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Ashley:Who has been someone besides each other that has really helped you grow your real popular payday loans estate business? Annie:Well, I wanted to choose the Amish just because they saved us so much money on our siding, but I think Trey could explain someone we really appreciate and why we appreciate him. And most important question, how does everybody else find someone like him? There is so many people in your line of people you know, somebody will be able to find somebody who you can trust and that you just got to keep walking that path until you find them. Some of the people that I talk to the most are real estate investors, it just turns out to be that way because we love talking about it. So I love that advice, Trey, because you got to focus on the relationships if you want to be successful. I want to take us to our next segment here, which is our Wiki Requests in line. You guys have some great insights and I want to give the listeners a chance to get their questions answered. So for those of you that are listening, if you want your question featured on the show, bad credit loans today give us a call at 888-5-ROOKIE. My concern is, the BRRR process, where should I go for financing the refinancing portion of the BRRR? Tony:I guess one thing to add, with the credit union piece, I struggle with that, with my out of state investing as well, but I was able to show that I had family in that city and that was enough of a connection for that credit union to lend to me.
But I have used online banks, and one I used was Bank of Axos. So they lend all over the country and I popular payday loans did it just for a rental near me in Buffalo, but they lend all over the country. What advice do you have for that spouse that might be holding back on jumping into real estate investing? I need to see what I can do to help her build her dream. You have to have the podcasts on when you guys are cooking breakfast together. You have to go to the meetups and invite your spouse along.
Trey:I think just to add to that, how to finance loan for vacation rental property I think the why, like you guys talk about, is really important. I like especially the why are we doing it together too. Well, thank you guys so much for joining us on the show today.
We loved to hear your story and the advice that you guys gave. Annie and Trey, are you guys in the Facebook group?
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With in-house property management, their Turnkey model allows you to passively grow your rental portfolio with properties in one of the best cash flowing markets in the country. Feeling stretched for time in your investing career? Today we talk with Adam Whitney, an active duty military member, working full-time, with children, a wife, and an active investment portfolio! With so much going on at once, Adam makes it look easy, juggling his hectic military life while accomplishing his long term goals. RentRedi is all about helping new landlords manage their business and be happy customers. Go mobile and manage your properties from anywhere at RentRedi. In fact, crunching numbers is one of the things Policygenius does best. Their insurance marketplace makes it easy to compare rates from the top home and auto insurance companies to find you the best price. He thought that professional tennis is what fast loan bad credit his life would end up revolving around. After playing for 2 years and being burnt out from work, Andres decided to take some advice from his family members: start buying real estate. After buying his primary residence, he started looking into multi-family homes that could make him some cash flow each month. He sold his condo, had some cash, and was ready to start investing more. Andres had some pretty creative ways of getting funding for his real estate deals. He started calling every contact in his phone, asking if they were interested in real estate, and if they were, he packaged up a payday loans quick deal for them. He does the work and the analysis, they do the financing. These types of partnerships have worked well for Andres and they can work for popular payday loans other rookies as well.
His advice is to test the partnership, build the trust, and use the BiggerPockets Rental Property Calculator! And I am here with my co-host, Tony Robinson, who is about to jet off on his honeymoon. So a lot of really good nuggets that listeners are going to get from his episode today. Andres touches on a lot of stuff that me and Tony hop on too.
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Get a job as a maintenance person to get yourself into real estate. But he just does such a great job of explaining different things, including how to set weekend cash loans up a partnership structure and how he actually finds a partner. So I think you guys will find great value, especially listening into that partnership piece. Tony:So before we dive inside the meat and potatoes of everything, Andres, tell us about you. Andres:So growing up, I grew up in Dominican Republic. And for some reason he got wealthy at one point and that stuck in my mind.
So I got a full ride to play in Puerto Rico and it was a blessing. I got actually three degrees and then came to the US with the hope of playing professional tennis. And at the time, I just had someone that was going to help me out to play professional tennis, but that was an option.
And then I came here, played professional tennis for almost two years.
And at easy poor credit loans one point, I was working 10 to 12 hours and I burned out. So I google, how can I not work that much and make some money? Andres:So after that I bought… So I was renting my place and then I decided to buy my own place. I bought a property that is around up to 210 with three and a half popular payday loans percent down. I mean it was a no-brainer for me at that time because it was not too much money. Tony:So I just want to make sure we got the story right. So you bought a condo first as your primary residence.
And then after that, you transitioned into a how does cash advance work three unit. And also I was running the numbers of if I rent… It was already ranted. First and second floor was section eight and I was going to live in the third floor. The thinking process, I think it was just I can live here and the worst case scenario, my mortgage I can afford the mortgage.
Well, you looked at what your worst case scenario is and you knew how to solve that problem. So worst case scenario, you had zero tenants and you had to pay the mortgage yourself. So tell us a little bit about handling the tenants. And I was educating myself a little bit about listening to Brandon about how to treat the tenants and all that. So I had a little bit of a problem with the second floor tenant. But we made an agreement and he moved out maybe two or three months after that.
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But I also think about, how are you treating your tenants? Because, I have maybe 10, 12 tenants right now and they all pay in time and they all have suffered from COVID. And I think that I establish that relationship with them. Tony:So it sounds like you learned a lot Andres on this first property in terms of dealing with tenants. You briefly mentioned this, but I want to go back to it. You said that you had a tenant who was a problem tenant, but you made an agreement with them, for them to leave.
What was the issue that you were having with that tenant? And then what was the deal that you worked out to get them to actually leave peacefully? Andres:The first and only thing I will say is solve a problem. At one point, I have to pay a U-Haul for that person.
If they need people to… Sometimes they need just a U-Haul. Sometimes they need a security deposit for another place. Well, in that case, you have to weigh what is best for you? Ashley:And then you added into your business as a loan payable and you pay them back out of your business when you get a new tenant popular payday loans in there and pay it out of the rent. Now you had mentioned that you watched your godfather build wealth and everything like that. What was that like when you came here and you started out? Are you a huge tennis player that you had millions of dollars to buy these first properties? How did you come up with your payments for my payday loans direct lender bad credit down payments? So then I transitioned to a professional tennis instructor.
I remember at one point eating grilled cheese for dinner just to save money and being a little frugal at the beginning. Because this is still such a small community of smaller investors getting started.
Ashley:Going from playing tennis to getting into real estate investing. I bought it for 144, but I also… We got popular payday loans also a piece of land because I asked. So we just have a resource for CapEx, maintenance, vacancy. And how did you structure this in a way that made sense for both you and them?