Two Paydays On The SAME House
Here is a new Case Study Video from one of my mentor students. It is titled, “Two Paydays On The SAME House”.
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 Mike, 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 just 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:
Read Transcript for “Two Paydays On The SAME House“
Kyle: Kyle Skinner in Des Moines, Iowa. I’d been in the program early on in my third month. I wasn’t in Joe’s program very long until I made my first deal. It wasn’t a no money down or a Subject To deal. I own quite a bit of my own property and I used Joe’s rent to own lease option information, his paperwork and everything, to start to sell/rent some of my own property using that method, and it’s just been a great way for me to fill my properties and make money and a little bit of upfront money as well. And that kind of spilled into kind of a whole new business that was never really part of my real estate business to begin with as I started filling some of others people’s homes with my rent to own buyers, so it’s been really good for my business, and it’s also kind of branching me out in another direction in real estate, too, so it’s been pretty cool.
Kyle: The best deal that I did – I haven’t done a lot of the Subject To. I’m still in the process of trying to figure out the “Automarketer”. I’m not a real tech guy, so that’s been a little bit of a slow process for me – but my best deal was a combination of a subject to and a rent to buy where I bought a property that was an expired listing as a subject to where I went in, took over their mortgage – this was a really small deal, it was a $40,000 house. It actually had been listed for $52,000 and then dropped to $49,000 then it expired. I picked it up for $40,000 on a Subject To deal. I then put a rent to buy owner in on a lease option, I made $3,000 on that, then I flipped the whole deal to an investor for another 5 grand, and he took over it, so I was in an out on a $40,000 house with 8 grand, so that was a pretty good deal on that small of a house.
Kyle: Most of my deals now are just the lease option. I’ve not really gotten into the subject to deals as much as I’m going to but on those lease options, I’m putting about 3 grand in my pocket on those deals.
Kyle: On lease options, I am closing deals fairly routinely I guess. I’ve done 8 of them in a little less than three months. And that’s a little bit deceptive because a lot of those were my properties – about half of those roughly were my properties. But I would say, yes I am pretty consistently doing some deals.
Kyle: The impact that it’s had on me is its gotten me excited again about real estate because I’ve been doing it for 20 years and I’m a little bit stagnant I guess on my new ideas or whatever and this is kind of – real estate can take you into a lot of different directions if you let it, and this is something that’s really leading me into a direction that’s fun, it put some money in my pocket. I feel it’s really enhancing my overall real estate business, definitely.
Kyle: I do plan on quitting my job. My job, though – I’m a real estate guy – I have a real estate appraisal company that I’ve owned for 20 years. I’ve been a real estate investor for 20 years, so I do want to put the real estate appraisal business in my rearview mirror.
Kyle: That’s really where I’ve fallen behind – I see the value in the automation and the Automarketer that Joe teaches, and I know that I’ve got to get on that train or get ran over, and that’s what I’m doing here this weekend – trying to get myself up to speed on the automation and the leads that are extracted out of the market through this program.