304: [Crystal Hammond] Real Estate Investing for Beginners! (LIVE)
Recorded on Nov 30, 2023
Join host Anthony Weaver as he interviews Real Estate Specialist Crystal Hammond on the secrets to investing in your first rental property. Learn how to leverage your credit, finances and local government programs that align with your passions and goals, allowing you to have the freedom to do what you want.
Crystal Hammond is a versatile professional and real estate enthusiast celebrated for her dynamic approach to side hustles. Crystal's ingenuity shines through her early adoption of house hacking, a concept that has now gained mainstream recognition. Her commitment to diverse pursuits in the side hustle realm has not only garnered her multiple PLUTUS awards but has also traced a remarkable journey from the south side of Chicago to her current role as a co-host on the popular podcast, Stacking Deeds.
Book recommendation:
Unreasonable hospitality! - https://amzn.to/3RlcTWf
Crystal Hammond:
https://stackingadventures.com/blog
THANK YOU FOR LISTENING!
#CrystalHammond #HomeOwnership #RealEstate #AboutThatWallet
Continue to support the show by subscribing, sharing and leaving comments on your favorite platforms. This help others like yourself find me.
Takeaways:
- Real estate investing is a long game; patience is crucial for success in this field.
- Negotiation is key when purchasing property; don't just accept initial offers at face value.
- Understanding your finances is essential; always calculate what you can truly afford beyond lender approval.
- Networking can unlock opportunities; share your real estate goals with others to gain valuable insights.
Transcript
Welcome to the about that Water podcast show.
Speaker A: th of: Speaker A:What up, everybody?
Speaker A:Hopefully y' all guys are having an awesome time today.
Speaker A:I am actually about to go live with Crystal Hammond who is the co host of an amazing podcast.
Speaker A:But right now the thing about it is that she does a lot of real estate, a lot of things that are happening in the real estate realm and everything is crazy and a lot of people don't know what's going on.
Speaker A:So my name is Anthony.
Speaker A:I'm Jose.
Speaker A:About that while the podcast.
Speaker A:Let's go on and get this show rolling.
Speaker A:In a world where financial advice is as blurry as a wild night of cheap jello shots, clear your head and your monetary halitosis with the about that Wallet show hosted by Anthony Weaver.
Speaker A:Leave those jello shots for the amateurs and learn to indulge in the top shelf bottles.
Speaker A:Bab.
Speaker A:Now here's your host, Anthony Weaver.
Speaker A:What up, what up, what up.
Speaker A:So let's bring to the stage the one, the only, Crystal.
Speaker A:How you doing?
Speaker A:Let's get her the introduction music.
Speaker A:How you doing?
Speaker B:Wonderful.
Speaker B:How are you?
Speaker A:I'm doing amazing.
Speaker A:Amazing.
Speaker A:So it's been such an awesome time since I've.
Speaker A:Since we've chat and you know, thank you so much for, for coming through and actually taking time out of your day, of your busy and amazing day to.
Speaker A:To have a chat with the.
Speaker A:About that Wilder family.
Speaker A:So what's been going on lately?
Speaker B:Hello.
Speaker B:First of all, thanks for having me.
Speaker B:We're old a bike ride.
Speaker B:So Anthony lives not too far from me and we realize that we bike on the same bike path, but it's been too cold obviously.
Speaker A:Yes.
Speaker B:Vernon Trail.
Speaker B:So that's gonna see.
Speaker B:I only bike if it's 40 degrees or more.
Speaker A:So at 7:70, 70 degrees I might can go 60.
Speaker B:I like the cold weather because I don't sweat my hair out as fast.
Speaker B:But anyway, well, hi everybody.
Speaker B:My Twitter is kondocrystal.
Speaker B: in the real estate game since: Speaker C:Actually.
Speaker B:I'm actually coming to you live from my hometown Chicago.
Speaker B:Even though I live in Alexandria now.
Speaker B:I flew in today to meet with the alderman because I am going into the developing space.
Speaker B:So I'm a full time engineer.
Speaker B:So this is my side Hustle stuffs.
Speaker B:And the city of Chicago has a program where if they.
Speaker B:If there's a city owned vacant lot on the same block where you own already I own a Duplex, you can buy the lot for a dollar.
Speaker B: So since: Speaker B: Yes, since: Speaker B:So that first year, you can only buy two per address.
Speaker B: So the first year in: Speaker B: had the program, I applied in: Speaker B:And so since I had three addresses, I applied for the last four that they had on my block, but I only got approved for three out of the four.
Speaker B:So let's see.
Speaker B: I applied in: Speaker B: So fast forward to: Speaker B: Well, no, I closed on two in: Speaker B:2021.
Speaker A:Okay.
Speaker B: ast one, I closed this August: Speaker B:So you're moving at the speed of government, so you need to pack your patience when you're doing programs for the city.
Speaker B:But it was worth the wait because like I said, this is my side hustle.
Speaker B: nd waited because way back in: Speaker B:They were like, oh, one day a developer is going to come in and your property values are going to go up.
Speaker B:And nobody ever came.
Speaker B:So little did I know that with my patience.
Speaker B:And if you want to be in real estate, you gotta tell people.
Speaker B:Tell people your goals.
Speaker B:So the more people I told, the more information got to me, because I didn't even know about that City of Chicago program.
Speaker B:Somebody knew I was in real estate.
Speaker B:And so my friend Shirley's friend Michelle was like, hey, Michelle told.
Speaker B:Shirley told Crystal about this program.
Speaker B:And that's how I found out about it.
Speaker B:So the more people that knew that I was kind of into real estate, the more information came my way.
Speaker B: So finally,: Speaker B:So it's real estate.
Speaker B:If you're in this to get rich quick, no, it's not going to happen.
Speaker B:But if you're here to play the long game, your gains will come, but it's not.
Speaker B:Not get rich quick at all.
Speaker B:And Anthony will definitely tell you that.
Speaker A:Oh, we know, because.
Speaker A:And that's one of the things that, you know, real estate is one of those things where it's like, it could easily become a.
Speaker A:A liability if you don't know what your exit strategy is or even with the gameplay that you're going to put in and entry.
Speaker B:Like, you need to do the math for Everything for, for getting in, for running it and getting out.
Speaker B:Math should make all your decisions for you.
Speaker A:Yeah.
Speaker A:So we talking about first time investors?
Speaker A:What is that one thing that you wish you had known when you first started investing?
Speaker B:I wish I'd known more about the interest rates because I.
Speaker B:Well.
Speaker B:Or the, the power of negotiation.
Speaker B:So with me, some friends of mine went to a real estate meeting.
Speaker B:So I was like, hey, can I go with you to your real estate meetings?
Speaker B:So I went, I learned some stuff, but I did not know that I could negotiate.
Speaker B:Even the first place that I bought it was just like, oh yeah, this is what we're selling it for.
Speaker B:I was like, yay, great, I'm buying a house.
Speaker B:And then so when I went through the lending, the mortgage process, this is your interest rate, These are all the fees.
Speaker B:And I was like, great, Yay.
Speaker B:Where do I sign?
Speaker B:So I didn't know that you could say, hey, can you come down on this fee?
Speaker B:Or you know, how do I get this fee lowered?
Speaker B:Or hey, well, the seller did pay for closing costs, but had I had like a more experience, I did it on my own, no realtor.
Speaker B:So had I had an experienced realtor, they could have done some wheeling and dealing for me on where to negotiate so you don't have to take what the people say for face value.
Speaker B:You can negotiate.
Speaker B:Like, you can say, hey, can you work with me on this?
Speaker B:Or can you work with me on that?
Speaker B:So just knowing that's what I wish I would have known that I could negotiate now.
Speaker B:Okay, so I'm, I'm at my friend's place, so they're coming home now in case they was fine.
Speaker B:Hey guys, come on in.
Speaker A:Because you kind of wish that you had that knowledge back then.
Speaker A:What is it right now?
Speaker A:Like, what will be that blueprint, those set of questions that everybody should answer or ask when it goes first to say property.
Speaker B:Well, if you're going for an investment property, definitely speak to someone.
Speaker B:And we've had worksheets and spreadsheets too that we've talked about on our podcast is just getting to know the numbers, know what you can afford.
Speaker B:Because a lot of people also don't realize that what you get approved for, for the lender is nine times out of ten, not what you can actually afford.
Speaker B:Once you factor the, the taxes, insurance, pity, principal, interest, taxes, insurance.
Speaker B:So you make sure that your monthly payment covers all of that.
Speaker B:And then whatever you're bringing in, like whatever income, the rental income is coming in, like, make sure you have that down pat too.
Speaker B:Because A lot of people miscalculate what those monthly payments are, and a lot of people miscalculate how much money they need to put down.
Speaker B:So get a spreadsheet.
Speaker B:And a lot of investors have these spreadsheets.
Speaker B:They're happy to share them with you.
Speaker B:I can share some spreadsheets with you, too.
Speaker B:You let the math do the talking.
Speaker B:And then even what you're thinking about buying, whatever that difference is and what you're paying now, save that for six months to see if it's a stretch or not, see if you can handle it on your own, and then you can go from there, decide in six months, okay, this was easy for me to save, or, okay, this was a stretch.
Speaker B:I need to rent, calculate my budget, and then maybe go lower this time.
Speaker B:That way, in six months, you'll have a nice chunk of extra savings to put towards your new deal.
Speaker B:Or you'll decide, okay, let me take another six months to raise or lower my expectations.
Speaker B:And then you also want to know, what are reasonable expectations.
Speaker B:Are you a handyman?
Speaker B:If you're not a handyman, you need to hire property manager to make your whole process goes smoothly, but you're going to pay for that.
Speaker B:So make sure you account for the cost that it'll take to hire a good property manager that's going to run everything for you, because that is going to make or break you, too.
Speaker B:You want this to be as easy as possible.
Speaker B:And how do you make something easy?
Speaker B:You prepare for it.
Speaker B:And you ask people who have done it before you.
Speaker B:You ask them how they did it, and then they can help you with all of that stuff.
Speaker A:Awesome, awesome, awesome.
Speaker A:So one of the things I said up there, just kind of make sure you're being handy.
Speaker A:Because I've noticed that when I went to look at a lot of properties with my realtor, he was like, you're actually a lot easier to deal with because most people will see things and be like, I'm not dealing with that.
Speaker A:I'm not putting on new light fixtures.
Speaker A:I'm not putting up blinds.
Speaker A:I'm not sweeping the deck.
Speaker A:I'm like, really like this.
Speaker A:What turns people off?
Speaker A:Just a little elbow grease.
Speaker A:It was like, yeah, cool.
Speaker B:But that's sweat equity and that's money right there.
Speaker B:Sweat equity turns into cash because you, you are increasing value of, you know, where you're leaving something better off than you found it and that that counts for something.
Speaker A:Yeah.
Speaker A:So I want to give a shout out to the people that are here right now.
Speaker A:BP has been awesome and amazing.
Speaker A:I'm still my hair from fincon.
Speaker A:I'm not sure.
Speaker A:Yeah, probably.
Speaker A:And I'm not sure who's.
Speaker A:There's room.
Speaker A:I don't.
Speaker A:Not sure fool that is.
Speaker A:But I seem like they might know you.
Speaker A:And we have Ruthie.
Speaker A:Gotta give us some air horns for coming through.
Speaker A:You know, I might not do the atmos.
Speaker A:I might do the Sonic Rings, you know what I'm saying?
Speaker A:There you go.
Speaker B:That plays Sonic.
Speaker A:Yeah, let's do Sonic.
Speaker A:All right.
Speaker A:We get some more someone else.
Speaker A:All right, so thank you all for coming through in.
Speaker A:In case of you guys who are listening to the audio piece, remember I do go live on Thursdays at 8pm Eastern.
Speaker A:All right, so we got real estate we're trying to get invested.
Speaker A:Where do we get our money from?
Speaker B:Ha.
Speaker B:That's a good question too.
Speaker B:All right, so it depends.
Speaker B:All right, FHA has that new program they like.
Speaker B:Because isn't it like 3.5% down?
Speaker B:Fannie also has new program.
Speaker B:So 3.5% down is money.
Speaker B:And my recommendation is like that first property should be a multifamily.
Speaker B:Like it should be a duplex, because my first property was a duplex.
Speaker B:And guess what?
Speaker B:With my little percentage down, what the existing tenant was paying went towards the mortgage, and it was over half of the mortgage.
Speaker B:So I was paying way more than what I was paying in rent.
Speaker B:So that's how I started and actually got a check back at closing because the seller paid the closing costs.
Speaker A:Nice.
Speaker A:Okay.
Speaker B:And so now I have.
Speaker B:There's options too.
Speaker B:So even after you have that first place, like a lot of people are tapping into their equity.
Speaker B:That's a place to get money from.
Speaker B:Because if you're tapping into your existing equity, if you get like the heloc, the home equity line of credit, whatever that extra payment will be, you just making sure that next place the rent is going to cover that.
Speaker B:Like your tenant's rent is going to cover like whatever it's costing you to get into that new property.
Speaker B:Other people's money.
Speaker B:So hard money.
Speaker B:So for this particular development deal, I have a hard money loan for the pre development phase.
Speaker B:So pre development is when you're doing all your due diligence, you're hiring all of your lawyers, your contractors, your architects, your money guys, your.
Speaker B:Your muscle.
Speaker B:You'll need a muscle.
Speaker B:More on that later.
Speaker B:But, but you know, you're paying for, you know, like feasibility studies and, and getting community development.
Speaker B:Like you're, you're putting in footwork to, to get people on board for your vision because Real estate is also a people business.
Speaker B:You don't want to be a landlord that's just going to come in, make your money and then float off to the next neighborhood.
Speaker B:Nope, you want to be a community builder.
Speaker B:Because listen, if something's happening at your property, like while you're doing construction, you want the nosy neighbors to like you and call the police if they see something happening that shouldn't be happening.
Speaker B:Like, you don't want them to be like, oh yeah, she never speaks to us anyway, you know, and you know, remember, there's no vista and there's no view from New Jack City.
Speaker B:No white men can't jump when they're robbed.
Speaker B:She was like, I know somebody saw something.
Speaker B:That's what you want.
Speaker B:You want to be in that community as somebody that's bringing positive change.
Speaker B:So if you're in there as a selfish person, then nobody's going to see anything.
Speaker B:And hey, you're going to get got.
Speaker B:Not get.
Speaker B:It's a people business.
Speaker B:So don't burn your community bridges.
Speaker B:You need make sure you have that good insurance.
Speaker B:So if they do, if you do get got, you have protection and you'll get your money back.
Speaker B:It'll slow you down a little bit, but at least you won't have that financial headache because that part would suck.
Speaker B:Insurance.
Speaker B:Now what about on the insurance either please tell the truth on insurance, be as honest and transparent as possible because you don't want what I feel like this happens to what, what do insurance do they get out of paying you.
Speaker B:So if you're trying to mess up and lie and shortchange the Insurance, you are 10 steps behind the insurance companies.
Speaker B:Trust me, they know what they're doing.
Speaker B:So be honest on that stuff.
Speaker A:Yeah.
Speaker A:And one of the things that I found out about insurance was that depending on where you live, the roof, they cover a certain amount of money for your roof.
Speaker A:So it's a townhome versus a single family home, versus it being a duplex and so forth.
Speaker A:So if you guys are looking for insurances, please make sure you call the insurance company first to see what they cover before you go ahead on and sign that final paperwork.
Speaker B:Even if it's a broker.
Speaker A:Yeah.
Speaker A:Oh, the broccoli can tell you too.
Speaker B:They should be.
Speaker B:If they're a good one, they should.
Speaker A:Yeah, that's true.
Speaker B:This is my situation.
Speaker B:Like they should be able to tell you.
Speaker B:If not, then, yeah, they're not the person for you.
Speaker A:Okay, so I get to ask you all these questions because I have recently been through this.
Speaker A:What are Your thoughts on them actually selling your mortgage immediately after you purchase their property through that broker.
Speaker B:That happens all the time like that.
Speaker B:That's, that's par for the course because.
Speaker B:Okay, so a lot of times when they're selling the debt and this is a good question, I'm gonna ask Joe this question too from stacking Benjamin's.
Speaker B:A lot of times they're selling packages of debt.
Speaker B:Like the more I'm learning about because I'm reading why should White Guys have All the fun.
Speaker B:Very good book.
Speaker B:Highly recommend that book.
Speaker B:But even when he was structuring different deals, he was selling debt.
Speaker B:And that's what a lot of mortgage companies do.
Speaker B:They're selling debt and they're getting different debt off their books.
Speaker B:So yes, they got you on the hook for a mortgage because they even, they rate the borrowers like, you know, I don't know if it's A, B, C, D, E, whatever.
Speaker B:So they're rating your debt and your credit worthiness.
Speaker B:So they're deciding, they're not necessarily deciding if they want to keep it on the books, but their job is to get it to the finish line and then to sell it off to the next person.
Speaker B:So it doesn't change anything, it just changes who you make your payment to.
Speaker B:Because a lot of times before that first payment is due, you're paying it to a different person anyway.
Speaker B:Yeah, that's just the secondary market.
Speaker B:It has nothing to do with us.
Speaker A:That's crazy.
Speaker A:I mean it's like.
Speaker A:Because if you think about it just for ballparking purposes, say like you have a $300,000 property.
Speaker A:Like I'm the bank, I have $300,000 property that I'm just purchasing right now.
Speaker A:And I know you are looking for like hey, I got availability for that kind of property.
Speaker A:I was like, cool, well just give me $150,000.
Speaker A:You can have this $300,000 property.
Speaker A:All the payments will come to you.
Speaker A:Thank you for the 150,000.
Speaker A:And I immediately got immediate cash now versus the $300,000 promissory note that somebody's gonna pay me something.
Speaker A:Is that.
Speaker B:Yeah, I, I don't know how, I don't understand how the bank does that and how they, they, it makes sense for them to get that debt off of their books.
Speaker A:Yeah.
Speaker A:Hey Nia, what up?
Speaker A:I mean this is fun.
Speaker A:There's a reason why I love lives is because we actually can interact with everybody.
Speaker A:So if you guys have any questions, my phone lines are open.
Speaker A:You can actually give me a call when this or my Little ticker.
Speaker A: -: Speaker A:If you want to give a call, some of you have my actual number.
Speaker A:So you can just call me too if you want to ask Crystal any, any questions.
Speaker A:So we do have five minutes.
Speaker A:I love to go.
Speaker A:Like I do have a drinking session.
Speaker A:So most people usually come on dorm and drinking session at 8:30.
Speaker A:That's kind of like the break of the show.
Speaker A:And we can just kind of.
Speaker A:You do some more deep dives into that.
Speaker B:So bartender here.
Speaker A:Oh, you got a bartender?
Speaker B:Yep.
Speaker C:What.
Speaker A:Make a drink?
Speaker A:You got, you got four minutes to make a drink.
Speaker A:So while he go make you a drink, I'm gonna see if I can.
Speaker A:I gotta come up with something.
Speaker A:Oh, book giveaway.
Speaker A:Because we are at the four minute mark before, before the break session, the drink session.
Speaker A:The first book that I want to give away is I'm gonna make you tiny here, if you don't mind.
Speaker B:Yeah, please do.
Speaker A:He said please do.
Speaker A:Hilarious.
Speaker A:So it's by Maya Corbeck.
Speaker A:I actually met her at fincon and this is the very first copy.
Speaker A:Keep in mind I'm the only first copy.
Speaker A:I'm saying I had to get my first copy first signed copy with Babaya and so much so that she didn't know where to sign it at.
Speaker A:And I actually gonna keep bringing it up because I like to embarrass her sometimes.
Speaker A:So as you see, first time copy, amazing.
Speaker A:But the cool thing I love about this book is that even though it's for kids, you can easily look at it as an adult.
Speaker A:Like it's nice and easy, big font, big pictures.
Speaker A:Who doesn't like pictures?
Speaker A:I like pictures.
Speaker A:I hate reading.
Speaker A:That's why I listen to audiobooks.
Speaker A:But if you get pictures to break up everything and break it down to simple terms that the kids can understand, imagine what you can do with the power of you actually understanding it at your level.
Speaker A:So this is the first book, the second book.
Speaker A:All right, I gotta get some music for Nia because she likes her music.
Speaker A:Neil loves her music.
Speaker A:Let me see what I got for Nia.
Speaker A:All right, all right.
Speaker A:This is for Nia because Nia likes.
Speaker A:So Nia's book is Life is short by the house, the ultimate guide to prepare for home ownership.
Speaker A:Nia is actually now in the audience.
Speaker A:She does better at advertising her own book than I do.
Speaker A:But Nia will walk you through on like different types of loans.
Speaker A:Yeah, she even does, I don't know.
Speaker A:Let me see some other stuff in here.
Speaker A:Home shopping and tips and Tricks.
Speaker A:And she has a full glossary inside.
Speaker A:So if you don't know any of these terms, this is the book for you.
Speaker A:And please stay tuned for the end of this particular show so you can get yourself a copy today just in time for the holidays.
Speaker A:All right?
Speaker A:So please stay tuned, everybody, for the end of this so that you can actually get a copy of that.
Speaker A:All right, so did I do good, Mia, this time?
Speaker A:Hopefully.
Speaker A:Because Nia be getting on me every time when I advertise her.
Speaker B:Oh, yeah, you got to be dancing.
Speaker B:She's.
Speaker B:She.
Speaker B:She approves.
Speaker A:All right, awesome.
Speaker B:Cool.
Speaker A:You ready for drinks?
Speaker B:Yeah.
Speaker B:Mine was delivered magic.
Speaker A:Amazing.
Speaker A:What you drinking?
Speaker A:Hold on, let me.
Speaker A:Let me play the music.
Speaker A:So I got.
Speaker A:Everybody get.
Speaker A:Time to go get that drink.
Speaker A:All right, everybody make sure y' all go.
Speaker B:The peanut butter whiskey.
Speaker A:Fancy.
Speaker A:All right, Nice.
Speaker A:All right.
Speaker A:For you guys are first time listeners, make sure y' all go get your drinks.
Speaker A:I'm about to play some music and we're gonna start talking details about our drinks.
Speaker A:Hold on.
Speaker A:Now we're talking about how to get there.
Speaker A:What is really considered an investment, because you talk about real estate investment.
Speaker A:What turns buying that property, now that you got the property, what makes that an investment?
Speaker B:Appreciation.
Speaker B:Not only appreciation, like.
Speaker B:And passive.
Speaker B:Because that's also a difference too.
Speaker B:Because some people think, all right, I want passive income.
Speaker B:Sometimes real estate is not passive.
Speaker B:That's another thing, too.
Speaker B:But what makes it.
Speaker B:Yeah, that's.
Speaker B:That's what makes it investment.
Speaker B:Because think about it.
Speaker B:When you're.
Speaker B:If you're still paying rent, when you're paying rent once a month, you're just paying rent.
Speaker B:That's the end of the story.
Speaker B:But when you're paying a mortgage, first of all, when you're paying a mortgage, your place is appreciating.
Speaker B:You own that much less on that property.
Speaker B:So 10 years from now, 20 years from now, 30 years from now, you own it outright.
Speaker B:Second of all, too.
Speaker B:Now imagine if you own that investment property, you're not paying the property down.
Speaker B:Your renter is.
Speaker B:So you're pretty much just the middleman.
Speaker B:And you're getting a nice tax break, too.
Speaker B:Even when you own your own outright, too.
Speaker B:But you're getting that nice tax and the tax break, and then, yeah, your renter is paying that for you.
Speaker A:So, okay, so it's almost like you have a roommate, but without a roommate.
Speaker B:Yes, if you get.
Speaker A:Yes.
Speaker B:You live in your space, they live in theirs.
Speaker B:Except they're paying your bills pretty much.
Speaker A:And so would it be better to get a four plex or a quadplex, depending on who you go to multifamily.
Speaker B:Because even Fannie Mae, they fund up to a four Plex.
Speaker B:And when you are qualifying for your loan, they take into account how much rent you will be collecting in that four Plex.
Speaker B:And sometimes you can find one that already has.
Speaker B:Renters.
Speaker B:I'm a person who works into the budget that I have a realtor find me good renters because I don't want to screen because my, maybe my screening could be off, but you do get the final say on who you pick to move in.
Speaker B:But they, they go through all the no shows with you because imagine, you know, having 10 people wanting to see your, your three apartments and they are always no showing.
Speaker B:That's what you pay a happily pay a realtor for.
Speaker B:But it all starts with math.
Speaker B:So if I had that calculation in the budget, so once I save enough or once I price a property like that expense will, will come out of that.
Speaker B:It's like, okay, I need to be able to afford to have someone else show the property need to afford.
Speaker B:There's like a, what, 5% vacancy rate is the norm too.
Speaker B:So there's a lot of things to calculate for.
Speaker B:And once you can comfortably afford all of that stuff, that's when you are pushing a button and you're not rushing on anything too.
Speaker B:You never want to rush on an interest rate.
Speaker B:You never want to rush on anything because I promise you there'll be more properties.
Speaker B:And even I say this doesn't even have to do with real estate.
Speaker B:It has to do with investing a lot of times too.
Speaker B:It's like, can you imagine if even people now, like, if you would have bought something like when you were 18 or 21.
Speaker B:It's like, even interest rates.
Speaker B:When I bought my first place, it was a duplex.
Speaker B:I was making $14 an hour and interest rates were 7.5%.
Speaker B:And it was a great deal.
Speaker B:So great deals come in all interest rates, income levels.
Speaker B:It wasn't something that I could afford.
Speaker B:That interest rate at my income level, it was affordable, so.
Speaker B:And it was cheaper than paying rent at the time.
Speaker B:So do the math.
Speaker B:And the math will let you know if you can afford something.
Speaker B:But you're not jumping on something you don't understand.
Speaker B:You're not chasing an interest rate.
Speaker B:You're not chasing, you know, rates going up or down.
Speaker B:You're just, you're going after what, what you can afford.
Speaker A:Nice.
Speaker A:Because I was actually on Fannie Mae's website, you know, we gotta pull up receipts, you know, so we have here as far as home buyers and they have like the calculated checklist.
Speaker A:So this goes along the side what you were talking about as far as not chasing things and making sure that the numbers work.
Speaker A:I know there's so many calculators out there.
Speaker A:Is there one in particular that you recommend or that you go to your go to calculator.
Speaker B:I'm an engineer full time, so I make my own Excel spreadsheets.
Speaker B:But yeah, I love the mortgage calculators because they do they do they include everything for you because you do, you do want to make sure that the pity the principal, insurance, taxes and insurance because even look, I made, I even made a spreadsheet because for this project I was getting different bids from different contractors.
Speaker B:So I made a spreadsheet that equalizes like, okay, this is what all forested plumbing costs.
Speaker B:So I made my own spreadsheet to compare what exactly?
Speaker B:Comparing apples to apples just to see it all in one spot.
Speaker B:But yeah, see on this calculator you're moving the slider to see what you can afford and it includes everything that sometimes a lender doesn't tell you.
Speaker B:Or a lot of times realtors, they're selling the sexy side of real estate ownership and they're not including like all the extras that you want.
Speaker B:A safety.
Speaker B:Safety net, right.
Speaker B:And you want an emergency fund too.
Speaker B:Like you want a personal emergency fund and you want a housing emergency fund.
Speaker A:Okay, now Neil mentioned something about a cap X rate.
Speaker A:Now most people who are new investors and as they researching all of this stuff, can you do a quick overview of what in the world is capex and what does it mean?
Speaker B:I know it's a capital expenditure rate.
Speaker B:We did a whole episode on the capex rate because that's telling you that is your money better off in this investment or are you better off doing something else with this investment?
Speaker B:But I would defer to other professionals on the Cap X rate calculation.
Speaker A:Sounds good.
Speaker A:I mean you over here making your phone spreadsheets and everything like that, right?
Speaker B:Thing to be aware of people who, you know, purport to know it all.
Speaker B:Like I'm happy to say Cap Ex is not my, my jam.
Speaker B:I depend on someone else to know that information for me.
Speaker B:And that's another thing too for me too where I am, I don't have to understand everything from A to Z.
Speaker B:You just have to have someone you trust that understands that and can explain it to you like you're a five year old and they, or they'll tell you, hey, this is not a good rate.
Speaker B:Or this is a good, or this is not good, right?
Speaker A:Okay, now that we, we got the understanding, we need the calculator, we got the expense rates, we have all the cool sexy know how.
Speaker A:Now where the heck do we look for these properties?
Speaker B:So that, that's where an experienced realtor comes into play.
Speaker B:Because just like you just said, your realtor works with investors.
Speaker B:You want a realtor that works with investors.
Speaker B:Because another good thing about realtors that work with investors is a lot of times they have access to properties that are not on the MLS yet.
Speaker B:They're not general public knowledge.
Speaker B:And we just interviewed someone on our show that about most of the properties that he owned, they were not listed.
Speaker B:Him and his dad just know the neighborhood.
Speaker B:So when different people were selling, they would come to them about selling their properties because that's the neighborhood person that they trusted.
Speaker B:So you want a realtor that works with investors, you want to work with a realtor that has access to off the market deals.
Speaker B:And you can ask them that have a sheet and you can even ask ChatGPT, hey, what are the top 10 questions I need to ask my realtor?
Speaker B:And then what are objections?
Speaker B:Like what are rebuttals?
Speaker B:Because what are the top things realtors lie about when they're trying to get your business?
Speaker B:Like you can ask chatgpt things like that.
Speaker B:Just so you know you're picking a person and ask around if you don't know anybody in the area that you have an arm's length transaction with.
Speaker B:Like, like us, you know, we go to fincon.
Speaker B:That's how I'm the co host of the show.
Speaker B:One of the fellow finconers are like, hey Crystal, we like you, we like what you're doing, we like your style.
Speaker B:Would you, you know, want to do a podcast?
Speaker B:I'm like yes, me spotlight.
Speaker B:Where do I sign up?
Speaker B:You know, so you need to surround yourself with the people that are doing what you want to do.
Speaker B:That's one of the common stories because I surrounded myself that were doing it and people that were doing it and it was a safe space for me to say, hey, what lender did you use?
Speaker B:How many places did you look at before you finally found something?
Speaker B:So they're going to answer all these questions for you.
Speaker B:And another thing, I forgot what I was going to say.
Speaker B:How is it buying off market deal?
Speaker B:There was one more thing about the realtors questions.
Speaker A:Ask your realtor.
Speaker A:And you said ask ChatGPT, right?
Speaker B:Yes, as chat GBT.
Speaker B:And then you ask them what realtors lie about to get Your business.
Speaker A:Are we in there right now?
Speaker A:So, all right, what you want you should say?
Speaker B:I'm.
Speaker B:I'm an.
Speaker B:I'm a. I'm a beginning investor, and I want to buy my first piece of real estate investment property, and I'm looking for a realtor.
Speaker B:What are the top 10 questions I should ask?
Speaker B:When you're talking to chat GBT, you want to get as specific as possible, and you want to tell them who you are.
Speaker A:Okay.
Speaker B:So even for me, I'll be like, hey, I'm a podcaster, and I need to write the show notes, and this is midnight, and I got a deadline.
Speaker B:You know, the show is posted tomorrow.
Speaker B:You know what I mean?
Speaker B:So you want to tell it as much information as possible possible so it can help you.
Speaker A:All right, so we saying right now.
Speaker A:I'm saying I'm a beginner.
Speaker A:Let me see.
Speaker A:I just downloaded this new cool tool that I can zoom in.
Speaker A:So right now, I'm not sure if y' all can see that and zoom in.
Speaker A:All right, so right now I have an.
Speaker A:I'm a beginner.
Speaker A:I mean, I'm a beginning investor, and I want to invest in my first real estate property.
Speaker A:Right?
Speaker B:Yeah.
Speaker A:And then after I say that, what else I want to do?
Speaker B:Yeah, you want to say, what are the top 10 questions I should ask a potential realtor?
Speaker A:Want to ask a. Yeah, realtor.
Speaker A:Potential realtor.
Speaker A:And I'm glad Chat GPT doesn't, you know, get at me for misspelling words like everybody else.
Speaker B:Okay, see, I like how it says congratulations.
Speaker A:All right, that's so cool.
Speaker A:Let me see if I could zoom in using my mouse.
Speaker B:And then now you can say.
Speaker B:All right, what are the top things that realtors lie about to get business?
Speaker A:Okay, so.
Speaker A:All right, and then we can go through these questions if you got time.
Speaker A:All right.
Speaker A:What are the top 10 things they lie about?
Speaker B:Yeah.
Speaker B:To get your business.
Speaker A:Oh, man.
Speaker A:All right, can I cancel it?
Speaker B:That is still good ones, too.
Speaker A:Okay, so let's scroll.
Speaker B:What?
Speaker B:What?
Speaker B:What?
Speaker B:Due diligence should I, you know, do for not to keep.
Speaker B:Like.
Speaker A:Do diligence.
Speaker A:Don't get at me on my spelling.
Speaker A:Ah, I really.
Speaker A:I messed up.
Speaker A:Due diligence.
Speaker B:Two words.
Speaker A:Yes.
Speaker A:There's.
Speaker A:Ls.
Speaker A:I know they.
Speaker A:Oh, my God.
Speaker A:I hit enter by.
Speaker B:Oh, yeah, get cut off.
Speaker B:Shall I perform again?
Speaker A:Okay, there we go.
Speaker A:Okay.
Speaker A:All right, while it's generating that, I'm gonna just go through the top.
Speaker B:Yeah.
Speaker B:I talked about local market knowledge.
Speaker B:So you want to pick.
Speaker B:You want to pick something like you want to pick a neighborhood for me, it was a comfort zone for me, my neighborhood that I grew up in.
Speaker B:But you don't want to say, okay, I want to think, I want a single family, or maybe I want a multifamily, or maybe I want a modular home or a storage unit.
Speaker B:Like, you need to pick something and then laser focus in there, get to know that zip code.
Speaker B:Like, go on Zillow every day, you know, and look up like 10 or even 100 properties per day in that zip code.
Speaker B:That way you'll get to know, okay, this is what the old properties look like.
Speaker B:This is what the new properties look like.
Speaker B:This is how much an old property would cost.
Speaker B:This is how much a new property would cost.
Speaker B:These are the upgrades that add value, and these are the upgrades that are total waste of money.
Speaker B:So you need to think about it from an investor point of view, too.
Speaker B:Because if I'm an investor, I'm not putting a Jacuzzi in a renter's apartment.
Speaker B:But if this is my forever home, I want a Jacuzzi, know what I mean?
Speaker B:Like, or that's just an upgrade that I'm going to think, okay, I'm not going to get this money back.
Speaker B:So you really need to think as an investor, not as, this is your forever home.
Speaker B:Because that's another mistake that beginners make.
Speaker B:They think they're looking for a house that they want to live in that's totally different from a house that is good for that neighborhood.
Speaker B:Because even think of.
Speaker B:Think of a house in soho versus a house, well, you can't say Brooklyn, because that's gentrified.
Speaker B:But, you know, think of two totally different neighborhoods and, you know, something that's of, you know, a value in one neighborhood is useless in another.
Speaker B:You know what I mean?
Speaker B:So you really need to get to know the neighborhood, what rents are in that neighborhood, like, with a reasonable rates.
Speaker B:So you need to do a lot of research in that neighborhood.
Speaker B:So even you're coming to the Realtor with, hey, I'm not wasting your time.
Speaker B:I'm not throwing a stick in the mud.
Speaker B:Like, I actually know what neighborhood.
Speaker B:I've narrowed it down.
Speaker B:Like, I really know a lot about this neighborhood.
Speaker B:I know about the schools.
Speaker B:I know who lives here.
Speaker B:I know, you know, maybe there's an Amazon factory coming to this neighborhood, or maybe there is an Amazon factory.
Speaker B:So, you know, I want to market to those workers so you know, what's important to them or what can they afford or what are they paying in this neighborhood.
Speaker B:So this is all stuff that you need to know and there's a lot of spreadsheets out there.
Speaker B:There's a lot of books.
Speaker B:Like we have book recommendations and in a lot of the books too for us, some of the books we actually talk to the authors and so it's almost like a book club.
Speaker B:I was going to recommend that too for some of the books that you're giving away.
Speaker A:Oh really?
Speaker B:We can add extra books even for Nia's book.
Speaker B:Like you can read that book and have people that you can lean on to answer your follow up questions about that book.
Speaker B:Because I know that's why a lot of people hire coaches, mentors, is because yes, I read this book but I need my specific questions answered.
Speaker B:And a lot of times sometimes you still have questions so you want to talk to the source.
Speaker B:That's why I'm glad Nia's here.
Speaker B:We're giving away her book and now you can chat with her about.
Speaker B:Oh, I was still a little confused about Capex.
Speaker B:Can you explain how that would work in this property?
Speaker B:Because I'm looking at buying this property in this neighborhood.
Speaker B:Can you just explain to me how that works?
Speaker B:So you really need to be in tune and show that you're really serious about this or else we will help you.
Speaker B:I'm going to help somebody that if you want me to do all of your work for you, you don't want it.
Speaker B:I need to buy it myself if I'm gonna do all the research.
Speaker A:I know, right.
Speaker A:But because a lot of us are first time investors so we're gonna pretty much going to need a lot of that hand holding and how do, and this is the reason why we're having this conversation now is to kind of alleviate some of that hand holding.
Speaker A:We did our research.
Speaker A:Now that we ready for this, first thing you talk about the fees and costs because I think you mentioned that earlier which was talking about the, the fee far as the, the percentage rates which is important.
Speaker A:One of the things that was shocking to me was the assessed value versus the price of the property.
Speaker A:Bring it down.
Speaker B:That's what your tax rate is paid on.
Speaker B:So yeah, that's the comp.
Speaker B:You do the comps and you're like okay, these are what these houses are paying.
Speaker B:Here's the proof.
Speaker B:But this is also another follow up too because you can also add chat, ask ChatGPT.
Speaker B:Hey, what closing costs are negotiable?
Speaker B:And you can say can you write me a script?
Speaker B:A script to get my, to get those costs lowered and even what financing costs are Negotiable too, for a lender.
Speaker B:So be like, hey, I want to ask my lender what.
Speaker B:What financing costs are negotiable.
Speaker A:Wow.
Speaker B:And even when I was getting my.
Speaker B:When I was getting my hard money loan, I went to Fincon Beach.
Speaker B:This was the first time they had Fincon beach this year.
Speaker B:We were just chatting.
Speaker B:This is another reason to surround yourself with people that are doing something that you're doing that you have a hope to do.
Speaker B:Because when we were at Fencon beach, we were all just sitting around, we had a game night, and we were talking about real estate, what we were working on.
Speaker B:I ended up asking one of the other guys at Fencon Beach.
Speaker B:I was like, hey, I'm getting a hard money loan for this pre development.
Speaker B:And this is what they're telling me the fees are.
Speaker B:He's like, oh, no, this is what you can negotiate.
Speaker B:I just would have happily paid those fees had I not told, you know, and asked that guy that does.
Speaker B:He's done lots of developing, he's in Ohio.
Speaker B:But yeah, he was the one that told me that these are the fees that you can actually negotiate.
Speaker B:And so I kept.
Speaker B:I had the.
Speaker B:I had the lender on the line, like, on hold, and I was like, hey, I'm at the airport.
Speaker B:And I really was at the airport.
Speaker B:And.
Speaker B:But I kept putting him on hold to ask the other guy, like, okay, he came down to this price.
Speaker B:Is that low enough?
Speaker B:Like, nope, you can get them lower.
Speaker B:So.
Speaker B:Because you know how the used car salesman, when they're trying to get you the price, they're like, oh, let me go talk to the manager.
Speaker B:You can use that tactic to be like, oh, let me talk to my partner, or, you know, let me talk to make up a spouse.
Speaker B:Or, hey, I'm gonna go talk to my.
Speaker B:My plant.
Speaker B:My plant plants.
Speaker B:And if they rustle to the left, that's.
Speaker C:Yes.
Speaker B:Or if they rustle to the left, make up somebody that you need to talk to and put them on hold and don't make that, you know, decision.
Speaker B:Especially if they have you on the phone.
Speaker B:They really want to close right then and there.
Speaker B:So you make them.
Speaker A:Oh, see, I never even thought about that.
Speaker B:Yeah.
Speaker B:And a lot of people don't know.
Speaker C:Yeah.
Speaker B:Because a friend of mine was.
Speaker B:She was buying her daughter a condo.
Speaker B:I'm like, my mom never bought me a condo.
Speaker B:But anyway, she.
Speaker B:I think she said something was leaking, and I was like, make them give you a home warranty.
Speaker B:And she's like, I would have never asked for that had I Not talked to you.
Speaker A:Yeah, and we already talked about the property taxes that can be negotiated even.
Speaker B:After you close for property taxes.
Speaker B:You would.
Speaker B:You would.
Speaker B:Your.
Speaker B:Your.
Speaker B:The assessor office is who you fight for on your property taxes.
Speaker A:Yeah, you just do a real property search.
Speaker A:I think you do for your state or city.
Speaker B:It's all different because for Chicago's, the Cook County Assessor, Accessor assessor's officer's office, like ccrd.info like, I'm very familiar with all their precise.
Speaker B:But yeah, you.
Speaker B:You can do.
Speaker B:And they even in the mailer now, they even send you instructions on how to.
Speaker B:How to fight your tax assessment.
Speaker B:Because all she's doing is saying, hey, this is what these addresses are paying on my same block, and this is what I want to pay to.
Speaker A:Oh, I didn't know you can do that.
Speaker A:The same.
Speaker A:Like, hey, everybody else is paying it.
Speaker B:Yeah, no sense.
Speaker A:So we coming up to the last round of this particular live show.
Speaker A:And for those of you, as we mentioned earlier, we do have, in a way, two books for this.
Speaker A:So the first book I want to give away.
Speaker A:Let's see.
Speaker A:Should we do kids first or should we do the adults first?
Speaker A:Which one?
Speaker A:Kids or adults first?
Speaker B:And also, too, when you're at the closing table, to always look at.
Speaker B:Look, read everything.
Speaker B:They're banking on you not reading stuff and charging you for stuff.
Speaker B:Because my friend Shirley's here.
Speaker B:She's writing notes.
Speaker B:You can come and talk.
Speaker B:But yeah, she was like, they.
Speaker B:They charged her some for some documents that they emailed to her that they never sent.
Speaker B:And.
Speaker A:Yeah, bring her in.
Speaker B:Yeah, and 150.
Speaker B:Like, come on, you know, 150.
Speaker A:Really?
Speaker A:Right.
Speaker B:And you can tell them that to be like, do you know?
Speaker B:Yeah.
Speaker B:Or yeah, show me the email with the documents.
Speaker B:Exactly.
Speaker B:And you know how far $150 goes at Costco?
Speaker B:Like getting me out of a quick Costco trip.
Speaker A:Yo, you can at least get your first round of groceries or something.
Speaker B:Okay.
Speaker A:No.
Speaker A:$150 at Costco, you probably get like, two items.
Speaker B:Like, no, you can.
Speaker B:That's toilet paper for the month.
Speaker B:That's eight items.
Speaker B:That's eight chickens.
Speaker B:Is that.
Speaker A:So true?
Speaker A:We gonna talk about your show.
Speaker B:Yeah, Stacking deeds.
Speaker B:So another thing, Connor.
Speaker B:So if you scroll to our latest episode.
Speaker B:So we talked to Antoinette from maximizing your minimum, your rental.
Speaker B:So Antoinette, she's from Fearless and fine.
Speaker B:She converted one of her rentals into an assisted living facility and makes $90,000 a month.
Speaker A:What?
Speaker B:It took her two years, though, because she had to get.
Speaker B:It's a business.
Speaker B:So she had to get all the proper licensing.
Speaker B:She actually hired nurses and she turned a single family house.
Speaker B:So it was a three.
Speaker B:No, it was like a four bedroom, whatever.
Speaker B:She turned it into a three bed, one and a half bath on one side and then it's a one bed, one and a half bath on the other side for where the nurses live during their shift.
Speaker B:And it's $90,000.
Speaker B:So I was like, during the episode, you'll hear me quit and say, I'm gonna quit and do that now.
Speaker B:How'd she get a permit for that?
Speaker B:I don't know about the occupancy permit.
Speaker B:That's what I wanted to ask about the occupancy.
Speaker B:Because she did.
Speaker B:Sorry.
Speaker B:Because in that city.
Speaker A:That's a good question.
Speaker B:Orlando.
Speaker B:So she put a wall in the middle.
Speaker B:She talks about this on the show.
Speaker B:She put a wall in the middle of the rentals.
Speaker B:And as long as.
Speaker B:Because at first she lived in one.
Speaker B:So it was legal.
Speaker B:But that is a good question.
Speaker B:But.
Speaker B:And I want to see what they look like.
Speaker B:It'll be cool to see what they look like.
Speaker B:But that also opens the window to.
Speaker B:There's so many other kinds of homes like that.
Speaker B:You got postpartum homes.
Speaker B:So a lot of times women, after they have a baby, instead of going, Instead of paying all that money at the hospital and instead of going home where they don't have everything, there's that middle ground.
Speaker B:Surgeries.
Speaker B:People do that for surgeries too.
Speaker B:I never knew that.
Speaker B:That was a whole nother surgery.
Speaker B:Yeah, the plastic surgeries, the bbls, they can't sit.
Speaker B:They gotta, I guess for them to sit like this, you know, it is cool to talk.
Speaker B:So we talk to so many different people that make money different ways in real estate.
Speaker B:And a lot of times they're authors too.
Speaker B:Like.
Speaker B:And what I like about it too, as I'm a nine to fiver, I actually like my job most days.
Speaker B:I love my job.
Speaker B:So I don't want to quit my job.
Speaker B:But you know, I like my job because I'm just.
Speaker B:I like going to work and going to the holiday parties, all that fun stuff.
Speaker B:And so we do talk to a lot of people too who still have a 9 to 5.
Speaker B:And they do the real estate on the side.
Speaker B:So that's a lot of people.
Speaker B:They share their spreadsheets that they use.
Speaker B:They share their methods they use.
Speaker B:So it's for beginners.
Speaker B:So if you're a beginner, we explain there's a Cap X episode that Explains it a lot better than I can.
Speaker B:And that's the beauty of it too, because I'm learning stuff that I've wanted to learn about too.
Speaker B:So we have people on, and we have over 80,000 listeners.
Speaker B:We are not even a year old.
Speaker B:Yeah, we crossed 80,000 actually.
Speaker B:I mean, here.
Speaker B:I'm gonna log into it now to see how many.
Speaker A:All right, well, while you're logging in, we have a wonderful author that's coming up there.
Speaker B:Shelby, ready?
Speaker A:Yep.
Speaker A:All right, we gotta get.
Speaker A:Get some.
Speaker A:Get up in there, get the shoulders going.
Speaker A:You know what I'm saying?
Speaker A:Oh, you took.
Speaker A:All right.
Speaker A:Welcome to the stage.
Speaker C:Nia.
Speaker B:Hey.
Speaker C:Hey.
Speaker C:How y' all doing?
Speaker C:How y' all doing?
Speaker A:How you doing?
Speaker A:How y' all doing?
Speaker C:I'm gonna say what she went.
Speaker C:What was.
Speaker C:I had some to say from what Crystal was saying.
Speaker C:Dang it.
Speaker C:I had something.
Speaker C:I said I was gonna come on and said.
Speaker C:She was just saying, so.
Speaker C:Oh, I'm a nine to five or two.
Speaker C:See, I'm a nine to five.
Speaker B:I like my job my best.
Speaker C:It's very flexible.
Speaker B:Then they have a spin suit.
Speaker B:I'm a lawyer.
Speaker B:I own a business.
Speaker B:We work all the time.
Speaker B:I don't need to be in here.
Speaker B:I'm just kind of.
Speaker C:I'm honest.
Speaker C:Yeah.
Speaker C:So I like.
Speaker C:I like my job.
Speaker C:My job is very flexible.
Speaker C:So it allows me to run my business while doing my job, you know, so same thing.
Speaker C:It's a part of my goals.
Speaker C:So it's not a short term.
Speaker C:Me planning to leave it in the next year or two either.
Speaker C:It's a part of my system.
Speaker C:And it helps me when it comes to real estate too, because it's a secure income.
Speaker B:Yeah.
Speaker B:For the real.
Speaker B:The lenders like to see that.
Speaker B:Yeah.
Speaker B:So that don't care because they just look at the deal.
Speaker C:Yeah, true.
Speaker B:You see it too.
Speaker B:And they won't let that slip through the cracks.
Speaker B:And they help you through it too, because that's another cool thing too, about being a woman that's one minority.
Speaker B:And black, that's another minority.
Speaker B:And we're not in this space, so.
Speaker B:Because even last month was it month before last, I was here for the Chicago Build Expo.
Speaker B:It was a free conference.
Speaker C:I saw that.
Speaker B:I met so many people.
Speaker C:And it was after I moved, I was so mad.
Speaker B:Okay.
Speaker C:I just relocated from Chicago.
Speaker B:Okay.
Speaker B:Got it.
Speaker B:Yeah.
Speaker B:So, yeah.
Speaker B:But I met a lot of people.
Speaker B:Met people from the city.
Speaker B:I met different contractor associates.
Speaker B:There's a.
Speaker B:There's a contractor association for everything.
Speaker B:There's a women one.
Speaker B:There's a minority one.
Speaker B:There's just a whole bunch of different.
Speaker B:So go ahead, Nia.
Speaker C:But no, no, that's good to know because it makes a huge difference.
Speaker C:I'm fortunate to know enough that I have a mentor that he's just, you know, older, black male.
Speaker C:He's invested in real estate and he left his job.
Speaker C:He got laid off.
Speaker C:And that severance included a non compete clause.
Speaker C:And he was like, no, absolutely not.
Speaker C:So he declined it and instead he went into real estate and he's been doing real estate ever since.
Speaker B:Yeah, yeah.
Speaker C:He has like 15 to 20 properties.
Speaker C:Like, but he.
Speaker C:So he's in Texas, but he invests in Cleveland.
Speaker C:He got properties in Georgia.
Speaker C:He wants more of us to know that it's possible.
Speaker C:So I follow him like secret squirrel and just like, watch and learn and ask questions, and that's how I've learned a lot of what I know and.
Speaker B:That'S what I love about our community.
Speaker B:Sorry, Anthony, we took over.
Speaker B:Go ahead, scoot yourself out.
Speaker B:No, I'm just kidding.
Speaker A:But no.
Speaker C:Put you to the side all day.
Speaker B:No, we're just kidding.
Speaker B:Come back.
Speaker B:We can't do this without you.
Speaker B:But no, it's slowly.
Speaker B:People can't wait to share.
Speaker B:You know, like, we're doing this, you know, new to the the area, and we want y' all to do it, too.
Speaker B:Like, we gain nothing from keeping information to ourselves.
Speaker B:There's enough for everybody to eat.
Speaker B:So the more.
Speaker B:The more we learn and the more that comes back to us.
Speaker B:And so you'll notice, community, we love sharing what we learned.
Speaker B:Like, that's why I have all these hustles too.
Speaker B:Because when I learn something cool, I love teaching others.
Speaker B:I can't help it.
Speaker C:Nice, nice, nice.
Speaker B:Welcome back, Anthony.
Speaker C:Thank you.
Speaker C:Welcome back, back, back to our show.
Speaker C:We're glad to have you.
Speaker A:Allow me to come.
Speaker C:Welcome.
Speaker C:This is Anthony Weaver from About that wallet.
Speaker C:And he's going to be sharing with us today.
Speaker B:How to exit and drink strings.
Speaker A:He's stage crew, all the sound effects and everything like that.
Speaker C:Exactly.
Speaker B:See?
Speaker C:Stage crew.
Speaker A:Yeah.
Speaker A:All right, so Nia, we have you up here.
Speaker A:You.
Speaker A:Your book giveaway.
Speaker A:Because you're the only person that can do your book giveaway like anybody else.
Speaker A:Yes, I. I have a Baltimore accent, so.
Speaker A:Yes.
Speaker A:The dues and twos.
Speaker A:What do you want to do the hashtag for your book giveaway.
Speaker C:Buy the house.
Speaker A:By the house.
Speaker A:Love it.
Speaker A:All right, everybody make sure that you put in buy the house.
Speaker A:Put it right now in the chat.
Speaker A:Just how you talking about it?
Speaker B:And Everything like that is.
Speaker B:That's cool how it picks it up as an entry.
Speaker B:It is.
Speaker C:Streamyard is bomb.
Speaker A:Yeah.
Speaker C:Anthony had really showed me what Streamyard can do.
Speaker B:Yeah, we use Riverside.
Speaker B:I don't, we haven't taken full advantage of its features but it has features.
Speaker B:It has like an AI built in that'll take clips from the conversation.
Speaker A:They do post production features though.
Speaker B:That's right, it's post.
Speaker B:Yeah.
Speaker A:So we gotta get people thinking.
Speaker C:So when we get what a synopsis of the book?
Speaker A:Yeah, yeah, yeah.
Speaker A:Maybe I want to take.
Speaker B:Get a synopsis synapses of Capex.
Speaker B:No, just kidding.
Speaker C:Well, Capex depends on your market.
Speaker C:It's going to be different for different markets but.
Speaker C:So this book is made for first time home buyers.
Speaker C: first investment property in: Speaker C:Because of that I got so many horror stories that I heard or just people who didn't know about the process.
Speaker C:So that's what made me feel like I had to create a resource.
Speaker C:Like even if they can't, maybe they don't feel comfortable working with me or maybe they can't afford a course I have.
Speaker C:Let me create a resource they have that's tangible that they can go through to empower them through their process.
Speaker C:Because like pretty much like Crystal said, a lot of people out here are scamming a lot of these Realtors don't really educate you.
Speaker C:They say all these things just to motivate you to purchase.
Speaker C:And lenders do the same thing because especially when they get into these scarcity markets where people are not buying as often, they get really scandalous.
Speaker C:So going through the book, it has everything.
Speaker C:First of all, I tell my story.
Speaker C:So I bought and lost my first home at the age of 27.
Speaker C:So I tell that whole story and what I learned and how it shaped my process.
Speaker C:Then I go through what you need to do like preparing your finances and everything gets explained.
Speaker C:Explain from the lender's perspective so you can know like why they're asking for these things.
Speaker C:They're telling you not to make huge purchases because it looks risky and it looks like you might be mismanaging.
Speaker C:So it's basically to help the first time home buyer who's looking to purchase.
Speaker C:It also goes through comparing buying a condo to a multi unit to a single family.
Speaker C:And like the pros and cons of each so that you can learn it goes through questions you should ask your lender, questions you can ask your realtor or a loan Officer, similar to what Crystal said, like what things are negotiables.
Speaker C:Ask them what overlays they might have, which are additional restrictions they might have for what you might see online.
Speaker C:Because at the end of the day, fha Fannie Mae, they are not the ones giving you the money, the lender is.
Speaker C:So they're going to make requirements when they're giving out money the same as you can do when you give out your money.
Speaker C:So the book is basically breaking all those things down and putting them in regular terms.
Speaker C:It goes through the full home buying process so you can know all the different steps to expect.
Speaker C:It goes through the home inspection.
Speaker C:What can you expect through that?
Speaker C:What things not to do while you're going through a home buying process.
Speaker C:Don't co sign anything, don't move large sums of money, all those things that might be looked at as frowned upon by the lender.
Speaker C:And then lastly there's going to be a glossary at the end in alphabetical order.
Speaker C:So as you're going through this process, if your lender or your realtor are using terms you don't know, sometimes we feel intimidated and we might not ask what that term means because we feel like, oh, if I ask, you know, that makes me look stupid.
Speaker C:Even though it doesn't, I wanted to provide again another resource so you have something that breaks it down in laying terms so you can be more empowered in your process.
Speaker C:Because that is the biggest weapon against fear when it comes to doing anything.
Speaker C:Being educated about it and more knowledgeable will make you be more comfortable.
Speaker A:Boom.
Speaker A:That's all we got.
Speaker A:So make sure that you go ahead on and do hashtag by the house if you actually want this book, go ahead on and type in right now hashtag by the house to go ahead on and get this book.
Speaker A:You do not want to be left out without this book.
Speaker A:Yes, I have the only light skinned version.
Speaker C:Yes, you always have to tell that story when you show the book.
Speaker C:So he's showing you that book.
Speaker C:I'm gonna show you the real book now.
Speaker C:You see anything different?
Speaker B:Not the light skinned version.
Speaker B:How did one has a light and one has a black hand.
Speaker C:So initially I put a black hand of course because most of the time you see books with wealth or about home buying, you typically don't see anything that looks like us on the front.
Speaker C:So I wanted to, you know, make put again.
Speaker C:It's all about making people feel more comfortable in their process.
Speaker C:And apparently Amazon, when he ordered they sent him that version.
Speaker C:But my author copies all come with.
Speaker B:The black Anthony's white.
Speaker B:Or you need advice from a white person.
Speaker C:Well, they did the same thing to Rakim's book.
Speaker C:Oh, show them Rakim's book.
Speaker B:We have Rakim on the show.
Speaker C:You see that?
Speaker B:You gotta see this.
Speaker B:Wait, hold it up.
Speaker B:We gotta see this.
Speaker A:All right, let me.
Speaker A:Let me make.
Speaker C:He looked like a big pun.
Speaker B:Oh, wow.
Speaker B:He does look like.
Speaker A:Wow.
Speaker C:I don't know what anybody's doing.
Speaker B:Wow.
Speaker A:That's what they sending out.
Speaker A:But during that shipment, I guess they ran out of brown or something more black, but.
Speaker C:Right.
Speaker C:Something happened with the printer.
Speaker C:You almost need to keep them just so you can.
Speaker A:Well, what I said was these books are now worth $2,000.
Speaker A:Well, Rakim's $2,000 because he signed his NIA.
Speaker A:I need you to get your sign.
Speaker A:I need to get it.
Speaker C:You should have brought it to fincon.
Speaker A:I did bring it to fincon.
Speaker A:I just didn't have it with me.
Speaker C:Oh, okay.
Speaker A:I was gonna say, because I know you signed my other book that you gave me.
Speaker B:Oh, yeah.
Speaker B:Wow, that is interesting.
Speaker B:That's.
Speaker C:I don't know what it is or why they do it, but they did it to both of our books.
Speaker A:Yeah.
Speaker A:So Hashtag the house.
Speaker B:Yeah.
Speaker B:Ram is my.
Speaker B:Or people.
Speaker B:No, he's my.
Speaker A:He said Michael.
Speaker B:Ram is.
Speaker A:Yeah.
Speaker B:Wow.
Speaker B:That is.
Speaker C:He said what?
Speaker A:She said.
Speaker B:That's disrespectful.
Speaker B:Disrespectful.
Speaker B:It's coming from a white lady.
Speaker C:I don't know if it's a conspiracy or what.
Speaker C:We say that they're like, oh, they just.
Speaker C:But it's like, how did both of them come light skinned?
Speaker A:Right.
Speaker C:Did you order them around the same time?
Speaker A:Exactly the same day.
Speaker C:Also, maybe they was like a they ran out of ink day and they figured you would know any better, but you actually know the authors.
Speaker A:And that's a big difference.
Speaker C:That's the difference.
Speaker C:You know, the authors.
Speaker C:A typical person wouldn't.
Speaker C:So they would never be.
Speaker C:They would never know.
Speaker A:Right.
Speaker B:Years.
Speaker B:So it's funny when you guys say, like, I love my job because I have a full time job and we do fitness, so.
Speaker A:Nice.
Speaker B:Yeah, I do.
Speaker C:I like my job.
Speaker C:I work for the.
Speaker C:I guess the people.
Speaker B:There's nothing wrong with having two jobs.
Speaker B:You get up at 4, you go to bed.
Speaker B:There we go.
Speaker B:Midnight.
Speaker B:I get up at 5.
Speaker C:I do really up at 5.
Speaker B:Typical life.
Speaker B:And I see a lot of people wasting time watching Netflix, you know, going out to eat.
Speaker B:That is four or five hours.
Speaker B:You could be doing something productive with your life, like doing something Saving your money, putting your money away.
Speaker B:I. I preach a big time about cooking your own food.
Speaker B:Stop going out to eat, stop wasting.
Speaker C:So I have a newsletter that I send out weekly, and one week is dedicated to a healthy recipe, like, so I share, like, a YouTube video.
Speaker C:So you have.
Speaker C:Because we got food at the house.
Speaker C:So I'm gonna either help you have food at the house, I give you.
Speaker B:New recipes, $10,000 a year almost.
Speaker B:You could go to Africa on a safari instead of going to Starbucks.
Speaker C:So many places I could go for $10,000.
Speaker A:Yeah, you talk about that trip, that layover trip you just saw.
Speaker A:How much was that?
Speaker C:The trip I just took with the Europe trip?
Speaker A:No, the one you went on the islands with.
Speaker A:And remember, you said you had the layover.
Speaker C:Oh, I go to Carnival every year in Trinidad and Tobago.
Speaker B:So my husband.
Speaker B:Have you been to Barbados?
Speaker C:Yes, I have.
Speaker C:I love Barbados.
Speaker B:Do the crop over in Barbados.
Speaker C:I haven't.
Speaker C:I have not.
Speaker B:It's fun.
Speaker C:I'm hooked on Trinity.
Speaker C:I heard that Crop over was good.
Speaker B:Convince someone.
Speaker B:You said what?
Speaker B:Oh, really?
Speaker C:You don't want to go, Crystal, Crop over.
Speaker B:She's been to Barbados, but not the crop over.
Speaker B:So maybe we could do, like, a.
Speaker B:A blog.
Speaker B:It'll go viral.
Speaker A:It'll go viral.
Speaker B:Oh, you went mute.
Speaker B:Mia's mute.
Speaker A:Oh, there she go.
Speaker A:She's not mute unless you muted herself.
Speaker B:Yeah.
Speaker B:Yeah.
Speaker B:Thank you.
Speaker B:Yeah, she lost, I don't know, her ipods did.
Speaker A:I mean, we see it.
Speaker A:We up here make it funny the whole time.
Speaker A:Like, yo, wait, what?
Speaker C:I had a phone call coming through, and I didn't want to decline them and make it seem like I was rejecting them.
Speaker C:You know, it was my daughter.
Speaker C:What's I gonna say?
Speaker C:But, yes, I go there.
Speaker C:So he's talking about.
Speaker C:Because leaving Trinidad to come back can get very expensive, so this.
Speaker C:I typically booked to another island so that I can save money, which sounds odd, but I saved money that way because the flight coming back was like a thousand.
Speaker C:And then I paid, I think, $400 to go to Antigua and then leave Antigua and come back.
Speaker C:So I end up paying that.
Speaker C:And then I found an Airbnb for, like, 200.
Speaker C:So I'm doing good.
Speaker B:Right.
Speaker C:And I would have paid that over a thousand for the one flight just going back straight from Trinidad.
Speaker B:Yep.
Speaker C:Yeah, I want to go to Crop over, though.
Speaker C:Maybe maybe 20, 25.
Speaker B:Well, Nia, you got a message.
Speaker B:Crystal or me.
Speaker B:And then we look up at the crop over.
Speaker C:Yeah, definitely.
Speaker C:Definitely.
Speaker C:It's a vibe.
Speaker B:While we're Drinking.
Speaker B:We'll talk about finances.
Speaker C:Exactly.
Speaker A:Making a business trip.
Speaker B:Yes.
Speaker C:Yeah, it does.
Speaker C:We can have a consultation at a.
Speaker C:At a breakfast.
Speaker C:Fat.
Speaker B:Yeah.
Speaker B:We could put on a seminar.
Speaker B:And even if it's just.
Speaker B:There's our seminar.
Speaker B:I'm super proud of retreat.
Speaker C:There you go.
Speaker C:It's a retreat.
Speaker B:Yeah.
Speaker B:I'm super proud of you.
Speaker B:You know, like, we've all purchased houses.
Speaker B:I was telling Crystal when I purchased my first house, I had to learn everything, because I did, too.
Speaker C:That's how I bought and lost it in the same year my mom purchased houses.
Speaker B:She was like, figure it out on your own.
Speaker B:You have an education.
Speaker B:And so I went to my credit union.
Speaker B:I sat down and learned about mortgages.
Speaker B:I had to learn, like, what was the best one, because I didn't know what to do.
Speaker B:And I just felt really ignorant and really dumb and there was no nobody to help.
Speaker B:And so.
Speaker C:And that's how I feel.
Speaker C:Like people feel.
Speaker C:They, like, they feel like when you.
Speaker B:Don'T know and you go with whatever your realtor says, and your realtor is not educated.
Speaker B:They're just a realtor.
Speaker B:So you have.
Speaker C:Not about loans, not about even a good realtor.
Speaker C:Some of them, they don't know about the lending side.
Speaker B:Find you the right house.
Speaker B:You have to do everything yourself.
Speaker B:If you are.
Speaker B:You just have to do the legwork if you want to, like, be successful.
Speaker B:And so unfortunately, it takes time, effort, and energy.
Speaker B:But, like, you can do it.
Speaker B:You can do it.
Speaker B:I've done it.
Speaker B:You know, like, here I am.
Speaker B:You can do it.
Speaker B:I'm an immigrant.
Speaker B:I'm a lawyer.
Speaker B:I came here.
Speaker B:You know what I mean?
Speaker B:We started this.
Speaker B:I got two jobs.
Speaker B:I work all the time.
Speaker B:And it's just when I hear people say, oh, well, you know, I get up at 4 and I go to bed at 5, you know, I get home at 6, and I'm like, that's it.
Speaker B:That's wonderful.
Speaker C:You get to sleep after that.
Speaker B:Yeah, I'm working all the time.
Speaker B:But, you know, there's gonna come a point where I don't have the energy and we get old, older, and we can't do it.
Speaker C:And you want the luxury to not be able to do it.
Speaker B:Yeah.
Speaker B:And you may not have the, you know, if you have rich parents, that's great, but most of us don't.
Speaker B:We would not be listening to this podcast in the best sleep already.
Speaker B:Right?
Speaker B:Parents are going to help you.
Speaker B:So if you don't have assistance, financial aid, you know, you don't have all this help.
Speaker B:You really have to do it alone.
Speaker B:And so just educate yourself, do the legwork.
Speaker B:It's not that hard, and it's worth it.
Speaker C:I agree.
Speaker C:See, she should have came on earlier.
Speaker A:I know, right?
Speaker C:I'm glad you finally came on.
Speaker B:You know, you wrote a book helping somebody from front to back, literally.
Speaker C:Yeah, that's the goal.
Speaker C:That's the goal.
Speaker C:I mean, obviously, you can't predict every single head buyer transaction.
Speaker C:I want it to be an impartial party that I'm not making anything off you purchasing the home.
Speaker C:I'm not a realtor.
Speaker C:I'm not a loan officer.
Speaker C:Like, my goal is to help you stay in the home.
Speaker C:They just want to help you get the home.
Speaker C:That's wonderful, because foreclosure is real.
Speaker B:Yeah.
Speaker C:So ask me how I know.
Speaker B:Now you're an expert.
Speaker B:You know what I mean?
Speaker B:So, like, if.
Speaker C:Exactly.
Speaker C:And I'm a real estate investor, like.
Speaker B:Yeah.
Speaker C:It does not define you at all.
Speaker B:Yeah.
Speaker C:In the process of buying a house right now in my new location.
Speaker B:Oh, that's awesome.
Speaker B:Oh, yeah.
Speaker C:Atlanta, where fincon is this year.
Speaker B:Yeah.
Speaker C:Oh, yeah.
Speaker B:It's come.
Speaker B:Yeah.
Speaker C:I mean, I had just moved, like, maybe two weeks before fincon.
Speaker B:Ah.
Speaker C:And then they announced it was gonna be in Atlanta.
Speaker B:I was like, too.
Speaker B:She's a Spelman.
Speaker B:You could have went.
Speaker B:You could have came to spin.
Speaker C:You were here.
Speaker B:No, Chicago.
Speaker C:Oh, in Chicago.
Speaker C:Yeah.
Speaker B:Yeah.
Speaker C:You do any.
Speaker C:Well, it don't matter if you do virtual.
Speaker C:I don't have a spin bike.
Speaker B:That's okay.
Speaker C:I didn't hit one, though.
Speaker B:We do training.
Speaker C:Her spin is real.
Speaker A:It is certified.
Speaker C:Yeah, I heard it's real.
Speaker A:I tried it twice.
Speaker B:And that's the thing.
Speaker B:Like, be active.
Speaker B:Be, like.
Speaker B:Be productive.
Speaker B:Don't just say.
Speaker C:That's the word.
Speaker C:Productive.
Speaker B:What can you do?
Speaker B:Can you do six things?
Speaker B:Why not?
Speaker B:Why you want to do one thing?
Speaker B:You could do seven things.
Speaker B:You could do everything.
Speaker C:You know what she sound like?
Speaker C:Y' all remember In Living Color when everybody was like, we got three jobs.
Speaker C:It's like, that's it.
Speaker C:We got three jobs.
Speaker B:Jamaicans, you know?
Speaker B:And we have educations, right?
Speaker B:We have education.
Speaker B:People think like, oh, my gosh.
Speaker C:I would.
Speaker B:You got this, people.
Speaker B:You got this.
Speaker A:Yeah.
Speaker A:Because it's a book that I'm.
Speaker A:I'm actually reading.
Speaker A:I say audiobook, but it's called Mindset.
Speaker A:I know I'm reversed, but the reason why I like Mindset is because.
Speaker A:Talking about the growth mindset versus the.
Speaker A:The fixed mindset.
Speaker A:And what she's saying is, like, you Know why?
Speaker A:Why are you stuck?
Speaker A:And then most people just fail and be like, give up.
Speaker A:Well, like, I.
Speaker A:With the first property, it was like, well, you know, I got my first property, right?
Speaker A:Then it didn't work out, so I'm gonna just give up.
Speaker C:Exactly.
Speaker A:So, all right, I know this is my show, but is there any less?
Speaker A:Stage right.
Speaker A:All right, Deuces.
Speaker B:Bye, guys.
Speaker A:You must just get.
Speaker A:You know, just send you the link and just kind of.
Speaker C:Okay, Right.
Speaker C:We need to drop her.
Speaker C:Drop her tag in the chat.
Speaker B:Yeah.
Speaker A:Next time, though.
Speaker A:Next time.
Speaker A:All right, so is there any last things that y' all want to say to leave everybody with something that they can take action on today?
Speaker A:Like a call to action for.
Speaker A:For tonight.
Speaker B:Reach out to somebody.
Speaker B:That's my advice.
Speaker B:Reach out to one person that's doing what you want to do and ask.
Speaker B:Ask them, even.
Speaker B:Even Ask Chat.
Speaker B:Gbt.
Speaker B:Ask them a few questions.
Speaker B:That's gonna get to your next level.
Speaker A:Awesome.
Speaker A:All right, Neil, you got something I'm gonna say.
Speaker C:Figure out exactly where you wanna go.
Speaker C:Write it down, like, make it.
Speaker C:Make it in stone, what it is or where you're trying to go just to start off with.
Speaker C:And then, like, same thing.
Speaker C:Like she said, like, follow.
Speaker C:Find people to follow.
Speaker C:Start consuming that content and consuming things about that topic regularly so that you can start replacing.
Speaker C:It'll change your whole algorithm.
Speaker C:So then your algorithm won't bring any of those other things.
Speaker C:It'll start bringing that good content and continue to help you stay focused.
Speaker A:Awesome.
Speaker A:And as you're talking about bringing up that content, make sure you continue to go ahead on and, like, subscribe and hit that bell so that you can continue in getting this lovely content.
Speaker A:Because, as you know, we talk about habits all day, every day.
Speaker A:So because you have understanding of a habit, you have the understanding of what a behavior is, I want you to go out there and build strong financial habits.
Speaker A:All right, everybody, y' all have a good one.
Speaker A:We're out.
Speaker B:Peace.
