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 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.
Case Study – Daniel Riegel – Galatia, Ilinois
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I Started In The Mentor Program – Now I Partner With Joe
Daniel: I’m Daniel Riegel from Galatia, Illinois. Been a real estate investor for a little over twenty years. Then with Joe for five years this March. Now we’ve started doing a lot of projects together. We’ve bought homes in cash, do a lot of terms deals. I have guaranteed payment program where I go in and basically by the house Contract for Deed. Then we fix it up and turn around and sell it on a three-year lease option. So it’s kind of a mix between the For Rent Method and acquiring the property in one way or another.
Daniel: Then we also do Subject To properties, too. Those are really the three main focuses, you know, just the cash deals, substantially under market value, the terms deals and the subject two deals. That’s what we focus on right now.
Daniel: It’s kind of rinse and repeat. There’s not a lot to it. It’s not that complicated, really. You get a house, you fix it and you market it to a lease option tenant buyer. And at this point I’ve got a huge list, so as soon as I get a property it’s, it usually doesn’t take very long to get it filled. Just the past week I filled four properties in three days.
Daniel: Right now I’m working on one, it’s an owner-financed deal, the house is a great big Victorian style home. He wants a fire sale price for it, but he’ll still do it on terms. So, he only wants about half of what it’s worth on terms. No money down, just making payments, like, he’s the bank. And he’s fine with all that. He just wants to move on, get closer to his grandkids. So, you know, those are good deals where you can help somebody and you’re making good money, too. And then you can turn around and help somebody else with the lease option thing. So those are the best ones where everybody wins in it.
Daniel: I bought one, we did a cash deal, but it was an auction house. Nobody showed up. Nobody showed up at that auction – just me. And so I got a dollar over minimum bid. So we got it super-cheap. We bought an $80,000 house for $19,001 because I had to pay a dollar over minimum bid. That was pretty good. And then I sold it before I even – we didn’t even clean it. We didn’t fix it, we didn’t clean it. I changed the locks on it and put my key box on there and put out some signs and it was gone. It was a good one.
Daniel: It was a really nice house. I mean it’s a rare find whenever you – it didn’t need a lot of work. It was already in pretty good shape. Usually after you get one that’s a foreclosure, you know, it’s been sitting for a couple years, the pipes are frozen and everything’s messed up on it. You know, but, this one was in pretty good shape. And then the location. So, the property was a nice house in a nice location for a decent price. Even at high end, the $80,000, that was still a pretty good price. And we made a substantial profit on it. So, we were able to offer it to somebody else for a discount, too.
Daniel: I do a lot of stuff with Joe now. So, my Automarketer’s running and his is running. So, I might get a lot of leads from his, from him scraping and then the lead management is on my side of it where we keep track of all the buyers and do the marketing. And my wife does a lot of that. I don’t do as much of it. Me and machines don’t get along very well. But she likes it and so she handles all of that end of it for me.
Daniel: Take action. Do it. Don’t just want to do it. I mean you could have a very strong desire to do something but if you don’t ever attempt it, you’re never going to get anywhere, you know? So, make the calls, actively do anything that you can, you know, even it if’s wrong, do it. You can fix it or you can learn from your mistakes, but don’t be afraid to fail or to make mistakes. Just do it. That’s the only way you’re going to get anything done.
Daniel: No, I’m building a house for myself and that takes a lot of time. It was actually a subject to that I got and then we’re completely renovating it. It’s this cool old house, but, no, that’s probably not very interesting to most people.
Daniel: >>You can talk about it if you want.<< Nah. >>I don’t know what’s interesting to most people.<< Nah. >>I think building your own house is pretty cool.<<
Daniel: The house itself is pretty cool. It’s got a lot of history to it. The house I made out of Redwood. These giant thirty-five foot Redwood beams holding up the ceiling that were brought in by train from California in 1948. So, I mean there’s a lot of history to this house. And it’s kind of nice to restore something like that that it has something to it, you know? It’s not just a typical house. Everything’s custom on it, everything’s just completely unusual. Everything. There’s hardly anything that you can buy and install. You’ve got to buy it, bring it home, cut it apart, rebuild it, then install it. Everything. It’s been kind of a pain, but it’s cool, you know, it’s just a giant work of art, really.