On Episode #33 introduces Brett Isett, Who is a First responder (Firefighter & EMT) who found Real Estate as a way to plan for the future. Join us as we talk about his first property and all the mistakes he made so we don’t have to make the same ones. Let's see where he will go in the future and how we can help him get there. We are here to tell everyone's story so we can learn from it and not make the same mistakes.
Full Bio:
My name is Brett Isett. I’m 34 years old, born in Detroit and grew up in Clinton Township. I’ve been married to my wife for 8 years and we have two children, 4 and 2.
I graduated high school in 2008 and did a number of random jobs, working as a cashier and waiting tables as I had no idea what I was going to do with my life. Eventually, I made the decision that I was going to become a firefighter. I graduated from the fire academy, obtained my EMT and Paramedic licenses and began working full time on an ambulance as well as a part time fireman at New Baltimore Fire Department. 5 years after the academy, I landed a full time gig at the Clinton Township Fire Department, my hometown. I’ve worked there for 8 years.
I’ve always loved fitness and I’ve trained regularly for years. At age 30 I began diving into personal development. Focusing on mindset and how to push myself physically and mentally. After completing a program designed to cultivate mental discipline, 75 Hard, I realized that I was capable of achieving more in life, and I had been leaving potential on the table. I kept working on my mental discipline, got into daily cold water therapy, and kept searching for a way to grow my wealth to ultimately obtain financial freedom and give my family options and everything they deserve.
My best friend Josh had flipped several houses and made great money, and was currently rehabbing a triplex a few years back. He showed me the potential of real estate and after reading a few books, a curiosity and my own love for real estate began.
I began learning the language. Listening to podcasts every day and reading books, some twice over. I reached out to people in the community who I knew were doing what I wanted to do.I began working with my two partners at a wholesaling company, Transcend Homes, where I was able to be apart of some deals and gain experience.
After many podcasts, books and looking at more houses than I can remember - I finally bought my first investment property, a 3 bedroom bungalow on the west side of Detroit. I’m almost finished with a light rehab, and currently showing the property to potential tenants, and learning the process of becoming a landlord.
My long term goal is to have 10 rentals by 40 years of age, and 20 by 50.
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© Randy Stedwell.
Hey everyone out there in YouTube land and our Facebook group
Metro Detroit off Market Real Estate Group I uh I also have this on my
personal page in uh on Randy stedwell in Facebook we had some technical
issues with streamyard going straight to the uh Facebook group so if you are
seeing this after the fact from the Facebook group I apologize but best
viewed on YouTube it helps our algori algorithm and you can always see the
replay there now if we always have the chat off to the side ask any questions that you do have uh when we are live we
will see them and I can bring them up on screen if you're not seeing this live ask your questions in the chat and I'll
get to them I promise you that so without further Ado we have bright uh
Brett I iset and he is a
firefighter uh uh firefighter EMT and a
basically a first responder I love having these guys on here and just I
love seeing these success stories about how people are you know getting on the
right track for their future we all know this is not a get-rich quick scheme real
estate is not get-rich quick it is a get it is a getrich overtime so um I love that and he's here
to tell his story about his first investment property and how he got into
it uh what made him uh choose getting into where he's at so on and so forth
come come join join us for the rest of this show uh to see his story Brett how
you doing today good Randy how's it going I'm doing all right so I you know
I know it's a it's a lot coming on here you're like when we first talked you're like I I don't really have anything to
say and I'm like dude just tell your story and somebody will get something
out of it that I promise you so you know we're we're all here to to we want to
learn from the mistakes you made so we don't make them so right there's been a couple so far
that's for sure that's that's good at least good for us anyways not for you
but at least you learn from it right you know oh yeah every time I that's one thing is is we always any mistake that
we have hey it's just a Learning lesson that's all it is so um so tell me how
you first got started in real estate and and how did you come across uh uh
rentals or investing like you don't come out of the womb just knowing about real
estate do you so so tell me how you even thought about it so uh best friend of
mine my buddy Josh he got into it number of years ago and started flipping properties making good money then he
started renting them out and you know I seen the success he was having and he was telling me all about it you got to
get into this I I mean it's a lot it's overwhelming but like it's it's it's the future it's it's a good place to put
your money you know because both of us were right trying to get into the mindset that we wanted more than you
know the average person provide more for our families you know have you know just Finer Things in life Freedom options for
our family so you know after seeing him do a number of projects um you know I
told him I'm ready to get into it like give me three books and I'll start there you know and I read these three books
couldn't really ignore the poten after that so uh I just kind of En you know
became enthralled in the whole process and started listening to podcast every day and eventually you know I decided
that I wanted to get my own rentals and you know I wrote it down what was it July 29th 20 2023 I wrote it down that
date of 22 and I said by that date like I want to have I want to have my first
property because it was just a lot to me you know and I didn't meet that goal I was a number of month after that but um
you know that's when I started really learn listening to the podcast and reaching out to people going to seminars
trying to figure out all the different financing strategies on how I was going to do it you know and uh there was one
thing led to the next and you know I decided on my financing and I just started looking at properties I got the
finance I got the money ready to go and started looking and you know I looked at
a lot of properties and I fin found the one so what was the name of the book book that you got you read to get into
it which one the the bur it was the bur method by David Green yeah the the BD
book awesome book by the way I do recommend doing it now not in every
situation the bur method works okay so you got to look at that whether it works
for your situation or not but um so how did you go about securing financing
if you know like you wanted to do the bur method so how did you think about uh
securing Finance you do I mean I my first one's really not the B not even
the burd method like I started to you know decided I want something more TurnKey or kind of like a lighter
rehab and you know I just decided that I was going to do a helck and take a helck
out on my property on my primary and use that with the interest only payments and you know over time and it kind of would
allow me to get the property before putting a large chunk down that I've saved up over time so I'm in that right
now and so far it's it's going good my you know my numbers could be better after some unexpected expenses popped up
but I'm still in a good place as of now and I know a lot more for the next one awesome and we'll talk about that in a
few minutes here so what I wanted to kind of go go back a little bit is is
you started on uh like what did you think about when you first got in did it did it immediately open your eyes to
what's possible in real estate or did you have to read it a couple times or
read a couple other books to to kind of get it yeah it was a you know it was a
number of things really like I started I started reading the books and I wanted to reach out like it I was sitting at
the firehouse one day reading the a book and you know a guy walks by and he's like I got a buddy with you know I think
he's got like 10 or 20 rentals you should reach out to him so I was like okay he gave me his number I reach out
to him I take him out for coffee he's got a wholesaling company so you know I hit it off with him and uh you know I
started working with him cold calling and learning you know and going on appointments with them and you know
learning how to to to do the numbers and just throwing myself out there you know it was it was very uncomfortable it
still is because it's all still new but you know I started doing that and going to Real Estate seminars and then the
another it's my two partners uh Brandon and Tio and Brandon you know I wanted to get into a different uh like
a Section 8 kind of type I started looking out so he goes hey you know this J pel here you should reach out to him I
took him out the lunch and you know talked to him and I still talked to him and I went to the real estate the other
day he introduced me to you you never know it can come from a conversation right you gotta get out you never know
yep you gotta by the way if if anybody haven't listened to it uh a few episodes
ago we did interview jeler about Section 8 housing so go check out the replay I
believe it was uh either 29 or 30 I can't remember exactly which but some
episode number 29 or 30 uh check out J Peltier awesome guy and everybody I come
across like he's just very helpful so he's done amazing help so far yeah so so
please do check that out reach out to him as well and so when you when you took him out to lunch what did he did he
sell you on Section 8 did he like what did he tell you to kind of think about
Section 8 like I mean he he told me a lot of good things on it too and he actually saved me for making a big
mistake because I was about to buy another property I had it under contract and I had my taxes you know Detroit city
taxes are a lot higher than most people think so I had it wrong so my numbers were a little off and it wouldn't have
you mean it's not $100 right not a $5,000 property is $100 come on know
that's what you would think and you know and that's around I think where my budget was and he was like NOP you're
gonna need to be more and you know he showed me property tax estimator and we started digging into things so I backed
out of that deal looked at a bunch of other houses you know and but that's just another example of you know you got
to find people that are doing what you want to do and yeah you have to surround yourself
with good people that's going to be open and honest with you that's gonna help you along the way you know so sorry go
ahead no you're good no that was yeah I was just going off of that you know for so long I was just looking at properties
and you know I had I had an idea what I wanted to do but you know I what what
changed when you were looking at properties before you met say Jay or talked with some of these people and
what what afterwards what are you looking at differently now are you
running the is it just the tax thing or was it something else it's that and like before you know you'll walk in and okay
the kitchen's done up real nice so you think okay this this house is awesome the kitchen's really good and this looks good but then you got to look into the
the deeper things the electrical panel the wiring in the basement ceiling you know the the plumbing the roof you know
the foundation and more you know the big bigger expense you know and and and a
lot of the little things like this house that I bought I I'm I'm glad I bought it it felt right when I did buy it but I
was like oh there's a lot of little things you know and those little things added up really really quick and then you had unexpected expenses come up so
you gotta you know just really give yourself a good idea and I think I did you know I looked at a lot of houses so
I was I was pretty much out of patience you know I'm like this is the one it feels right I'm going for it and I'm you know you just got to you just got to
pull the trigger at some point right things are going to happen so I decied to do that and then you know I got my buddy
working on it and he's telling me hey man you got you got water pouring into your electrical panel you know I'm like
Jesus you know that's something I didn't plan on you know so I had you know I had to have that fixed up and I thought the
furnace was in better shape than it was I'm probably I'm be put in a new furnace you know and there's some other issues
and you get into the the the nitty-gritty of it you know and if you buy a house that's half rehabed or
three4 TurnKey you know then you're finding a lot more imperfections you know so just
let's add a little uh little water to that Sparky Sparky over there yeah exactly yep like you really really got
to look deep into the little imperfections and see how much money you really are going to have to put in this
house you know and I gave myself a big gap you know so but yeah yeah oh that's
awesome so what so it sounds like you you've learned a few lessons by by
jumping into this one and even though it wasn't like obviously we can't figure
out every situation when we first walk through property we don't know
everything that's going to happen on that property and that's what one of the reasons I tell people when you're
figuring out your your renovation budget take about 10 to 15% depending on the
the the house the size of the budget things like that and I I put it aside I
call it an oh fund m that's a good word for it it's an oh
fun it's oh I did not see that you know it's a good it's exactly what it's gonna before too exactly
so you just never know what's gonna happen yeah know um like for instance
the water in the in the electrical you know it just doesn't work that way but
exactly if you if you prepare a little bit for the unexpected when it happens
it's not that big of a hit right okay so and that's where I that's where
experience comes in now you're going to look at this for your next property and you're like okay I gotta check this this
and this yes oh yeah the next one I'm gonna be I'm G be good you know I'm
still gonna learn a lot more of that too and this is what's funny about it you're gonna think that you checked everything
off the Box on the next one and you're going to be perfect and something else is going to
happen but you know you're learn from that you know so exactly it's it's just
all part of the game you know we some we can't see beyond the walls we can only see the evidence yep okay yeah so um
yeah and I got I worked hard like on them getting into the right mindset before this you know like really
committing like this is what I'm going to do it doesn't matter what happens it doesn't matter how long it takes this is
the goal I'm gonna meet it and that's what I'm doing you know so you know you
get overwhelmed you have all these things to do I have a list of all these things and you just kind of got to slow down just you know one thing at a time
just keep knocking them out and now how long have you been a firefighter or an EMT all of that uh about 10 years now
eight years with Clinton Township I was part-time at a part-time fire department before that for a couple years and then
I worked at on the ambulance for three years before or during that time while I was part-time too but I've been with the
Clinton Township fire fire or fire department for about eight years now so you you work hard to do all this right
you there's a lot of chance for overtime possibly oh yeah lots of overtime I mean I I'm working more now because now I
have you know I you have something to put it towards yes you know yeah and I always have I mean I got two kids you
know things add up quick right then oh my God it's a little bit here I don't how
old are you kids uh they're four and two almost five two and a half yeah so when
they start school there's always going to be something every other day they're coming out with some here I gotta pay this I gotta get this it's picture day
it's this it's and and and the wife or the mother is gonna be oh we gotta have
the best package we gotta have this we gotta have that and yeah luckily we're all on the same page we got a good thing
going you know it's like that's awesome you know there's you know yeah everything I just want to give school's
brain was them to they want this they want that and they you and your wife got
to be on that same page man yeah once the sports come in you know we were at my daughter's first soccer game or soccer practice the other day we had the
lawn chairs we're like holy crap like we're at this point you know and yeah things are going to add up that's the
whole reason I'm doing this is so that everything's not so tight you know this is a long-term strategy but you know I'm
going to just reinvest everything that I make on these you know into the next to try to scale as quickly as possible but
you know there's no ceiling on what you know I could be opening up a type of business throughout
this you know and it all depends there's nothing there's no ceiling really for most definitely so here's a here's a
question before you got into this I'm I'm assuming are you married yes or
engaged yep married okay yep so when you came across this uh did you have the
conversation with your wife or did you just go full out and do this oh no no I
I told her what I you know we got we we made a big like how did you get her on board and that's what a lot of people
don't understand is like you you learn all this as a man as a man we're like
gungho we want to do this and but if you don't get that other person involved
it's going to be Hell on Wheels for you yes and that's exactly it yeah and we you know we we said that too we're not
doing anything big without being on the same page and it took a little bit to get her on board but now she's very
supportive she's got my you know she's got my back the whole way so you know
it's a lot but that's a very important thing is to be on the same page page and have your family does she help out with
anything with the house or trying to find it or maybe is she hunting for deals for you no I'm doing all that I
mean she's got she works full-time too and oh okay yeah she's we we got the kids she's got her hands full too so
this is like my baby right this is got it okay I'm handling all this yeah that's a she's she gets it and when I
have to be gone like you know they are going somewhere and you know being a present father and is the most important
thing and the husband so but sometimes you know they're going somewhere and I gotta go work on the house I got to get things done no one's going to do it you
know so you know okay as long as she's understanding that the sacrifice now and
hopefully the kids understand this the sacrifice now will set you up to be with them longer later on absolutely yeah and
it takes me this is taking me a little longer too because I I am making sure I'm present with them too around now
like I'm not just gone because I work 24 hour shifts you know so I'm gone a lot already you know but right you know
that's you know I'm getting I'm making sure that I'm doing the tasks I'm making the calls I'm doing the work I can do on
the house I'm not the handiest guy so I'm doing everything that I can do and then I'm you know having other people
complete the tasks that I'm not able to do so it's just it's it's been a whole learning experience just getting quotes
for things learning the right pricing on everything you know making calls Insurance you know just how you like
there there's so much that goes into it and you really just gota you just got to go you just got to make a decision this
is what I'm going to do I like to write down deadlines even if you don't meet them like I wanted my house by January
29th you know 23 and I got it in uh March you know like way way past you
know but um you know it's it is what it is I looked at houses I went under
contract and things went wrong with two other houses and you know it's all part of it right and it's it's been you know
all you Lear you learn everything you learn something from every one of those possibilities everyone that you got
under contract even though you had to fall out you learn what to look for again absolutely and and then you you
looked in there everybody thinks that we're going to lose thousands upon thousands upon thousands of dollars if
we make the wrong decision and the thing is is that if you follow the right steps okay what I mean
by that is is you this is the one business that you can royally up
and I'm glad I'm just on YouTube and I could say that but you can royally royally it up and still come out
either Break Even or making money yes yeah all the differences is is either
holding a little bit longer so you cash flow okay y or you wait for the next
person you know the the better buy that comes in you know the market will change and maybe it'll make sense to sell here
and maybe it'll be in a better place like No And it's going to cyclical right like things are GNA yes it's not going
to be in the same spot so you need to learn how it works right it took me very long time to even learn the whole
language of real estate and reading books reading them twice over you know listening to podcast Bigger Pockets and
wholesaling ink and all kinds of stuff just to get it and now I understand it a lot more but I'm still a student of the
game and I always will be you know because you always have more to learn you know and I'll have more to learn on
the next property and the next one after that but you know you got to do things to get your mind right to be able to
sustain the journey you know I feel like so Fitness has been huge for me you know
doing things that are hard so that when things come up you're not super overwhelmed because you have the
confidence in yourself that you're going to be able to take to handle it like I know I'll make this property work so
more shit's GNA go wrong it's gonna suck but I'll handle it I'll take care of whatever is thrown in and I think that's
the that's the thing is is that the more you put yourself out there the more you have conversations to talk with people
the more confidence you will grow okay you had confidence through Fitness
because that was something and a lot of people get that not knocking that but you can get confidence other ways if
you're not a fitness person if by by repetition I tell people in cold calling
you have to talk with 200 people meaningful conversations this is not my
statistic I stole that from from I Brent Daniels and whole s all right so you
gotta have 200 200 meaningful conversations before you get one deal
absolutely okay okay when you're cold calling and working for you know
transcend homes is the company the wholesaling company that I'm with and you know when I started cold calling it
was my heart rate's up you know like you're you sound like a you sound like a machine you know and at first No One's
Gonna you know and then you you keep going and going and you know you get more comfortable you start going out
appointments you start talking with people you get houses under contract you know it's you go further on the line but
you know it's just yeah just got to just go and you got to realize it's going to take a lot longer than you think it's going to take it's going to take more
work than you think it's going to be uncomfortable but like you said just get those reps in you know with talking to
people you know you just have to do always the thing that you don't want
to do mostly basically most most definitely so what I want to do is
I trans I I want to go over how you got this first deal okay um obviously so we
know that you've you've been looking you're you're you're learning you had stuff on your contract you you what made
this deal said you you said it yourself it felt right okay what made this deal feel
right with the whether it be with the numbers whether it be with the location and what made you decide to
because this is an inside Detroit a lot of people don't want to do inside Detroit even if you're Section 8 you can
still do Section 8 outside Detroit okay um so what made you go inside Detroit
and what made you choose this deal
um just you know basically the the return on investment you know like Jay
says it's a bigger risk but it's a bigger return on investment and with the way I'm using it with my money you know
it's expensive money so I wanted to have the bigger margin for how but it's going
to rent with the purchase price you know to leave more room for air basically
and um yeah I just decided to do it and see if you know if it's going to work out and I I wanted one on the west side
this was a good area um I'd liked the you know the surrounding area it wasn't it just felt like it was a good spot and
I go in the house and you know it's a it's a nice house it's got a lot of things done right to it you know it's
it's it had some things that I found that you know obviously things came up but you know it's it's going to be good
you know it's it just felt I just TR I'm I trust everything I'm you know I trust my intuition I trust the vibe of things
that I get and something just told me buy this one okay so how did you run the
numbers on it like that's kind of my question on that more so than like how
did it get to because it had to feel right because after you read the numbers
right yeah you know because you go line and say I red fin here right right you
know you so you had to use all the experience from all the other deals that you've
been analyzing in the past and the ones that fell out of
contract and the reason why you know now it sounds like it was a little bit I
don't want to say rush but a little bit like okay I want to get a deal soon and
this is here but definely like I'm I'm done looking at houses I'm buying this
one and I'll just deal with whatever happens at this point you know and going back yeah it's you know there were some
things like you know that were some red flags Looking Back Now like I could have analyzed the windows a little better the
furnace a little better but you know maybe I could have got it cheaper would I still have bought the house I'm not sure but you know right I'm in it now
I'm going to make it work but yeah did you buy it off did you buy it off Market was it through a wholesaler no it was on
Market market and I was looking at it with you know my agent and we got it under under the listing price so you
know it was listed for 90 I got it for 80 I was hoping to get you know between 13 and 1500 for rent so I'm I'm shooting
for, 1500 so okay yeah I've been putting you know a good amount not too much into
it but you know I plan to put 10 grand or at least into it to get it rent ready you know and how long from purchasing it
until I'm assuming where you're at now it's just about rent ready uh yeah I got a couple more things
to do but yeah it's it's uh it's been a month I've had it for a month I closed on the 18th so yeah a little over a
month I got a couple more things to do but all the big things are basically done honestly that is not bad at all for
somebody I'm assuming you're doing most of the work yourself is that right um no I got my buddy doing you know he he he's
an electrician too who got me into this he's been doing that I got you know I'm
doing the small things you know changing the lock you know spray painting and stuff like that but I got you know I
need to get the driveway patched I need to get you know a new f a furnace put in it um but even
to yeah I got the windows even to coordinate everything with a full-time job I mean kids it's a lot the kids and
the wife and everything and to get it done all in a in just about a month it's
it'll be a little it'll probably be a couple more weeks though but before which is fine yeah it'll be I I got a
showing tomorrow you know I talked with her on the phone for 20 minutes she's she seems great she's already like I
think I can get you know the inspector out there later this week or next week
you know so I'm hope I want to get it at least as close to ready as possible I know the inspections are pretty you know
I'm just going through it you know just trying to be as prepared as I can pass a city inspection no cuz for Section 8 you
just need the Section 8 inspection okay you know yeah I know a lot of people a lot of people they when they do the city
inspection it's basically the same thing as a section eight it's just a couple nuances but okay for the most part it's
the same thing yeah and I know like certain um housing agencies inspectors care about different things you know
some of them are more strict than others so I'm trying to get all the main things that I know need to be done you know
like an encasement around the porch a handrail if there's trip hazards in the driveway you're going to have to get them patched you know uh you know the
doors the windows have to stay open just all these things and you know I've had people send me the inspection list you
know and I've talked with Jay a ton and I've called him a hundred times he always is you know always able to answer
my questions and you know you just try to prepare as much as you can and just take it day by day and you know I hope
the showing goes well I I find a tenant and if I can get an inspection and the house will be completely done in two
weeks 3 weeks I'll be good you know I I planed for you know two months of you
know a light rehab yeah you know so that's awesome though um and I mean it
sounds like you're right on time on your timeline so um you know it's that that's
a good thing now did how are you how did you come about screening the tenant
obviously you're starting to screen tenants now which just said I'm still how did you figure that out okay um just
basically Jay telling me you know this is what you do you look up this you know and he's been my biggest resource for
Section 8 process in general and so yeah I still need to do that after I meet her tomorrow I'll you know dig into you know
credit score and all that stuff but yeah I'm still learning I'm just learning as I go and you know I got a few sites that
I can look at look at look into and things that I've seen I joined like four of these groups you know on Facebook and
I got my two partners at transcend that know a lot about all that too and they
have a lot of connections you know Brandon he's done he's done a huge connection for me too and so when you
say Partners yeah so when you say partners are you partnered in these deals with
them uh part of them yeah like we kind of just work together all three of all three of us yeah like so did you guys
split up the cost three way did you make an entity with all three of you in it no
it kind of just came in yeah like it's I kind of came in last so it's like you
know it depends on the deal who spearheads the deal you know okay but
yeah it's not like a three I I came in after the company was formed so but we you know all three of us yeah we work
together on the deals if I have an appointment and you know I can't make it because I'm at work Brandon will go and
vice versa and what you know I'll go take pictures or he'll take pictures I'm still learning a lot with that game too
you know yep so I'm just trying to just you know be the best I can at my job
husband and father and then also you know investor the wholesaling game you
know there's there's a lot to do so so one thing yeah one thing I gotta say is
for anybody out there that you know Partnerships are great and I you know if
one person has a skill and that you do not have and you want to partner with him that is the
right way to do it now if you both have the same skill set and you want to partner up well what
is the other person bringing to the table right the only way that that helps is if okay now you can do double
whatever you were going to do okay so every person in the partnership has to
have a job or you know like like you just said pick up the slack here and there but they at least have a different
skill set from every other person yeah you know exactly I learned I learned that the
hard way that with Partnerships like you know
I had the same thing but um I also have learned that anybody I do it's not to
say I won't do another partnership it's I'm going to do it a deal by deal
basis yeah if it makes sense if it makes sense yeah so I do a I'll do a lot of JV
deals with people no problem um but you're not going to be on my company entity unless we start a new company
entity yeah from the from the beginning right from the beginning yeah so um
unless like like if I have a company with say like you like you you came into
with another person and then we're me and the other person's both like okay
this other person here they have this skill set that we don't have let's bring him in yeah yeah you
know and and there's a the operating agreement lists what everyone's supposed to be doing that way if someone's not
doing what they're supposed to be doing you can always at least go back to that operating agreement yeah and it's going
to probably just you know make it easier and if there's ever some squarrels or
something between guys you know everything's laid out it's in writing that makes a lot it's in writing and it's laid out and it's not to say that
the operating agreement can't change life changes we move we we we evolve we
do whatever and you say well you know can you pick up the slack on me and I'll
pick up the slack on you over here and vice versa and things like that and then you're like okay well if it's a
permanent basis let's change the operating agreement right you know like that but uh I definitely think it's
awesome that you're doing that and I'm assuming it's people that you know and trust yeah absolutely right yeah it's like
when I yeah both of them you know they've yeah we hit it off pretty good you know so it was cool definitely trust
these guys that's awesome and this is where getting around people that you
know and trust that you like you um you relate to and then getting having these
conversations and understanding like going to these meetups and like Jay
paltier and a few other people that ran into that are very helpful to you that helps you get into here you know and
helps you like he's going over the whole tenant I don't know honestly he is an
anomaly because I don't know another investor that will put in so much time
with someone just to help them out without payment without payment yeah he
came he came to a different property because I was under comp under contract with two
and I asked him a question and I was like I'm down there right now and he was like I'll be there in 20 minutes to walk it with you if you don't if that's cool
I'm like yeah of course that's cool yeah you know right you know he came talked
about J is watching here by the way so he he a little smiley face told me not to he told me not to name drop him but
like that's that's okay I Nam drop him for you so yeah he yeah he uh yeah it's
just it's it's funny you know I told him I'm like dude you need anybody to like go to one of your propes and do anything
like any way I can bring you some value you know you got you know I want to reciprocate in some way you know most
definitely and I think one of the things that Jay Lives
by I and that I really like because is and I I'm trying to live by myself is
that the more money I can make somebody else the more money I will make myself
yes I will get residuals I will get karma I will get whatever yeah if I help
somebody else make money I will get a piece of it no matter what like it might
that deal it might not happen right away I will get it eventually absolutely I'm
not I'm not looking for it I'm not do hey if it happens it happens great you
know the universe is going to give back what energy you put out there you know if you're staying true to your character
and your intentions are good and you're trying to you know do better as your and be more successful and help other people
be successful and you know be honest it's going to come back around you know like and like you said maybe it's not in
this deal or maybe it's not right away but because you're putting good things out there it's going to come back you
know and you right like I'll make this these unexpected expenses that popped up like I'll make it back I'm going to hold
this property my next deal will be a lot you know I'll know I know what to look
for now it'll be a better um it'll be a better deal because I know what to look for so I'll make it
up there and down the line like I'm not gonna stop doing this so right you know
you just gota keep going and the thing is is that you're gonna get a appreciation if we get appreciation yeah
um but rents are going to go up eventually so you're GNA cash flow flow
yeah yeah so Detroit if anybody doesn't know the Detroit Market um who is
watching the Detroit mark inside proper Detroit uh we just had an article say
that home values went up 800% from previous years and it's not
just one year it's from when they started like they they don't put too much too much stock into Detroit home
value so now that like say if they do it every five years then it's like well we
just hit a big boom and it's because the Detroit areas Unfortunately
they don't have a lot of value in it but the value it does have is cash flow in
rentals yeah okay I've watch them appreciate too a little bit you know just over time and there are pockets of
areas like Bagley Morningside East English Village these are just to name a few there's some on the West Side um
there you know there's a lot of different neighborhoods that the I that
the values there are going up three $400 or 300 $400,000 oh yeah um sometimes Boston
Edison you know uh Virginia Park you know just to name a few and it's like
but unfortunately people who are not from here they go oh it's just outside of
this neighborhood well you can't take a comp from inside the other neighborhood
and that's outside you just can't do it and they try to all the time it's blocked by
right it is it truly is that's Jay's big J block by
block yeah you have Boston where you have a $600,000
house one block over you got about five burnt up
homes it's wild it's crazy some parts are is it is
wild man you know and yeah people are like you're investing it's crazy but you know it's you gota take risk sometimes so uh
tell me how uh what is your next step from here and how do you plan on moving
forward what is your plan plans to get the next one and how can people here
help you get to the next one as well um let's see so my yeah I'm gonna
you know just find a tenant basically find the right tenant I want to get this you know get a tenant in there as soon
as possible and then I'll do the delayed financing I'll get as much money paid back on my heck as possible and then
I'll just live at the firehouse over working as much overtime over the summer because there's a ton over the summer
and you can just throw that at the interest only payments right and so once I get it down to a level where I'm
comfortable at you know I'll start looking for the next one and my next one will be off market and a bigger rehab
because you know if you're if you're going to invest in Detroit you might as
well make the biggest you know get get the biggest return on investment you can you know and people can tell you that
you know and I'm stubborn but you know I the huge rehabs were very overwhelming
for me but now that I've like gone in and I've correlated some things and you know it's really it's the same basically
like I'm I mean I'm sure it's not the same but you know what I mean I'm I'm going to be taking out a bigger rehab
next time so I can get the property at a lower price and most definitely and the thing is is
that even though like it it was semi- turn key that you got it you still had
to do some renovation it was still light renovation but then you got into it and
you said yourself that some of the renovations that they did just wasn't up to par and you had to redo some of the
stuff yeah I had to fix some of that and it you know it's yeah I'm going to have
to like yeah fix it fix up some things that they just you know kind of did
halfway right so if I can do the whole or or you know at least do a lot of the
work that I can do and then contract out whatever else I need to I can oversee it and make sure it's done the way I want
it to to be done you know and now that I'm going to know a lot more about the inspections I'll know when I'm walking
through a house you know what's going to meet inspection what's not because a lot of these little things that I thought would be inspection fine are not and you
know so it's it's just a lot of things added up but you know it's we're in it we're going to make it work and I'm
excited and you know as soon as I get to the a level I'm comfortable I'll be looking for the next one and you know
I'll I'm sure things will happen on that one too but you want to do things people don't do you know you're going to have
to you know be willing to you know take a risk right most definitely so um
before we go on the next one uh Johnny Blanco had had a question uh how did you
get your your section 8 applicant
so uh Facebook groups like Jay has a Facebook group so I put my I marketed my
property there and then also on Facebook Marketplace so that's where I've gone so far and that's I've had a lot of people
respond like you know a lot of them aren't our Market too so yeah and
there's a lot of uh Section 8 Facebook groups out there I do recommend
jeler uh Facebook group for Section 8 applicants um but there's others out
there not just his too that you can post in there and and check them out so yeah
so that one and Marketplace so far okay awesome and did I mean did you take good
photos like how did you end up it's just just quick photos and that was about it
yeah Quick photos and a good description keeping simple so far but yeah later on
I'll probably get fancier and make a video and you know it depends you know so but yeah so far just good got some
good pictures and throw them up there and good description all right so what will you be looking for your next one
what area um criteria what price point are you will you be looking for things
like that I mean I like the west side so so far so I'll probably try to stay on
the west side you know I'm you know probably a Northwest a little closer to
home cuz I'm making that drive it's like 30 35 it's probably 30 minutes for me so going there you know it's it's a it's a
drive here and you know for going back and forth quite often but I mean ideally it just all depends on the deal you know
if I can find one for you know 40 50 or less that makes sense you know it's it's
it all depends on the deal but I I'll definitely feel a lot more prepared and
williger yeah you're in the face group now aren't you yeah okay so now that
you're in there people post deals that all the time you know so check them out
and then see do take it with a grain of salt don't always do your own numbers don't let a wholesale or tell you oh
this is the arv this is what rental is always I'll be doing my own comps I'll
be doing every all that myself and then you got to do like to learn and that even goes for me I tell people even me
like what I think and what you think maybe two different things y you know so
I try to be as open and honest as I can but you gotta run every investor has to
run their own numbers absolutely so and that's where I that's where I think by
you doing all these deals and getting them either under contract even though you lost them I you still ran these numbers on
every single one of these properties and you learn something new from it oh I got to add that oh got to get rid of that
one you know on the next one now I know to look for that you know yes and now you
actually went and got a property you you got it you're getting it rented you re
you're rehabing it now you know what to look for on the things that went wrong you know but there's going to be some
new things that come up as well that hey we'll go to Jay you'll you'll come to you know somebody like you know you'll
come to me and hey what is what do they mean by this what does this mean what does this you know what does this look
like so on and so forth you know absolutely it's it's just about networking you know as much as possible
y I got a lot of people that I trust that are you know in the real estate game that are good at what they do and
uh you know it's definitely you know it's scary when you you know you take you take the plunge and you close and
now you got this property and you got this you know money is on the now now you're got skin in the game but I mean
you got to do it eventually and you know it's and you're realizing hey time is
money you got to get this done you know yeah Abol you're paying that that helck
every month yeah it's getting paid so someone needs to get in you somebody needs to get yeah so um we're gonna make
it happen most definitely so how so we're we're coming I want to be
respectful of your time you know but we're coming to you know close to the hour hour mark here but I do want to go
over I if you can come up with one story of something that and it could be
whether it be in this deal or whether it be a deal that you let fell through because of something happened um
a a of something that happened that you're like oh crap I had no idea about
that um and then you found it out and how did you remedy it and how did that
help you going forward okay
um yeah I mean I know I rambled on a little bit but good man I'm good it's
all good no I it's still in this deel too it's the it's this garage that I have so the garage is a little in worse
condition than I thought it was so I'm not sure you know people have told me you're going to have to tear this down
people say you can padlock it and it'll be fine and then if I want to get it up to code it's going to cost it quite a
bit you know so the garage appeared fine
it you know I didn't think it was that big of a deal but now like the concrete needs to be fixed the you know the
wiring there's a lot wrong with it so I'm probably going to end up tearing it down but okay you know just analyze
everything very deeply you know when you're when you're going through the things that you you know just just talk
to people that have done what you're trying to do and yeah just really listen you know and
an make the an you know analyze those things and you know it'll help you be more
prepared that's awesome hopefully yeah hopefully I'll just you know padlock it
for a little bit and have to tear it down later but Jay says no
yeah I don't know what he's saying no to but I don't know about maybe tearing down or something tearing down the
garage well we'll see I mean he hasn't seen the garage yet but either way
so garage does help you know if you can do it for relatively cheap you know then
it's worth saving but it just depends it really does depend on you know the
inspector might not even care um as long as you pad loock it or not you know like they may not even care and then that way
you can slowly just start to do fix it up as as it goes so yeah um now if it's
in pieces like where the the roof is caving in and then it's not that bad but
just really the concrete white you know the the door there's just a lot of things in it that you know yeah I
thought I thought at first glance it wasn't going to be that big a deal but now I'm thinking it's going to be a bigger deal than than I thought it was
concrete and and and a door easily saved yeah you know the biggest thing is if
the walls are or if it slid off the foundation of the things like that so um
concrete uh you can get that I don't want to say cheaply because cheap is is
relative term but there are ways to remedy that situation yeah and I'll get
a few opinions on you know it's like on quotes on what I'm going to do you know so it's and make the best decision but
yep so that was just the first thing that came to mind you know it was one thing that I didn't think would be a big
deal and like also I thought the electrical was all good in this house and then you know things aren't grounded
right and you know then I got after that it rained for three days last week and now I got water coming to my electrical
box you know it's like things are going to happen but you just got to go into it you know you gotta roll with it and see
yeah you know and it's trying enjoying this part of the journey too because later on when I do
have several I can look back you know remember that first one you know so what are your goals going forward in the
future and you know um like how how many do you want to have how many too many
like what is your goals in real estate
um sorry you're breaking up a little bit there but oh sorry I mean I don't think there's any such thing as too
many but right right you know I'm 34 I want you know hopefully 10 by 40 years
old 20 by 50 you know I think once I learn a lot more I'll be able to scale
pretty fast so those are like a long-term goal that I'm going to you know hit
and we'll just see when I go from there maybe I'll get more maybe I'll be content you know but we're focusing on
the first one right now you know I'm still the new guy I got a lot to [Music] learn and I'm just just learning every
day just waking up ready to attack it and you know enjoying the process just
this is the beginning and I know it's going to work I don't know it'll take me a long time it's going to take a lot of work and I'm willing to put it in so one
property at a time that that's all we can do that's all we can ask for that's awesome so I do appreciate you coming on
here um and you you sharing your story um I do want to uh you know at least put
out there that if you do need anything don't hesitate to reach out like i' love
to help out in any possible you know if I I I and I tell this to anybody out
there even if you're listening right now my number is right here below here if you need any qu you have any questions
feel free to make shoot me a text give me a call if I can answer I will if I can't I'm gonna be honest with you until
I can't but I'll try to guide I I'll gear you towards someone who will right
you got resources too so I got resources yeah yep so um with that being said if
you do want to come on the show with us please do let me know you can shoot me a text shoot me an email uh my emails
Randy bu houses Mii gmail.com um and kind of go from there
so uh we'll do our outro uh just stay here we'll we'll talk afterwards I'm gonna bring you down all right sounds
good appreciate it nice chopping it right appreciate you appreciate it appreciate you having on and you know
thank you um for coming on and sharing your story man absolutely thank
you awesome thank you guys I really do appreciate you coming on and let and
showing me I or allowing me to tell everyone's story as much as possible and
I'm just trying to help out as many people as I can I show as much love as I
can uh if you want to join our Facebook group it's Metro Detroit off Market Real
Estate Group there's a picture of a house on there I and it says a for sale
sign so check that out I we have over 7,000 members at this time of this
recording I love you know putting out there as many people as we can and helping out as many people as you can
you can post your deals in there just don't spam I you know I I will delete if
it's spam so uh with that being said hit me up if you want to do any JV deals I'm
a wholesaler as well um I eventually will do some rentals myself uh but let
me know and we'll get on there until the next time let's all do deals together.