Flip Houses & Profit With No Money Down
Flipping houses with no money isn’t just possible, people do it every day. People like our most recent guest, Jason Velie, who made $26,000 by using the power of social media, hard money, and creative financing to flip his first property.
Meet Jason
Jason has worked in finance for most of his career, and jumped into real estate when a vacant house in his neighborhood piqued his interest.
When the house remained empty for nearly a year, Jason reached out to his local Facebook group to get more details. That’s when a motivated seller from another property reached out to him.
Check out this episode of The Real Estate Cash Chronicles to learn how this tentative “newbie” got his first property under contract but perhaps more importantly, how he financed the flip using none of his own money.
Listen anywhere you hear podcasts or watch on YouTube, and don’t forget to claim your free Connected Investors’ account!
Transcript
Click Here to Read Transcript Patrick (00:00): Today on Cash Chronicles, we’re going to find out how Jason made 26k, and using zero of his own money. Voiceover (00:10): Welcome to this week’s episode of The Real Estate Cash Chronicles, where we speak with real investors around the country to break down individual deals. They’ve completed showing you the actual timeline of events that it took to make a profit making money in real estate. Isn’t a mystery. It’s a step-by-step process, but once you complete one, you’ll never think about cash the same way let’s get started. Patrick (00:33): Welcome to this week’s episode of The Real Estate Cash Chronicles. On today’s episode, we talked to Jason Velie about how he closed the $26,000 deal using zero of his own money. For those of you who are new, my name is Patrick Giarelli, proud member of Connected Investors and the host of Cash Chronicles. Before we go any further, I’d like to pivot here and make sure I reach out to you, listeners and Watchers. I look, go check us out, get subscribed to the podcast. Let it come to you automatically. If you like, what you see, give us a thumbs up. If you really like what you see, share it with your friends and your neighbors and your coworkers. We want to be here for you. But at the same time, we want to make sure that we get out there for as many people as we can. So like us, give us a thumbs up. I don’t know, email us, text us, post this on Instagram. I mean, make things happen, do big things and make sure because if you go and check us out, then you’re going to find all your free stuff and the free details and the little niche information, those golden nuggets that might push you and your real estate investment right over the edge. So let’s jump into this $26,000 flip. Okay, Jason, thanks for being on the show today. How are you? Jason (01:58): Hey man. Doing great. Thanks for having me. Patrick (02:01): Yeah, man. We’re we’re we’re we’re glad you came along for the ride. So Jason let’s, let’s dive into this flip. You made, you know, first things first, what was the process in finding the property? Jason (02:16): Sure. Yeah. So this was actually the very first flip that I ever did. Um, the, the way we found it was my wife and I, it was actually in the neighborhood that we used to live in. My wife and I were walking the kids around the neighborhood every day. And we saw this house. It was, um, look clearly vacant and we passed it and passed it for over a year. Eventually after I got more interested in real estate, I took a picture of the house and I posted it on our neighborhood Facebook group. And I said, Hey, does anybody know the owner of this house? I’d like to see if they’re interested in selling. Uh, cause I had tried to look up the owner online and it was so outdated. I didn’t have luck getting the contact info. Well, I actually didn’t get the answer to that question, but because I made that post because I did that work, trying to find the deal, somebody else that was in the neighborhood, Facebook group messaged me privately and said, Hey, whereabouts to move out of our house. That’s on the other road over, would you be interested in looking at our property? And I asked her if she had an idea of how much she was asking for it and she gave me a number and I said, yeah, I’d definitely be interested in looking at it. And then that’s when we schedule a time for me to go look at it. Patrick (03:36): That’s fantastic, man. So putting, putting that Facebook group for this property, you didn’t get that property, but you gain the attention of the other person. That’s right. I love it. That’s cool. I love it. When a story like that comes together. Um, okay. So you started a conversation with her and um, did you get her, you know, offer to purchase or what, what, what was the next step Voiceover (04:10): Looking for some cash for your next flipper rental, just visit private lenders.com, get matched with hundreds of verified lenders from around the country. We’re looking to help you with your next real estate deal. Jason (04:25): Sure. So I went and saw the property first. You know, I saw there was a, there were a handful of, uh, things that needed to be done, but very minor, mostly cosmetic stuff. And she was asking 65,000 for the property. And I came in and offered 60,000 under the condition that I would pay all closing costs. And she came back and said, after talking to her husband, she came back and said, well, as long as, as long as you cover all the closing costs and you, you walk us through this process because we’ve never sold a house without a realtor before, you know, as long as you’ll do that, then, then we’ll come down to the 60 that you want. And then, uh, at that time I didn’t even have an offer to purchase format sitting around anywhere. I had no idea how to do that, where to get that or anything. So I went home and found one online and, or I think I had a realtor send me one and I just use the standard, like NC realtors, 14 page form or whatever it is. And so I took that giant contract over there to the seller and tried to explain all that to them. And they signed it right there with me. Uh, I set the, the terms out to be like 60 days, just, just to give me some extra slack, because at that point I still had no idea how I was going to fund it. Patrick (05:47): Sure. Okay. Okay. That’s smart, man. I just want to remind our listeners real quick that you can find properties just like the, that Jason and I are talking about, uh, today and hundreds of other off-market opportunities using the link in the description for this episode, the link also provides you with information to sign up for a free membership program, which gives you access to hundreds of online tools. So, so far let’s recap, the first couple of steps Jason’s walking around the neighborhood with his wife and children sees a property, connects youth and technological platforms Facebook about, Hey, I want this property. Doesn’t get that property finds another property from the reach out. He does walks it and talks to it a little bit. They say 65. He makes a counter offer at 60. He goes back home researches that a little bit finds the yes, like he said, 14 page North Carolina realtor offered a purchase contract. It goes back over to the seller, walks them through, filling it out, gives himself 60 days of slack, a little lag time to make sure he can position himself and get this thing done. Um, so then w what was the next? What, what happened next? Jason (07:17): So, yeah, then it was game on, then it was how in the heck am I going to fund this thing? Because I don’t have the money to pay for it. So I, I had learned, you know, through other podcasts and books, a little bit about hard money and private money. I knew I probably wasn’t going to get any private lenders that would lend to me without any experience. Um, so I started looking around for hard money lenders and I researched several, I looked up a bunch of them. Um, and I found a few that were willing to help or work with me in some fashion. But what I found is that this property I got under contract was a double-wide on a permanent foundation. And most hard money lenders will not touch a double-wide. Even if it’s on a permanent foundation deeded with the land as real estate, even in that situation, most of them won’t touch it. Jason (08:11): I was fortunate enough to find a hard money lender based out of Charlotte that was willing to lend to a first time flipper that was willing to lend on a manufactured home on a permanent foundation. And they actually ended up lending me 100% of my $60,000 purchase price. Plus 100% of my $10,000 rehab budget. So it was expensive. You know, they charged me three and a half points and 12% interest. Um, but you know, it, it it’s what I needed at the time. But so at closing between my closing costs, plus my three and a half points that I had to pay them, I had to come to the table with $8 and I didn’t have $8,000 sitting around in a bank account. So I leveraged a credit card for the $8,000, which is how I ended up having no money into the deal. And I’ll elaborate on that a little bit, because when I tell that story, people always ask me, well, how do you leverage your credit card? Jason (09:14): How’d you get money out of it? It’s not my idea. I didn’t come up with it. I wish I could claim it, but I learned somewhere. I don’t even remember where that if say you and your wife have a Venmo account or a cash app account, you can send, say a thousand dollars to your wife in Venmo. We’ll charge you 3% to do that. You can send it from your credit card. So it will cost you $1,030, and it will put a thousand dollars in your wife’s Venmo account. Well, then she just turns around and sends you back that thousand dollars back to your Venmo account. And then you have a thousand dollars in your account, and then you just cash it out into your bank account. And then you’ve got a thousand dollars cash sitting right there. So I did that eight times until I had $8,000 in my bank account. Jason (10:01): Uh, and then, so I ended up in total pain, $11,000 in total financing costs, you know, from the points I paid up front plus the like five months or so that we held it. It took a while to get it sold because of COVID, uh, people that, some of the buyers that we had under contract losing their jobs and falling through. Um, but I mean, it was, it was a super easy flip from the day I got it, uh, closed on the purchase to the day I relisted. It was only 18 days and that was having my contractor do all of the work. I mean, we just did some flooring, some paint, some new light fixtures, plumbing, fixtures. Patrick (10:43): That’s, that’s amazing, but slow down. Cause I want to, I want to dig a little bit. I mean, I’m very, very grateful that you’re super going step by step and you had a lot going on there. I just want to make sure that, that we slow down, open them up just a little bit, just a little bit, and this way it’ll benefit the listeners even more. But thank you. So one of the things I heard in there that I got to mention real quick was how, I mean, yeah, you might not have invented it, but how thoughtful and creative it was to do that Venmo trick, um, because basically what you were saying, what I heard and what I think our listeners will hear is that if there’s a will, there’s a way, and if you want it bad enough, you’ll find the way. Yep. Patrick (11:34): That’s fantastic. That’s fantastic. Hey, look, let me, let me just mention this real quick. As Jason had mentioned, you know, he used a different private lender out of the Charlotte area. Um, you know, for many of our listeners at this point in your real estate journey, you know, you can go to PrivateLenders.com and you’ll be able to find that funding that you need out there. And then, and hopefully streamline the process that, that Jason was mentioning was, you know, a little challenging, but he persevered. All right. So, so, okay. So, so, so, so we got the house, um, let’s, let’s get to this part, you explained the creative, uh, orientation with the Venmo, um, the closing you covered the closing costs and now you’ve closed. So let’s, let’s, let’s jump in right there. So it did need some rehabilitation. Jason (12:36): Sure. It needed, yeah, it needed flooring, a little bit of paint, some light fixtures, a couple of plumbing fixtures. We added a dishwasher. We pressure wash the front and back deck got rid of some junk that was in the backyard. Um, I didn’t, I didn’t have to do anything. My, my total rehab budget for having my contractor do all of it. Labor and materials was only 10,000. Patrick (13:05): Nice. And how long did it take Jason (13:08): From the day I closed on the purchase to the day we relisted, it was only 18 days. So the contractor was finished and only like 14 days. Cause then we had to get the realtor and to get the pictures and all that Voiceover (13:20): The Connected Investors app connects you with investors notifies you of available properties, helps locate cash buyers and secure private funding to close deals, set up in seconds to become a member of the Connected Investor social network. Now you can scroll through your main feed to find cash buyers seen investment properties, not available to the general public and network with investors by adding your own comments to a thread, to keep the conversation going. The control center is your connection to add properties, to sell, start new discussions, connect with local investors and even find private funding. The notifications tab will keep you alerted to new investment properties and offers. You’ll also find new friend requests to connect directly with the community to build your network from the property marketplace. You’ll be able to find favor and make offers on investment properties, download connected investors today to find, figure, fund and flip investment properties on the go. Sounds like you had a good contractor. Yeah. Patrick (14:26): Nice, nice. Nice. Okay. So you got all of that accomplished with around $10,000 for the rehabilitation. So here’s a question. How did you figure out from your purchase price at 60 14 days later after the rehabilitation, or maybe before, during, how did you figure out what it was, what its listing price was gonna be? Jason (14:56): Sure. Um, so this one was a lot easier for me to calculate that, you know, ARV after repair value, if you will, because it was in the same neighborhood that I lived in. So obviously I’m going to know those house values very well, but I mean, usually you just pull up the most recent, similar comps that have sold recently. Um, and based off of those sales, you pick your price. But in addition to that, the hard money lender, when I first put the application in for funding, they did send out an appraiser before they were willing to lend me the money. And the appraiser was doing the appraisal subject to the repairs being completed. And his appraisal came back at 121. We ended up listing it at, uh, 125. Patrick (15:47): Okay. Okay. That’s pretty cool. So I want to get, even though the appraiser, you pretty much just nailed out in the head. I mean, that’s what they do. And he was able to, you know, see, uh, once the repairs were done, what the true potential was, but you mentioned something there. And I just want to get a little, a little bit more granular, um, comps. So I think sometimes investors like you like me, um, in many industries and especially real estate, uh, this happens, we say, comps, I know what that means. You know what that means? Explain to the person who this is day one in their real estate path. What does a comp mean? How do you find said comp and it is comp an abbreviation for something? Jason (16:44): Sure, absolutely. Um, so comp can be short for comparable or a comparable sale and essentially what makes a good comp is a very similar property as the property in question, um, that’s in very close vicinity that has the same amenities, um, things of that nature. Now, the way I usually comp properties, uh, I don’t know if this is the best or most accurate, but the way I do it is I just pull up, uh, my realtor.com app. And I look in the area, I use the map feature and I look in that neighbor, I start right where the house is that I’m trying to comp and I select my filters to only show what has recently been sold. And I’ll narrow it down. If I need to, to say, you know, only show me three bedroom, two bath properties that have recently sold, you know, that are between such and such square footage. And then I’ll slowly zoom out on my map and I’ll try to find comps that are as close to my property as possible. Um, and if I have to expand that map search a little bit farther to find decent comps, then I will, but that’s generally how I do it. Patrick (18:01): Awesome. Thank you, Jason. Uh, you know, for our new listeners out there, or again, you’re, you’re new into your real estate journey. His definition was absolutely perfect. Uh, that is how I explain it to people myself and he hit on all the right cylinders. Appreciate that. Only thing I might add also is that, you know, it can Connected Investors tools will also streamline some of that stuff for you. So if it’s his realtor.com usage or if it’s connected investors tools, it’s, it’s going to be a similar orientation, but you definitely want to take into consideration vicinity, uh, you know, square footage, age of home, how many bedrooms, how many bathrooms, like he said, as close as possible. And one of the, one of the things I think this is really, really viable, you know, as you mentioned, Jason, this was a double-wide trailer on a brick foundation. So I don’t know if you’ve ever gotten to a challenge like this, Jason, but I have where I didn’t dig quite deep enough. And before I didn’t realize it, I was using a site built home as a comparable for a double-wide trailer. And I would say those are not comparable. What would you say? Jason (19:28): I would agree. I mean, and even, even appraisers agree, if you look at an appraisal, if an appraiser has no choice has no recent comps to go off of, of the same property type, you know, say for example, they’re trying to comp a stick-built property, you know, a property that’s not a manufactured home or mobile home, but they can’t find enough comps. Sometimes they have to use some type of modular comp or something like that. And even on that, you’ll see on the appraisal report because of that difference in construction type, they will make a value adjustment on there. So even, even appraiser appraisers will agree that they’re, they’re generally not ideal. You know, you don’t want to use different types of, uh, properties for comps if you can avoid it. Patrick (20:16): Yep, yep, yep. Yep. Well put man, well put, I appreciate that. Uh, so, okay, so now you’ve rehabbed it and approximately 14 days when you get your money for the rehab was funded by that group, you found in Charlotte that you’re paying the points too. And so on and so forth, um, took about 14 days. Realtor comes over and let’s pick it up with realtor coming over, um, and what, what that process to get that sign in the front yard. Jason (20:52): So that was pretty straightforward. Uh, I called a friend, that’s an agent and I just said, Hey, do you want to list this property for me? And of course he said, yes. And so he called and said scheduled for somebody to come out and take professional pictures of it, as soon as he got those pictures back. Um, well obviously he made, he had me sign a contract with him first, a listing agreement. Um, and then he had the pictures taken and, uh, he used those pictures to list it on the MLS. Uh, and then we just started showing and we had it under contract two different times that fell through because people lost their jobs. And that’s why I held it for a total of about five months, um, from the purchase to the sale. But it had those other situations not happened. It would have been a much shorter transaction. Patrick (21:45): Sure, sure. That makes sense. That’s kind of tricky and hard to predict, but what’s important is the determination, the grit, uh, you know, you didn’t just cry and go, whoa is me, sounds like to an extent you didn’t find just one buyer, not just two buyers, but when it was all said and done, you sold your first investment property three times. I mean, there’s something to be said about that. The first one you did it, you did a good enough where, I mean, Tom, Dick and Harry wanted it, uh, but only one of them could pull off the closing procedures. Okay. So I think we’re pretty much to an extent we’re where we’re heading towards closing. So you covered all the costs from your initial seller. We already did that though, because you closed rehab. So now you’re now you’re selling. Um, was there any type of deal structure or negotiating that took place between you as the seller and as that final buyer, Jason (22:57): There was a, so like I said, we initially listed it at 125. We came down not too long after that to 120 and the, the final, the third offer that we, that, that we got that third person under contract, they had made an offer a full price offer, but with really large concessions, they wanted like 7,000 towards closing. So since I knew the property was worth it, I made the counter offer of how about you increase your offer to 5,000 over asking to 125 and we’ll give you your 7,000 concessions because that only truly takes 2000 out of my pocket and the appraisal on their end, luckily came back high enough to justify that 125. Patrick (23:44): Absolutely. Absolutely. And what I heard again, there is, you know, some creative thought processes. Um, you know, one thing I’ve learned in this industry is that there isn’t, there’s not one size fits all, you know, you’ve, you’ve, yes, there’s a step by step system, but sometimes those steps can still be a little, a little different than the last steps you took. Would you agree? Absolutely. Okay. So, alright, founded on a walk, posted it on Facebook. Got it. Under contract closed with that person brought in your contractor about 14 days of work, about $11,000. Nope. About $10,000 in rehab, then you listed it, sold it three times negotiated that third one in that creative format of restructuring, some of the buy price for some of the closing costs. Um, you closed now at that point, you know how, so at that point you got a check for approximately $125,000. Right? Right. So tell me about how it got spread out. And of course we all understand that when it was all said and done, Jason’s panned received a romaine, a remaining $26,000, but, but let’s, let’s break it down. And if you, you know, the best you can and tell me where it went. Jason (25:41): Sure. So, um, the bulk of it went to the hard money lender to pay them back their $70,000 that they lend me in total because throughout the process of me owning the property, I made interest only payments to them. So I never paid any of the principal portion. So I still owed them the full 70,000 at closing. So that was paid directly to them. Um, the remainder came back to me and I had to pay back, you know, my credit card that I, you know, taken out and all that stuff. Um, and there were a couple other, you know, more closing costs and there was one other thing where we had to get, um, somebody to do crawlspace work because it was an FHA loan. So he was paid out a couple of grand at closing. Um, but at the end of the day after I got my check at closing and I paid back my credit card, I netted before taxes a little bit over $26,000. Patrick (26:39): That’s fantastic. So trying to make sure I listened to you, um, in a, basically a span of five months, you made $26,000, which is basically quick math, $5,000 a month. And this was your side hustle. I mean, you’ve got a full-time career, right? Jason (27:07): Yeah. And do you have a full-time job in finance? Patrick (27:11): So $5,000 a month bonus. I mean that most of us, I mean, that was good for you, right? Absolutely. I Jason (27:25): Think the biggest thing was just the, the return on the amount of time that I had to put in it was, was the biggest reward. Because if I had a flip that I had to do a a hundred thousand dollars rehab on, but I was only going to net $26,000 that might not be worth it. But in this case I had very limited time in it. I had the contractor do all the work, so I didn’t have to do that much at all. Patrick (27:50): Yes. That is the secret sauce, right. There is. I didn’t have to do much of the work. I mean, that’s, that’s the streamline orientation, what real estate can do for so many of us is kind of automate it kind of make sure you plug in the right pieces, but I didn’t have to do much of the work to make $26,000. Um, so what would you do differently, if anything, and what was the most important thing you learned from your first flip? Um, Jason (28:34): There’s probably not much I would do differently. I would, there’s a, there’s a, a couple other rehab items that I would have added to the budget just to help it sell a little bit faster with a little bit easier buyer. Um, there’s a couple of things that looking back now, I realize, Hey, those were pretty outdated. You should have just replaced those. They didn’t cost that much. Um, so I probably would have done a little bit more on the rehab side, um, as far as what I’ve learned from it, honestly, just learning that it, this is a real thing. It actually works that you can, you can make money appear out of thin air in real estate. It’s this was, this was really the proof of concept for me. And what, what really, what really gave me the bug, I guess you could say do Patrick (29:23): Proof of concept so strong, so real. I totally appreciate you sharing that with all of us. Um, yeah. I mean, your story in a nutshell, in the last few things you just mentioned, that’s the reality that is it, that, that, wow, this is a real thing. It can be done. Why do I think and believe it can be done because I just did it. I just made 26,000 hours. Uh, it’s fantastic. Um, you know, so real estate is often a stepping stone for many people, meaning you can make a lot of profit in real estate, so you can fund other long-term goals. Was there a moment? And I’m just going to say from that first one to where you are now, I mean, I know that the first one got you started and there’s been more things since, um, but it was, was there a moment or, or even a purchase or an experience or an adventure that really made you say I’ve made it? Jason (30:34): Um, I think I’m almost there. I think what cause what I’m looking for now is, is, um, I’m planning to sell some of my, uh, single-family properties and 10 31 exchange those funds into some multifamily deals, which is really where I want to be long-term anyway, I never intended to flip any properties. I just wanted to hold stuff, but you know, you can’t refinance on a manufactured home as an investment property. So I couldn’t have kept that first flip, even if I had wanted to, and most single family home properties right now don’t make sense to refinance out of, from a cashflow standpoint. Most of them, the numbers don’t work out that well, or, you know, the, on the other side of it, even if you bought a manufactured home with cash, it’s probably not going to appreciate very well long-term. So for me, I’m looking to sell some stuff and exchange that, that money into some long-term multifamily stuff. But I think, um, I think I’m right there. I’m, I’m, I’m really close to really getting into where I really want to be with it. Patrick (31:41): Cool, cool. Glad to hear that for you and yours. Um, so here’s a crazy question. I mean, you know, uh, what do you think your life would be like if you never started investing in real estate, you were still working at Lowe’s Home Improvement. Jason (32:03): Oh man, that was my college job. Uh, honestly the short answer is it would be boring. It’d be boring and it would be a whole lot more work. I mean, right now I’ve got an amazing finance career. I make great money. It’s very flexible. I’ve got good benefits from my family. My wife is only working one day a week right now, you know, so I, it’s very nice, very flexible, but I’m bored. You know, I, I, my, my day job doesn’t excite me, you know, I still do it. I I’m grateful for it. I like it it’s, but it’s not, it doesn’t have the, the, the thrill of the hunt, you know, that, that the real estate investing has behind it. Patrick (32:49): Thrill of the hunt. Heck yeah. I mean, that’s, that’s kind of a fervor and a passion that I think many, um, you know, experienced real estate investors, or just getting into the real estate investing industry. There is a lot of the thrill of the hunt or how long you tinker, uh, at Connected Investors or at PrivateLenders.com. And you’re just scrolling through things and you’re touching things and you’re clicking on things and you’re looking at things. And then this thing makes you look at that thing. And that thing makes you look at this thing. And before you know, it, you are you, I mean, you’re, you’re down so many different wormholes, but they have a reason for their worm holes. And you hear that this place is going to need a new toilet. Well, how much does the toilet cost and you Google it and there you go, a hundred bucks. All right, cool. I’m good with that. We can factor that in. Um, that’s fantastic, man. Uh, so Jason, what habit would you credit your real estate investment success to? Jason (33:59): I don’t know if the right answer is habit or, or passion, but I just, I just absolutely love this stuff. I eat, breathe, breathe, and sleep it, you know, but I would say one of, one of the things that has given me the most success is spending a lot of time with wholesalers and aspiring wholesalers. You know, most investors are especially experienced investors do not want to waste time with newer wholesalers or aspiring wholesalers because to their credit, it usually is a waste of time. You usually end up spending a lot of time on the phone, answering a lot of questions, teaching them a lot of stuff for most of them to never even find a deal. Um, so you, you can waste a lot of time, but I have intentionally every time I’m in any kind of Facebook group or on Connected Investors or anywhere else, I see somebody that’s an aspiring wholesaler in my area. Jason (34:58): I always reach out to them. I always answer all their questions, help them as much as I can because that one out of 10 finds an amazing deal. And the perfect example of that is the big Leland flip that you and I have spoken about offline, that a wholesaler is bringing me, I should close on. Hopefully sometime this month, this is that for that wholesaler’s very first deal. He’s going to make an assignment fee of 29 grand on it. And I’m going to profit somewhere between 60 and 80 on it. I mean, it’s a huge deal, but it’s his very first deal. But the reason I got first dibs was because I started with him at the answering all of his questions and spending a lot of time with them. So I’ve had a lot of success with that Patrick (35:44): As fundamentally. Fantastic. And I, to try to have as many of those types of conversations with new people or really any people, and as you just alluded to, um, and something you and I have spoke about, you know, outside of this call before, um, relationships, right? I mean, it’s, it’s, it’s treating people like how you want to be treated. It’s helping people along the way. Um, any other relationship rule of thumbs that you might offer? Jason (36:22): Uh, have you ever read the book? The Go-Giver? Patrick (36:25): Cool. Jason (36:28): Yeah, the book, the Go-Giver is just a phenomenal, phenomenal book. That is a very well laid out fictional story, but the, the concepts that it, it puts out, it’s just basically just always be giving, always be adding value wherever you can. And it all comes back to you. I mean, you, you, if you help somebody, you help another investor find a deal. Even if you don’t get paid on it, it’s going to come back. They’re going to want to help you. Yeah. You’ll have some people that take advantage of you. It happens, but all in all it comes back. And, uh, a good short example I can give you that actually is just two weeks ago, I had a wholesaler locally bring me a deal that didn’t quite work for me, but I was like, you know what? I think I know the perfect buyer for you. Jason (37:16): I’ve got a friend, that’s an investor in this area. Let me contact him. I gave him the information. I connected those two guys. I told both of them. I didn’t need any money from it. I didn’t need the JV with the wholesaler. I was just connecting them. Um, so they ended up getting under contract together and they’re supposed to close soon. And both parties have told me that they’re going to pay me something on that for connecting them. And so I might make even more money just from trying to be nice and providing value than if I had tried to be greedy and take the money up front. Patrick (37:49): Awesome. Jason, thank you. Thank you. And it looked for our listeners. There’s a book, uh, and it doesn’t happen too often, but it happens. I haven’t read it. So now it gives me one for the rest of you as well. Go-Giver. G.I.V.E.R. Go-Giver. So that’s awesome. Thank you. Thank you so much. Hey, so we’re getting close. We’re getting close to ending things up here. Um, and, and I don’t really have a spot for this, but I, so be it. I mean, I guess I’m a host for a reason or something. You told me a real quick story one time and I just think it, it has, it has power. Um, so I want you to tell the real quick, similar version of the story, but the, um, where you bumped into, um, CEO and President of Connected Investors, Ross Hamilton. So, but, but you had a chance encounter with him years ago. Tell us about that real quick. Jason (38:51): Yeah, sure. So it was actually my senior year of my finance degree at UNCW. Uh, professor Ed Graham taught a real estate investing class and loved the class, by the way. That was the first time that I learned that you could truly mitigate almost all of your risks in real estate investing if you just buy. Right. So huge, thank you to Dr. Graham for that. But, um, because, because Ross Hamilton was a former student of Dr. Graham, um, Dr. Graham had Ross come into the class one day and speak to us as the class and Ross came and he, he told us a little bit about investing, but what he was really excited about was this Connected Investors thing. And I remember he was all excited that he had just gotten his, his three letter URL, the CIX because, uh, that was the first I had heard that apparently that’s a big deal and it’s hard to get a three letter URL or they could be very expensive if you do find one. Um, so the whole, you know, connecting with private lenders platform and stuff, because what he was telling us about, um, but it was in its infant stages at that point. And you know, now I look back at it and I’m like, holy crap. He actually did it for you, man. You actually did it, Patrick (40:15): You know, is it a big world? Is it a small world? I think sometimes it just depends on who you ask. Um, I feel like more often than not, it’s a super small world when your eyes are wide open, when you’re looking for connections, when you are living the right lifestyle and in being a giver. Um, and I, I just appreciate that, that quick share even a little off topic, but I think it’s still a fundamental part of this podcast today. So, um, so man, really, basically, Jason, I just want to say, thanks. Thanks for being on the show today. Um, lastly, we have what we call rapid fire. Okay. I’m going to ask you a series of questions and you answer them as fast as you can just say the first thing that comes to your mind, are you ready? Let’s do it. Coco cool scale of one to 10. How strict were your parents get up early or stay up late? Stay up late. How many hours of sleep do you get? If you came across an extra hundred grand, what would you do with it? Jason (41:33): Leverage it as down payments or down payments for private lenders on four or five. Patrick (41:40): Yes. Favorite or last book read? Jason (41:46): Uh, last book I read was the, uh, Advanced Tax Strategies for the Savvy Real Estate Investor. It’s a book that would put most people to sleep, but I’m a nerd for the numbers and the taxes side of it. Patrick (42:01): Hey, I appreciate and love it for you. Title itself got me exhausted, but if you could be any superhero, who would you be? Oh man. Maybe Nightcrawler. Okay, let’s go. Here we go. And that would be valuable. Something everyone should do less of worry, something. Everybody should do more of be generous. Bitcoin bang or bust. I don’t know. Reasonable. Well, people live in Mars in your lifetime. I’m going to say no. Yeah, yeah, yeah. For what it’s worth. I’m going to say no to, Hey. Uh, so Jason, you did it, man. Thank you. Okay. Uh, I want to say real quick to the rest of the Connected Investors, family, and community. Thanks for watching this episode. Remember again, one more time. If you need money, go to PrivateLenders.com. If you need properties, go to ConnectedInvestors.com. If you need to put it all together, we can help you put it all together. Okay? If you like anything you heard today, give us a shout out, give us a Google totally off that makes the edit, but at the same time, thumbs up and share it and tell your neighbors and tell your friends. Um, one thing that I’m going to just quickly say is, uh, and Jason said it. So I’m stealing it from him. If it’s real estate investing, or if it’s this podcast, I love this stuff. Hey, you guys stay safe, stay happy, stay healthy, stay kind. And we’ll see you next time. Thanks again. Speaker 4 (44:03): Want to be like a guest on our show and make some cash in real estate. Join the center of the real estate investing universe and start connecting with free education off market deals, cash buyers, and even funding partners. Connected investors.com has been changing the game for people around the country since 2005. So just visit connected investors.com forward slash cash. So you can start doing more with real estate, no, where you are in your journey to financial freedom. Seriously, guys, if you are brand new to this and looking to close your first deal, there is not a better headstart out there to help you find properties and learn what you need to make cash. If you’re already an experienced flipper or landlord, then connected investors gives you access to dozens of unique inventory sources and automation that can not be found on any other platform in the industry, connected investors.com forward slash cash. Go there, claim your free account, get your gift pack. And then, well, don’t look back, jump in and put that whole ecosystem to work for you because all guests of this show come directly from the connected investors community and would love to interview you after your first or next life-changing real estate deal.
Meet The Host
Patrick Giarelli lives in beautiful Wilmington, North Carolina with his wife and dogs. Patrick is an open-minded, high-achieving individual who has had success not only in the real estate industry but also in wholesale jewelry. In addition to hosting The Real Estate Cash Chronicles podcast, Patrick currently helps scale-out one of the southeast's largest home-buying teams.
Connected Investors
Real estate investing professionals from around the world turn to Connected Investors for innovative resources and timely local information about the business. Known for its cutting-edge technology, social network and in-depth educational opportunities Connected Investors is the industry’s leading source of real estate investing information.
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