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So anyway, I go back and forth with them and I tell them a little bit about what I do. And the way it turned into a short term rental is so ridiculous. A friend of mine was renting his one bedroom apartment that he lived in. And I have not increased my prices still a year later which I probably could of made a lot more money than I have. So like I said, it cost me six grand to furnish it.
I made 14 grand in the first two and a half months. And it really turned into what is this actually capable of? Well, right before Christmas … And I mean, right before Christmas … I think it might have been Christmas eve.
These are all things that are dire importance to me. No, our subject to contract said I was small loans with no credit check going to pay all the bills, I was going to pay the mortgage. I never missed a beat on anything that I said I was going to do. He basically told me … To be fair, pembroke pines loan for repair I was very stern with him because I was upset that he was representing someone who was clearly lying. And he demanded that I send him screen shots of everything that I had proving his client was lying. The property belongs to my client as per the contract. So there was nothing illegal about it and I very clearly said that to him in an email in those exact words. So anyway, we came to agreement and by the way, December 27th or whatever, when they were closing in on the day they were going to change the locks and the day that I was arguing with them, small payday loans for bad credit we came to an agreement that they would not touch the property and I would be able to continue renting it as is until we negotiated a purchase. We did not sign a pembroke pines loan for repair purchase agreement until the end of February. And I dragged it out for two and a half months because I was so pissed off that they lied about everything. And it was petty and it was beneath me and I still smile thinking about it because I wasted two months of their time.
It gave me 45 days to make the purchase in a traditional fashion, which I did. So I think right now I think the mortgage on the property is like 135,000. I had somebody throw a party and do a little bit of damage in the very beginning. And I actually have two more 90 day loans no credit check STRs that are getting ready. In my retail business, in my life, customer service is the core of everything. If you are a good customer service person, if you can learn to not be petty and drag things out for two months for spite, those are the things that lead to success. I had a lady come in and she found a dead bug right by the front door. But do I argue with this lady over 75 bucks or do I realize that keeping her happy and getting a five star review out of it is exponentially more valuable in the longterm?
And I found that finding contractors is absolutely the most stressful and painful part of this business. And it had a lot to do with kind of why I lean towards using my guys as much as possible. They are the only projects in 18 projects that have come in over budget our outside of the timeframe. And the problem is I genuinely like all three of those guys. I hope all three of them hear this podcast and they understand that as people I love all three of them. They are scumbag business people and it is what it is. One of them came in 13 weeks past schedule of a 10 week project. Because as a person I felt like he spent the last 13 weeks doing my project. I want to take us to our next segment Kevin, which is the Rookie Request Line. So for those of you that are listening, if you guys want to call pembroke pines loan for repair in and have your question answered by one of our lovely guests like Kevin, give us a call at 888-5-ROOKIE. My name is Tamika and I am from the New Jersey, Jersey City area. My question is how do you know if a home is good for BRRRR, good for flip, or good for hold? Typically, what I run into is, I BRRRR, BRRRR, BRRRR, BRRRR, BRRRR, and then when I want to stock my cash reserve back up I flip. I am very much a rookie from a financial standpoint. I mean, I live a nice life but I am not even remotely rich. So when I need money back in my account, I got to sell a property or I got to generate that money somehow. So for you buy and hold is the way to go so that you have that mailbox money coming in. Kevin, we see you all over the Real Estate Rookie Facebook group.
I want to know what is the most asked question by rookies and what would be the answer to that question, your advice for our listeners? Kevin:Well, I think the thing that I hear the most is where do I start? But the reality is there are so many variables in doing this, especially in the beginning.
So I would say that you want to start by being educated. I spent 400 to 500 hours from August of 2018 to October, November of 2018, 400 to 500 hours of my free time. And you can do the math and see how much of that … It was pretty much all of my free time for three months reading, listening to podcasts.
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And this thing behind me … And my parents go a long way to that. And you take the things that worked in that relationship and you apply them to the next one. And that to me is more important than anything, that you learn from the things that go wrong and just keep pivoting and pivoting. I run into things now in these flips and BRRRRs that would have absolutely broke me when I started. I mean, I literally just solve the problem before I even think about it. Because payday loans virginia beach the purpose of the first deal is what you just said which is to educate yourself. Now, for the short term rentals I use a program called Smartbnb, which does some automated messaging for your cleaners and it really, really automates the short term rental side.
So if people are doing that business, I highly recommend looking at Smartbnb.
But from the real estate stuff in general, I pretty much just manage it via email and my cellphone. Ashley:Kevin, thank you so much for all of the valuable information today and also thank you for your service too. But please tell everyone where they can find out some more information and where they can contact you. Kevin:Diyrealesateinvesting on Instagram, which I am terrible about. Ashley:Kevin, I just want to say, you really provided a lot of great value today. Well, thank you so much for joining us and a lot of the things that Kevin mentioned, we will put into the show notes pembroke pines loan for repair at biggerpockets. And of course make sure you join our Facebook group, Real Estate Rookie and you will see Tony and I in there and also Kevin. Ashley:Well, thank you everyone for listening today. And make sure you guys listen to our newest episode on Saturday.
RentRedi is all about helping new landlords manage their business and be happy customers. Go mobile and manage your properties from anywhere at RentRedi. Fundrise is an investment platform designed to make real estate investing simpler, smarter, and easier. And with their easy-to-use website and mobile app, you can track your performance and watch as properties across the country are acquired, improved, and operated via dynamic asset updates — giving you all the benefits of owning real estate, without the hassle of managing it. Not many college students get their real estate license while in college, let alone during freshman year. Andres Bustamante did just that, becoming a leasing agent so he could cover his housing and tuition costs. Andres pembroke pines loan for repair reached out to a guest on the show, who later became his mentor and asked Andres to join his team!
In his first year of full-time real estate Andres managed to sell 15 houses, with 15 more under contract as we speak.
He lives in a house hack, has another house hack under contract, and bought an AirBnB as a short-term rental.
And then we have a very special surprise for you guys coming up in the next couple of days. Make sure you listen to the very end and we will tell you when that will be announced. But before we do, share with us a little bit about you, man, what got you into real estate and what brought you here today to chat with us? And tell you the truth, I was an undeclared business major, but I thought I wanted to do supply chain.
At the same year, freshman year, I got my real estate license just out of luck. And with leasing, I was able to become financially independent from my parents, was able to pay my housing expenses and my college tuition, which was amazing.
Fast forward, I graduated with a degree in international business and real estate. The summer of 2019 was really like a, "What am I going to be doing? Am I going to be doing full-time real estate, in which is commission-based, or am I going to do commercial real estate, which was what I initially wanted to do, which is an 8:00 to 5:00 job?
I decided to trust my gut and do three months, four months of full-time real estate.
We meet up and eventually I get on his team in January of 2020. The part I love the most is that you started out as a leasing agent because I always push for people to get into real estate somehow to learn how to do it.