multi family house for sale This is a topic that many people are looking for. star-trek-voyager.net is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, star-trek-voyager.net would like to introduce to you How To Buy Your First Multifamily Property. Following along are instructions in the video below:
“Hey folks back with an update last couple videos. I did an unboxing of this this gold and silver here s some of it talked a little bit about that my last video. I talked about this this is a certificate of deposit that i ve had for a long time 500 went to the bank as i said they said since the bank has transferred ownership. The records must have been lost and go take a hike sorry about your luck.
So so. Much for five hundred dollars of paper money. So the update today is came home and this letter was rate waiting on me from my local bank. This is a bank that my grandparents use my parents use i use and my kids have accounts there.
So the letter says at regions. We are continually evaluating our banking network. To be sure we invest our resources where customers use them most as part of this effort. We have decided to combine your local branch with branch down the road about 10 miles.
That branch is located at this address on friday june 5th 2020 at 2 00 pm. Your branch will close you can begin banking at the other branch now or locate another regions branch. Convenient to you by visiting regents comm count on a smile when you walk in the door. And the same professional courteous service.
You ve come to expect i wonder if those smiles are going to be coming from the same people that have taken care of me and my family for the last 30 40 years probably not so i feel bad for those people anyway if you rent a safe deposit box. If you don t come of your contents by may 29. 2020. Regions bank.
With at least two officials president all times will terminate your box lease drill the lock open and transfer any remaining contents to regions bank in birmingham. Alabama. If unclaimed the contest will be turned over to a state authority in accordance with state law. So suck for you if you don t get this.
Letter and your stuff is confiscated sent to and for maybe. That s where my other money ended up. But anyway. That that sucks here s uh here s what they did give me a free safe deposit box rental for one year.
I guess as a consolation prize for my local bank closing down. So if i want to drive down the road to the other bank. I can rent a safe deposit box until it goes belly up so yeah. I m a little frustrated by all this because i ve i ve been doing business with large banks and i thought you know what i want to bring my money closer to home to a local bank and so for the past a few months.
I ve been bringing my money back and talking to those people out there at the at the stoplight and it sucks. So why are they closing well i guarantee you it s because people aren t putting their money in fact people don t have savings. So they don t have any deposits. What people do have is this this you know i get these in the mail.
Every single day capital one. I mean this is money now this is all that matters just credit. If i can get you know as much of a credit limit as possible and then you get two hundred you know two hundred dollars in bonuses zero percent intro apr on transfers until june 21 so 0 for an entire year. This is one point five percent on every cash back on every purchase.
I think this is just a recipe for disaster. It s it s not gonna last. So there s that here s some things i got this from my time in iraq. This is some iraqi dinars.
I guess currency. I don t know how much you think that s worth now some others. I don t know what these are denominated. And there s there s good old saddam 100 dinars.
I don t know what that was worth back in the day. But i know what it s worth now zilch same thing here so i reckon ours basically just toilet paper mozambique that was earth here s 50 and were these some quick development meant to gas or something like it is but anyway. Fifty thousand twenty thousand ten thousand twenty thousand all just basically garbage ten dollars in the eastern caribbean currency. I don t know if that s still even a thing maybe it is i might want to hang on to that i m sure that s going to go up in value.
So. Anyway you can tell them a little bit frustrated by all this because it s not just it s not just this stuff. It s these as well this is all just going to turn into this this is a. I don t know where i got this one.
But i thought that was kind of funny so yeah. That s that s basically what paper is work these days so anyway. I m gonna go out to the bank..
I m going to talk to him about what the heck s going on that s just a decoration. There give you something to look at and see what they say. I ll update in a minute. Okay on my way out to the bank that s closing.
It s gonna be that bank right there i ll be out there in just a second. But i wanted to stop here and talk about what s going on this is this is kind of my hometown. I mean. It s just a one stoplight here i m in the middle of rural midwest america you can see there s excavators there they re taking down all those trees you can see that guy about to take one down there.
But this all this was farmland cornfields. There was a big forest right behind right behind that propane station. And i don t know if you can see very well here. But all these trees are taken down.
That apparently is going to become a big low income housing complex. Which is exciting. And there is going to be a strip mall. There also super exciting that s sarcasm by the way but anyway that kind of tells you it s weird you got bank ranch closing down.
And a massive development going on on the other side of the street. Which things just aren t making sense anyway. I m going to make my way over to the bank and here s the bank that i m talking about this is the regions bank. My local branch that s closing down.
It s been there for 30 40 years maybe i ve always been in and out of here. There s the street corner. We re all the excavating taking place over there. But yeah.
It s just gonna be sad. I don t know what s gonna happen to that building and who s gonna be in it or where all the people that work there are gonna go. But i m gonna go in find out okay just got back from the bank. I walked down here to the creek behind my house do something to look at.
While i talk here so yeah. Anyway. I talked to them i got a made a withdrawal of cash. I don t know what i m gonna do with it.
But i feel like it s safer at home than it is at that branch. It s talking to one of the guys. There one of the tellers and he said that regions bank decided that they just didn t meet as many branches. That s pretty much all they told him and i have a suspicion.
I know why it s just because people aren t making deposits and of course online activity. Which is you know kind of like the same thing that are driving brick and mortar retail stores out of business people are shopping online and they re doing the banking online. And it s all it s all digital currency now. I think that s where we re headed so i went and i got a bunch of hard currency.
Which tech is proud i don t know if that s even a good idea that stuff s probably gonna be obsolete soon. But yeah i can tell they didn t really want to talk a whole lot about it. But i m sure they re bummed that their jobs are up in the air. They said that the region s told.
Them that they were gonna try and take care of them siggi. Darn it get out of there hey you re gonna get all wet cold and muddy silly dog that s uh ziggy by the way if you wonder what my channels name is zig. Big that s zig big ziggy pig and you like this don t you so i guess they re gonna try and get them a job locally at one of the other branches. But you know they all live pretty close to the branch.
They work at and now we re gonna have to drive and i m sure they re not happy so just more jobs up in here. But like i said i i withdrew a bunch of cash keeping at home. I don t know what the heck. I m gonna do with it you know i ve got investment side.
You can only buy so much gold and silver before it starts to feel a little uncomfortable because it s not like you can just go and make purchases with it and then of course. We have the the health issue that s going around that youtube doesn t want anybody talking about is stuff utilities all that your bottom line your debt service that s your mortgage payment business credit payment payment to your partners and so forth what s left over the profit in your pocket this cash flow at least 100 ago now if you do 100 per door. There s no problems if you re buying several units. Okay and sometimes i bought.
A 14 unit. Emily cash long 1100. But financing that forcing unit..
110 financed. None of my money s gonna do shores less than 100 per door. But am i really trippin out for that no i m not trippin. I mean right so you can be mindful of that.
If you re obtaining multiple units. So first thing cash flow 100 per door. Second. Criteria.
You want to buy with a cash or cash. Return. 15 1. 5.
Percent or higher. Now i ll put vary based upon your market. This is my criterion market okay and if there are criteria what about what boots and equity. So that way you can leverage that deal you can pull that equity out a cash out refinance pull off more expensive debt pay off more expensive debt light business credit or use that towards a down payment on your next deal so there you have it my friends you got the sauce.
I gave it to you you know the three criteria now you just got to find those deal finders. You do it yourself or find someone who s an expert. The professionals do it for you we ll get you back at once it finds icon trust. But verify one of our presidents set that quote and you need to internalize embed that quote into your investor mind because it s balling important you got to do your own analysis you get it work two hats.
First you re an investor right you re looking for deals you re looking for the money you re looking at the numbers. And so forth. But can you switch off that investors hat and put on your investigators have you did investigate all those expenses to make sure that they re actually legit let me give you some more insight about that for union. I keep these an example that was a great deal for me write my first multi unit deal and in another state.
That pittsburgh pa. Now this poor unit. I did zero due diligence absolutely nothing i was gullible. I thought everything when i listing was accurate when they said their rent was 1600 a month.
The taxes for 2000 year. I just took their word for i didn t verify anything that s worth the that s where the financials are concerned. But there s two types of due diligence you have to perform my friend to trust and verify the property. One is the financials two is the physical aspect everything from the roof to the basement.
The crawlspace needs to get inspected not by you because you probably didn t get certified as a property inspector. You re probably not a general contractor right you just can t eyeball the work so to speak. We want to hire professional. So they can give you a detailed report and have a contractor.
Give you an itemized estimate of how much those repairs will cost so back to my situation. I did none of the sort. And what s the price. I had to pay it soon that close on that property i ll jumping for joy right.
But i got a letter from our mortgage company saying that uh hey we may cancel your mortgage or we may penalize you because we received a letter from your insurance company. Because you got to have hazard insurance. If you have a mortgage right receive. We wrote a letter from your insurance company that they re cancelling insurance.
So you got to do whatever they say you have to do in regard to repairing the property to really set your insurance otherwise we have these our own assures. It will be at a higher rate. So i reached out to my insurance company has her insurance and just acquiring what s the problem. They say well on the one is for unit.
All for chimneys need point it they re crumbling. So. I said okay let me rush out to a masonary all right a mason you see how much would this with his cost this human. Told me that the cost would be 5000.
In total. I thought that was the best price i can get and that those tops money was tight so it was hard for me very difficult to come up with 5000. Within 30 days to do that repair. Because i had only 30 days.
Otherwise my story s going to be canceled. Now if i had to barrois in the hands of top 4. One already got that property inspection..
So i want to know everything that s wrong their property. And that s the financial freedom principle that would teach on our videos on our youtube channel at once in finance at all is this evaluate all consequences. The front. If you re buying the property.
You want to valuate every single consequence everything from the roof to the basement then after you evaluate those consequences. See itemized report. Then you want to be able to negotiate what i like to call a cbc cash back at closing meaning at the seller pay for that expense. So.
I don t have to i just could have told the seller hey this repair is gonna cost. 5000 so i don t want to bring another 5000. To the closing table. I want you to give me a credit.
So that i can pay my team using my money to finance that repair that s all i had to do but i didn t know that you know. But it s the whole same right. We know better you do better well guess what at least. I took action.
This is this is a little tender alright so feel free for detention. I don t want you to be in a massive well i don t know 100 complete information. Something i want to get started on august under your real estate. Watching every single video for two and a half years.
I not read every e book. I know i tend to every webinar. I go to all these networking events that have a mentor. I ve done everything under the sun and regard to knowing and studying and learning real estate.
However still have this much cash flow as of today zero you gotta take action don t be afraid to take action. We all do that s the point of being awesome or you have to be an action taker. I think colin powell said this as long as you know 70 of the information. That s nothing from a screen you get started so yes i got started made some mistakes.
But it s called iterating you continue to prove the process as you go along alright. So don t just buy property and perform no good yields it s always trust. But verify close close close. This is something i want you to write down so get your pen and pad you have press pause press.
Pause. It s a video all right ready time kills all deals and real estate investing period. If they re taking too long if you re dragging your feet. If you re missing deadlines.
That s going to kill your deal no professional well there s an agent a wholesaler a lender. An attorney and inspector. If you re delaying the process and as a result of you your call that deal can eventually like fall through the cracks trust me i know it sucks. But it s all based upon integrity integrity.
Yes terry what s integrity me doing what you said you re going to do if you said yes. I ll have the due diligence completed in 30 days. Meet that deadline. If you said hey also have the appraisal check sent in the mail today.
You should receive. It by wednesday make sure you put that check in the mail today instead about wednesday. If you tell that agent. Yes i m at that contract side tuesday at 2 00.
Pm but you have a sign and use email tool at 4 00 pm. You re not being a person of integrity period. People want to work with people who are honest of high character and who can close you can assure that you have a great closing rate as long as you perfect your time management skills as well as your project management skills now most real estate investing networks or channels. Don t discuss that it s okay to know these skill set right how to negotiate the financing.
How to analyze the deal doing property deals as and so forth going wrong the technical part is important. But what trump the skill set the mindset the soft skills. I got this before you probably saw my videos. I always bring it up because it s so it s so relevant desert today.
I was going to bed. And i was talking about negotiate selling financing at five percent interest rate right emptyeyes over ten years and one person stood up. And said..
You can t do that what s selling the right now we ll want to do this at five percent interest rate. I said why that s a good point well points for you have you were taking the class on negotiations shut them up. I ve missed the toastmasters. Why do you think i took toastmasters.
I have a youtube channel. I had to improve my communication skills. I was at the team i was have to communicate well with my team there s no point in having a bunch of real estate. I lost a bunch quarter copious amount right real estate knowledge.
If i can t articulate it to you for you to understand. Especially if you re brand new to it i had to develop those soft skills sales negotiations time matters with project management. So what google said investing clothes are gonna do if you do have to manage your top. And guess what it s not just your time either as other people saw unfortunately.
Some of my counterparts in real estate industry. Right like a real estate agent and so forth. They might never have taken the course on top management. So you have to help manage their time.
As well as the process. That s where a project management is concerned that s how that comes with the play because it s your job to make sure that deal is being seen all the way through so you must close on to do so. That your team will continue to do business with you if if that if already my friend will ascend. Investing is a business and as a business owner.
Not just the rules and investor. The business owner warmest in finance calm man. I realize is all about systems. It s about operations.
It s about operational efficiency in order to receive repeat business right you got to make sure that your operation or efficient. But yet. The process is documented you have checklist and yet the countability in place of appealable process. So that way you can get repeat.
Clients you have to do the same for rule. Send the best. So let s just be frank right. If you re just getting started.
And you have some apprehension about well i don t know if i m gonna be doing this right sure i ve i ve read a ton of books. I ve networked a lot i watched a ton of videos listen to mini podcasts. But i still have reservations a little fear this moment right. Most people are fearful when they re embarking upon uncharted territory.
So the event flows. When i first do yet. I get it it might be a little scary therefore make sure that you take action. But never someone who s been there done that that s another financial freedom.
Prince booties at once. If i call is this duplication is better than innovation. It s better to duplicate a business that s doing something successfully that you want to embark upon so that way that territory is not too unfamiliar someone else charted that territory for you it can hold you by the hand and bring you along with them. And that s what we do with their map or multi unit acquisition program.
So i m not trying to make this a sales pitch or what have you. But the reason why this product was created this program was created with you a month. We read your comments. We answer your questions.
We re on the phone with you to ensure that we know exactly what s your needs. But your wants are and we ll make sure that we tailor our programs to your to your liking all right so. If you re interested in learning more feel free to go to our website and you want to know more about the cash flow cycle. We have a with a great amount of resources for you to make sure that you re well as you can it you get started just visit our website.
105 s calm heart furan is always to your success continue to earn passively live passionately and one last thing watch our videos every day brainwash yourself for success we spend 2 to 5 minutes every day when you re commuting to work as you re washing the dishes whatever you re doing just pull up some earphones in and just get that content you need to brainwash yourself. Because if you re spending the majority of your day as a as employee even as often or that can deter you from actually becoming an entrepreneur your mind needs to be convinced that you are a rural state hospital. We re here to help all right peace. ” .
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