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.