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Old Dawg's REI Network with Bill Manassero

Welcome to the Old Dawg's REI Network where cash flow is king, real estate investing the means, so you can enjoy your retirement dreams! Your host is Bill Manassero who started investing in real estate at the youthful age of 58 years. In this show, he will share his real-life successes and blunders as he seeks his quest to acquire 1,000 doors/units in 6 years. This podcast is a fun, information-packed program that features knowledgeable, engaging guests who will provide practical and easy-to-understand tips on how to succeed in real estate investing. Geared toward 50plusers who are approaching retirement or already there, each episode addresses real estate investing in light of the challenges of retirement living and fixed incomes. Emphasis is on immediate cash flow, short-term strategies, passive income infrastructures and building a legacy for your family’s future. The show guests will include actual real estate investors, as well as industry experts, who share tips on how real estate investing is a viable means for generating additional retirement income now. You’ll hear from real investors doing real deals, making real money and building real wealth in the "perfect storm" of today's real estate arena. Whether you're a beginner, intermediate or advance investor, you'll learn not only the real world knowledge and skills you need today, but also the mindset necessary to grow your real estate portfolio at your pace -- to meet your investment goals. No hype, no sales pitches. Just the information, skills, mindset and insight that will help you succeed. To enjoy podcast episodes not shown here, visit http://www.olddawgsreinetwork.com.
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Now displaying: Page 28
Jul 11, 2016

In this episode Jake Stenziano and Gino Barbaro, #1 Amazon bestselling authors of Wheelbarrow Profits, share their story of how they went from restaurant owner and salesman to real estate tycoons with over 800 units.

IF YOU LIKED THIS PODCAST, we would love if you would go to iTunes and Subscribe, Rate & Review our podcast.  This will greatly help in sharing this podcast with others seeking to learn real estate investing as a means to achieve a successful retirement.

For complete show notes go to http://olddawgsreinetwork.com/013-generating-big-wheel-profits-with-multifamily-investing/

Jul 8, 2016

In this Fun Fact Friday episode, Bill examines the basics of finding a great real estate investment deal.  He looks at establishing your criteria, sticking to your primary objectives, creating a lead "funnel," what methodologies work best and how your approach needs to integrate with your overall plan.

For complete show notes go to http://olddawgsreinetwork.com/012-how-to-find-great-deals/

Jul 4, 2016

In this episode Garrett Sutton, acclaimed corporate attorney, author and Rich Dad Advisor, addresses the importance of asset protection for your real estate investments.

For complete show notes go to http://olddawgsreinetwork.com/011-protecting-your-real-estate-assets/

Jul 1, 2016

In this episode Bill Manassero outlines the importance of setting clear, obtainable goals for your real estate investing activities.  He tackles the specifics of setting and achieving realistic goals that will help you become successful.  Dreams without a goal are just that… dreams.

For detailed show notes, go to http://olddawgsreinetwork.com/010-setting-your-real-estate-investing-goals/

Jun 27, 2016

In part two,  Susan Lassiter-Lyons, a successful real estate investor, financing expert and author of Getting the Money: The Simple System for Getting Private Money for Your Real Estate Deals wraps up the discussion on a more personal note – failures, successes and how monetary goals are not always the the goals that will make you happy.

For complete show notes go to:  http://olddawgsreinetwork.com/009-finding-the-…ate-deals-part-2

Jun 24, 2016

In this episode Bill will be sharing the Top 10 Real Estate Investing Markets in the U.S.  Compiled from multiple sources and other lists, Bill has carefully compared, compiled and ranked the leading markets.  

Check out our show notes at http://olddawgsreinetwork.com/008-top-10-real-estate-investment-markets/

IF YOU LIKED THIS PODCAST, we would love if you would go to iTunes and Subscribe, Rate & Review our podcast.  This will greatly help in sharing this podcast with others seeking to learn.

Jun 20, 2016

In the first of a two-part series, Susan Lassiter-Lyons, a successful real estate investor, financing expert and author of Getting the Money: The Simple System for Getting Private Money for Your Real Estate Deals, shares techniques for obtaining properties for little or no money down, what she learned from the crash of 2007 and how to position yourself when asking for money.

For complete show notes go to:  http://olddawgsreinetwork.com/007-finding-the-…ate-deals-part-1

Jun 17, 2016

Getting started in real estate investing is easier than you think.  In this Fun Facts Friday, Bill outlines the 4 simple steps to becoming a real estate investor.  Once you learn and follow these 4 steps you can look forward to a successful and prosperous retirement.  For more information go to olddawgsreinetwork.com.

 

Today’s topic is “How to Get Started in Real Estate Investing.”

I know that seems like a topic that would take more than 5-10 minutes but not really.  I break it down to FOUR MAIN ACTIONS TO TAKE:

  1. Education
  2. Mentorship
  3. Planning
  4. Action!

EDUCATION is of critical importance!  The more you know the less likely it will be that you will make major mistakes.  Now, let’s be real, you will make mistakes!  All of us do.  But you can reduce the number of casualties.

FREE STUFF!

You can literally obtain TONS of free real estate investing  information

WARNING!  Many – Most of the people providing this info have something to sell.  Lock up your credit cards before launching into this step.  These guys & gals are excellent salespersons.  And that’s OK.  They’re just trying to make a living.  But it is very easy, if you’re not careful, to spend thousands of dolars on products, programs. Etc. and before you know it, you have nothing left to spend on properties.

  • Go to the Library - Read books– Have my personal Top 20 Real Estate Investing Books on our website at “olddawgsreinetwork.com/
  • First book – I recommend Rich Dad Poor Dad because it helps set a mindset and prepares you to think like and investor. Cashflow Quadrant is good too
  • Next book needs to talk specifics
  • Next Book depends on what you want to buy – houses, duplexes/tris/quads or larger apartments
  • com
  • eBooks
    • QUICK TIP! Buy a cheap printer.  The best would be an HP Laser printer.  This type has a large cartridge and it’s made for large quantities.
  • Blogs -
  • Articles
  • audio books
  • Special reports
  • Podcasts
  • Watch Real Estate Investing videos on YouTube
  • Join a Webinar
  • Attend Seminars
  • START RESEARCHING PROPERTIES

MENTORSHIP

  • Where to find a mentor
    • Make some business cards
    • Prepare your elevator pitch
    • Start attending REI meetings or other real estate meet-ups
    • If there are none around you, start your own
    • Offer to work for free in the office of a real estate investor in exchange for training
  • Should you pay a guru?

MAKE A PLAN

  • Work on this with your mentor if you can
  • Don’t worry -- it can and WILL change and evolve as you move forward but at least you will have a direction best for you
  • Do I want to but local?
  • Do I want to buy houses?
  • Do I want to buy small multis? (I recommend the first being a duplex, triplex or quad)
  • Where will the money come from?
    • Savings
    • IRA/Self-Directed IRA
    • Cash-out Re-Fi on personal home
  • How much do you have to invest
  • No money? Try no-money down techniques
  • Do the math

ACTION - JUST DO IT!

  • Determine how
  • Set the money in a liquid account (if possible)
  • Start searching for properties
  • MAKE THE PURCHASE!

Check out our other podcasts at olddawgsreinetwork.com.

Get a copy of our free 3-Minute Rental Property Analyzer at olddawgsreinetwork.com.

Episode Sponsor: Meno Studio - menostudio777@gmail.com

Jun 13, 2016

Listen to master real estate investor and educator David Lindahl as he shares his personal rags to riches story and as he shares how others can achieve the same.  He shares many insider tricks, tips and techniques that have allowed him to get the maximum return on every property investment.

What You Will Learn

  • What convinced Dave that real estate investing was the best way to become rich quickly
  • What the next Emerging Market will be that will be as big or bigger than Atlanta
  • How me made nearly $4 million on a property he held for less than 2 years
  • What you should do to prepare for the upcoming market correction
  • What types of properties to purchase now and why

David Lindahl

With more than 18 years of experience in Real Estate Investing, David Lindahl has rehabbed over 820 houses, and currently controls over 7,400 apartment units.  Dave is the author of two #1 bestselling books, Emerging Real Estate Markets and Multi-Family Millions. His third book, through Donald Trump’s organization, is entitled Commercial Real Estate Investing 101: How Small Investors Can Get Started and Make It Big.  Among other publications, David has been featured in Reader’s Digest, Creative Real Estate Lifestyles, AOL and Kiplinger magazine.  Starting as a dead broke landscaper living in a 1-bedroom apartment, Dave Lindahl started buying and selling multi-unit properties in Brockton, MA to create a better life for himself.  With no Real Estate experience he created systems that allowed him to create enough monthly positive cash flow to retire with in 3 ½ years.  In addition to his expertise in Real Estate Investing, Dave offers a series of home-study materials and live events for investors.

How Dave Got Started in Real Estate Investing

  • Left home when he was 16
  • Was in a rock ‘n roll band for 8 years.
  • Got sick of being a rock ‘n roller and decided to start lawn cutting business
  • In the winters, when lawns were frozen over, he did odd jobs which led to him learning construction and starting his own construction company.
  • Watched late night TV and saw Carlton Sheets “No Money Down” course advertised – bought it, did nothing with it, bought the revised version and then started buying
  • Had no money so went to a course on how to get credit cards and used credit cards to purchase his first properties
  • First property was a multifamily property – 6 units
  • In three years had 40 units
  • Became a millionaire through equity in the properties
  • Properties cash flowed so well that he used cash flow to buy new properties

 

His Lightbulb Moment When He Realized That Real Estate Investing Was It!

  • Interviewed with a man named Harry Helmsley and shared how he started investing in income property and ended up owning the Empire State Building
  • Later went to local Real Estate Investing group and saw that there were people just like him – didn’t have much money and trying to better their lives – and they were successful and making it happen
  • He said if they can do it I can do!

He Doesn’t Like Being Called a Guru

  • He attended many real estate guru seminars and with some, felt ripped off after the events. He pledged to do things differently
  • Although he also teaches, in addition to investing, he makes sure he covers the critical foundation so someone can get started and provides templates and formulas to make sure his students do things right
  • He also emphasizes the importance of buying in emerging markets

Biggest Mistake

  • Launched into too large a deal with not enough experience - a 420 unit “repositioning” property in Huntsville, Alabama
  • Went from 40-unit to 80-unit to 420 unit!
  • Needed to upgrade property and tenants
  • Not in the right part of town
  • 42% occupied when he purchased it
  • Launching 2 other businesses at the same time and was not focused enough on the deal
  • One of his first investor deals and wanted to make sure they did not lose money

Biggest Success

  • The Wyndhams, south of Dallas, that they purchased for $5.5 million, with an assumed note, that sold for well over $9 million just under 2 years later
  • Classic “value add” deal with lower rents, lower occupancy, higher than average expenses
  • Went in with strong management company to execute turn-around plan
  • Because it was in an emerging market, values increased rapidly

Advice to Listeners Getting Started With Limited Funds

  • Learn what you need to get started
  • Go in with the right attitude
    • Keep in mind you’re not going to be a landlord or property manager
    • Know you are an “asset manager” not a property manager
    • So you can deal with more deals and cash flow and not deal with tenants, trash and toilets
  • Build a good team in the emerging marketplace you want to buy in
  • Do business in one of the “Four Phases” of a market cycle
  • Get started at the level you are most comfortable with focusing on moving toward bigger deals – that’s where the money is!
  • First deal is always the hardest
  • Once you have the confidence you know you can do it, the second deal comes very quickly
  • The second year is crazy busy!
  • Get educated and get started!

What Excites Him About His Current Business Today

  • He is preparing for the next market correction that will be occurring soon
  • Get educated now and start buying so that when the correction comes, you can pick up great deals that will increase in price significantly and swiftly

What Types of Properties He Looks For

  • B and C properties (B properties are better because when the market improves they improve in value faster)
  • Meet these three ratios
    • CAP rate (which determines value) – 7.75 or higher
    • Cash-on-Cash Return (how fast you’ll get your money back) – 12% or higher
    • Debt Coverage Ratio (how many times your cash flow covers your mortgage payment) – 1.6 or higher
    • This will allow other people to invest in your deals where you can get:
      • 25% of the cash flow
      • 25% of the resale
      • Full acquisition fee
      • Some deals will be so good you will get 50% of the cash flow and 50% of the acquisition fee

Rap-It-Up Session

  • Favorite Real Estate BookEmerging Real Estate Markets by David Lindahl and A Fortune At Your Feet by A.D. Kessler
  • Favorite Business BookGood to Great by Jim Collins
  • Favorite Real Estate Web Sitereis.com
  • Favorite Phone AppFlixster (movie ticket app)
  • If you had to start all over and you only had $1,000 in the bank:
    • Start creating relationships with brokers
    • Go to business and social events to raise private money
    • Get into cash flowing real estate deal
    • Spend the money on the networking and a direct mail campaign

How to contact Dave

To Get A Free Book From Dave

  • Go to davesfreebook.com and you can get a book called Massive Passive Income Creator

Upcoming Seminar

 

Check out our other podcasts at olddawgsreinetwork.com.

If you would like to receive our free 3-Minute Rental Property Analyzer, email us at bill@olddawgsreinetwork.com.

Episode Sponsor: Meno Studio - menostudio777@gmail.com

Jun 6, 2016

Hear how a brilliant Harvard educated attorney left a plush New York law firm to pursue real estate investing full-time.

About Jonathan

Jonathan Twombly is a graduate of Harvard College and Columbia Law School.  Since 2013, he has run Two Bridges Asset Management LLC, a multifamily investment platform based in Brooklyn, New York, focusing on long-term buy and hold acquisitions in the southeastern United States.  Two Bridges currently operates more than 400 apartments in the Carolinas.  Before forming Two Bridges, Jonathan was a partner in the multifamily investment firm, TRB Investment Group LLC.  Prior to entering real estate, Jonathan practiced commercial and real estate litigation for more than ten years at large law firms in New York, Boston, and London.  He lives in Brooklyn, New York, with his wife and two children

Additional information on his background

  • Practiced law for 12 years on & off
  • Did not enjoy being part of a large firm
  • Wanted to be able to be an “owner” over a “service provider”
  • Recession in 2007-08 left him with little work to do. Began researching real estate deals online in his slow period
  • At first thought REI would be something on the side
  • Had some real estate litigation experience but not much

His Light Bulb Moment

He didn’t really have a single “lightbulb moment” that said “real estate is it!” but gradually, through various circumstances and events began to realize that real estate investing was his best option.

His earliest interest in real estate

  • Disenchanted with life in corporate law.
  • Grew up around real estate. His father taught architectural history and would take Jonathan to look at interesting buildings in New York area.  He looked at lots of buildings.  
  • As a kid he used to like to look at the New York Times Sunday Magazine real estate listings and dream of owning one of those homes one day.

Looking for different career options

  • Considered management consulting.
  • Looked at finance and equities investing but saw big challenges – when the recession hit it was very bad.
  • Real estate investing seemed most viable and intriguing. Would look at properties online but it he thought, “How could I buy enough of the 2-4 unit buildings to replace my income and survive.” Thought multifamily was the way to go.

Making Contacts

  • Started networking to see what other opportunities were out there.
  • Commercial broker in New York said, the only way he'd make it in New York Real Estate is if someone with more experience asked to partner.  
  • A few weeks later, he met that person at a networking event who said they were forming a real estate investing firm and wanted him to partner.
  • He started his first real estate investment firm with that partner.

Forming Companies

Forms First Company But Short Lived

  • First couple deals did not go well – one the lender terminated. Another they terminated.
  • Partner had different approach and philosophy. Not so much a mistake but just different approach

Formed Second Company - Two Bridges

  • He knew if he formed his own company he could grow at his pace
  • More control of the deals
  • Able to leverage early experience

Types of Deals He Targeted

  • Off-Market
  • Only B&C class properties
  • Already stabilized
  • Already cash flowing well but can be improved
  • Close to other properties they own so they can share expenses with same PM firm
  • Can hold for 10 years

Where His Deals Come From

  • Established network of brokers in his target area that provide steady deal flow
  • Professional rehabbers

Investing Out of Town

  • Targeted southeast
  • Upstate South Carolina
    • Used 2010 Census info to determine the area was right for him
    • Population was growing
    • Had friends in Charleston to help build the team
    • Key investor contact in the area
  • Had to be fairly close to NY
  • Area had to be growing faster than the country as a whole

Goals for Current Business

  • Double size of portfolio in the next few years
  • Establish an investment fund and more later on
  • 5 years from now have first
  • Wants to get to the point where he can finance his deals with his own money

Advice for Those Getting Started

  • Whether you look at deals through syndication by sponsoring a deal or doing your own deals. Minimize risk.  Look at good cash flowing deal.
  • Avoid high risk, high reward
  • Buy the biggest property you can afford – economies of scale are better
  • Multifamily is preferred

Rap-Up-Session

How Can People Reach Jonathan

To Find Out More About the Old Dawg's REI Network go here!

To reach our sponsor Meno Studio: send an email to menostudio777@gmail.com.

May 31, 2016

Since 2007, Jeff Greenberg has been investing in multi-family assets in emerging markets. An MBA with over thirty-five years experience in management, staff supervision, development, and training, Jeff started real estate investing while employed full-time in a demanding job. Jeff focuses on acquisitions, investor relationships, contract negotiations, business systems development, business management and asset management.  In this episode Jeff shares how, with limited time, he carefully evaluated and selected properties that would yield the highest return on investment to set the foundation for the retirement of his dreams.

 What You Will Learn:

  • How to find and treat investors
  • What criteria to use for getting in and looking for investments
  • Top 3 or 4 things to put in place before purchasing a property
  • How to communicate with your broker
  • Different ways to invest
  • Much More...

More about Jeff Greenberg

Jeff’s interest in the real estate business was triggered after he went hiking with a friend in 2005. His friend mentioned that he was getting into real estate and as Jeff inquired further, he realized that there was so much more to this type of business than he had imagined. What also peaked his interest was that after his divorce, he had no funds for retirement, and he felt that this was a viable solution to that problem. He explored the market trying to find out exactly what he would be interested in doing and what niches would be best for him.

 For more information on Jeff Greenberg visit: www.synergeticig.com or email Jeff @synergeticig.com

Courage to Continue

He courageously tried investing in single family homes, fix and flips through foreclosures ,and REOs during the economic crisis of 2007 but this would prove to be a bad time for such a move.  However, Jeff was not daunted.  Although he never did a single flip at that time and the only single family property he acquired was his own, when he was introduced to multi-family investing, he jumped in with excitement, making his first multi-family investment in a 20 unit property and has not looked back since.

Understanding the Dynamics of Investing in Real Estate

As you listen to this program, you will acquire a wealth of information about the dynamics of investing in real estate and how to use the seminar circuit and the importance of networking. Jeff honestly makes recommendations and gives pertinent advice to the newbies as to how they can educate themselves, network and spread their wings to be successful. He takes listeners through the process of dealing with property managers and explains the importance of having boots on the ground—someone who knows the local market well.

Real Estate Knowlege is Power

This is a phrase that we hear all the time, certainly, in this case, it is absolutely relevant. Having experienced the ups and downs, the pitfalls and the challenges, Jeff opens up about the biggest mistakes that he has made and how having the relevant information could have saved him thousands of dollars. He believes that it is of utmost importance that you delve deep into due diligence before putting one cent into investment properties. Here is your opportunity to learn how to do it the right way.

RAP-UP SESSION—Jeff’s Favorites

Favorite Real Estate Book

Rich Dad, Poor Dad by Robert T Kiyosaki

According to Jeff, this book changed his paradigm and showed him that he could indeed be an entrepreneur and he did not have to settle for a 9 to 5 job.

Favorite General Business Book

E-Myth by Michael Gerber

Jeff thinks that this book shows you how to work on your business instead of in your business; as well as how to stop being so busy that you overlook what is really going on in the business.

Most Valuable Website Outside of His Own

For information, Jeff prefers www.biggerpockets.com as he thinks it is the best place to get real estate information. He also listens to several podcasts including

Old Capital, Joe Fearless and of course he will be adding the Old Dawg's REI Network podcast to that list.

Favorite App

Evernote is his favorite app to keep notes and he also likes it because he can use it on his phone and computer; that way the notes are always available. However, Dropbox is critical, and he uses it to store and protect his data and files instead of the flash drive or hard drive; like Evernote, he can get it on his phone and computer.

Thank you all, we appreciate everybody. Have a blessed day

To Find Out More About the Old Dawg's REI Network go here!

To reach our sponsor Meno Studio: send an email to menostudio777@gmail.com.

May 18, 2016

In this episode we examine the investment strategy of Michael Becker, a banker turned real estate investor. who acquired 3,000 units in three years.

About Michael

Michael Becker is a Principal at SPI Advisory LLC and heads SPI’s Frisco Texas office where he oversees all aspects of property operations, including asset management, property management oversight, accounting and taxation, capital improvement and renovation projects and investor relations. Michael is a 15 year veteran Commercial Real Estate Banker and has originated and managed numerous portfolios of permanent and bridge loans in all major asset classes. Over the last 5 years of his banking tenure, Michael focused exclusively on multi-family properties, where he was the number one loan producer for his division at a Top 3 National lender for his last 3 consecutive years. As a Portfolio Manager, Michael directly oversaw the management and financial performance of the countless C & B class Multi-Family properties he originated loans for. As a result, he accumulated an exceedingly diverse network of suppliers, contractors, consultants and service providers during his tenure. This gives him the ability to quickly and efficiently implement a breadth of value-added strategies for a fraction of the typical cost.

His “Lightbulb Moment” and the Launch of His New Company

  • Long time banker who made loans on multifamily where he put together  many successful deals.
  • One day he had his “light bulb” moment and said, “Hey, I’m on the wrong side of the transaction here.” Wondered why he wasn’t out there buying the properties. 
  • Bought 16 single family homes but it consumed way too much of his time (he self-managed) and he decided to sell the houses and go into multifamily
  • In 2013, he met an investor from Southern California who became his business partner in a company that has since acquired 3,000 units in 3 years.
  • Before he officially started the company, he wanted to create “critical mass” up front and immediately found and purchased 4 multifamily properties (800 units) with his new partner while he was still working full-time at the bank and while he still had most of his rental houses. 
  • Once the deals were done, he knew he could transition out of his “W2 job” and into running his new real estate investing business full-time

Being a Banker Definitely Helped in Putting Together and Positioning Deals

  • He put together so many deals in the past that he knew exactly what to look for and what lenders want to see in a deal
  • Because he had limited funds, he looked for deals they knew they could afford”
    • Class “C” deals (in Texas that meant built in 1960s-1970s)
    • Garden style apartments, 2-story
  • As they’ve grown and have more cash, they are trying to sell the class C properties and move more in class B (1980s -1990s) properties that have better features (cast iron vs. plastic sewer structures and getting away from aluminum wiring from late sixties, better construction quality) that result in less long term capital expenses.
  • The types of deals he seeks today are:
    • Class B that are in suburban settings
    • Have management problem that can be improved
    • Have some physical problem that can be improved
    • 10-15% below market rates
  • When they purchase they:
    • Fix properties up
    • Cured deferred maintence problems
    • Upgrade units (new appliances, paint. etc.)
    • Spruce up pool area
    • Add dog park or play area
    • Raise rents
  • Uses outside property management companies for their properties

Dallas is Becoming More Competitive but Still Can Put Together Good Deals

  • High demand
  • A lot of California investors in Dallas
  • 6.5 CAP rate
  • Qualify for great Fannie Mae loans
  • Looking at other areas - Nashville, Houston
  • Thinking rates will stay low
  • Currently getting 10-12 year fixed rate – 4%
  • Usually find either one JV (Joint Venture) partner or put together a syndication with many partners (15-20) – Do 50% JV, 50% syndications
  • JVs may want longer term hold
  • Syndications usually 3-5 year hold
  • Can do Fannie Mae Supplemental Loans to cash-out early, pay off investors and hold the property if they want to stay in
  • Typical syndication deals

Biggest Learning Opportunity (Mistake)

  • No major mistakes but two come to mind
  • In the past, used to get PPM (private placement memoradums) out, they used to to have one-on-one phone meetings with all members of the syndication
  • Now, they do more webinars with multiple people, record it and investors can listen to it when they want.  This addresses 90% of the questions
  • Another issue was when they were changing the name of a property and put it out to investors.  He was overwhelmed with recommendations and it is was tough to field and communication the decision.  Today he just lets investors know the name and fields any questions

Biggest Success

  • Bought a property in Irving, TX, near airport in May of 2014
  • Bought it at $33K per unit (260 units)
  • Mis-managed (self-managed)
  • 5 down units from roof leaks, stripped drywall, never fixed roof leak
  • Horse racer, gave his jockey a free unit
  • 5 employees had free rent units
  • Not billing residents for utilities
  • Doubled net operating income in first 18 months
  • Doubled value of the property
  • $2.3 million equity in deal
  • Got Fannie Mae Supplemental loan for $4 million after 20 months in the deal.  Able to pull out 180% of original investment

What Long Term Vision Do You Have For Your Company?

  • Adding more employees
  • Systemizing the business
  • Technology Centralization – Databases, etc.
  • Better communications (Newsletters)
  • He’s focusing more on the areas where is strengths lie
  • Goal: To maintain 4-5,000 units consistently
  • Add 2nd or 3rd  markets – be slow and steady to

Advice for Those Who Want to Get Started or Grow Their Investments

  • Maybe go smaller – get a house or two to start
  • Get involved with a simple syndicated deal where you don’t have to deal with the management but you get the yield

Rap-it UP! Session

How People Can Reach Michael

To Find Out More About the Old Dawg's REI Network go here!

To reach our sponsor Meno Studio: send an email to menostudio777@gmail.com.

May 17, 2016

In this episode we hear from Joe Fairless, a real estate investor and podcast host who has amassed $28 million in apartment buildings in three years.

About Joe

Joe Fairless is Principal at Fairless Investing and Host of the extremely popular leading iTunes podcast - BEST REAL ESTATE INVESTING ADVICE EVER.  He started buying multifamily properties in 2013 and now controls over $28,000,000 worth of real estate in Dallas-Fort Worth, Houston and Cincinnati AND WHAT IS AMAZING IS THE FACT he achieved this in just 3 years. He currently lives in Cincinnati and has been investing in real estate since 2008.  Prior to that, he was the youngest vice president at an award-winning advertising agency in New York City.  His latest acquisition was a 155-unit apartment community in Houston and he currently consults other investors on multifamily investing.  As host of the popular show Best Real Estate Investing Advice Ever, which is the world’s longest running DAILY REAL ESTATE PODCAST he has interviewed guests such as Barbara Corcoran from the popular show Shark Tank and Robert Kiyosaki, author of the leading real estate investor book RICH DAD POOR DAD.  He is a strong advocate of GIVING BACK and serves on the Alumni Advisory Board for Texas Tech University and the Board of Directors for Junior Achievement in Cincinnati. AND, I also understand he is writing his first book that is due to come out soon. 

Additional Highlights of His Background

  • Had four single family homes but started getting interested in multifamily real estate after he was working out in a spreadsheet how many homes it would take for him to become financially independent.
  • Started educating himself on multifamily in 2012
  • Got a cash-out re-fi on one of his single family homes and had $50,000 to invest
  • Started his own REI company
  • Bought his first multifamily property in 2013, a 168-unit apartment in Cincinnati,  while he was still VP of an advertising firm in New York City
  • Waited two years before he bought any more – wanted to learn by owning
  • Two years later purchased a 250-unit and 155-unit apartment communities
  • Currently has a 320-unit under contract in Carrolton, TX

Find out how Joe made THE BIG JUMP from single family homes to apartments (168 UNITS) with almost NO MONEY DOWN from him!

  • Hear how his broker found the property (publically listed on LoopNet.com), valued at $6.5 million, AND a seller willing to do creative financing
  • He shares a little known secret technique known as a Master Lease which basically gave him complete control of the property without having to pay up front. 
  • IMPORTANT FACT:  If you ever do a master lease, you must get the bank’s PRIOR APPROVAL otherwise they could call the note to pay it back immediately or negate your transaction.

Now – He had to raise the down payment!

  • Find out how he set out to raise $400,000 but, instead, raised over $1,300,000

Biggest Mistake – He had two!

  1. Poor due diligence on the property inspection with 168-unit deal
    1. Realized later that there were things he would need to fix
  2. Raising extra money for down payment but not setting funds aside for he operating budget or improvements to the property
    1. He almost put no money into the deal until this happened!  So he ended up putting in his own money in to cover operating expenses and property improvements

Biggest Success

  • Starting a daily podcast
    • Helped him raise over $800,000 for his deals
    • Learned great amount of information

Advice for Those Looking to Get Started in Real Estate Investing

  • Get educated – read a lot of books
  • Get educated before you get the mentor!
  • JUST DO IT!

What Are You Excited About With Your Current Business?

  • His podcast and where it is going

What Vision Do You Have For the Future of Your Company

  • Reach $1 billion in holdings and then assess from there

Rap-It-UP! Session

FREE STUFF

He Will Send You A Free REI Resources Guide FOR FREE that includes:

  • Top recommended "must read" real estate books
  • Top Real Estate and Business Web Sites
  • Top Real Estate and Business Podcasts

To get the Resource Guide Free:  Send a TEXT to 38470 and type the word BEST

AND

A Free Money Raising Spreadsheet

  • Send email to: info@joefairless.com, put the words “Money Raising Spreadsheet” in Subject line and mention the Old Dawg’s Podcast in the body copy.

How to Reach Joe

To Find Out More About the Old Dawg's REI Network go here!

To reach our sponsor Meno Studio: send an email to menostudio777@gmail.com.

May 16, 2016

Who We Are

  • The Old Dawg’s REI Network is unique community of  real estate investors 50 years of age and older who are motivated to learn and succeed in real esate investing
  • The “Network” provides education through
    • Newsletters
    • Blogs
    • Podcasts
    • Social Media
    • Opportunities to meet other investors

Our Audience

  • People who are approaching retirement or already retired who are interested in generating more income
  • Who also want to build a legacy for their children and grand children
  • Who want to boost income now!

Goals of the Podcast

  • Educate and inform
  • Provide resources to help people start real estate investing now
  • Feature successful guests that are real estate investors and other experts (bankers, brokers, property manetc.) who can share their experiences
  • Provide practical  “How-To” information and tips to get you where you want to go quickly in your real estate investing endeavor – not heavy handed theories
  • We want to make it fun!  Real estate can be dry at times so we want the show to be informative but also fun and entertaining

It’s YOUR Show -- Tell Us What You Want

  • This is YOUR network and we want it to be valuable for you
  • Share your thoughts & ideas
  • What would you like to see
  • What can we change or improve

Who I Am

  • Grew up in So Cal
  • Have a broad, diverse background
  • Worked in various corporations (financial services, retail, technology, internet, non-profit)
  • Writer, editor and teacher
  • Started/ran own businesses (Marketing consultant, Advertising/PR firm)
  • Professional musician
  • Went into full-time ministry
  • Started 501 (c) (3) non-profit organization – Child Hope International
  • Lived in Haiti last 15 years running a mission for orphaned, abandoned and at risk children
  • As I approached 60, concerned about my retirement

Move Into Real Estate

  • Saw real estate investing as viable means to carry us through retirement and grow a legacy for our children and grandchildren
  • First real estate investments purchased in 2014 using inheritance funds
    • Bought 3 properties (2 SFRs and one duplex) through turn-key provider in Memphis and Atlanta
    • In 2015, purchased a duplex and saw how multifamily made more sense for my goal to grow fast

My Goals

  • Made a Few Goals
    • To purchase or control 1,000 units/doors in 6 years
    • To share my real estate experiences (good, bad and otherwise), specifically as it pertains to seniors facing the samechallenges I face) and to outline the processes  I use to reach my goal
  • I am a student like you and am learning a lot as I move forward with my goal
  • I am not a guru or expert and I don’t have anything to sell
  • I am determined and focused on succeeding --  not just for myself but for those who join me on this journey
  • I want to see others succeed from listening to the podcast and being part of the Old Dawg’s network

Conclusion

  • The show is not about me.  It’s about you and how you can change your situation to create the retirement you always dream about
  • Again -- ee invite your feedback on what you want you like to see/hear, what you like and don’t like

How to Contact me

  • Visit our web site http://olddawgsreinetwork.com and email me at bill@olddawgsreinetwork.com
  • Schedule a free 30 minute interview with me to discuss any of your questions on real estate investing.  And know – I won’t try to sell you anything.  I am here to help.

 Help Us Spread the Word!

  • We want others to know about the Old Dawg’s REI Network and one of the best ways to get the work out is through our podcast
  • Please visit iTunes to Subscribe, Rate & Review.  This helps us get reach others and to grow our network

Thank you for Your Interest and Support!

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