Hey Everyone On Episode #16 We will be talking to Dexter B. Jenkins about Fix & Flips as well as any projects he has going on right now. We will also get in to his overall investing strategy. Tune in because this is one you don't want to miss.
Dexter B. Jenkins is the managing partner of Dominion Real Estate Holdings
(DREH). The firm is an investment company focused on “value-add real estate
opportunities, house flipping, wholesaling, and real estate project consulting.
Dexter is a licensed realtor in the Commonwealth of Massachusetts. And both he
and his wife Kendra, are alumni of The Brownstone Training and Education
program. Brownstone is one of New England’s premier real estate investor training
programs.
With a passion for financial literacy and real estate. Dexter is the host of The
Wealthy Conversations Podcast and Let’s Talk Real Estate television program
shown on The New England Christian Television Network.
www.Dexterbjenkins.com
www.dominionreh.com
This is for everyone out there who want to know about Metro Detroit Off Market real estate. We will be interviewing people every week and taking questions from everyone in the comments or they can come on video with us. we will post the link in the chat when the LIVE starts for those who want to come on video with us.
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You know I'm a little more strict with what I'm I'm looking at
out there in YouTube land and our Facebook page on Metro Detroit
off-market Real Estate Group I want to say thank you for joining us if you're
watching right now live by all means hit in the chat and ask your questions as we
go all right I you will be a part of the show so with that being said what we're
gonna do is we're gonna I'm introducing Dexter B Jenkins I met him at the
Detroit real estate Expo my God I'm gonna tell you right now he is a wealth
of knowledge awesome guy and you know he has a lot of you know tips and and
tricks and just life experiences that you can share with us so that we can make sure that we don't do those
mistakes at least try not to anyways so with that
being said let me bring know Dexter Dexter how are you doing what's up my
man good to see you I'm glad to be here I'm excited to be here tonight and you know hang out with you with your tribe
awesome so I'm happy I'm very happy to have you here
so you know with that being said have you ever been to Detroit since the Detroit real estate Expo no no no it was
the first time that I had ever been to Detroit I've been in a lot of places because I was I was a basketball player
I played okay you know we would travel different places so Michigan yeah I think I may have gone to Michigan once
or twice but I've never been to Detroit and so I was super excited got it about going actually my second time because my
Publishers pan Perry lives in Detroit so she did a workshop for us the back in the last year
so that way I'm thinking that was my second time but it was my first time really going downtown and driving around
and getting a sense of what was going on you know so my son and I went by where the Ryan play and you know just
drove around so it was cool yeah that was awesome so and that's the
thing like I don't want to get too far ahead of ourselves but right but there was one story that you said at
the Detroit Expo that hold on at the Detroit Expo they he's like yeah
this is the first time I came through here and like I'm gonna let me just have you tell the story about you driving
around Detroit and and trying to find some deals or something like that so I
I'll let you tell that story not me I don't want to be there what what because what you know what what I was doing I
mean any City I go to I like I just like to drive and get a sense of what is like you know so we stayed in Southfield
okay okay Let Me Drive in to see exactly what a hotel is and all that so I'm not
before tomorrow morning and so yeah yeah so Cam's a camera with my son he said he
said dad I need a couple things from CBS I said okay so we were downtown at that that weekend if you remember Randy it
was the the Grand Prix was the Grand Prix I mean
everything was blocked off so we had to drive all around and do different things and so we ended up driving and what I like to do is drive
downtown and then gradually go out and so you know maybe maybe 10 or 15 minutes
out from downtown we just start looking at all these houses that were boarded up burnt up and
all that and so what I did was I took a couple pictures of them and I I picked up the presentation but I was saying
what my point was that a lot of times because you have lived in a place for so long you don't see opportunity and so
you know I I I don't know that because I haven't spent enough time in your Market but I'm like look the these are these
are these are houses and neighborhoods that you know need housing and if downtown and every and everything that
I've seen Randy is this yep renovate I would say a Renaissance starts
downtown and it gradually moves its way out yep so if we could get ahead of the
curves okay this this is three blocks four blocks 10 or 15 minutes away from this the episode of everything I hear
and fix up here because eventually it's going to be valuable most definitely so it was crazy because
the way you say is you're like I was out there to take out some pictures and no I didn't know what I was
gonna do hurry up take some pictures or hurry up get in the car yeah because I'm saying you know I don't know what
neighborhood this is you know right I'm a city kid there's certain Hood you didn't go into yep and so yeah right
quick like it you know not that I was scared but I was just like hey I don't know what what is what you know and it was still here like that there's certain
hair they're certain her to say you don't go to here too yeah yeah so if you do go you go strapped
if you do go you go strapped like yes yeah so but but you know I'm just trying
to illustrate you know that there's opportunity everywhere you know and I think a lot of times because of what we
hope we'll get to in a minute our minds are closed up because I talk a lot about mindset you know I believe the
strategies are real are very easy so if you wholesale Fix and Flip commercial
multi-family strategies but it's really the mindset that many people need to develop include on myself that will
allow me to build wealth and so you know my first my first point when I talk you guys listen we've got to decide to be
wealthy and I think a lot of times people don't make that decision they well you know I want to be comfortable I
want to do this like no no you you got to decide to be wealthy I just read an art I just read a a damn post before I
got on them just got on the what's it called you got on the show with you right now now and Boston they said now I
don't know what the drug would be they said in Boston that a person who makes minimum wage would have to work a
hundred and four hours to pay for a one-bedroom apartment
so so let that sink and there's only 168 hours in a week yeah so a person who
would want a one-bedroom apartment in Boston would have to work 104 hours to
qualify for that and so my point being is obviously that we want to build affordable houses and all that but my
second point is this hey man you you can't afford not to make the decision to go for it most definitely and it is a
total mindset you have to decide to be wealthy right if you don't decide to be
wealthy I'm sorry but it's just you know you're going to limit yourself
okay as soon as you limit yourself you put ceilings on you as soon as you put ceilings in you're gonna come right up
to that ceiling and then you're just gonna hang there yeah yeah because because I I think I mean look at a town
like yours there was a time where because manufacturing was big and all that well you could have a decent job
and have a decent house and you know not necessarily have to aim to make that much that much money per se but they'll
but those times have changed and so you know there's a line being drawn between the Haves and Have Nots now the thing I
like about real estate is that I think that a lot more people can become wealthy
real estate if they learn get the right mindset learn some strategies so that's what I like what you're doing is really
trying to Enlighten people on the different strategies and and
really expose them to different people in the industry so whether it's me or other folk that I've seen on your show you know you're trying to give them
different perspectives and sort of hoping they can latch on to one strategy or two strategies and and have to help
them take them on most definitely and for anybody who is watching just to let you know put your questions in the chat
and we will answer them so with that being said I you know tell me a little
bit how you got started and in real estate in general so you know like tell
me I mean obviously you weren't born out of the womb real estate okay for sale sign
you know investor right right right you know come on come
out of your mind come out of your mommy's like for sale yeah
it was I mean I I will say I grew up around it my dad was a okay it was it is
a barber and he's always on real estate and so you know the house I grew up in was a
two family he had a the barber the barbershop had a commercial property on the first floor and then I had three
units on top of it and then they have four garages and so so in many respects I've always grown
around it but then what happened was when my wife and I bought our first three family in Dorchester in 1998.
is I guess that was my first and first buy but I really didn't start thinking about becoming an investor and using it
as a wealth creation tool until really about 2016 is when we got started and so
you know there was there were a couple people in my church who had had just went through this course
and they were there just they were on their first flip so I'm I'm reading through my emails one day and I was like
hold up this couple of that because the couple has a very distinct name their their last name is forts Fort yes I'm
like hold up there's could be only but one force and so when I and so when I
saw them I was like you know what if they can do it I can do it you know and so that that sort of got me started so I
went through the same controlling training program they went through called Brownstone training and
development so I went through that and then my wife and I you know have been have been engaged ever since so 2016
2017 is when we really got engaged and got started awesome so when you got started
2016-2017 right right use What were what was your strategy and how did you
come across that strategy yeah well we we were fixing to flip but it's still predominantly do that you know so the
program was you you paid x amount of dollars and then you shadowed somebody for I think it was eight plus I think
and then if you wanted to do a second deal they would funded and sort of walked
through and so so the first two deals that we got involved in they funded and and sort of watched us do our thing and
then after that you know we were on our own which you know we were fine to do but so was this a court like a course
or like a program that you who is this put on by it was it was it was a course
you know so it was it was mostly you know we had some some classroom stuff but it was really Hands-On you know so
you they gave your project manager and you really Shadow to him you know because the only way to learn this
business you know Randy is to do it you know you could read a book and found the books and things are good for come you know for concept's sake yes well as far
as you actually doing it you know I always tell people you know if you wanna how do you deal with contractor
you have to deal with contractor how do you do a flip you have to do a flip you know so there's just some things you can't learn in the book you have to this
is a very Hands-On business yeah and so you know they allowed us to be Hands-On without putting out a lot of money up
front and then yeah you know and so what happened was as we became more comfortable and recognized that we had a
big brother and a big sister behind us yeah to go forward so the you know was it worth it first
off putting like how much did you invest into that program yeah initially was 25
000. and and and it was work I need some water on that
now now that was what that was a program that we got into now I I know
some people whose programs lowers lowest five thousand seven thousand yeah you know but for us that's what we felt that
we we felt comfortable with them and then we had actually two people I know
had gone through the program so I was able to run it by them and get a sense of what they thought about it and then
after that you know we we've been all in but you know whether it's Randy whether it's 25
000 or 5 000 or 2 000 people have to make an investment in themselves and most definitely most definitely a
lot of times people people run away from that you think about how much money are we willing to pay for college and we'll
pay hundreds of thousand dollars without the guarantee of us having any income coming out on the site now I knew that
if I paid 25 000 number one I was going to pay attention number two I was gonna make some money
off this thing and so you know and and I mean and this is a message anybody out there
mentors help you speed up your your your your success because you can spend a lot
of time out there trying to figure it out on your own and then you know you're spinning your wheels and most of the time you'll become discouraged and quit
but a mentor whether it's paid or unpaid you know so sometimes money sometimes you can do things for people
where you can fill in the gaps where you maybe just on bottles or some things you know how to do they don't know how to do but you can help them and they can
help you and so they can they can speed up your success right most definitely I you know first I
Victor Bishops asked what was the name of the program got no Victor Victor
it was a brown Brownstone training and development Brownstone training development and
development yeah that's awesome so the thing is is that I I I gotta reiterate
there's a lot of people out there who say there's these gurus out there I don't want to purchase their courses and
this and that in my opinion okay everyone has a bad
stigma of courses and mentorship and and this and that
if it's a good course if it's a good mentorship it is 100 worth putting your
money into it look at real reviews look at real people who've gone through it
and and talk with them but you have to invest in yourself right
the biggest thing that you're doing from that is you're taking the time away from
your all their experience you're allowing them to teach it to you and now
you're you're basically taking their time and experience and shortening it
with you you know so it's a cheat code it's a huge cheat code cheat code okay and I
will say this there's one thing that I never have done yet I have never done just you know and I I do regret it to be
honest but I learn by doing I have to do it you know so anybody who's out there
looking to get started or they're an analysis paralysis get started period I
don't care whether you're fixing flipping you're you're doing this you still run your numbers but talk with a
it could be a mentor that you partner up with it could be a venture your pay it
could be a mentor that you if it's a wholesale deal you JV with right it doesn't matter okay you know you're
going to get their expertise but then don't blow off their expertise and just do whatever you want
this is a problem I see is I get a lot of people who come to me and ask for wholesaling advice hey you know what's
this because I know Detroit I know what my buyers are paying in Detroit okay
huge advantage and so I tell them hey
you got it locked up too high you need to be XYZ they get it
and basically they get it under contract what I told them they could sell it for and then they try to sell it for hire
and I'm like you're going to have a hard time selling it right okay essentially
you're looking for the beginner investor to try to come in and overpay
and you're never going to do business with that investor again
okay so I would rather you know sell to an investor at a good
price that way I have that investor for a long time so that's that's always been my strategy
okay I can call them up and I'll win and be like hey I got this property over
here blah blah blah here's the address what what do you think you'd pay for it you know this is the condition blah blah
blah and they can give me okay great I'll let you know if I get it locked up thanks
go to negotiate blah blah blah okay come have him walk through yeah price sounds right all right great
all right sold I never marketed it never not once I have about five to ten people that I
can do that with actually less than that to be honest so it's like that's where you build
these relationships right so alright and I think Randy I mean
whether you do a paid mentorship or whatever I would encourage anybody listen you
the time is valuable but time is the most valuable asset we have and when you rub in the desert trying to figure it
out on your own you know you just waste a lot of time and a lot of opportunity you know so
you know don't be afraid to invest in yourself through any program is what I would say now so you guys like you said
do you due diligence you know check them out for that good you know check out the community make sure that they're not
just updated to make money off you but you know if a person has a good heart and they really care about their
students you know go for it most definitely so after you did that program
I you started fix and flipping and was it with just you by yourself did you
work with a partner or was it you and your wife like how did that stress my wife me and my wife have done our
everything we've done together you know and so okay after our first two flips
you know what we did was we went and got a multi or two family now all right now so this is right
around coven is when all this stuff kicked off and so you know we which is a
whole other story but you know trying to do anything during covid where you know people people were were not trying
to come to houses and people are not trying to be around people and all that you know so we got caught in the middle so we had two projects in the middle of
that when we end up sort of wholesaling and then the other one we actually finished and we kept you know so that
was a whole a whole nother story of you know having to persevere with the city and the city wouldn't send people out to
do inspections and you know but while all that's going on I'm still paying my
hard money lender and all that you know and so yeah it really was
a lesson in perseverance and keeping going and all that you know and so when we finally got the program the project
done got it running out you know that that that probably kicks off 2 800 a
month for us every every month you know but it was worth it you know but if it was difficult because of you know the
time period that we sort of fell in when yeah we try to do it yeah most definitely first I have another
comment from from our Facebook group Anthony he's like this is who I wanted
to see on here good stuff so yeah it was it was really good so Anthony
actually came out to the Detroit real estate Expo and saw you there so that's awesome so with that you know you
have the that is it a was it a Buy and Hold that you that you fixed up or was
it yeah it was a Buy and Hold so we did it you did two during covert so we did one was about holding and one we sold on
the back end I think we were just coming out of code we flipped okay so it was just a very
interesting time to be doing business okay you know because people were still somewhat you know so you're doing an
open house to Market but everybody has masks on it you know are you are you still doing flips right
now like how many flips a year are you doing right now well two or three I mean
I mean some of our business more Consulting okay
so we've done I'm in the middle of three right now so one not as I'm telling you before in
seven unit in Boston okay yeah yeah I'm going to tell you about that one and then I'm concerned yeah yeah so we'll
get into that story in a minute because because that that story is Halloween yeah yeah yeah yeah yeah exactly right
yeah so yeah about that so we could finish up that one and then I got one in West
Bridgewater I'm project manager for my mentor and then the other one where we're Consulting on the one in Milton
Massachusetts so we got three on middle three right now and then yeah the goal heading out of this year is to get
two of our own and then you know really begin to crank into going into 2024 or something okay multi-family stuff
so with you Consulting is it are you getting like an equity share Consulting
do you have to put the money in or are you just running the project for them with a fee yeah how is that working yeah
so the project manager is we're getting a portion of the product the 60
40. so they get 60 40 and then I'm probably end up listening too because I I am a licensed realtor so you get that
and then on the other on the other projects it's just a flat fee I mean these people I know so I charge them 10
000 on the back end yeah just to sort of walk with them through the process you know because they're just a lot of
things you don't know going if you've never done it and and I'm sure there's a different
level of Consulting versus you you actually being a project manager versus
okay come to me when you had questions right you know okay let's meet once a week and let's
go over your budget let's go over what you're doing and and then okay no you need to make this change this change
this change otherwise you're gonna see this and that yeah and on in our consultant we're very Hands-On Randy we
went yeah Power people and you know because I like to I like to get in my hands dirty yeah so to speak you know so
we so the two Consultants that we're doing now and we've been very involved
you know so we're going to walk the site once a week and you know just to make sure because you know you have to inspect what you expect yeah you know
I've I've met contractors but at the contractors so I probably should have charged more with what we did yeah you know but it
was it was just what we we felt we needed to do as we yeah into that Consulting Space is really get our hands
in the middle of what it's going to look like and going forward you know but we want to make sure most definitely well
you know so you got to make sure that things are good so most definitely I am Michael Ostrain
austral stranger and I'm sorry if I butchered another last name how he asked how are you finding your deals
Michael everybody is trying to find a way to find deals you know this is this
business so you know yes I have I have many relationships with people like Randy at my market probably three or
four good wholesalers who send me deals on a consistent basis I'm also a realtor
so I'm always looking for things that come on Market you know so they're basically two into five deals on Market
off Market both of them work most of the time off Market a better deal but sometimes you can sneak up on some
things on Market so I would say couple thing number one behind the good wholesalers in your area
to find investor friendly Realtors so
these are individuals who know what an ugly house looks like what cat piece smells like and all of that and they can
and they can see past all of that so I would say investor friendly friendly Realtors I would say go to your
local rias you know we call them ribs here you know yeah so associations where you know people
are talking about deals and how do you find deals because a lot of deals happen between friends and then you know the
fourth thing I would say is also just start start talking to people and letting them know hey I'm an investor
now you may not feel comfortable doing that because a lot of times people I'm just getting started I haven't done anything
what you gotta do is borrow the confidence of the group you know so I
have Partners you know who I'm working with and we're looking to buy some properties in your area you know so
those are the four areas I I I recommend people get started in most definitely and one thing I got to add to that is
when you get to know your wholesalers network with them get to know them tell them your criteria exactly okay tell
them exactly what you want and then don't sit there and say I'll give you an
example here in in our Detroit area Okay you know I get a buyer comes to me
and yeah yeah I I don't you know I buy in the suburbs I buy anywhere anywhere in the Metro Detroit area I go
okay do you buy Detroit property inside Detroit right okay and they said oh no no no no I don't do
that I go okay then you don't buy anywhere in Metro Detroit so all right so what areas do you
actually buy in right be specific very specifically be very specific then when
you see they put you on your list and they're sending you all their inventory
say even though it doesn't meet your criteria don't ostracize them and email back take
me off your list this is not my criteria blah blah blah if you don't like it ignore it and move on exactly because
guess what you're not going to see the one that does meet your criteria that comes out on your list
okay and if you send that back and do that that wholesaler will not work with
you again right okay I've actually had one person on my list that came back and said
that all I did was I emailed them back and said I am very sorry for that my one
email inconvenience your time and don't worry I will take you off my list and
you won't receive anything from me ever again right I was being so condescending
it's hard to do it over email but still and I I just sent that email took them
off my list and that was it like don't ever do that don't ever act like that
Bad Business you know it really is arrogant and bad business and it's not
how you treat people you know I mean I get stuck all the time that I'm not interested in to your point it goes to
my trash yeah I've lost nothing you know what I mean you know so I just think that
you you have to and this is sort of hokey dockey Okie yeah you know sort of you know I guess goody two shoes you
know treat people like you want to be treated definitely you know and and I and I think that and particularly in our
business it's a small community so if you get get the reputation of being a
jerk nobody wants to do business with you yep so I there's a few people in the
groups like that so I ain't saying any names you know and I think anybody out there
is listening who's from the Metro Detroit area has spent enough time in the Facebook groups they know exactly
who I'm talking about yeah so unfortunately they're not just in Detroit they're here too yeah
so so tell me what your Market is real quick tell me where your Market is so everybody else knows I I think I
remember you telling me but yeah I'm in Boston okay I work from Mostly Boston to a
town called New Bedford so that's probably like a 45 minute okay that I
saw the work in mostly okay you know you know because I think you can't spray yourself too thin and even that might be
two right too too far right there you know so you have to work what you are and then you know I'm thinking about
coming out by you guys I'm actually coming to your meeting on July 20th okay you know just just to hang out and get a
sense of you know opportunities out there in Detroit in the Michigan area you know because what I what I what I look at is can we
make the same amount of profits with the lower entry point and I just think that you know I met good people like yourself
I'm not like I said my policies there and so you know we're gonna come out there and see if there's a way that we can partner with some of you guys and
help you guys you know bring Detroit to the next level most definitely and so
just just because you brought it up for July 20th we are working on a a meet-up
a real estate Meetup through the 2XL team and so that is in the works
at the moment so they're they're looking to work with me on that to to help host now we haven't got a location yet
but we're working on it so right but yeah it's it's gonna be fun so
yeah and I plan to come out a day or two early to look at some properties so maybe the back while I'm out there yeah
most definitely I'm always happy to to connect with you and and that anybody
out there who does have properties send them my way I have buyers like Dexter yeah exactly
actually one day the guy Victor who who asked the question he's one of the guys
who asked me about the choice so I got people very I mean my area and coming out and you know just saying what you
know Detroit has to offer yeah most definitely and I'm always happy because like I said I I consider myself I don't
want to say I'm an expert at Detroit but I am a I think I'm a really good expert
at comping in Detroit okay okay and comping in my opinion from what I've
seen for the rest of the country I maybe all you can only speak of the East the you know eastern part of the United
States I don't know about California and all that but at least for the part of the eastern part of the United
States Detroit is the hardest in proper Detroit inside Detroit is the hardest to
come okay because it is block by block okay period like it's you really have to look
at the blocks and the neighborhoods got it so that's you know but the thing
is if you're looking to do buy and holds it's all about the cash flow
borrow you know your return on investment and your cash flow right but you got to have the right team in
place right that knows how to deal with the area so
alright so with that being said so what is it you're doing right now that
say I know let's talk about that that seven unit but I want to talk about that
seven unit the seven unit property I bet you do you know I want to know first off
let's go how you got the deal right then we want to Deep dive into
all the problems yeah that happened
and then what is your end strategy if you've already closed on it or anything like that like you know what do you plan
on doing so so back to what I was saying that this seven unit was a was the one I'm I'm Consulting with it was a couple
that I married So I Married them back in oh my God probably 2012 is when I'm married back 2011. yeah and by the way
you're a pastor I am a pastor yeah so so I married them so this is a couple who
this guy who I knew he said Dexter I had this seven unit property and he'd been
talking about it man for about seven years I'm like look I'm tired of hearing you talk about that you got this unit I
said this is your year to get this moving and so I I called them up
walk the problem with my wife went out now Randy this house had was dilapidated meaning destruction was
good but the roof was coming off there were pigeons living there squirrels all that so you know we're stepping over
pigeon pool and everything you know
so I'm not phased by that dude I'll tell people listen that and remember when
Tommy Jones was talking to us oh yeah the cash is in the chaos yes so it was a
bunch of chaos around so I'm just like there's money here oh yeah but anyway so he inherited the property oh that
means that his his grandmother bought it for like 30 000 maybe I think he said in
the 60s and 70s so okay she she left it to him
and then what he did was you know he just he just paid the taxes on it and so he had people he had developers
coming to him who offered him three million dollars as it was wow
so three million dollars with all the bird pool and the pigeon
poo and everything yeah squirrels pigeon pool a roof not collapsing but you
know there was water coming in all that he could have got three million dollars for the property so that tells you where
it was now the reason why I'm saying this to you because we talked about this earlier right Randy that it's not it's
maybe 15 minutes from downtown okay Boston so
has Austin developed and stuff is starting to move out yep or probably
that his grandmother paid three thousand dollars a property that is dilapidated he could have got three million dollars
for as was and so now we're developing it and so the the bank is estimating
it'll be at least worth on a low end 5 million and probably somewhere closer to six but okay as I was telling you
before as we were doing this the con the original contractor that we hired died
on the project I've had contractors run out I've seen
contractors run out on people I've seen them run away with the money I've seen gone yeah Costa Rica seeing them they
you know do whatever I've seen them just go out and blow all the money on drugs and things like that
I've never seen one die I've never had that happen either so so the guy said to me he said he said Dexter he said have
you ever gone through this I said heck no I've never I've never had that happen so I I so we're so we're on a three-way
call Randy on Monday talking to the guy about some things we need to do because we were we were expected to be done by
now but we had a couple of things things go wrong with inspections and then we have some problems with
the hard body language so we got to work through some of those things but we were expecting to be done in June and so
we're on a call say hey man these are things we gotta get done our goal is still to get done on about late by July
that's on Monday on Thursday I get a call from my my client he says he said
Dexter he said the guy died I said what are you talking about I said we were just talking to my mother he had a
magical heart attack and he died you know so now that means that you know we had to figure out hire a new contractor
which we did we had to walk him through the scope of work all that and so now that project is starting to kick back
off and after the Fourth of July and so it'll probably and it would probably estimate it'll be done hopefully by
around Christmas but okay you know it was just very challenging obviously it's very sad because you know the the the
the guy who died was only 53 he had a young daughter and all that you know so that was Saturday perspective but then
you're obviously looking at man I I got a the loan is for a million four on this
property so that's the is that the budget yeah yeah the budget is a million four okay
so you know we gotta still got to finish this project because the people you know they're they're cutting some Slackers say hey look get through all that stuff
first and then we'll pick it back up but you know you know and that as unfortunate as it is life goes on and so
we still have to I obviously the guy who passed away so we he was buried and all that but now we're looking to re-engage
and so you know like I sold to you that day you know and I was telling the crowd that I said man just something in this
business yeah you know that you you've never arrived you're always in school there's always things that you can learn
so I to your point I've heard people run away with the money I've heard contractors misspend the money I've heard people get sick I've heard a lot
of things but that the passing away piece I've never heard I've never heard that either and
that's crazy you know more most respect and my condolences to that family by all
means but the Project's got to move on you know so on you know so but because Randy
this is what the deal is like I said this this probably will be worth somewhere between five or six million when we're done and then he's expecting
to get about three thousand dollars a month in rent right so real quick I just
want to go over those numbers real quick all right in the beginning his grandmother
paid thirty thousand dollars correct okay in 1960 ish time frame okay
passed it down to it to her son okay or is it grandson yeah grandson grandson
sorry grandson passed it down and he's just paying the taxes which are probably
was it a a couple Grand a year it was it was a couple thousand a year is what it
was a couple thousand a year okay so over the years he's just paying the taxes on it just trying to get you know
whatever now he got an offer for three million
as is as is as is he could take it and walk and do whatever he wants
but what he decides to do is say I'm in it for the long haul and for Generation
wealth I'm sure he has children pfk he has three so he wants something to pass
along to his children like his grandmother passed along to him correct and he wants to make it where it's cash
flowing constantly okay so what does he
do he says all right let's do a loan we'll do 1.4 million on this budget
put it through there and it was a three we'll call it a three million dollar evaluation in the
beginning right so five to six million we'll call it we'll call it six million
okay right there so 3 million plus 1.5
million or 1.4 million he just gained 1.6 million dollars of equity correct
right off the bat okay by putting 1.4 million dollars in
there and not taking the 3 million now that is not where it ends
it it also pays three thousand dollars of cash flow is that right correct like
after everything's paid yep okay so cash three thousand dollars of
cash flow per month that is someone's salary well no no it's three thousand dollars Randy per unit
so seven times 3 is 21
000. so he's getting so he is that ever but is that after after the mortgage
paid and and no no so that's crazy that's pretty so so you know I don't know what I mean what it would be you
know so just okay he did the math but but just think about the fact that that
well gross will be 21 000 about and then obviously you got a mortgage of 1.4 so
you know because we may take somebody out to use something to go do something else with capital and things like that
exactly you know so he could realistically still get about after
everything's paid cash flow about three to four thousand dollars a month okay after everything's
paid I'm saying right exactly okay I'm thinking closer to ten right right
yeah that is someone's salary in one multi-unit
okay that is someone's salary for the entire year
you know and if you extrapolate that obviously right but it is crazy to think
that is that's what's called generational wealth and that is what you need to keep doing
that's my goal eventually I'm wholesaling right now but eventually I
want to have that generational wealth I want to have that cash flow I want to have that and I will eventually okay
maybe not right now but I when opportunities come you know so with
that being said that's how you have to have think with that mindset you know so
so he's thinking about potentially after it's done
refine cash out refi to put something else in that's the goal
you know so I'm already talking to him about what's going what's our next project because I'm like you got this cash here let's let's go do something
else you know and so that's that's sort of our thinking so you okay good with this private cover projects in 2024 but
you know see what I told him and I'm telling our audiences once you get one
multi-family matter of fact it'd be one single favor mostly multi-family you know that's your Golden Goose
you know so you can you can take the cash flow I'll live off and then as an appreciate take Equity out you know and
go buy something else you know so that's why I think that the process of you just getting your first property and learning
something strategy we're talking about tonight in the Bible says on the guys that you've talked about probably before I have you know it's just it's
just phenomenal way for you to build wealth for you and your family most definitely you have to start
thinking that way if you don't you're only going to get into the cycle again you know
I started I'm starting as a wholesaling but wholesaling is just right now money that's it
the Buy and Hold is the the the passive income I don't want to
call it passive income what I call it I I call it semi-passive
it's because nothing's ever passive you know because it's ever faster yeah yeah there's always a management capacity to
anything that you're doing it's semi-passal but you know I look at like you said wholesaling fixing and
flipping is today money whereas you know buying holes is is your some today
money but also big more importantly issue tomorrow morning you know and so we're looking to balance those two
things out and then we're not even talking about you eventually getting into lending if you want to do that you know there's a lot of ways for you to be
able to to use this thing called real estate as a wealth creation tool for yourself
most definitely and that's the thing like you know so how does it now
how does somebody get with be able to be have you as a mentor or have you as a
consultant or come through and be like hey Dexter I I need your help you
know this is my first deal this is I I you know I kind of need somebody to walk through all these steps you know
yeah well real quick real quick real quick I have
a and and all my questions I have is called a selfish question okay
is because that's it how could we do some deals together
exactly I'm asking for my friend
I mean part of what I don't know if you remember I was saying that we were doing an event the week after you guys okay we
did our event and it was for now week we had about 60 people in the room Victor was one of them Victor Bishop who asked the first question yeah with one
of them man and we really talked about all things we're talking about now on some level how to find deals how to how
to how to Fix and Flip you know how to find lenders and all that you
know mixture between hard money traditional money so we so we spent some time and then we talked about taking the
next steps because after you go from inspiration there has to be some sort of implementation yes and so you know we're
in the process of a process of starting some sort of mentoring program right now but just right now it's been very sort
of off the off the sort of off the cup but you know really inform what people that I know that say Hey Dexter I'm
doing this and you know because I have a love for Real Estate I just like I'll go look at anything I'll go look and then
you know but I what I found is that because my time is valuable because I like you said I'm a senior pastor and
then yeah I also do a lot of things around financial literacy so I have a teaching stuff I do around that and then
also the real estate piece you know we found that you know we we had to start charging people because it was just very
time consuming and so what I always believe that when people pay they pay attention so a lot of times if you do everything
for free people don't value it and so you know as people start to reach out to us that's that's what we've begun to
do and you know what I gotta say I've actually come across that myself
you know not not for me as Phil is taking it from other people it's me
offering my consulting services for free to other people right they they say they
take it they take it in and then they they don't they don't do it to all the
way I'll put it that way they may take a little piece of it but they don't do it all the way and they'll think oh yeah he
doesn't you know he doesn't really know or he doesn't if I can get close that I'm like
you know it's that story that I told you in the beginning where wholesalers come to me and they ask me my opinion and
then then they get it under contract for for what I told them they can sell it for right okay well you're gonna have a
hard time selling you don't have a hard time doing that okay and I'm not saying
you can't sell it because there are people out there that do buy or higher ends higher rates
you know I I was specifically talking about the buyers that I use you know and
the reason why I use those is because I talk with them I see where they're
buying I see what they're doing and I know the areas you know
and kind of go from there I know as a wholesaler you have to know all the strategies right okay you have to now do
you have to do every single strategy no but you have to know all the strategies so that you know the numbers and you can
Market it towards that that type of investor you know so I've been seeing that
in my end where I do offer free one-on-ones to people right yeah me too you know I offer free one-on-ones and
anybody who wants to talk you know hit me up my number's right here at the bottom and as scrolling here is my
number and email if you want to have our JV with me so where I make my money
is if you want a JV ant with me on a deal then we 50 50. JB
that's where that's where my goal is so I don't pretend to be some Guru
I'm just giving you my experience that's it labeled me as a guru I'm not I I would
never do that and and I think that's powerful because I think one of the things Randy most people don't recognize
is two thing number one they know more than they think they know yeah so you know more than you think you
know I know more than I think I know but then also we don't value our time and so since we don't value our time we don't
put a price tag to that one of the things you have to learn how to do is monetize everything so I'm very much
like you you know I talk to people all the time I give advice I'm trying to get I'm not trying to get paid every time but but if I'm going to spend
significant amounts of time with you go to Floor and Decor with you talk to contractors with you and all that well
that's a different level of time commitment for me correct and so you know and I believe in I believe in
I'm worth a certain amount of money just like you are and so that that that demands a check with that you know what
I mean and so yeah that that that's just how I think and I think that successful people if you
listen to them talk that's how they think you know what I mean most definitely so yeah it's kind of like the
way I've been going is is there has been a kind of like a mentor here that I
follow when I actually first jv'd with him on my first deal his name's Todd
Sean okay great guy awesome guy basically you bring him anything he'll tell you
exactly he'll tell you the truth what he thinks and same type of thing that I'm doing you know awesome guy and he will
JV with anybody to you know to do a deal and and things like that
you know so I had mad respect for him because he is Detroit King you know like
basically he he he Wholesales you know Detroit all the time like it's crazy
but yeah so I give mad respects to tachun I'm be honest he is like one of
I consider him one of like the first mentors that I've had right so well and
and and then think about this Randy how much money have you made since you've
been working with so your first GV your joint version and then the things that you've learned from watching him
and just being in in close send me to him I've done quite a few deals and and
that's the thing like I did my first three deals with what was with him right okay not just the first one I did the
first three okay and then obviously like here and there in between every other
deal like I'm in my third year right now okay and we've done plenty of deals
together I've also done deals with other wholesalers plenty of other wholesalers and and so on and so forth so
where I shine is I go to almost every meet every week I'm usually going to a
meet up okay right and sometimes one sometimes two sometimes three right it
all depends on the week and I talk to the buyers okay I'm not a virtual
wholesaler who's just sitting here on the phone and trying to figure out okay great yeah you know acquisition is great
but you also have to talk with the buyers and see where they're buying what they're doing and especially with the
times with the higher interest rates as they went up correct I got to see how
they changed right as they wait you know so
and I changed my strategy as we go as we went as well you have to yeah always
adjusting in this business you know yeah so that actually brings me to a question real quick is how did the
interest rates going up change your business as a fix and flipper it it changed real estate just in
general yeah you know with people trying to buy I think for us as fixing flippers
it made us want to go faster yep because you want to hurry up and get things to the market
because of really the interest rates and so people are not able to as for as much house as they could or
people were afraid that they were drawing from Real Estate activity at all you know so the biggest thing is that It
sped up what we were trying to get done most definitely most definitely so
so we're at about 53 minutes here and I could probably talk with you all day long to be honest so but I want to be
respectful of your time too yeah I like I before I I used to just go on for like
an hour and a half hour 45 minutes you know so but I I'm learning as I go yes
that I can't really do that I got to be respectful of everyone's time well see Randy what you do is you do part one and
part two you say hey Dexter will be back at another time well you know we'll maybe yeah maybe maybe maybe we'll do
something live when I come to Detroit you know most definitely and and you know what I have done that I have done
that with other people brought them back on the show and the good thing is now I don't have to go about the origin story
I don't have to yeah you can just jump right in just jump right in and now we got an hour talking about just everything you're doing right now you
know so so my last question is how can anybody
who's listening and anybody in my audience here help you moving forward because now I'm
all about wanting to get you came on here and you helped me and you help all of our audience how can we help you
well I told you I'm coming to Detroit I I need somebody to go tell me what's up out there man you know me but also the
people that I'm talking to I'm like hey man I'm thinking about going to to invest in Detroit and then we also met a guy from
Cleveland out there at the at the Detroit thing too you know so those are the next two times of that next two
areas that we're looking in the midwest you know but I really like guys like yourself I like like I said my policies there so I think the biggest thing is
hey you know if people want to get in contact with me you know they can actually you can
put a notebook 857 3020367 is my number eight five seven
20367 that's my phone number all right and then you know my email address is Dexter next to be
at dominionreh.com and then obviously matter of fact I send that to you Randy and just put in the show notes and so
people can answer it that way most definitely and I do have a link to your website exactly
all that is in the description so look down below to get to his website you
can get a hold of them and kind of go from there with that being you know just let me know when you come like give
me a heads up and what you're looking for so I can try to find them as much as well well the thing is I don't know what
I'm looking for out there you know well I'm saying they're single family multi-family you know things like that
like generalize of course exactly yeah so so so so so you know I would love to just you know just get a sense of what what you know you guys would recommend you know as you said earlier you know
you You Fix and Flip for cash but then you know the money into buying holes you know so okay where where do you buy it
hold around here you know so what I'm thinking is you know but obviously we can talk about that when I come out most definitely now
I do want to hold you know obviously that Meetup you said you're going to come to that Meetup that we're gonna
hold on July 20th so that's gonna be awesome and you know with that being said you
know how I mean how are all these events you know
that you're doing like how are they affecting your business are is it hyping up your business is it is it just taking
a different branch it's well it's it's it's both it's part
of what miles it might give back was part of my passion to and my wife's passion to bring people together it's
the pastor of me really yeah congregating people you know that's what we do most definitely yeah you know so
that so that's sort of my background in any way yep but I I do
think from a business standpoint when it gives me a platform and a lot of
opportunities come my way because of they see me as a trusted advisor or a trusted friend and so
you know I think I tell a lot of people if you're not good at networking bring the networking to you
most definitely so most definitely what what that's what this show is you know I
mean you're exactly but there are some people who are not gonna say okay well yeah whole podcast or host you know get
a Facebook group and get people together you know so there's just a lot of different ways to go about meeting
people you know so you and I gotta say we we we're at just about 40 just about 4 400 people in our Facebook group right
now 44 is a lot a lot of people and you started how long ago I started a little
bit over a year ago yeah so so so so that's about 4 400 people that you probably would not have met in a year
yep so so that's the power of social media I mean I'm I'm strong on LinkedIn
so I'm always on LinkedIn because I think that's for me that's where a lot of my audience is and so I'm always
posting two or three minute videos on financial success real estate how to think and then you know to your point
I just met a lot of people through Linkedin and Instagram and Facebook you know so I tell people if if you're not
using social media on some level to build your brand and to build your business I mean you're making a big
mistake most definitely so with that I really appreciate you being on here Dexter I've
really really do I know my audience appreciates it and you know I just want to say thank you
for our coming out here to Detroit so to tell your stories to share with everyone
and I can't wait to have you back to be honest so yeah well have me on yeah yeah most
definitely now we gotta arrange something for me to go to Boston because I've never been to Boston well you've
never been to Boston and then next year we're doing next next April I'm gonna talk about April 27 2024 we have an hour
our second event so I want Detroit to come to Boston most definitely most
definitely so I really appreciate it looks like Victor said thank you
for both of us Michael said great stuff so you know we're we're doing it we're
doing it loud and proud I guess so awesome awesome thank you we're gonna do
the outro right now and I appreciate it to see you guys let's all do deals together heck yeah
there was once a day that I would pray for you I'd go and misbehave just so you know.