Within A Month I Made $16k With Just A few Hours Of Work

Within A Month I Made $16k With Just A few Hours Of Work

Tim: My name is Daniel Riegel from Galatia, Illinois. I’ve been in the program for a little over three years now. We’re flipping a lot of houses, building up the crews. I still do all the zero down structures. I try to build up my own portfolio at the same time that I’m renovating these homes. Still do the lease options for myself and for other people. I enjoy fixing the homes though, so that’s really what I focus on these days.

Tim: A lot of my income is still coming in from what I structured a year ago, the properties that I was buying and building my own portfolio with. So I have a pretty good income from that. I really don’t have to do anything else just from what I learned and the portfolio that I built up over a year and a half. Most of the homes that I like to buy, I buy them with a guaranteed payment program basically on a land contract where I will acquire the property, I’ll fix the property, I’ll turn around and I’ll lease option the property, bring in a tenant buyer and then I give them suggestions on how they can repair their credit and buy the property from me.

Tim: That’s mostly what I do to build up my own portfolio. There are some wholesale deals that I still do. I still do some lease options for other people, the For Rent Method, but mostly I like to own my own properties.

Tim: Basically, if there’s a problem, I can fix it. That’s mostly what having income does. You know, if something goes wrong, you know, if you have a flat tire you can go get another tire. I just totaled out a truck a couple weeks ago. I needed another truck so I just went out and bought a truck in cash. That’s something I couldn’t do a few years ago.

Tim: It’s been a long time since I had a real job. I’m like you, I am also unemployable at this point. I would not make a very good employee. I like to do my own thing at my own pace and that, and I make a lot more money than somebody who wants to pay me to do whatever it is.

Tim: I studied a ton of real estate investing books and techniques. I started when I was eighteen. I studied for two years before I got up enough courage to even buy my first property. Even then, I did it wrong. I used a lot of bank loans and I was overleveraged and I was doing great until the economy went down, like you, and then it all just kind of went into the ether. It evaporated. If I had a mentor back then, I could have asked questions. That’s the problem with just studying books and watching YouTube videos. They’re great, and it gets you a good foundation, but whenever you deal with a particular situation that doesn’t come up in those books, you don’t know how to handle it. So then you’re stuck and you’re already scared, so there’s nothing you can do about it.

Tim: But, if you’re I the mentor program, I just send you an email. I used to send you at least one a day you know, long ones. It’s invaluable to have someone that you can ask questions about particular situations and make it happen. That, and you’ve shown me ways to make money on everything that I’ve done. Things that I hadn’t even thought about. The notes was life – it changed the cash flow on all the properties just holding a note. And it helped out the buyers, too, because maybe they wouldn’t have all the money to put down. But if I was willing to hold the note, that would increase my cash flow, plus it would help them get into the property at a lower down payment.

Tim: Basically the notes that I hold, they’re kind of like an IOU where maybe it’s $1,000 and they pay an extra $150 a month until that $1,000 is paid off. It’s part of the down payment. I actually need to sell more properties and hold more notes because almost all of my notes have been paid off by now, which is pretty good. You know, I try to only work with good people so that helps ensure that I’m going to get paid for these notes as well. But, yeah – I need to do more.

Tim: Every time that I come back I learn something that makes me thousands and thousands of dollars. Whenever I go back I implement the things that I’ve learned. You know, maybe the last time I was here you talked about something that didn’t click or the automation eventually – I’m learning more and more about the automation and how it can help my business. And I go back and I’d use those things.

Tim: I like the freedom to be able to do what I want to do when I want to do it and for the most part I have that. Nothing crazy, I’m not going to go buy a yacht tomorrow, but, I can do pretty much anything else I want to do.