But one thing that I found out when we talked to people, the thing they’re most nervous about is lenders so that’s what we’ve tried to cover quite a bit.
One of the other things that we have questions about is when you do a hard money loan, people want to know the basics of it, but they really want to know what the whole deal is. So we’ve got a gentleman with us, Today’s name’s Tim. He’s not a lender, so he’s not out there selling. You know how he’s gonna get a great loan for you.
What Tim does is he’s an underwriter and an administrator for a hard money lender, which is pretty cool. So Tim’s gonna give us like the behind the scenes look as far as what you can expect if you go get a hard money loan, because a lot of people, I think we’ve included, went out and figured out what was a good deal, got worried, would we get the money, and then when we got the.
We were like, Oh, what are we doing next? We panicked. Yeah. It’s Oh my God, now it’s, now we have to actually do something. Yeah. And we never really thought about what are the, like the mechanics behind it. How do we get the money from the lender when it’s time to do repairs? What do we get done first?
And what if we don’t have all the repairs done and we need money because our contractor wants us to pay him? We never thought about stuff like that until of. It was too late. not too late. It was just a little later in the game than what we would usually think about things like that. Yeah. Yeah. So we didn’t really, we didn’t have an idea going into it.
We weren’t prepared, which, no big deal. It, Tim helped us with those loans too. So it was, he explained how it worked once we got into it, but it would’ve been nice if we knew what we were to expect going in. So that’s pretty awesome. Tim’s gonna explain that all to you today, so you’ll have a good idea of what’s gonna.
And before we jump into that let’s just cover a couple of our main housekeeping things. Remind everybody of our website address, www.getrealrei.com. Also email. We love to get your mail cuz that’s how we know what you want us to do with this show. Which directions to take it.
Give us a shout out and just let us know what you think and what you want us to talk about.
And now it’s time for our mail. I just picked one letter this week because we had two questions in that one letter, so I thought I’d address both of those just from Lisa and Lisa’s. The first question was, is she wanted to start a real estate business. And wanted to know what kind of government agencies are out there to help you out, I assume, to get funded and get started in that kind of thing.
My answer is I have no clue whatsoever. I never really thought about that . We didn’t really look into that route of it. Yeah, so what I told Lisa, what we do is because we don’t have an answer and I didn’t find anybody yet as far as an expert that can help us. Anybody out there listening to the show that’s heard of a way to do this before something like.
Send us an email like Lynn said, a get real show and get real rei.com and let us know what you’ve heard. Other ideas as far as getting started, getting funding, getting assistance from the government to do this kind of thing. I know there’s things like HUD and that type of thing. There’s some Section eight programs out there that will help you out as far as funding your deals, but not so much on just getting the business.
So if you’ve got any ideas, just let us know and we will hopefully Lisa will listen or I’ll email it back to her also and we’ll put it out on the website for everybody else so that everybody knows once we get an answer right. Lisa’s other question. Which I’ve had a lot of people ask this question is how do I know what kind of structure to set up for my business?
Corporation, llc, partnership, so on and so forth, blah, blah, blah. There’s a lot of it. It’s a fairly important decision in the future as far as asset protection. I don’t know. That’s the thing you need to worry about from day one. I would worry more about trying to find houses and trying to find people selling and people that wanna buy and that kind of,
But in the future, once you’ve got some assets built up and you need to protect it, once you get that first house, you’re getting ready to buy that first house. There’s a few ways to do it. I always recommend going to an attorney to find something like that, because everybody’s situation’s gonna be a little unique.
I, I’ve I emailed back Lisa and let her know that I’ve talked to a couple of attorneys, They’re somewhat shy about coming. We’ll get somebody on sooner or later, but as of right now, I don’t have somebody lined up. What I will do though, is out in our show notes and on the links on the site, I’m gonna put a link to a PDF file from the Small Business Association and what that has in there.
It’s like a 25 page manual about how to pick the right business structure. It’s not gonna be the be all, end all, and you’re still gonna want an attorney or somebody with an asset protection program to help you. , but it’s gonna have some good information. If you don’t have any ideas about structures, it’ll let you know what the different structures are, what the pros and cons are, all that kind of stuff.
So you have an idea when you sit down and talk to the attorney. At least some idea of what they’re talking about at that point in time, attorneys and accountants are good people to start shopping for early on just because that way you can find a few quality ones. There’s a lot of hacks out there, but if you wanna find a good one you’re gonna need to ask around, ask some other investors who they use, who they recommend just to get some good word of mouth references from some people that are doing what you wanna.
And you want somebody that specializes in that. Absolutely. You don’t need a divorce attorney to help you figure out what kind of corporate structure you want. E Exactly. Why don’t you tell us a little bit ju about what we did this week? Yeah. Cause we had such an adventuresome week. , when we originally started this show, we had a couple goals set out, and one was that we weren’t really gonna talk about what we do all that much.
There’s more about getting questions answered for everybody that’s listen. And getting that kind of information out. What we found out is people wanted to know what’s going on, real life example type of thing. So we decided that each week we’re gonna give you a little idea of what we did that week.
I hope every week there’s gonna be something . Some weeks we don’t do much . Yeah. Except yell at contractors. Yeah, that’s maybe, that’ll be it. That’ll probably be the most exciting week . So what we did this week, This is interesting. We had a house that we wanted to to rent out and we had played with it, done some lease option advertising back and forth.
Basically, we did exactly what you shouldn’t do, which is not have a good exit strategy going into it. And we meandered along and took longer to do something with it than we should have. The other thing about the house is it’s probably about 45 minutes an hour away from. , which seemed like a good idea at the time.
But when it came to start showing the house and that type of thing, it became a lot less interesting to drive 45 minutes to go show a house that nobody shows up for. It’s just a real headache, for us. Yeah. Maybe some people that’s all right, but it just, We had other things we were doing.
It’s hard to go and manage a rehab project mean you gotta drive 45 minutes the other way to do something with the house. So what we did is we hired a property management. And I know everybody when they get into this business, they think that they need to do everything themselves. And we sorta knew early on that wasn’t the case.
But until you really play with things for a while, you don’t know, really know, take action, no , right? What the deal is. So we hired a property management company. We looked around for a while. Lynn interviewed three or four of. and we asked them pretty specific questions and maybe we’ll get that out there.
Maybe that’ll be a whole show sometime. How to pick the right property management company. And we talked to those people, got a real good idea of who they were and how they did things. And we hired one of them. They’re, First of all, it’s a professional company. It’s a company that’s realtors. It’s a company that has a track record.
It’s a company that you see in the paper every. These were all things that we felt were important to us. They have a website that shows the properties they have available for rent so that we could see that they do it on a daily basis. Yeah, it’s not just a realtor that’s trying to sell houses and trying to pick up a quick buck some other way.
These guys are actual property managers. That’s all they do. As a matter of fact the two realtors that work there is they manage properties and it is real important to them because their company itself helps sell houses for investors. So they wanna do a good job of managing the properties cuz they know they’re gonna get the listing from that investor who might have 12, 15 houses that they might be cycling through over a period of time.
And they know that investors have other friends who are investors. And so that good word of mouth translates into lots of business later on down the road. Yeah, exactly. So we hired a company and one of the questions we asked is, how soon do you think it would. , The reason we asked that was to make sure that they weren’t just blowing smoke up, addressed basically that they, they were being realistic and they all, except for one who said they wouldn’t give us an answer, which was okay too.
They all said about a month. . So we went and listed it with the one guy in about two and a half weeks. He had it rented. So here’s a lesson for you. We screwed around with this thing making mortgage payments on it for, I don’t know, six months, something like that. Say months, something like that. Yeah. If we would’ve just made a decision from day one and gotten it taken care of than six months worth of mortgage.
I can tell you it’s not a small mortgage. No. So it’s. $30,000 house. So at six months worth of mortgage, we would’ve been able to keep, which would’ve been a tidy little profit for us if we were to have thought about it ahead of time. The other awesome thing about it is usually when we rent a house, it’s You’re worried about renting it, but the day you rent it, that’s when we really get worried.
Cause it’s Oh my God, there’s somebody in there. What are they doing to it? Or now you know, you gotta sit and wait for the phone calls and what’s gonna break and all that kind of stuff. Yeah. The toilet’s overflowing or whatever it is. The water heater won’t work. So we now we’ve got it rented.
Now we don’t have to worry about that stuff exactly, because we’ve got somebody else that’s gonna be in there and they’re taking all those phone calls. Sure, we gotta pay for it still if it breaks or something like that. But they’re in there. But it had a decent cash flow on it before it still has a decent cash flow on it.
Now, they didn’t ask for that much money. I’ll tell you a secret about property management companies. A lot of them, they ask for half a month’s rent. In about 6%. Then after that to manage the property. Now, if you’ve got a thousand dollars a month rent property and you go and pay them $60 a month, no more than that.
Sorry. what? 6%? $60 a month. That’s a good deal. Yeah. If you think of all the headaches and everything else that come along with that 60 bucks a month not to deal with that’s a good deal. If you’re losing money cash flow wise, because you gotta give up 60 bucks a month, you probably shouldn’t get into that property.
That wasn’t the deal to get into in the first place. Yeah, I’d recommend just selling that one. , if you can. Personal. Yeah, personal opinion. So that’s what we did this week is we hired a property management company a few weeks back. They got people in there. It’s amazing how easy it was. There’s no running around getting keys made, doing all this kind of stuff, getting the lease signed, making sure we can be there when they need to be there and all that.
He just did it. He took care of it all. He wasn’t even gonna tell me, I don’t think when he got it all done, he just said, Hey, they’re moving in this weekend and you have a good one. Basically . That was a relief for us. Yeah. Then it was a good learning experience for us too. And I think, if you wanna be a landlord, totally different situation.
But we like acquiring the properties and somewhat like rehabbing properties, but the disposition of those properties isn’t really our. We don’t really get excited about selling ’em. We don’t get excited about renting ’em out and that kind of stuff. We get excited about the cash flow or that big chunk of cash from the sale, but not so much about the having to actually go through the process of, yeah, finding the renter, finding the buyer.
That’s just not our strong suit. So we’ve decided that we can spend a lot less. And sleep a lot better at night and find somebody else to do that. Now that means we need to build that in when we buy property so that we know that’s the deal and that’s what’s gonna be there. We’ve always done that.
When we buy houses to resell, we said, Okay, we’re gonna have most likely have a realtor sell it. So there’s their 6% commission and we work back from there. But that’s cool because we knew going into what it is, and it’s not Boy, I gotta pay all that commission out It. Boy, I hope I picked the right guy.
So he or gal, so that they sell the house fast for us. Because the, we want the quick sale, if that’s the exit strategy, we don’t wanna have to sit on it for months and months waiting for the realtor to find a buyer. Yeah. Cause you know what I, I hate to I never wanna say this to a realtor, but we pay, you pay 6% and you can usually get a better deal.
If you work with somebody for a while, you pay 6% on. I’d usually pay seven, 8% if they could sell it for me in 30 days. Guarantee. Absolutely. It’s, it just doesn’t even come close to the headaches and the cash might come out pretty close, but the headaches don’t come anywhere near as close and worrying about am I gonna sell it and do I have enough money now to go and buy another house?
To get moving on. It would be awesome if I could just say, Here’s 8% you just guarantee me has gone in 30 days. I know the real world doesn’t work that way. There are no guarantees, but sometimes it’s okay to trade in money for. . All right. That’s about all of what we did this week. I know that. I know we went on about it, but we are excited to finally know that one’s rented.
That’s a good lesson. It is a good lesson. So why don’t we move into Our interview now with Tim Sykes so that he can tell us about hard money loans and we’ll get him on the line here. Hold on.
Today we have on the phone with us Tim Sykes from Financial Help Services, and he is going to help enlighten all of us on hard money lending. Hey, Tim. Hello, how are you? I’m doing good. How are you doing? Oh, pretty good. Glad it’s Friday. Me too. Why don’t you just real quick, tell everybody about you and a brief summary about financial health services and we can get into more of that as we go along, but give a brief over.
Sure. As my name’s Tim Sykes and I work for financial help services. I’m the hard money underwriter and I also handle most of the draw inspections whenever people need some money to continue their project. I work for financial help Services for just over two years and before I started working for financial help services, I worked for MB and a America as far as the credit card company and.
MB n a I was responsible for, account review analyst, basically evaluating risk and also was transferred into the fraud department. I worked there for about five years. My background is definitely in credit. Okay. Why don’t you please tell us just to get the ball rolling.
What is a hard money. . A hard money alone is a loan that is used for investors to finance distress properties or properties that need work. Most lenders out there will finance properties, but they have to be ready to move in. They’re, the property cannot The property needs no repairs.
That’s basically the type of financing most banks wanna say those type of property. Perfect condition. What we wanna see is we wanna see houses that need work new roof, new siding, paint, carpet. If you wanna put on an addition, add some additional square square footage. We’re interested in those type of properties.
What we offer is we offer a program for investors to buy properties. at 70% of the AF after repair value. What that means is we’ll just use some round numbers. Let’s say you find a house and it could be worth a hundred thousand if you fixed it up. Okay? So you approach the owner and, you basically determine that it needs about, $20,000 worth of repair that say after you walk through the house and with your contractor.
If the house is gonna be worth a hundred and it needs 20 in work you know that we’re gonna provide you with a loan up to $70,000. Okay? With the $70,000, you’re gonna back out as far as your cost to fix it. So now you’re down to 50, right? Then you also wanna factor in like your closing cost and points.
So if you’re able to pick this house up for somewhere around 45. Buy that particular property with no money out of your pocket and you’d receive the money as far as to fix it as far as the re $20,000 worth of rehab. Now, the $20,000 for rehab, we do not give you any money at closing as far as the start, the project that’s based off on, based on a reimbursement or a draw system.
Okay? So you actually have to. Some work and then you basically fax over a draw request, set up inspection. We would send an inspector out and verify that the work’s been completed and send you a check within 24 to 48 hours of the approved inspection. Okay. Tell me what would be some of the terms that I would expect on a hard money loan?
I know it’s not gonna. As low interest as a regular bank. So what are the terms? Okay. We have two, two programs. As far as for North and South Carolina. The reason we have two for North and South Carolina is BCR Backyard. . And we’re very familiar with as far as the different cities and it’s, if we have to drive down there, it’s within a couple hour drive.
Okay. The first program. It’s for people with less than perfect credit, it starts with a credit score of 600 till 6 39. Okay. Will lend up to 65% of the after repair value. We charge five points and 18% interest, and that’s interest only payments during the term loan. And the second program as far as this applies for North Carolina, South Carolina.
I’ll have to check. We’re basically in the process of getting licensed in several states. Such as Georgia and Louisiana we’re, currently able to do hard money lending in those states, but we would with the six 40 or better credit score, we would lend basically the 70% of the after repair value.
We charge four points to close and. Let’s see here. And it’s 15% interest. Okay? So with a better credit score, you save yourself some points and you get a lower interest rate on that. Makes sense cuz, cuz a lower credit score, you’re a little higher risk lender. Everybody’s gonna charge a higher interest rate to them definitely.
And the loan of value is a little bit lower. That also will offset the risk for us, right? So they need to negotiate a better deal. , Absolutely. Or they’d have to bring a little bit of cash to close. But in that in those situations, just getting started being able to put some money in their pocket as far as if everything goes as planned, they should be able to repair their credit, within a few months.
Sure. That’s always a good thing. Credit repair. Can I use a hard money loan on my personal residence? No, we don’t allow hard money loans for primary residents because of the rate. Because most this is, we’re not a bank. The rate’s gonna be a little bit higher because we have programs that banks don’t offer where most banks don’t offer.
So the rate’s gonna be a little bit higher. And for your primary residents, that could it’ll be more than what the state allows on primary financing. So this is, these this loan is for investment properties only. Okay? And one thing with our loans I would say the average closed time is right around five business days.
Wow. Speedy turnaround. That’s always a good thing especially when those deals make themselves present and somebody who’s going through foreclosure. Which kind of leads me into my next question. If somebody’s in foreclosure, can the hard money be used as a bailout to get out of that situation?
Absolutely. As far as hard money loan basically foreclosure, it’s all about time. And with our programs, we can close in about five days depending on where the property’s located how busy the appraiser is at the time, and also the attorney. How fast can they get that title search back and put the title work together for us?
Because the most important thing that’s really gonna come up is where’s, what’s it gonna appraise for after the repairs are done. Absolutely. That way the person who’s buying the property, they’ll know exactly how much money they have to bring, or if they’ve actually found a deal that is un meets our guidelines and, they’ll basically sounds like they’re up for a home run if that’s the case.
All right. What are some of the guidelines that I need to keep in mind so that my deal is solid?
Let’s take a look here. Bear with me one moment.
If let’s just talk about like the guidelines for the property. We are a hard money lender, but we don’t. We don’t wanna own real estate and we wanna make sure that it’s a win-win situation for everyone. So what we wanna look for is we wanna, we want you to keep in mind that the square you need at least 750 square feet.
As far as the house can’t be any smaller, Okay? Needs to be at least a two bedroom. Another 10. If there’s two houses on the same parcel we would consider it. If the deal makes sense we, it’s possible we could finance it, but what we’d actually have Need to check into or what are the requirements to have that particular parcel subdivided.
Okay. Just in case you wanna refinance it and or even sell it, it would make it a lot easier to sell one house per parcel versus two houses. Because if, whenever the appraiser. It basically researches to find other properties. They’re gonna have a hard time finding a parcel with two houses that’s sold within the last 12 months.
Those are few and far between. Definitely. We also check with the, As far as the county, as far as the co violation department to check to see if the house is to see if it’s been condemned, , or if there’s any outstanding violations. Last thing I want you to do is close on a house and find out that this city has a bulldozer parked out front and wait, to tear down the house next week.
So we want to protect your interest as well as ours to make sure that there’s no as far as legal action pending. Sure. We. We’ll look at the appraisal to make sure that the comps are within like a three mile radiuss what we, basically preferable. We understand that sometimes they may have to go a little bit further to meet our needs, but that’s also case by case basis.
Okay. I just wanna follow up on one thing that you said, cuz you said it has to be at least a two bedroom house. What if it. It’s a duplex that has two sides that are one bedroom each. Is that something that’s still do? . I guess it’ll depend on the total square footage. If it’s more than seven 50 we should be okay.
And it also depends on the comps. The comps that the appraiser finds need. They need to have at least two comps that would have one bedroom, one bath, for the duplex. Okay. All right. I’ve heard before that hard monies for people with credit issues is that, ? No. As far as there, there’s, there may be some lenders out there that don’t care about your credit.
Okay. What they’re looking for is they want they want the houses. Cuz the hardest thing to do is to find the deal. And once you have the deal put together they’ll lend you the money. Just hop. It’s your make one payment 15 days late so they can start the foreclosure process and take your real estate.
Okay. Like I mentioned earlier, we’re not interested in noting real estate, so we wanna make sure the deal works for everybody. Okay? If we feel that you can afford the payments and the house looks good and it’s a win-win situation. Everyone’s gonna walk away with a smile on their face after the closing.
We’re interested in financing that property. Okay. Now, you’d said before that it’s all based on 70% of the after repair value, and that needs to include the repairs. How do gimme an, a rundown of how the money gets dispersed. Okay let’s we’ll get back to the one we were talking about with it.
At $20,000 worth of repair. Sure. So that needs paint, carpet, a new roof, and some vinyl siding. Okay. All right. You can take as far as you can have up to five draws. Okay. Per property. And let’s say that you went and you ripped off the roof and purchased the shingles, but you haven’t started because you need, need some money to pay the guys after the, Once the roof’s finished, you’ll have the money available.
Okay? So you could as far as faxing a draw and set it up as far as we’d send an inspector out, verify that the roof’s been torn off and that the shingles are on site. And, let’s say that you’ve requested, $3,000 then when we would approve your draw for $3,000. We will send you a check for 2,900 and send a a separate check for $100 for the inspector, for his time serviced and of course gas.
And that’s taken directly out of the approved draw amount. And once again, yet, you can have up to five. If it’s a larger project we can always work with you. I’d give you a few more if you need it. And it’s a hundred dollars every time an inspector goes out. , That’s correct. So you’d wanna try and get as much done in a short amount of time as possible so that you can do less inspections, but get more things done and pay more contractors just off of one inspection.
Absolutely. It’s some people, they used all five if they have a really large project. Sure. They have one client who has let’s see, a project for $70,000 worth of rehab. Holy cow. And yeah, it definitely a big project. And so far he is up to five draws, but the only thing he has left is to put in the toilets and the vanity.
And he’s. So you know, he’s up to six, if you have a few thousand dollars, you can, if you need all five, that’s fine. It all depends on your financial needs. Okay. Oh, that kind of goes without saying that time is money, and in this case it really is because if you can get it all done quickly, then you can save yourself some of those expenses with the inspections.
Absolutely. All right. We’ve gone over the formula of the 70%, and I just want you to go through it slowly so that we can get the numbers down. if you would please. Sure. We’ll go back to the original house that we’re talking about for the hundred thousand, cuz it’s just the easiest number to work from.
What you would do is you’ll take the a hundred thousand times 70%, which is $70,000. All right? Then you would we charge four four points to close on that on. Person with a six 40 or better credit score. Okay? So if it deals you take 70,000 times 0.96. Another reason you wanna take times a by 0.96 is you’re basically subtracting your four points.
There’s another way you could deal it, but that’s just the easiest way. Okay? So after you take the 70,000 times 0.96, the average closing cost As far as for loans, it’s right around 2250. Okay. All right. So let me grab a calculator here so I can keep the numbers running. So we’ve got 70,000 minus the.
Four points, which is minus 2,800. Yep. Okay. Then we’re down to 67 too. Okay. Then you’re gonna minus the average closing costs, which are approximately $2,250. Okay. All right. So we’re down to 64 9 50. and we originally discussed the house meeting repairs about $20,000 worth of repairs. Okay? All right.
So we’re at 44,950. Okay? So that’s your highest and best stock offer. So once you start negotiating, you just need to know that anything above 44, 9 50 you’re either egg gonna have to bring some money to close. Or B we may, as far as there’s a little bit of fluctuation in the rehab balance, we might be able to, work a little bit or decrease within $500.
We could avoid you from, avoid you bringing money to close, but ultimately you’re gonna pay for it in the end. You might have to come out of pocket for some of those repairs. Absolutely. Okay. Let me just remind everybody listening that on our website, www.getrealrei.com, we have the, we have an Excel spreadsheet set up out there with the formula in it already, and I think you’ve guys have it on your website as well, but I’m just reminding everybody they can go to our website and get that there to run through the numbers so that they can get their deals so they know where their highest and best offers should be.
Why don’t you give up if anyone. Go ahead. And if anyone out there has any questions, once my number here is 8 0 3 8 3 1 0 0 5 6. Extension 3, 2 4. Okay. And if you prefer to send an email, my e email address is tim financial help services.com. Okay. Tell us, I, I think you said this before, Tim, that you’re, right now you’re in North and South Carolina, but you’re looking to move into, also into Georgia and Louisiana getting licensed there, right?
That’s correct. Okay. Do you guys offer any other loans to clients besides the hard money loans? Absolutely. We are we’re basically a hard money lender as well as a mortgage broker, so we offer Commercial loans we offer as far as non-owner occupied, as far as investor purchases, refinances home equity line is of credit.
As far as per investors that are currently working with us, we will also if they decide they want to home equity line of credit on their primary, we can work with them as well. But we ca basically, our business is driven to cater to investors. We wanna help. With any of their financial needs and we, investors really like you for that.
Give us the website address to also, Tim. Our web address is financial help services.com. Okay. And you can scroll, basically just scroll around and, click on a different as far as tabs and read about our company as the different loan programs that we offer. And you can even fill out an application, get preapproved.
That way when you find a house, we can send you a preapproved letter within, a half an hour and get that loan closed for you in a timely manner. That’s great, and we will post the link to your website and your information also on our website. Thank you so much, Tim. I hope that this has helped everybody get a better understanding of hard money loans and we, I’ll talk with you later, Tim.
Thanks so much. Sounds good. Thank you very much. Have a good weekend. Yeah,
that was great to have Tim on here this week. I’m glad he was able to talk with us about hard money lending. I wanna switch gears now and talk about our website of the week this week, and it is n. As in Nancy, r b as in boy, a.com BAT stands for the National Rio Brokers Association. Rio, everybody will remember is our word of the week from last week.
Which stands? I don’t think you should tell ’em. I think they should go back and listen to that. Okay. You gotta listen to what Rio is. If you don’t already know this website, if you go there it’s a good resource to tell you in your area. It’s a good starting point to find. Brokers that handle Rio properties bank owned properties in your area.
It won’t be all of the realtors, but it will be a good starting point to get you on that path. For everybody that’s looking for those foreclosures, these are the ones that have already gone back to the bank, and you can go to n rba a.com. And start your search from there. Now you just told him what Rio?
I’m sorry. I didn’t know how to say it any other way. She’s killing our stats . All right. And the same thing there with, they aren’t gonna have every broker on there, but the people that are Rio Brokers, it’s a network. They all know who the other people are in your area that have stuff listed. So they can show you their listings, but they can also pretty quickly.
Weed through the 12,000 MLS listings or whatever in your metropolitan area and find them because they know the other agents’ names the sell, they can search for those specific agents’ listings and those, they’ll know our other Rio properties. So that should do it for this week. Next week we have Wendy Sweet on the show, and I don’t know how to explain this, but you need to listen next week.
It’s gonna be a good show whether, yeah, whether you’re new to real estate investing or whether you’ve been doing it for a long. Wendy is among a lot of things, a hard money lender. Wendy is the vice president of a company that all they do is wholesale properties, and most importantly, Wendy is an investor too, and Wendy is gonna be on next week talking about the 12 deadly mistakes that investors make that make it difficult for them to get a loan.
The key to this though, is because I’ve, we’ve talked to Wendy before, you can’t have a conversation with Wendy about one topic without. Just getting the wealth of all the information she has about other things too. So she’s gonna talk about that. But you are gonna pick up so much just about real estate investing in other ways just by listening to this, because there’s just no way for her to talk about just these 12 things without touching on so many other things.
Every time we talk to, every time we listen to her talk, we pick up other things. That we never even thought about before, right? She’s got so many ideas that a lot of people won’t even ever think of if you don’t hear it, and she’s just amazing. So you stay tuned next week for that. It’s gonna be pretty awesome.
And as usual, until then, get real.
