Teo is here to help you make the leap into having the life you want. Whether it's through real estate investing, mindset shifts or even just to talk about cars for a minute to keep you focused on your goals.
WE DID 365 VIDEOS! Thank you for following with me through all of this, I hope you learned a lot but the top 2 lessons are real estate investing is awesome and you should do something that you enjoy.
Another quick walk though on our Rochester property that we are working on.
Quick walk through of the partially demo-ed property for another investor.
Here are the reasons why your appraisal could be low: 1. The Property is listed way over comps 2. The Appraiser is being .... "silly" Here is what to do: 1. Challenge the Appraisal 2. Give A Break On The Price 3. Put It Back On The Market
You can literally see which houses have bad insulation by which houses have big icicles. Ice forms and pools, going under the shingles or forms icicles in the house.
It all depends on your market and what your price range can support. It depends on what in the surrounding market is selling for.
1. Don't Be A Jack of All Trades: Stay Focused and Master 1 Thing 2. Contractors Suck 3. It's Not As Easy As They Make It Look On TV 4. You Have To Look At A Lot of Shit Deals Before Finding A Good One 5. Every One Time Flipper or Investor Tries To Sell Themselves As A Guru 6. Property Management Companies Suck
Make sure that you check them and if they are popping randomly, replace them - that means they are going bad.
Take the packet, unwrap it, set it down, level it for 2-3 days, take it seal it in the package and send it to the lab. It's super simple and cost affective.
It's so interesting that this book was written a long time ago and yet everything is stands true in this book.
Look for those driveways and sidewalks that are untouched, chances are that house may not be occupied or are not being kept up. ❄️
Welcome to getting zero credit... or ridiculous pizza days for a job well done. It's the dumb stuff like that makes you feel unappreciated for your hard work. If you have a similar story, share it below - I want to know.
"We've always done it with way." and the mentality that goes with it is another HUGE reason why I will never go back. If you have worked in corporate, drop a comment with the thing that drives or drove you nuts.
Here are your first property commandments: 1. Buy A Property That Cashflows 2. Don't Overpay For A Property 3. Inspect It To Make Sure That It Is Not A
Let's talk about the numbers on the 4 unit, with $1,500 a month in cashflow it looks like it is going to be a sweet deal.
It's hard to go to work in a place where people just seem miserable, and that is one reason why I will never go back.
If the numbers work and it is a deal, it is always a great time to buy real estate.
You need to make sure that you are ACTUALLY making $$$ on your investment, if you aren't running numbers on your rental - how are you going to know if it is profitable?
Running numbers on a rental means you can figue out your expenses, profit and even what your rental could actually be worth.
Get ready to take notes on what we did on the 7 unit and the real numbers on it.
Getting the lot and selling it making $65,000 on that deal, it was easy to realize that I would do way better in real estate.
Here is a full walk through of the Warren flip.
If you had 150 pesos would your rather get 5,454.54 sombreros at the end of the year or 21,818.18 sombreros?
There are a million different ways to do it - but we automate it and keep it online, so it's all in one place.
I would call all of the highly rated real estate agents and ask what is the best neighborhood for investments, then I would get to wholesaling some houses.
Tell the good and the bad side of the investing, let people know the REAL story when it comes to what it truly is like investing.
One of the best way to find deals is from the people that are trying to buy yours.
Time to take more notes: don't mess up these things on a flip.
Don't mess up these things on a rental house - grab a notebook and be ready to take notes.
Try to understand Dogecion before investing in it, don't just jump on the bandwagon - understand what you are investing in before you invest in it.
There are loans out there that also can cover your property and the rehab costs, so good news rehab does not have to be out of pocket!
Maybe you don't have to sell your first properties - if possible pull out the equity and keep both. It's a WIN WIN.
Build a great relationship with the people who bring you deals because they will bring the great deals to you before anyone else.
Where are you currently at financially? Flipping can lead to funding your rental, rentals are the investment that keeps on giving - with flips once it is over it is over, you won't get any more money from that rental.
What do you think a true “serial entrepreneur” is? I think if you are using the term, you need to have a successful business. Drop a comment below if you agree or disagree
GET ON CLUBHOUSE! You can meet people from all over the world, and learn from other markets. If you aren't on clubhouse - you need to be
Here's My Advice: Know What You Want To Do and Stick To It, Read Books, Listen To Good Podcasts Ps - the audio sucks on this one because my phone is dead, but it's still all in here.
Investing out of state requires a team, build your team well and it is doable.
It all depends on your market- but the bigger the property it can be a bigger risk.
Proof and quotes are everything to prove that the seller ommitted the truth on the disclosure.
Or working with people who you have 110% faith in to close the deal? It goes along way to have a great relationship and being easy to work with, your deals get pushed through faster.
Check out the property we did for an investor.
Follow the order and save yourself from doing things twice, for a full rehab here are the steps we take: 1. Demo 2. Take care of Foundation, Framing, Roof 3. Seal the House Up 4. Bring in the Mechanical Experts 5. Do the Dry Wall 6. Start Tiling 7.Paint and Cabinets 8. Put Down Flooring
Do you have a hack to focus your brain on boring coursework? I do! And it involves LEGOS.
It's now faster than ever because everything is online which is AWESOME. You can leave a group in a second if you don't like it, you can join a new group right away and you can meet awesome new people.
If the tenant is paying for the utilities they are going to make sure they use them wisely and not waste their own money, they won't think about wasting yours.
There are HUGE upsides to buying from Old School Landlords, especially if they come from the scarcity mindset because that gives you room for growth.
Know your rehab costs.
Build a buyers list of real and quailifed buyers.