On this episode of The Most Dwanderful Real Estate Podcast Ever, Dwan and Bill are still on Route 66 and Dwan shares with listeners how to make three creative offers on each property. This is the last episode of the rentals season of the podcast, so next week she will begin teaching about rehabbing.
She begins by describing the rentals process: wholesale 2-3 houses until you have banked 6 months of income, then budget that money to pay yourself a salary so you can quit your job and spend 40 hours per week working on real estate, pay for some rental properties, then continue this process until you are able to get to the power of 13 or purchase some commercial rental property. Look to purchase properties in an opportunity zone like Clinton, Iowa and remember Dwan’s tips about property managers, unannounced visits, and taking photographs of your tenants.
Dwan recommends submitting three creative offers on every real estate transaction using some combination of cash and terms. She and Bill just bought 3 buildings in Clinton, Iowa, by offering the seller (1) an amount below the asking price for an outright purchase (2) an amount between offer 1 and the asking price with a high down payment and the seller carrying the note and (3) the asking price with interest-only for 2 years, a low down payment, and the seller carrying the note. If you do creative offers like this, you can end up owning more real estate than if you looked at each deal as straightforward.
If you haven’t heard, Dwan has dropped the fee to join the Dwanderful.com Membership Site, so now you have access to the document library, pop-up training calls, and the chat box for FREE!
Time Stamped Show Notes
- 2:50 – Dwan’s Route 66 updates and the freedom that real estate investing provides for Dwan and Bill to be on this trip for 8 weeks.
- 6:29 – Dwan has been making a list of the foods that she eats and how they make her feel in an effort to eat only anti-inflammatory foods. She is also going to start more holistic health solutions such as acupuncture, tapping, and CBD oil in her bellybutton.
- 17:37 – Next week, a new season of the podcast begins, focused on rehabbing, and Dwan is going to extend the episodes to 40 minutes so she can get everything in.
- 19:44 – A recap of the rental properties cycle.
- 24:10 – You don’t need to buy expensive things. Dwan and Bill choose to invest in real estate rather than cars. They have purchased 3 more buildings in Clinton, Iowa, by using creative offers.
- 32:04 – By creating creative offers, you can end up with more real estate in the end than if you just went for straightforward deals.
- 33:34 – Go back and listen to the episodes in this rental season and consider purchasing real estate inside an opportunity zone like Clinton, Iowa.
- 35:26 – Next week begins the new season on rehabbing.
- 37:29 – Make sure you are utilizing all of the tools on the Dwanderful.com website. Your assignment for next week is to download all of the documents on the website about being a landlord.