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And he was telling me about this property that he purchased. “i gotta get you to talk to me about this on video.” worth a million dollars with $0 of their own money. lots of great resources for investing in real estate and you also are a full-time attorney as well, right? we bought it probably about two or three months ago. – okay, so are most of your tenants
Sticking around? – because you still wanna be able to make cash flow and we gave notice to a couple of the other tenants… – so, just by doing the basic remodel, which is what? but other than that, it was very much a light remodel. – yep, so actually you’re gonna think this is crazy, the financing on the building, we work all that stuff out. nothing that we did in
This building had come from my pocket we actually turned it into an extra bedroom in here. – yeah, did you put in any walls, or how did this..? – so then this middle area becomes your living room? and then we have two other bedrooms, we’ve got one here. the town actually requires every bedroom to have a window. – that’s one of the main requirements to make it a bedroom.
– So another thing, by code, at least in new york here, so, we’re talking about middle of the road, middle income. – working folks that are gonna be renting these apartments. like this is probably, what 20 bucks worth of paint? – all right, so now i think everybody’s dying to understand, we’re talking about the buy, rehab, rent, refinancing… to buy one property, then
You might accelerate a little bit and so, you’re only buying one property every three years we offer them a good rate of return, pretty high interests, and once we’re done rehabbing, we go to a commercial lender so i know you’re in and out of real estate on a daily basis, – and you said it’s worth, after it’s all been rehabbed, and how you pull your money out of it, and how
That works? so, the refinancing process, you go to a bank and you say, my property, i think, is worth x number of dollars.” or repaying a lender if the lender is gonna be cashing out. you could still go to a bank and do the refinance process, you’re not leaving money in the deal most of the time. you find outside investors, who give you basically a loan. i don’t know
If this is gonna be too technical for folks – so, once your loan is paid back to your investors, once they’re all appropriately rented and renovated? we’re gonna be renting them for $1100 per unit, per month. my business partner and i are estimating we’re gonna get but it’s something you end of eventually getting to if you are in the real estate game for enough years,
– But, it is good to have this as the long-term goal. – and, understanding you don’t have to just sit there. to get your first two or three properties for most people. so, if you’re willing to dedicate yourself to the process you can definitely make really serious money doing it. – and thanks for helping me with the craigslist scammer – and definitely guys, check out
Vitaliy’s channel. and i hope to see you in the next video.
Transcribed from video
How He Bought A $1 Million Dollar Property For $0 By Ryan Scribner