upon itself. I remember spending seven days a week, 10, 12 hour days racing around like a madman to try to get it set up. Like you said, getting that train moving took more energy than I knew I had. I think by the time I got those eight properties, I was in way over my head at that point. I figured it out, and I started buying multiplexes. All of a sudden, multi units became the flavor for me. It was no more single family, it was all had to be two, three or four units for me, just because the cash flow was high enough that it could support my goal of getting enough financing to get the next one, and the next one, and the next one.
After 25, interestingly enough, I bought 33 properties in a week, after hitting that goal.
I was so pumped about it, I went to an auction in Ohio, and I was there and I had met this property manager who was preaching about these properties. They were trying to sell all these properties, and I ended up negotiating with the auction house and the bank that had all these REOs, and I bought all 33 in one shot. After that, I was really willing to try just about anything. I started doing a lot of wholesaling and flipping, because a lot of people gurus told me I should do it. That was a bit of a mistake, to be honest, I should have just stuck with the buy and hold. The first 10 years of investing was a rollercoaster. To go from zero to one was the hardest, from one to three was maybe half as hard, and then buying eight was not even as hard as buying the first one. It gets just exponentially simpler as you go along. Not to be rude, but would you, if that deal fell apart, would you be interested in this?
It automatically is accepted if your other offer falls apart. Just becoming a bit of a ninja in the space and trying to figure out all these moves.
There was a property that was listed for over 100 days, it was getting pretty old. I was like, gosh, they want no conditions and obviously they want to be able to take certain fixtures.
Because when you offer people two salary loans in the philippines options, I will say this, I say, you go to Starbucks, and they got the tall, the grande, and the venti. When you give people multiple options, they choose between the available options, not between no credit check installment loan external options. Have you read any books about behavioral economics? But it changed the way- Brandon:Because you got a couple of them, right? Scott:I love the way we just pulled them all out pf our stack.
After reading that book, I actually changed the way I do my presentations and the way I explain things to people, I was able to strategize a lot of the things that I had found through trial and error. But I started giving gifts to my tenants when they moved in, and I started doing that, because I had asked some tenants to allow me to come in and show the property. It really asked a lot of them, and then I was like, I feel bad. Now, when any tenant moves into one of my properties, I give them a gift when they move in. If they have a broken light bulb, they just change it. But, you add all these things together, like you said, and it starts to make a huge difference to your bottom line. At our real estate company, we do that kind of stuff all the time.
Just little things that just make people go like I really like them. What type of projects are you taking on, and how are you growing your portfolio? Well, the last eight months have been very interesting, not necessarily in a terrible way for real estate, for the world, yes.
The first time, was the tech bubble that burst in 1999, online loans today 2000, I was just buying my first property. Then in 2008, here I am with almost 100 properties, probably at that point, and all of a sudden, the worst real estate crash in modern history. But when I focused on the fundamentals, which are my tenants actually going anywhere? I started to realize that the people who are losing money were the speculators.
The real estate speculators are the one who buys something that they think is going to go up in value, and then they have no plan for in between. It could be pre-construction, it could be vacant land, it could be anything, land bankers, all these people. In fact, what ended up happening and only people that were real estate investors through that period will be able to tell you the real magic was when interest rates came down. Because interest rates dropped, which is the largest expense you have as a buy and hold investor.
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This is the most opportunistic moment in our lives.
There is no country that has escaped this disruption, which is unreal, unprecedented. Six months ago, I changed my live events to virtual events, started running virtual events. It goes to that saying, never let a tragedy go to waste. The whole world is in a tragedy, do not waste this opportunity to recognize that this disruption is going to create a massive transfer of wealth. I know what side of that I want to be on every time.
When I was on your show recently, we talked about that a little bit.
These are the Dirty Dancing style resorts of days past when people used to travel domestically and spend time with their family up at the lake or up at the cottage. When everything started happening a few months ago with COVID, we realized that global travel lost its lax. Which put a lot of pressure on local vacations and vacation properties, lodges, cottages but not the big ones, not like the big hotels where you have too many people. Versus for a million bucks, I can get 12 of them, or 1. When you think about it, I easy loan approval get 12 cottages, or I could just go buy two or three cottages over here. So, I started to identify this, and I started to look at more of them. We just locked one up in the Catskills, which is an awesome, awesome resort on a beautiful body of water. You have to spend your time by the lake, and then you can go swimming. I got into the mobile home parks, started talking about them, now I created my own competition. Some of the best pieces of real estate are right now dedicated to commercial, which, if you converted to residential could be a huge opportunity, especially in the cities. Let me ask you one of our last questions here is where do you see the economy headed? Put your crystal ball on the desk real quick, where do you see the next year, year and a half, two years headed for real estate? For real estate right now, to be honest, the biggest things that I see influencing real estate, which is no secret is number one, interest rates. This weekend, I was able to secure a conventional mortgage for 0. When you guys have, what we would call a conservative government or Republican government, it starts to look a little foreign to us. You may already know this, but like in Denmark, you can get a mortgage for -1.
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I continue to see real estate prices going up as interest rates go down.
Now, to also back that up what I see happening in the next few years, and this is going to be North America wide.
Nobody knew there was a pandemic coming, nobody knows. Those are the things that are going to have the largest impact. We all know, you and I all know that real estate will go up and down all the way up. Just your understanding of the global movements of people and money, I think was phenomenal. Brandon:Question number one of the Famous Four, do you have a current favorite real estate or a lifetime favorite real estate specifically related book? Any book for real estate investors that you recommend? That book has inspired more people than any other book that I car repair loan reddit can think of.
Scott:My favorite business book… You know what book I like, is the E myth. Scott:That was very helpful for me about 10 years ago. It changed the way that I spent my time and what I decided to work on. Well, my last question of the day, is what do you think separates successful real estate investors from all those who give up or they fail or they just never get started?
Scott:I think starting is the thing that stops most people. Some of the smartest people I know, are some of the people who struggle with their finances the most, because they outsmart themselves.
Nobody looks back in their life, right now you have hundreds of units. Okay, for people who want to hear more of your sage wisdom, with your stunning good looks, where can they find out more about you?
Scott:Well, definitely you can follow me on social media and on Instagram. You can check out my podcast, which is The Real Estate Rebel with Scott McGillivray. You want to check that out for sure, and just watch the shows, man. I was on season two, episode eight of your podcast.
So, go check out if you want to listen to me sharing my not as good of wisdom as Scotty Mc did. Stay tuned and be sure to join the millions of others who have benefited from biggerpockets. Help us reach new listeners on iTunes by leaving us a rating and review! It takes just 30 seconds and instructions can be found here.
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