Confronting Ryan Pineda: Tenant Didn’t Pay Rent For 3 YEARS

welcome back to the 50th ever episode of the iced coffee hour my name is ryan pineda and we've made approximately 55 818 dollars that was really good that was fantastic great job brian great it's almost like i've done this before yeah yeah it was only like the fifth try too speaking of which you are on episode 24 the 24th ever episode of the iced coffee hour coming back on the 50th ever episode of the iced coffee hour yeah i'm happy to have you back on dude i'm excited you guys invited me again man we got to talk about real estates because i feel like when it comes to especially las vegas market you're the one who i would really look to for advice on what's going on with the real estate market here what you're seeing in terms of pricing real estate trends rental prices how to make money how do you even buy something in this market and jack he's talking my year off now about trying to buy his first property so i think this would be a great introduction to teach anybody how to buy their first rental property how to even get their first property to begin with in such a competitive market with interest rates so low you're our guy uh well i'm glad you guys invited me and jack you know jack was at my office what was that a couple weeks ago two weeks ago and he was like man can you help me get my first rental property or my first property in general and i think that was the only reason you invited me back you just no no no you wanted advice but he didn't want to pay you for it i know yeah you know this is fine so um yeah man it's it's crazy right now the market and if you're just getting started trying to buy your first house like it's never been harder and that's the tough part about it is there's no inventory like literally anywhere you know everything's a bidding war and you're gonna pay you know top dollar right now and i think in a lot of places rents haven't caught up to the appreciation you know typically rents are gonna lag from the pricing so we're experiencing so much appreciation and rents like haven't caught up yet so it's like tough to pencil the numbers in as a rental unless you're in like a midwest market or you're putting a lot of money down on the house and trying to get your payment lower so it's it's much more difficult today than ever before i'll say that what year did you start buying real estate i bought my first house back in 2011. i was ah same year same year as me didn't meant to be yeah so i was 22 at the time right around your age too it's 21. and um yeah i bought it with an fha loan which i highly recommend people do if they're just starting like low down payment is possible and dude i bought it for 160 grand literally like five minutes from here and if you can imagine for 165 minutes from here and uh it's worth probably about four to five hundred now wow yep are you renting it right now no i sold it i sold it like two years later yeah and what do you do did you just use that profit to buy another yeah yeah yeah okay yeah i had to keep turning my money over and over to continue to build up you know if if i ever kept a rental i wouldn't have been able to live the only way i made money was by flipping houses and just continuing that was my income got it what'd you end up selling it for i sold it two years later for 220 like right around there um we put a little bit of money into it not a lot but and and even then it wasn't even like i got a great deal it was just appreciation had happened so i think that was cool i ended up rolling that profit into my next house which i bought for what did i buy that one for 170 and i sold that one two years later for 240 you know kind of the same deal again appreciation and i've kind of just every two years go have gone to a new primary because you know you get tax-free capital gains and you know luckily my income was increasing and you know i got a family now so we had to keep getting a bigger home so yeah that's kind of how i got started and i think it's a great way for other people to get started is you know buying a personal residence just with an fha loan do you oh do you keep rentals now yeah how many i've got over 30. how do you do it i i am like in awe at the schedules of some people that we've had on the podcast like between your schedule meet kevin's schedule it blows my mind how you can get so much done 30 rental properties yeah yeah we probably have i i have about 10 units in big bear california that we airbnb and then we have a 10 unit apartment here in vegas which i've done a youtube video on super cool how we bought that um with seller financing i got a 300 000 apartment with 16 000 down and no payments for three years it was a crazy deal and then the other 10 um rentals are like single families or condos here in vegas who would do that deal on the seller a thousand dollars down no payments on three years who would do that so i'll give you the five minute story of how it happens so we are cold calling sellers and stuff trying to get marketing or trying to find deals this seller picks up he's like hey i don't want to sell this house i have but i own this 10 unit apartment and at the time this was three years ago i didn't know anything about apartment investing and all that and i go we'll buy an apartment like you know like if if the deal's right we'll figure it out so we go there it's in a really rough part of town here in vegas kind of where we were last night and um he's like hey uh you know i haven't gotten rent in three years and i said okay that's not good but it's also a sign of motivation and so we go there and we see it's just like really bad i mean gang banging like selling guns and stuff like legit and we also noticed that one of the units burned down like he didn't even know and he didn't know that one of the units no he had no idea how bad was it was it burned like it was crisp it was done done everything inside burnt to a crisp i have it i'll show you a picture after so wow i end up calling them i'm like hey man this is a bad situation like did you know that a unit's burned down he's like what couldn't believe it out of state owner in california and um you know we just start talking and negotiating and at the time i still didn't really know what it was worth i was also like hey i can't even get in the units i don't know how much renovation it needs like i have to get it for a crazy deal so i end up just offering 200 grand i'm like i'll give you 200 grand whatever he's like no i want 400. and after like a month or two of negotiating we finally agreed on 300 but he was gonna sell or finance it and basically my pitch was look you know it's going to cost me a lot of money to fix this it's going to cost me a lot of time to get all these tenants out and you know i have no idea the condition and so he agreed and basically we we came to the conclusion that it was going to be beneficial for both of us to not have payments for the next three years because he hadn't begun payments for three years already so it's not like anything's different and in fact he was behind on his taxes because of that he hadn't paid property taxes so i paid off all his property taxes he owed it was 16 grand that was where it came from and he ended up giving me three years to basically you know revitalize the place so it took me about seven eight months to get all the tenants out because what would happen is we'd evict one and they would move into another unit and how they would squat yep then there's nothing like i mean obviously it's not right but you it sucks so bad that you have to start the whole eviction process on that unit because you know you evict somebody from school even if they squat yeah how is that legal for a squatter who's to stop who's to not like come into one of my properties just overnight and be like yeah i live here here's a least agreement couldn't i feel like that you just call the cops kick them out i mean there are situations like on our flips they're all vacant right so if somebody breaks in we do do that but these people did live there in that apartment for you know however long they did like they did have a right to live there but not that unit not that are there any like legal repercussions on their end for doing that i mean they got nothing to lose like it just didn't they didn't care but long story short like we had to keep kicking these people out and finally after like you know seven eight months we finally got everyone out and we started renovating it because we didn't want to renovate a unit and then have somebody move into it uh that's not supposed to be there so we wanted to get everyone out first so it wasn't making money for at least a year which is why i was like we need time i'm not paying you you know because i got to do all the work that you didn't do but we ended up spending about 200 grand getting it fixed up it makes 7 000 a month now and gross um i'm going to make my first payment this july for 12.50 gosh how does this guy go three years though without receiving any rent graham dude you would you would be surprised at how many sellers just don't care no i'm serious like they we talk to sellers every day we buy homes every you know week like there's so many sellers that just neglect a property for years like it's vacant for years they never even try to rent it or you know it's it's beat up and if they just put some money into it it would be rentable but they don't want to do it they just have no desire maybe they inherited the property it just they don't care do they just have so much money it's just not worth their time is that it yeah i think a lot of sellers if they have rentals like this yeah especially if they have apartments and stuff you know that they're somewhat sophisticated um but you know on the single family side you you just dude you'd be surprised at the things you see on the in the off market world because you don't see it like on the realtor side where you know they're they go get a realtor they list their like that's the standard stuff but off market is where you see like the realness of real estate and what's going on on the single family side i mean in everything and everything jack is interested in the single family that kind of piques my interest yeah are you finding off market deals right now but first i want to thank our sponsor policy genius april can be an extremely busy month for all of us whether you're getting your taxes done spring cleaning around the house or getting fooled by graham saying he's moving back to california policy genius recognizes that april can be a difficult month so they're here to make your april a little bit better by providing fast and free insurance quotes policy genius can help you find insurance similar to what you have right now but at a better rate and that's just free money that you could save just by switching policy genius saves their customers up to a thousand and fifty five dollars a year when they reshop for home and auto coverage and getting started could never be easier just head to policygenius.com and answer a few questions about you and your property then policy genius takes it from there by comparing the rates from top insurance providers such as allstate and progressive to help you find the lowest rate and best coverage they will even compare ways to bundle your insurance such as home and auto to save you even more money and if they find you a lower rate than what you have right now they will switch you over for free policy genius can promise you that you will not leave their website feeling like a fool and take it from me i've used it before and it's a great service head to policygenius.com to get started now policy genius when it comes to insurance it's nice to get it right that is where we find 90 of our deals at the moment okay yeah because when i first got my start you know i i was a realtor just like you i got licensed in 2010 and i didn't start flipping houses until 2015. back in 2010 you know inventory was so high dude there was like pick your pick whatever you want it's pick of the litter and buyers were just they had all the control because there's so much supply 2015 things like stabilized i still found a lot of deals on the mls and you know for me when i find a deal like it's got to be at least 80 of value like that's the max i'm willing to pay and you know around 17 18 the market starts to get less inventory 18 there was really low inventory and now we're at the point where it's like the lowest inventory in history right and so you your strategy has to change based on the market you know back in 2010 if i was a buyer i'd be offering people 50 cents on the dollar because it's just there's so much available today if you go on market you have to offer above list and prices just keep going up and so if you're going to succeed in my shoes like as a flipper or even if i want to buy buy and holds i can't just overpay and build a portfolio doesn't work so we go off market now and 90 of our deals are off market how do you do that walk us through the process so there's a lot of ways to get off market deals um one way the easiest way for anyone watching is just buying them from wholesalers so wholesalers are people that lock up deals off market they market up you know a little bit of money and uh they sell it to an in buyer and the wholesaler doesn't ever actually buy the home they just sell the contract okay we wholesale as well we buy from wholesalers i've bought a lot of houses from wholesalers they're great because they do all the work for you you know jack if let's just say my company home run offer found you a deal or we found a deal and it was discounted right because we got it off market and we still made our spread and i was like jack you can't find a house like this on the market but i'm gonna sell it to you for you know 85 cents on the dollar would you want it yes how did you do that yeah we do it every day that's why i'm saying like a wholesaler's the easiest way because they're doing all the work for you you just have to have the capital ready to buy it that's what it comes down to so i think that's like the easiest step for people just getting started but if you want to really like find off market deals you got to start marketing yourself and so you know realtors what kind of marketing did you do as realtor graham craigslist okay so craigslist is a great way to prospect um but really like the main ways people prospect starting out just i'll name five cold calling text messaging door knocking um people can do those are like the three cheapest ways driving for dollars people always talk about as well and then if you want to get more expensive you can do direct mail we run tv commercials here in vegas um you can do ppc so you just rank at the top of search we know that for youtube right do the same thing for you know if people search sell my house cash sell my house now you'll pop up right so you have the cheap ways of doing it which i would assume many people here want to do which is great and then you have more expensive ways we do a combination of both so we spend currently about 50 to 60 grand a month on all those methods to find off-market deals yeah you're doing everything i hated doing as an agent well but i don't do it you don't do it right i did all of that though i couldn't stand it yeah yeah i did door knocking for like two weeks straight and i at the end of the two weeks i wanted to quit i was like i can't do this anymore if otherwise i'm gonna quit real estate right i hated it that much same with cold calling did it work for you uh door knocking i met a few cool people uh a few of them i came back again took pictures but they all wanted prices that were so high they're like okay i don't really want to sell but if you bring me an offer at two and a half million then i'll sell the places may be worth like two right you know so that's who i met yeah and the thing is i just named all the ways you can do it i mean you only have to be really good at one of them it's not like you're the one having to cold call every time like if you don't like it it's it's not a big deal so it's just really figuring out what i always teach our students is first look at your budget okay your budget's going to determine how you market first and foremost secondly once you have your budget then you can start figuring out the marketing channel but the third thing is figuring out after that basically your sales process because so many people think that oh if i spend money on marketing i make money like it's just i'm going to get an roi i was like no if you can't close deals then you will not get an roi you'll waste money and so um i think if you're a beginner and you are like if you want to go spend money well let's talk about the freeways so if you don't have any money at all and you want to go find deals okay best way is door knocking okay there's a lot of houses that are distressed you can go knock on beat up houses that you see in the neighborhood you can um go uh get a list of like properties that have motivation for free so back before you know the pandemic and people had foreclosures you could go get the foreclosure list and start door knocking them and trying to buy their house before it gets foreclosed on and that's a good strategy because obviously they need to sell or they're going to get foreclosed on and they don't have time to list with a realtor because it's too close so if you knock those you have a very high chance of getting a deal and it's free it's free to go door knock but if you have a little bit of money i would say call it less than like 3 000 a month if you're willing to spend less than 3 000 a month you can get a good list you can cold call it since you have that list of numbers you might as well text it as well and there's softwares that allow you to do that very easy all from the same spot it's not like you're hand dialing and hand texting i get those texts probably once a week yep yeah they're from me so you were telling me that you're actually in a lawsuit right now with these with these calls right yeah so you guys you had told me before we started filming that you had a you know one of these robo-dialer lawyers one of the top lawyers who fights that yeah so basically there are people who are now like i mean they have facebook groups and stuff um dedicated to trying to like essentially extort marketers you know they're like oh you know for instance every time you get that text if you like tried to really go after them i mean you could try and hire your guy that you just had and you know you could try to sue them or at least send them a letter trying to extort them like that's what's going on today um but for instance like we're talking about this lawsuit and i can't talk in detail about it but i guess one thing is in real estate if you do enough deals you're going to get lawsuits no matter what that's just life but two like this guy he's trying to claim that we called him like 200 times like we did not call you 200 times it's not even like realistic but his whole thing is like well each offense is like a thousand bucks so i want two hundred thousand dollars we're like you're out of your mind and essentially he's either trying to lump us all into the same thing you're like oh ryan must have text me every week this it's like it was probably a bunch of different people you know doing it um but that's just kind of like what these guys do now and uh you can kind of tell because for and this is good feedback for those of you who are gonna cold call to kind of help prevent future lawsuits they're going to be phishing you know trying to get information okay who's your company what's your last name all this what's your website like and then that way they're like all right he called me on this day blah blah blah you owe me 1500 bucks but couldn't it be something as simple don't they have to tell you first take me off the list there so they have do not call list they have um other lists as well like so there's so much gray area right now with marketing you know because with the robo dialing thing there's some things that are legal there are some that's not but they're kind of like the same thing you know and it's it's almost impossible to prove which method somebody was using um same thing with text messaging right now they're changing text messaging laws that you have to have an opt-out in the text and so um text messaging used to be really good for us because we could send out you know a million text and you know you get the leads and all that stuff but after um now people can just opt out and so once they opt out you have to take them off your list and so the software won't even allow you to text them anymore um so the laws are always changing and um even too so think about this when you are a realtor it's actually really strict for realtors because you're not allowed to solicit like that so like you as a realtor you're like hey i want to list your house like can i list your house and get an appointment that's a solicitation but me as the cash buyer when i say graham i want to buy your house i'm not soliciting i'm not trying to sell you anything i just want to buy your house so it's different it's legal yeah so like one thing we'll tell our realtors too because i own a brokerage as well is hey if you are going to cold call and do this stuff to protect yourself to protect the brokerage um you just got to say hey i've got a cash buyer who wants to buy your house because they really do my agents have me i will buy their house if we can get it for the right price right so yeah even technically a dollar yeah hey if i could buy for a dollar pocket i'll buy your app that makes it legal even if you have a dollar well yeah i mean for the realtors they're saying i have a cash buyer ready to buy your house i mean i will buy it you know it's not mr beast have you seen this video or you gave away the houses for a dollar yeah that was cool but um no i mean it that's what it is like you you personally don't have to have the money i mean it's like as long as you're just being transparent about what it is you want that's where i think is the best practice like for us it's like i just want to buy your house dude like just tell me yes or no yeah so if i'm looking to buy my first like home here in las vegas first off graham says he thinks i should rent yep i think i should buy do you have any input on that now first of all he's got to hear the arguments yeah yeah i want to hear why you think rent okay this would be jack's first place his first time really living on his own outside of of his parents and uh i think given jack's income the money he's going to be making five years from now is going to be completely different than what he's making today in a great way so my thinking is this we just moved to a new state i think it's better for him to get situated with renting a spot uh getting situated with that first really getting to know the areas where he wants to live within about a year and a half he's gonna have a way different income profile than what he has this year so i think whatever he buys today is going to be different than what he's going to want probably three to four years from now he's 22 right now he's going to be 25 26. what the place that he's living now is going to be way different than 25 26 what you're going to want later so i think it's probably better right now rent it's a very competitive market get situated uh see what you like and what you don't like and then buy especially if you're going to be plunking down that money that is my argument that's why i think at least for the next 12 to 18 months jack is better off renting so jack i am going to disagree with graham and i agree that you should buy and here's why but first i want to thank our sponsor today landlord go landlord go is a game where you can buy or sell properties in your area virtually here's how it works we're going to open the app and then we're gonna click on the travel agent in the top right corner the travel agent is a great feature that allows you to go anywhere in the world to buy properties while we're in lockdown and i'm gonna buy this and also buy this because they're the same color and by buying properties of the same color i can get additional return on my investment now that the buildings are mine i can finally collect rent or even upgrade them to make more money then if i want i can list these properties in the marketplace for other people to bid on them instead of just selling it to the bank and here is the game leaderboard and as you can see i'm ranked this in the united states and this in vegas landlord also has this really cool ar feature where you can go around your city and search for properties in real life all right so we're actually out in the wild right now and there's a super cuts right there i love super cuts and that is exactly why i think they would be a perfect property to add to the portfolio all right so i'm going to be using the ar feature to buy up the super cuts you just get in the frame click on the tile and then you buy as many as you can i've just found this game as a really fun thing to do in my free time and it's also a great way to familiarize myself with las vegas so if you want to try the game for yourself and become a virtual landlord click the link in the description and you will receive free in-game cash and a special bundle pack that's specific to the link in the description thank you so much landlord go for sponsoring this episode and back to the podcast um as i said in my story i was 22 when i bought my first house just like you um i didn't know where i was gonna live five years from then but i did know that you know if i got a good deal i i would have no problem selling it two years from now and getting the capital gains you know and all the money that i make from it so if you found a good deal today i would rather you buy it live in it two years get tax-free capital gains and then just upgrade buy another house but then it's also the maintenance then it's also maintaining the property and keeping it in good condition and then figuring out well are you gonna sell it two years from now what if interest rates go up what if the market goes down i think back in 2011 2012 when we were first starting to buy real estate we had all the edge we had the advantage and we benefited from the insane appreciation of buying something one 160 the next year it's worth 200 grand you just made a whole bunch of money right now we are in the most competitive time ever right in the history of housing with interest rates really low by the way so so that is i think in jack's favor but we're at a time where jack is going to be competing with potentially all cash offers and it i know you would take good care of jack i have no question about that but from a seller's perspective on a broad scale if they have a cash offer or they have the potential for a quick close cash or jack would have to go through financing i would rather pick the cash offer yeah so i think just just the market in general right now but you're looking at it from the perspective of jack is going to pay market value or above market value where i'm saying yeah i don't agree in fact i don't agree in any market paying market value that goes against everything i do yeah what i'm telling jack to do is if he can find a good deal that's 80 to 85 cents on the dollar even 90 cents on the dollar if you're gonna live there um i would rather bet that in two years you're gonna still get appreciation things are still gonna be on my bet is that in two years it will still be the way it is maybe not to this level now but it's not like things are tanking two years from now your house will not be worth less than it is today i can like i mean nobody has a crystal ball but and hopefully two years from now is somebody watching this i don't look really stupid but um i would i would be very surprised if it was worth less my only argument to that is that you buying today 90 cents on the dollar is you buying up six percent from a year ago you're still buying higher than a year and that's not to say that like oh you know prices you're buying you know higher than a year that's bad i just think right now in the current market even buying at 90 cents on the dollar is still a high price given the lack of inventory and the amount of demand right now that we're seeing in las vegas well i mean i can tell you this jack for us we are every flip we've done i mean we're getting like 10 more than we thought like it's insane so like a house i bought um three months ago that is now hitting the market today and we were like okay this is gonna sell for 300. we're listing it for 330 and getting it and this is like in a three month span and there's no indication that this is going to stop you know demand is still very high they're still pumping money into the economy rates are not going up like so there's so many factors that say hey guess what you know you might be sitting on the waiting game and uh and it might be hurting you even more a year from now um i i just believe that the other part as well is getting into your first property also is going to like start your process as a real estate investor like the sooner you start you know the sooner you start making moves and like you're just getting in the game quicker you're learning like when did you buy your first property you're 21 21. like you could have rented at 21 and and did the same thing but by starting your journey sooner it's allowed you to become who you are today i had a different uh uh schedule though when i was 21 i had a whole bunch of free time i had nothing going on on weekends uh i will not say nothing going on on a weekend sunday's obviously open houses but there was a lot of time where you know even if i worked 10 hours as a real estate agent i had all night i had nothing to do i was trying to fill my time as much as possible jack is a unique opportunity where for him going and finding one extra sponsor would be the equivalent of getting rent on multiple rental properties right so when i look at the time commitment i'm like jack spent five hours a month one extra sponsor that's like three rental properties right there yeah guaranteed to come in with really no risk at all it's guaranteed i see that i'm like from a time perspective the time is most valuable spent so i agree with you there and that's the reason i got on youtube and started doing these other things because i noticed that i said dang like this is risk-free money this is yeah i'm used to taking out millions in debt to buy real estate it's a very risky business no matter how good you are you know the market could collapse at any moment you could buy bad deals and you know really become insolvent but um i i there's nothing to stop jack from devoting all of his time and resources into you know this and building up the channel and everything but there's like if you just go the route of meeting wholesalers and then just letting them do all the work where you're just literally looking at the deals and you're like yes or no you know you're not scavenging the mls and zillow i think that could be a happy medium where you end up finding a good deal and and what would happen too then is like if you if you find that deal you could just do a burr out of it because you're getting a good deal so maybe graham funds it for you you know because you got to buy all cash or with a hard money loan from these wholesalers they're not waiting for a conventional loan but um after that you can just refinance right away and you know get all the cash out because you have enough equity i would fund you i would do that i mean i want to pretty much i want to we'll have to talk about that but i would i would find you on that what percent i don't know [Music] here's what will happen is we will when i get a house that i think is good for jack you know it'll be discounted and i will bring it to jack first because of everything you guys have done for me and um we'll still make money on it obviously but you're going to get something way more discounted than what is currently on the market and you won't have to have done any work for it you'll just have to say yeah i'd live here so you just got to tell me like your budget i would that would i mean i love as many options as i can get and but you would prefer that then we look at the uh just the overall like jack spends 1200 bucks a month on rent for a good spot nearby versus spending it's probably going to be 2829 jack how much of a house are you trying to buy like what's the price point graham has an i said under 400 000 that's what graham says okay yeah i mean i think i think under five dang jack all right it's like that's what i'm saying all right so jack man all right you're much more of a baller than i was that's three thousand dollars a month i can rent out the rooms though that's my plan jack i mean alex said he needs he would he would rent a room alex said so you know so i had this conversation with andre before he bought his house you know he ended up buying his house for like 700. you don't need a house as big as andre's right now like i would just be like i agree with graham on that i think you're under 400 is like really good um and at under 400 you're what is that you know 2000 to 2400 a month i'm gonna call it 25 26. yeah but if you house hack like you said you get the same result but you you have a house of your own and and you're buying discounted i mean like if if let's just say you buy this 400 000 house but you get it for 350 would you would you want to buy that it's an area you live in absolutely okay we get that all the time we could sell you that all day because we can't flip that at 350 once we factor in our cost and we resell it and realtor fees we wouldn't make you know we might make 10 grand max we're not making 10 grand on a 400 000 house but to sell it to you for 350 makes sense because you're gonna go live in it and you're not paying the 420 that maybe it gets on the market because it's so crazy why wouldn't you just take that house at 350 and immediately list it and flip it for 400 grand because like i said you you we don't buy all our properties with our own cash so we pay hard money lenders or private lenders oh that's where it gets expensive okay so i mean at 350 let's just say we hold it for three months right this has no renovation like very light whatever um three months of that is probably you know close to ten thousand dollars in fees then you have the realtor fees call that another like 15 grand you're 25 plus title fees on both sides purchase and sell you know another whatever eight grand 10 grand so just if simple numbers you're at like 45 grand and we're trying to sell for 400 so we won't make money flipping it but you holding it you love it because it's just you're getting 50 grand in equity plus the upside i would be so grateful for an opportunity like that like i'm telling you if you really want to do it in a month i like we'll have a house for you in a month yeah i mean we got we've gotten we're in the middle of april we're having a really good month we've gotten 13 deals this month let's talk about financing because i think we've already talked about the uh the obstacles of finding a house what about financing what are you finding right now how much money down how jack be able to get financed how would this how would this play out okay so for those watching the way you're gonna get financed is by just getting an fha loan or conventional loan i always recommend the lowest down payment just because it's too hard to save up 20 for most people like man to save up 80 grand on a 400 000 house by the time you save it up that 400 000 house might be worth 500. so i i think lowest down payment possible but in jack's case with how we're talking about it what i would say is you know you should fund it make whatever you make off of it you know it's cool income for you jack gets the benefit of getting an off market deal and then jack refinances at the real value of the home they're not gonna they're not gonna appraise it at the 350 that we sold it to them for they're gonna appraise it at the new value what you would do graham is you would put a lien against jack's property for your funding and at that point it now becomes rate and term for jack because he's not getting cash out like he's just refinancing you out you're the bank you're the debt and um they can give you the new value based on that if jack had four hundred thousand and he put it four hundred thousand down well now he's cash out refi and cash out refi has lower loan to value ratios higher interest rates um so it it benefits this plan that we're talking about is like the best way to do it it'd be funny if i just bought the property rented to jack that would be the ultimate just like sorry jack yeah you know what i really like this one hey you know what you want to rent it here we go you didn't want to do that though if given the opportunity you wouldn't even want to i would i would rent to you would you really yes what because that's guaranteed because i know you'll yeah jack i will send you the deals thank you that's what you think for the record you think it's better for jack in this situation given given the entire context to buy a house than to spend like 1200 bucks a month for rent and have the mobility to be able to move around and shift around knowing that his income is going up dramatically i get that you know flexibility is kind of what you're placing the value on you know at the end of the day right let's get real the 1200 versus the 2400 is nothing in the grand scheme of like if we're talking he's going to be making a lot of money okay so it really comes down to the flexibility it you know if the market tanks he's stuck with this house so you always got to look at every house from every lens of you know possibilities and so whenever we buy a house we're like okay if we flip this let's say we make 20k that's cool um if we wholesale it we might only make 5k whatever if we rent it we're going to cash flow x and we always think okay we're going to go down the flipping route but if the flipping route does go bad at least we know we can keep it and rent it for this and a lot of my rentals here in vegas were flips that didn't pan out for whatever reason um and you know i end up keeping them now they're good i actually just filmed a video i was telling you about this um we put a pool in one of my summerlin houses out here luxury house i did not want a luxury rental this house is worth like 900 grand and um we we tried to flip it and it just didn't work out because it didn't have a pool i was stupid i was like i made a big mistake of thinking oh people are going to buy this without a pool but they don't at that type of price point and so i ended up having to rent it and uh i told the tenant i said hey i'm going to build a pool so that by the time i do go to sell this ever again i'll be able to get what i'm supposed to get and long story short that rental is really good now because i bought it two years ago and even though it was a failed flip you know the market's gone crazy right i bought the house for 5.25 it's worth 900. and it rents for 5700 a month and my mortgage is three grand why didn't you build the pool just too costly yeah you know when i looked at it there was not a lot of comps in the neighborhood and there were some without pools but they were on the golf course and so it was like okay how do i factor that in none of the houses had the level of finishes we had either they were all just you know normal house stock builder stuff so i'm like we're fully renovating it i think we're going to still get good money without a pool and it just wasn't the case because the pool was going to cost me an extra 50-60 grand and it was a mistake and i ended up you know keeping it thankfully though it's going to end up working out well for me what are you finding right now for the rental market dude it's just like the housing market or you know the resale market it's insane people are like bidding up rentals and it's nuts so you're mentioning earlier they haven't caught up to housing prices yet why is that just because um it's just kind of how it always go i mean at least when prices are moving so fast i mean people's leases aren't up you know for a year or whatever and a lot of and the thing with rentals too is a lot of people renew their lease they don't even get those rent increases right i've heard you talk about that you don't even raise your rents right so that's kind of why part of the reason versus when you go to sell a house you're selling it for top dollar correct you know so there's a different philosophy and why you know just we have to set new comps and so that 5700 that i just set is like a brand new rental comp the highest before was five grand so now i've set a new comp somebody else will see that and they're gonna try and go for that and over time it'll it'll do that but there's just like less i don't know why it is it's just it always lags so las vegas my understanding is is like an extreme example of the whole housing market across the you know the united states right now where everything's like super hot inventory is low and stuff like that do you think that las vegas is more extreme because like of just the the all these people moving out of their you know california stuff like that just to las vegas yeah um i think vegas for the reasons you guys moved here is appealing to many people like you said to californians man you can get a mansion in vegas yeah you guys look at this and you're like oh you know 1.5 like i don't even like that's that's already a deal we don't even need to negotiate like let's go pay one six seriously but but i you know as a guy who's lived here my whole life look at it i'm like ah you know i've seen it when it was you know 700 and i'm like dang that goes for one five now so it's different perspectives but i think you're getting a lot of people that are moving here for cali for taxes for affordability um you know vegas is a fun town too it's not like it's just boring and people are living here for just only money reasons like it's it's gotta appeal that way and i think you're gonna see um a lot of big companies probably move here for the tax reasons the affordability reasons and it's gonna just continue to grow i mean that's what i think i would love that i think from a company's perspective it seems like they really prefer to be in the middle of the country yeah and that's why i think like dallas austin anywhere in texas pretty central so if you want to go to the east coast you can you want to go in california it's equal distance that's my only thought with with nevada is that even though they're really business friendly and they're trying to bring business here it's just location-wise there's not a lot of direct flights to you know a lot of these other parts like there are in dallas texas is the best i mean that's it is what it is it's got its location it's business friendly it's it's huge you know they can keep growing and growing so texas for sure is going to be number one yeah you know but there are people who don't want to live in texas you know the californians want to still be able to go back to california yeah same reason why you're here right oh jack after everything we've talked about now are you gonna buy a house what do you think i mean i've been leaning on buying a house for a while now that's just that sounds good to me i i think it just makes more sense for my financial situation to be paying into my own equity i can make a mistake and still be okay you know and that's why i figure it'd be fine for me to take the risk of buying a home instead of just renting an apartment or something like that because i can my risk tolerance is higher than average for my age you know well and think about this jack if okay assuming that you get a mortgage that um you can still rent and you know break even right you're going to keep this house for the long haul and it's going to become part of your rental portfolio even if you know the market goes down right if you look back at 2000 the people that bought in 2005 um their houses are worth more today than it was in 2005. like it's it's it's gone back up even after if they could have withstood the crash they'd be in a better spot today because not only is their house worth more but they paid down 16 years of of principal and now they're deep into that loan and that loan is now amortizing paying off more and more principal versus the person who just buys today and is paying all interest so i think as long as you know what you do you can withstand you know an issue you know because you've we're saying that you're going to have a lot more success here in the coming years well i never said that that's what graham said i believe i do i believe in you man yeah i believe in it thank you so i think either way you're not you're gonna be fine like you're you're in the best position i've seen a 22 year old in yeah you know yeah no either way you can't go wrong if you rent you can't go wrong if you buy you can't go wrong that's kind of what i figured i can afford a mistake right now worst case scenario i can i can afford it like dogecoin dogecoin like not selling ditch great and uh yeah so not to change the subject or anything but you also bought into omi oh my gosh you want to talk a little bit about that yeah so man that one that one gives me hurt feelings i actually have a youtube coming out about it um so i'm not above the pump and dump if i if i think people are gonna pump it like we're just talking about dogecoin i'm like i'll i'll jump in on it with no diamond hands and um omi was one of those things just like every influencer was like talking about it and logan paul's talking about it and you know i should have known when vegas dave was talking about it was probably not a good thing to do but um anyways i'm like i'll just buy in and i bought 200 grand worth and uh you know i ended up not selling it when i should have because i thought oh man this is gonna like 2x or something everyone's hyping it up and eventually you know it goes live on uni swap logan paul shouts it out and it gets to like you know what was it 1.3 cents or something and i'm up like 80 grand this was in like a day or two i'm like okay like we're headed to the moon like we're gonna go up and eventually all the whales saw that too and they they started dumping and then it dropped down to like nine point nine cents and then like point seven cents i'm like oh my gosh like this is so dumb and i didn't realize that um man like to sell it was the biggest hassle in the world because like to sell it on uni swap you had to wrap it you had to what does that mean to wrap it i looked into that i did not understand a single thing about it at all i didn't understand it either but i had to do it because i'm like i have to liquidate this stuff and so wait so what does it unwrap what does that mean so don't take this is like for sure advice you guys can correct us in the comments but um essentially it's on like go chain and that's what you were asking me for if i could send you go and you have to get it on the ethereum chain and so the only way to get it on the ethereum chain is to wrap it somehow with ethereum and um then you can sell it on the ethereum chain and on uni swap and so that's what i did but the thing that i learned from that whole experience was um you know number one if people are gonna pump it don't miss the pump you know and then number two uh know how to sell it beforehand because if i knew how to sell it beforehand on that day i would have made 80 grand um but three um omi was very illiquid so what was happening was my 200 grand should not have moved the price the way it was moving it and so when i went to go sell it it finally reached back to 0.9 um and i went to you know on uni swap hey sell 200. it would have dropped the price like 15 percent just me selling 200 grand and i was like what like oh that's you know that's insane yeah that's 30 grand that i'll lose by selling my own coin like i'm taking it and so i had to sell it off in chunks i had to sell it in 50 grand chunks throughout like the next couple of days so i didn't tank the price wow and uh even still at the 50 grand chunks it's called slippage and it dropped it by like five percent each time and wow oh my god yeah and like 200 grand is not it should not do anything is that just because the volume was so low yeah there's just not enough liquidity on uni swap and so i learned a i'm glad i went through the experience because i learned a ton about it and it's not to say that omi's not legit and their nft stuff is gonna like i don't know but that wasn't the purpose for me buying it yeah i was just trying to make a quick buck and uh i ended up losing like 20 grand that could have been way worse it could have been way worse i was a cheap lesson well right now i think it's trading in like 60s 60. so if i would sell today i would have lost 100 grand yeah so i am glad i i liquidated yeah i got uh caught up in the coin the coin base a little bit i i was watching that uh meet kevin live stream we i think we're all watching it waiting for coinbase to to go public i had my order ready got uh i i got in most of my order i got an 80 shares at 391 and then immediately the rest of my shares didn't even execute i was like oh crap i missed it i miss it and then i'm watching the price go up and uh then jack buys in [Laughter] it was just we watched to go to like 4 20 something and instantly i was like wow i'm up a few percent in like you know a few minutes this is crazy and then it starts drop and drop and dropping 370 comes around like okay i'm gonna buy the tip yeah bought bought a bit of the dip kept dropping and then at the end of the day or maybe it was the next day i bought more like 3 30 something that's good but uh yeah got uh got caught up in that hype yeah dude the hype the hype is good as long as you sell at the hype you know you know what the crazy thing is i i've i've realized that if everyone thinks something is gonna happen it's not gonna happen if everyone thinks gonna buy in it's gonna go to this price it's not gonna happen yeah one thing i've been experimenting with crypto is um i you know i own mainly just bitcoin ethereum but uh i learned a lesson from the omi fail but like i said i'm not opposed to buying alts if like i have good information that i trust but but the one thing is like you said if everyone's talking about it don't do it um but i just bought an alt you'll get a kick out of this called like pancake bunny it's paying like 365 return to um stake it what the wait to stake it yeah what does steak mean once again i'm not the super crypto expert it's like they loan it out for people for leverage and collateralized yeah loans what wait so how much is this i put a hundred thousand into it why when and you're making how much as of right now it's 365 percent a year yeah that's got to be a pawn wait you already know where this wait how much you put in i put a hundred thousand look and yeah but you're already up six yeah well there's a screenshot it's up 12 now that's guy that sounds like a ponzi there's no way so who is paying that dude people okay so it's the same reason that blockfy is able to give crazy interest rates on bitcoin in a theory i would call but you know what that's six you know who they're sending those loans out to right who block lie it's probably some pretty sketchy entities because those are the people that actually use bitcoin as payment no but but the thing is all there are so many altcoins that are legit making you know half a percent to one percent a day but it's not like it's not in the long run it's not like hey we're guaranteeing you this for the next it's like this week this is what it's paying next week it's going to be totally different i don't believe it i mean i believe you're getting it i believe you're getting it i don't believe that that is a legitimate it's risky because here's the thing if if any investment pays even 50 percent a year yeah every billionaire out there every hedge fund manager every warren buffett is going to go in on that well but they can't it's against their yeah the hedge fund they cannot do it the creator themselves it's gonna be listen if i had an investment that was making fifty percent a year every year i would not tell a soul i would i would plow all my money in that and maybe like tell hey hey mom dad hey get your money in this and let me tell you this like why would i share that right so with bunny nobody is talking about it nobody's ever heard of it sounds silly well by the time this comes out i might already be out of it you know what i'm saying yes so like but the only reason i know about this is because i i know a lot of crypto traders that like do millions and millions and this is all they do they day trade crypto like on these random alt coins that are just paying ridiculous sums of money at that time and i finally got like so one of my friends i finally was like hey can you start doing this for me like i'm willing to trade like i've watched you guys make millions doing this stuff and i don't have the time i don't have the knowledge but like stake me in it like let me get in on it and so i have no idea what bunny does i don't know anything about it um it sounds really dumb but i'm willing to bet on it did you know anything about homie yeah i knew more about omi than i know about bunny silly we're talking about bunny bunny i mean i don't know i i think it's called pancake bunny pancake does that make it better it sounds to me like they're paying you off with someone else's deposit and then as people you know i'm not saying you're doing this but as we're talking about it then other people pile in and they make their money and they tell other people to make their money well that was the whole thing with homies that was what i assumed was happening with omi right like everyone's selling oh me through all these like different people and you know the ideas to pump it and all these influencers talking about it like omi was the example of what that was versus bunny which nobody even knows what it is skeptical just skeptical about it well i mean there's definitely some nefarious stuff going on with it no way the sec is not looking at bunny come on no buddy pay 150 a year well here's the truth well so it's not pancake bunny that's doing it it's the the exchange is lending it because the exchange needs they need more bunnies pancake bunnies out to other people supply and demand but um people are watching this just scratching their heads pancake bunny this is my opinion on all this is my opinion on all the alts they're all rigged that's my opinion even the big ones and pancake bunny is one of them but a hundred grand ryan did you not question the name man who's behind it no idea i want to get the guy a pancake bunny we got to get him on the podcast you should get pancake bunny on but let's hope you know get some dudes taking off the freeway under the uh underpass the other night we saw some dudes like token up i bet that's one of the greats dude i don't know all these altcoins man i think like i said they're they're all sketch i think they're all just get rich quick schemes and like there i think there are some legit ones like at the top but anything like past 100 to me is like just they're all pumping into happening i know i guess my limit for something like that would be like 500 bucks i would throw 500 bucks in pancake bunny it just it's just for you should do it pancake money i don't know how to buy it how do you buy it i don't know my friend bought it for me so you got to swap it and unwrap it right here but here's the deal graham so the only reason i'm buying that is because i trust my friend that's it it has nothing to do with me like being this crypto expert or freaking i believe in pancake bunny i don't believe he's saying yeah i believe and fair i believe in my friend okay like if you told me like to do something that i would be like all right and that that's just how i feel about it if he's investing you know hundreds of thousands into it of his own money then i believe in it too i think where i'm coming from lately i think uh i've always been very risk adverse i hate risk i always like every every real estate deal i went into i felt so sure that i was going to make money i was like 99.9 i'm in the profit from day one i know what i'm gonna get on rent i underestimate everything so that you know even the worst case scenario for me has always been like oh yes you know i made money on that so i've always come from that perspective that i would rather make a little bit and not maybe make a ton with the the really the peace of mind that i'm not gonna lose i just i don't like losing money so let me give you the the alternative pro risk guys point of view on that yeah so i had this conversation with my ceo at our house flipping company because he was very much like you he's like i don't want to lose the company money like you know that's not good you're going to get mad at me whatever fire me who knows and i'm like dude by being too conservative you're losing us money because we're missing out on all these opportunities you know and so if you just take for example let's just say we we looked at 10 houses right and um i would have bought all 10 you know i'm willing to live with the risk on some of them others are home runs we know they're going to be good right and let's just say those 10 houses make 30 or those 10 houses make 300 grand and then you know but in those 10 there were three that lost but the other seven still carried it and we made 300 grand but if he was just you know super risk-averse and we only bought three houses and we made a hundred grand like i'm fine taking the losses to get the overall gain i don't know i feel like there's always a balance of risk in that and that even though you might be getting a higher return you are taking a higher risk i'm just saying instead of because because it's always like a teeter-totter a little bit i prefer to take more on the side of okay i'm going to de-risk a little bit i'm sure i'm going to get less profit over here but it's you know it's going to be less risky yeah it's always been my go-to and sure and and then as far as the extra profit sure could have made more money uh taking more risk but it's like what would that extra money do you know i i'm not going and doing that you were telling me about the crazy date nights and just throwing oh there's 200 bucks a person 200 a person that that's 10 all-you-can-eat sushis super sushi 10 of them we could all go we could all go to all-you-can-eat sushi yeah the price of one plate and i'd have money left over for the thai iced tea which is unlimited by the way four dollars and ninety-five cents super stupid but you i mean i think we had this conversation on the first podcast at the end of the day though like for us we know we can make money like i have no doubt that you're gonna in the next five years make so much money that spending 200 bucks on a meal is not going to matter and so even for me like i like to spend money on experiences so like last night for my birthday right like we rent out the the place and you know we have all that food and stuff like it wasn't cheap how much was that my guess is my guess was i guessed a hundred dollars a person i guessed five five thousand in total yeah that's what i said yeah it was about five grand cool yeah but like totally worth it to me like to have an experience a hundred bucks a person um you know and have every friends family they're like well spent and uh it's you're just like you're gonna remember that forever versus if i don't do it and i save the 5 000 like i wouldn't want to do that that hits home but see or you could do what uh what i did for the uh what was it for one of the housewarming parties had people over at the house we got pizza got some drinks i think under a hundred bucks we entertained uh like was it 10 people 12 people something like that yeah i mean and there's nothing wrong with dollars a person well we do that too it's not like everything is just hey we got to go all you know like there's a place for that and then there's a place to really go out i mean it's my birthday right so that's only once a year yeah i could spend a little bit yeah so oh we should have charged a cover at the door so like everyone who comes in like alex is taking chickens they have to buy a ticket right but graham you know that was a business expense yeah you know that five grand is a write-off uh they just did the thing like you can write off 100 of meals now um and guess what over at least what was it 75 percent of those people are business associates did that pass yep yeah it really was yeah just like last week was it last week last or this week yeah i saw it's crazy and then there's there's no everything how did i miss that what did it pass in you can write off a hundred percent of me i know what what what bill was that under that that can't just be a standalone bill no i just saw like news articles and stuff about it yeah i talked to you about it didn't i alex yeah yeah and that's not a proposal in in a package no it was passed yeah all right yeah so it's a good write-off it was a great experience yeah and uh i i think i air more on ryan's side when it comes to this type of stuff i think experience is like money is a means to an end you know it's not the end yeah like what are you gonna use the money for like at the end of the day and if you do use it why not use it when you're 30 and young and lively and stupid my only counter to that is that from from my perspective you can get 95 of the same experience for 10 of the cost you're not getting 95 of that experience eating pizza that was a pretty crate yeah that was that was a crazy night like good pizza it wasn't just pizza gary brought spring rolls that's true this video was really really good and we had two friends ver sent us donuts yeah it was uh it was nice it's not to compare the nights they were both great nights right right no and like i said i i would prefer to have both of those types of nights you know have the pizza nights have but then you know have a really big night every so often let's get back on the subject of real estate okay where do you see the market heading over the next few years in both las vegas and then in the bigger picture as far as like interest rates inflation the economy what you're seeing with the jobs market here yeah i mean as i was kind of saying with jack i think in two years from now um when we're kind of looking at his time frame of potentially wanting to move again i i do think that this continues to go up um there's nothing currently right now in april that says it's not you know and until i see otherwise where people are like you know the government says we're raising rates things are getting out of control we're not doing any more stimulus we're i don't i just don't see that happening anytime soon so in vegas i think it's still gonna be just crazy i think californians are still moving here i think you know people from everywhere are going to move here um and i don't know it's hard to predict i mean look it's hard to predict any investment like with certainty i mean we'd all be super rich if we did but i i'm very confident that you know it's not gonna go any time soon like the only real risk right now is the whole foreclosure and forbearance thing you know that's what people have been saying for a year that's funny enough i don't think there's any risk in that i don't either yeah and people are like oh man you know back this time last year there's gonna be a wave and i'm like no they ain't foreclosing on people like they're gonna they're gonna do everything possible because it was the government's fault like they shut people down so these people don't deserve to get foreclosed on and so a year from now you know here we are nobody's still getting foreclosed on and that's honestly causing a big part of why there's no inventory because those houses would have been potential inventory people that had to sell that are now not doing it because they don't have to and so um i don't see them changing that anytime soon either i think they're gonna do loan modifications they're gonna do everything to keep those people in the home i heard a pretty interesting point i think this was during millennial money but someone brought up the fact that like maybe the government won't let another recession happen after like this whole like pumping all this money into the economy and stuff like that and keeping rates low do you think that the government would let another like not 2008 but like another recession or something happen to that degree i mean i think they're doing everything possible to not let it happen um man there was a really good book um i forgot what it's called but basically this guy predicted this like years ago he said essentially the government was going to have to start printing a ton of money to keep up with all the technological advances and all this stuff because tech is making things cheaper and the government always wants to promote like the right amount of inflation you know we don't want hyper we don't want deflation because then people don't spend money we want to have the right amount but his his thesis was in order for us to maintain that level of inflation they're gonna have to pump crazy amounts of money and we're seeing that you know we're seeing more money printed than ever and it was cool to like read it and look and see like man he called it and um the the theory is that it's going to keep happening there's just no way to to keep things going unless they continue to print money and i mean they're going to do everything they can i mean they've already proven that they'll just keep pumping they'll keep dropping rates if things the moment things start to go south they just use every tool they have are you in bitcoin at all yeah um yeah i've got 860 right now on this wow let me see this geez you're beating andre on this and i just got a wow i bought more on coinbase are you near a million yet yeah if you count if you count pancake bunny i am great answer wow before you're almost 50 50 between bitcoin and ethereum yeah was that on purpose or just by chance that the ethereum goes just been going up more okay how much that is principal um on that 500. oh my gosh and i bought it in january and february wow oh my god fantastic yeah well done that's yeah that's why i'm playing with house money on on yeah so i i dude and part of that book too i i'll you'll have to link to it once uh i tell you once i find it but um part of it was him predicting bitcoin also was gonna rise because of this like he was like bitcoin is he's like it's pretty much the way that it's gonna happen how long ago was that book written like three years ago yeah and it was after bitcoin tanked you know like it was in between this period where everyone thinks bitcoin is trash right he's like no bitcoins um oh it's called the price of tomorrow by jeff booth so to circle back to real estate um because you're the expert here uh what would you say are the things that you should really really look out for as a first-time homebuyer the biggest nightmares those kinds of things hmm you know i think always get a home inspection you just don't know what's going on with the house if you're new um you know don't trust what your eyes tell you get an inspector i think that's a good way to prevent a lot of that um another thing i would say is you know really make sure you have all your contingencies built into the contract have your due diligence have your appraisal contingency um because a lot of these a lot of these agents right now are gonna try and get you to waive that they're gonna be like hey wave your due diligence period buy it as is wave your appraisal contingency you know if it doesn't appraise you're on the hook and uh i think in a market like today where things um may not appraise if you don't have the money to cover the difference um you're gonna probably either lose your earnest money deposit or you know be out of a lot of cash to buy that house so i think paperwork wise just make sure you're doing it right a good realtor should you know understand those things um but you know as far as the houses and everything like that um i would say if you're a first time home buyer i said this multiple times like i just put as little down as possible cash-wise um don't wait to save up 20 like that's just my opinions how i got started and you know i think leverage is the greatest asset that real estate you know gives you and so if somebody can give me 97 and i only have to come up with three like to me that's what makes real estate so great when you mentioned inspections what i've always done because i have been uh advising clients in the past to waive that appraisal to waive that loan and to waive the inspection and it works really well yep uh so what i've done instead is for the inspection as soon as they see the house as soon as they know they want to write an offer we get an inspection done ahead of time so that by the time they write an offer they know exactly what they're walking into they know all the issues and then they're able to go and write that offer without the inspection contingency uh and then as far as the loan usually what i've done is uh get the assurance from and they have to be a really good buyer in certain uh situations where you know a hundred percent they're getting a loan it's just they got to go through the underwriting process but uh in those specific situations it's worth it at least in those for those clients to waive it all go in they know exactly what they're walking into and the seller gets that peace of mind that they know they have a done deal yeah no i agree oh and then and then here's here's their out by the way when the seller has to give their seller property questionnaire transfer disclosure statement they could just say oh no i don't like that uh you all right now i'm gonna back out from that now they could always argue that like okay no you owe us but i've never had that situation ever happen before and that usually gives the buyer like a five sometimes i will say a three to seven day window where they could still back out if something were to happen yeah you can do that with the hoa package too yeah oh that's a good one so and because that takes a lot of time to order that yeah so that they're look there's a lot of ways to get out of a contract we've gotten out of contracts many of times um but i guess my point with it is that if you're a first-time buyer you've never you don't know anything like make sure you understand how you could potentially lose your earnest money deposit but you know if we waive everything on all of our deals because we know our number like yeah we're buying this yep how did you learn so much about real estate and what resources do you think someone like me or someone else out there that may not know so much about real estate can educate themselves to be you know as smart as they can and make the best you know investments in real estate as possible you know when i first started out i was just reading books and listening to podcasts so i used to listen to the bigger pockets podcast um i've been on there a couple times and want to you know love brandon and those guys really good guys um and that was like it when i was starting because they were like the only ones at that time you know they started back in like 12 or 13 or something and i didn't watch youtube in fact i didn't watch youtube until like last year um so i think there's a lot of great free resources but the one thing that really took me to the next level was by starting to just pay for mentorship get because i never had a mentor like i just had to learn by myself and figure it out but the moment i started hiring people to like train me on what they already did things changed you know i did that i showed you my org chart at the office right like i didn't invent that org chart you know like i didn't come up with it like a guy a consultant helped us build it and do that and it's drastically changed our business so um i think having that type of stuff is super huge um i've got an education company as well called future flipper you know we've got courses coaching products you know all that stuff to help people start out um and we get people every day who get their very first deal um well i i don't wanna say every day but we see it every week people posting about getting their first deals and we're not just talking like people buying a house to live in like we're talking about flips that are discounted and you know getting good deals and that's is that like nationwide yeah yeah we have man i got like these students in hawaii all the way to new jersey um i had a workshop in my office this week on thursday and i had one guy who came all the way from new jersey um just to learn i had another um two kids that were 18 years old in high school you know coming to learn to flip houses i was like man like these guys are hungry like but they're doing it right because if you know what you want to do you're 18 years old like just go learn from the best possible guy you can learn and learn it at 18. like if i would have learned it at 18 oh my gosh things would be different like if graham if you knew what you knew now at 18 it'd be way different but i just i never like was able to build those relationships and find good mentors i just didn't know how so what exactly does the future flipper program offer like what is what's the main advantage of being a student um i mean we talked earlier about the off market stuff um most people will never learn to do any of the off-market stuff that we talked about um because there's a lot that goes into it like i said with you know your budgets your marketing channel you know your sales skills for closing deals getting creative to do like deals like that seller finance we did for the apartment you know that type of stuff is is what we really preach but um at the end of the day what the biggest thing we we really try to hammer home is if you can find good deals you can do whatever you want in real estate i mean if you find a good deal you could flip it you can make money you could wholesale it if you don't want to go through the construction all that stuff or you can keep it as a rental and build a portfolio but it all comes back down to how good are you at finding good deals and then on top of that you know can you raise money to buy all these deals can you you know do construction on the deals you buy you know because it's cool when you're doing one and you know you can do it all but as you start to do more and more you got to start getting more people to help you fund the deals like graham's doing for you um you got to get more contractors because you know we all know construction is tough and in a lot of places and you know at the end of the day finding deals though it all comes back down to finding deals so that's what we really teach that seems like like as someone who isn't really in real estate that seems like the most complicated of all things and just like the uh the the cumbersome task of of finding deals is like it's uh it makes it scary to like get your toes wet you know what i mean it was hard for me too i would spend six months trying to find a deal writing offers having to go over the price i was comfortable paying losing out and even sometimes i would have an offer accepted go through inspections find issues couldn't i wasn't able to negotiate a price that i felt was fair for that so yeah and that was me looking every single day as a real estate agent for a deal for myself yeah it took a long time well that's the thing too is we're talking about it in the competitive market today like man that was back then imagine now trying to find deals as a realtor on the market that you know you could flip or wholesale i mean our students still do it you know there are markets that are not vegas you know and they're not as competitive and they they can get deals but um you know for me anyways the off market side of things is where it doesn't matter what's going on you can get deals no matter what because now you're going direct to the sellers your your understanding you know all the things that happen with that so i think if you can develop the skill to to go off market which is very time consuming like you said but um it allows you to get deals when no matter what's going on how about this man we'll link to your information down below in the description so for anybody who wants to check that out it's down there sweet man there you go thank you for coming on yeah we owe you so much for doing this man yeah it's always good hanging out with you the day after your birthday you're out late came here the next day hey right on time we gotta do what we gotta do appreciate it man thank you so much hey good seeing you guys again cool thanks for hooking up jack by the way thank you i'm i'm so excited actually we're gonna keep in touch no what we're gonna do is we're going to wholesale you a house and then we'll do another podcast about it once you buy that house this will be a recurring topic on the podcast so i'll keep you guys all updated on my real estate journey yeah you're also going to invest in pancake bunny yes don't know nobody else buy me like don't do it pancake bonnie jeez all right so with that said you guys thank you so much for watching i really appreciate it as always make sure to destroy the like button the subscribe button and notification bell oh you got to say you got to look them in the in the eye tell them smash like button make sure you guys smash the like button no destroy it oh don't just smash the like button you gotta destroy it there we go and also get your free stock down below in the description public is going to give you a free stock worth all the way up to 50 plus i'm posting all my stocks in there so if you want to be a part of it use that link down below thank you guys so much for watching and until next time iced coffee all right all right welcome back to the 50th ever ice cut