Whitney teaches women how to build a cash flowing real estate portfolio in 12 weeks or less. Now Whitney besides yours being my favorite intro because of just the very few words that you had in here. I love that. Expound
The first thing you need to know is when you start talking about a real estate portfolio you do not need a real estate license to be an investor. You don’t need to go to a real estate school because they’re not going to teach you how to make money investing in real estate. They’re going to teach you how to stay out of jail and fill out the forms. Second thing I’ll let everybody know is that you don’t need any money to get started in real estate investing and you certainly don’t need to save up $100000 or pay off your primary mortgage. You need to just get started investing and then pay off everything later with the money that you’re making.
Your area of expertise is real estate so kind of expound upon what that means. What is your specific area of expertise.
On refinancing and lease options, it’s creative financing. I’m never going to ask any of the ladies or the men to go to the bank put 20 percent down or do all their old and slow boring kind of investing that we’re all kind of used to. It’s just not how you’re going to make any money and you’re certainly not going to make as much as you need to retire by the time you turn 35.
So let’s kind of break down what owner financing is. Owner financing only works on free and clear houses.
Believe it or not there’s people out there that don’t have a mortgage on their house they own it outright. So what I do is I get the owner to finance me the property so I don’t have to go the bank. I usually don’t put any money down. I get zero percent interest and I just start making payments on a house that they don’t want. They either outgrew it or they need to downsize they got transferred.
How do you find people that own their houses free and clear.
I’ve got six different ways but the best way is to ask everybody hey you know anybody with the house they got paid off they don’t want anymore?
If we’re gonna talk about houses, free and clear houses are great but they are kind of a needle in a haystack. So if you’re going out you’re talking to people you say I want to buy houses. You can literally in the same contract or in two different contracts signed at the same time you can leave the house with the option to purchase it at some point down the road for agreed upon price.
I thought the only way to buy houses with there was cash or go into the banks. So I found an auction. I was on my way out of town, I saw this house was going to be up for auction. I sent my brother over to look at it and he was like Please dear God Whitney don’t buy this house like we don’t need to started this way this is not going to be our first house this is a disaster and I was like OK Ty, but really if you are going to bid on it how much you bid. He was like no more than eight or ten thousand and I was like ok so like 15 I could probably go up to 15 and he was like no please don’t. And I was like OK so 15 it is. I put my bid in and the auction ended at midnight it was an online only auction. And that morning I got a e-mail that say Congratulations you’re now the owner of this crack house in a bad neighborhood that your brother didn’t want at all. And I’ll tell you that over the next six weeks we closed we paid right at 15000 all and all done.
We ended up selling it absolute auction online again with the same company and I had bidders against me at 13 14 15000. I thought somebody would visit again. It bottomed out at 10.
So we lost money but I did not get kidnapped or mugged or raped or anything bad happened we just lost for granted like I’ve already said you know it’s like that on our taxes and move on. Takin on the taxes take it on the chin and move on.
There’s strategies, there’s formulas. I got a mentor and all of that coming together really helped me so that I could actually transition this into a full time thing instead of just dabbling and playing you know risking my whole life savings. I don’t want anybody to do that. Let me help you.
My big takeaway is you know once you’ve dived into something and you’ve really decided to make that decision do your background research about it but you don’t know what you’re going to uncover kind of be that detective but what do you want to make sure our listeners get from your story.
Now Whitney, you have a lot of things going on you mentioned over 17 properties etc. but what’s the one thing that has you most fired up today.
Really helping these other women. I’m teaching them how to set up their own retirement set up their own residual income.
You can go to WhitneyNicely.com and hit the start tab. But if you really want to get started with me I’ve got a present for everybody listening. And if you go to WhitneyNicely.com/eofire I do a QuickStart program which is four videos to get you started.