Hello
Hello! How did the test go this morning!?
It was easy. Studying paid off big time But I do have to still study for/ take my Spanish test today too
Sweet. I'm glad that it helped. When is that?
Anytime before the testing center closes
Oh right. Well Spanish is easy peezy lemon squeezy. So what would you do if you had a million dollars? Wait don't tell me. You'd invest in real estate.
Oh yeah, I would definitely invest it in real estate. I would probably buy a Tesla too though
Yeah good plan!
What about you?
I would invest in real estate, buy a dirt bike, and maybe a tesla or a corvette. I would also save some in an account for Oliver But not that much, he needs to make his own money. But I would definitely pay for dental school with it too. That way I don't have to go into debt.
See but you also don't need to save money if you invest it in passive income, because if you own real estate, it will just make you Money for your kids later!
That is very true! Plus they could live in it when they go to college. I think my dream would be to own an apartment complex and have my kids manage it for me when they go to college in exchange for free rent.
Hey, that's not a bad idea at all!
Yeah for real! Plus Utah is a really good market! Or any college town for that matter. But I feel like in Utah there will always be renters. Are you still thinking that you are going to start investing in real estate soon?
I mean, I want to start as soon as I can, but there is a barrier to get in. But one option is to try to whole sale somehouse to try to make a few quick gs and then using that money to start actually investing
How do you wholesale a house?
There's a couple ways. But you have to be pretty creative to do it with little of no money down. And you also have to get lucky, but hey, you can cultivate your own luck too so if you're patient and diligent, you can do it
I sometimes see those facebook ads where the real estate people are like, "I'll teach you to start investing in real estate with no money down and you don't even have to use
But the idea is to get a house at a good enough price that you can turn around and sell it for a 3000 profit or something
your own money!" You'll be a millionaire! How do you think they do it? Oh I see like Flipping the house!
The idea is to get the house under contract, and then before you actually buy the house, you assign the contract to the real buyer and you charge an "assignment fee"
Sounds like you would have to be really fast. Like what happens if no one wants to buy it?
So the real buyer pays a couple 1000 more than the house actually is because you brought together the real buyer and the seller Like I said, there a few opportunities to wholesale the house, so you definitely have to play your cards right
Yeah that sounds really hard. And you would probably only make a few grand. Why not just become an agent then you could make 5-6 grand per sale? If you just sold one 300,000 dollar house you would make 9 grand actually. because I'm pretty sure you make 3 percent on each house. So you would only have to sell about 2-3 houses to come up with a good down payment on something. Plus I think it's only around 800-900 dollars to get certified and trained. That's a much smaller investment than putting up a few grand for a house. That you may or may not be able to wholesale. You see what I'm saying?
Yeah, I think taking out a real estate liscense would be a good idea too!
Totally!
But it also is a possible way to make enough money to start investing Even though it is not the best investment strategy
What is? Wholesale-ing? Anyway. Both are good ideas. So I gotta go soon.
That's cool, I have to go too
Alright thanks for chatting. Good luck on your test.