Selling A House A Week, Buying A House Every Two Weeks
Daniel Riegel – Galatia, Illinois
I believe the best way to learn the business of real estate investing is to hear how others have done it.
When these interviews were recorded, I asked Tom, the interviewer, to ask questions that would help the viewer see how these folks got started.
I wanted to hear the struggles, the successes and a clear path and explanation of what they had to do to make these deals happen.
I did NOT want them to be a bunch of people telling you how wonderful Joe Crump was. I wanted content, examples and real life experiences.
I hope we succeeded.
My 6 month mentor program:
A few Case Study Video Interviews with my Students:
“Selling A House A Week, Buying A House Every Two Weeks”
Daniel: My name is Daniel Riegel. I’m from Galatia, Illinois. About a year and a half ago, researching lease options, came across a lot his material. It took about a month to do my first one. It was a $5,000 lease option fee. Really helped out the owners, helped out the buyers. It’s hard to say the best deal that I’ve done. I’ve done several really good deals. The best deals I think are the deals that help the seller the most and help the buyer the most. It’s nice to put some money on your pocket, too, but really if I could help people, those are the best deals for me. And there’s been several, whether they’re subject to, owner financed, even cash deals. Cash deals are my least favorite way to buy a piece of property. I prefer to buy them on terms where I can make the owner the bank and offer them guaranteed payments. If anything goes wrong I take care of it. If they are moving out of state and they just want to turn over the property I’ll do subject to deals, too, if the house is in good enough shape. If it works good for the owner, works good for me.
Daniel: There was a subject to deal where the owners, they wanted to retire. They wanted to move away. They didn’t want to deal with any lease option tenants. They didn’t want to deal with anything at that point. They just wanted to move on with their lives and enjoy the rest of it in retirement. So they asked me to take over the payments on their house. It was a really nice house. Within eight days I found a great couple that they didn’t think they could ever buy a house this nice and so they were just thrilled to get into it, to have the opportunity and the owners were thrilled to give the opportunity to someone. So it worked out really good for everyone. Plus I got paid in the middle. And I’ll get paid on the back end, too.
Daniel: I try to get $3,000 to $5,000 per lease option fee, or an assignment fee. I’d say most of them are right around $4,000. In the spring I was doing, I was selling a house every week and I was buying one for myself either in cash or on terms every two weeks using my lease option fees or assignment fees that I had made from selling other properties.
Daniel: I would like to have at least a hundred doors and a nice income, maybe $25,000 to $30,000 a month clear that I can use to provide housing for people that need it in my area and to increase my construction company size so I can provide jobs for people and just kind of help out the community and give back a little bit.
Daniel: Huge impact. It’s night and day. I’m happier, healthier, I have more time to do what I want to do. Yeah, it’s been pretty good. I have more stuff, but I’m really not concerned about the stuff. It’s been great to help someone else. It’s a good feeling to provide someone else an opportunity, to help someone get a house when they could not buy a house any other way. It’s a pretty good feeling to save someone from having to, maybe they’ve been stuck in a rut and they haven’t been able to buy a house or they’ve had financial difficulties or medical problems, they couldn’t get a house. So, it’s nice to help someone do that.
Daniel: I’m already full time. This is what I do 24/7, 365. I love it. You’ve got to be passionate about it. But, it’s a good thing to help out everyone. It makes you feel good. You make good money. It’s not for everybody, but it works out pretty good.
Daniel: I do have the Automarketer. I mainly use it as a tool to keep track of my buyers list because I have so many. I have, last time I counted, probably 200 plus just in the Tri-County Area that need one of my rent-to-buy homes. So I have the buyers before I even get the homes. So they move pretty quickly.
Daniel: You don’t really need any money to get started doing this. Especially if you’re using Joe’s For Rent Method. I would just tell them to check out some of his YouTube videos. He has a ton of resources. If they had questions, they could always ask me, too. Probably the best advice would be to work on their own critical thinking skills so they can analyze deals, to be open to the idea of being able to do something like this. Most people in my area do not know anything about it. It’s been a very good thing.
Daniel: You can do it. Don’t let anybody tell you you can’t do it. Because you can do it and you can help people along the way. The more people I help, the more money I make. So if you look at it from that standpoint, that you’re helping people, you’re going to make more money doing it that way and you’re going to help out your own community.