WEBVTT - REAL-WORLD EXAMPLE OF HOW A 203K LOAN WORKS 0:00:00.400 --> 0:00:03.120 Coach, the energy out there felt different. What changed for 0:00:03.160 --> 0:00:03.800 the team today? 0:00:03.880 --> 0:00:06.000 It was a new game day, scratches from the California 0:00:06.080 --> 0:00:09.440 Lottery players, everything. Those games sent the team's energy through 0:00:09.480 --> 0:00:09.799 the roof. 0:00:09.880 --> 0:00:11.880 Are you saying it was the off field play that 0:00:11.920 --> 0:00:13.039 made the difference on the field. 0:00:13.119 --> 0:00:15.840 Hey, little play makes your day, and today it made 0:00:15.880 --> 0:00:18.800 the game. That's all for now, Coach, one more question. 0:00:18.960 --> 0:00:21.800 Play the new Los Angeles Chargers, San Francisco forty nine 0:00:21.880 --> 0:00:24.960 ers and Los Angeles Rams scratchers from the California Lottery. 0:00:25.040 --> 0:00:28.160 A little play can make your day. Peace made responsibily. 0:00:28.240 --> 0:00:30.080 Must be eighteen years or older to purchase plate or claim. 0:00:30.200 --> 0:00:31.840 So now we're going to go into what you guys 0:00:31.840 --> 0:00:34.479 actually are on TV for as far as you know, 0:00:35.000 --> 0:00:37.720 fixing up homes and flipping homes in Chicago, specifically in 0:00:37.760 --> 0:00:39.680 South sud Chicago, Right, that's your the area you focused on, 0:00:40.080 --> 0:00:44.000 all right? So okay, so what's the real estate opportunities 0:00:44.040 --> 0:00:46.360 because in Chicago were in Chicago, So I think it's 0:00:46.560 --> 0:00:49.440 important to talk about how like that, Yeah, before we 0:00:49.479 --> 0:00:52.600 start anything, how is this what's Chicago real estate looking like? 0:00:52.680 --> 0:00:55.640 And what's the real estate opportunities in Chicago? There are 0:00:55.720 --> 0:00:58.440 a lot of opportunities in Chicago. Man, we have one 0:00:58.440 --> 0:01:01.600 of the hottest mark it's in the country. Right. The 0:01:01.720 --> 0:01:03.920 question is, you know, it's just how are you starting? 0:01:04.000 --> 0:01:07.520 I mean, if you do have your your credit and 0:01:07.560 --> 0:01:09.720 your and your and your money saved up, you know 0:01:09.720 --> 0:01:12.200 what I'm saying. As a first time home buyer, there's 0:01:12.200 --> 0:01:14.840 an enormous amount of opportunities, and we advise people that 0:01:14.959 --> 0:01:17.240 are starting off to go for cash flow, go get 0:01:17.240 --> 0:01:20.320 that three or four unit of property, or go get 0:01:20.920 --> 0:01:23.200 a two or three K renovation loan or some kind 0:01:23.200 --> 0:01:25.960 of Fanny made construction loan so that you can get 0:01:25.959 --> 0:01:29.560 a properties below market value because there's thousands I'm not 0:01:29.560 --> 0:01:31.840 talking about hundreds of property. There's thousands of properties in 0:01:31.880 --> 0:01:34.559 the Chicagoland area. Yes, that you can get below market 0:01:34.640 --> 0:01:37.800 value and renovate and then turn that into a cash 0:01:37.840 --> 0:01:41.080 flowing property or a property that you live in for 0:01:41.160 --> 0:01:42.640 a couple of years and you know people talking about 0:01:42.680 --> 0:01:44.480 house hacking. Now you know, living for a couple of 0:01:44.520 --> 0:01:46.560 years and then you know, sell it after two years 0:01:46.720 --> 0:01:48.120 and now you got this check and now you've got 0:01:48.160 --> 0:01:50.240 capital to start a business or get another property or 0:01:50.320 --> 0:01:52.520 do multiple things. So when you say, below market value. 0:01:52.560 --> 0:01:54.320 Like what are we talking about as far as numbers, 0:01:54.320 --> 0:01:56.120 It's like some what's an example of, like a home 0:01:56.160 --> 0:01:58.120 that you just recently flipped or something that you can 0:01:58.400 --> 0:02:01.040 like expect Like, okay, this is some than that is typical. 0:02:01.440 --> 0:02:03.840 I mean, tell him about the one over the Bronsfield 0:02:03.880 --> 0:02:07.240 house you were talking about. You said, the last property, 0:02:08.720 --> 0:02:11.840 the last one. It could be what anything? So what 0:02:11.960 --> 0:02:15.040 I do use this is hample a lot. So so 0:02:15.120 --> 0:02:21.200 I got a three thousand square foot greystone single family home, greystone, greystone. 0:02:21.320 --> 0:02:27.480 What is that? It's like a brownstone, brownstone, oystone, right right? 0:02:27.520 --> 0:02:30.320 So I got a square foot graystone in Bronsville, which 0:02:30.360 --> 0:02:32.959 is a neighborhood on the south side, got that for 0:02:33.000 --> 0:02:37.480 two hundred thousand, got it below market value because the 0:02:37.520 --> 0:02:41.040 recession was going on and the guy was trying to 0:02:41.040 --> 0:02:43.480 sell it because he was in pre foreclosure. So got 0:02:43.520 --> 0:02:45.960 it for two hundred thousand. And I used a two 0:02:46.000 --> 0:02:48.760 O three K renovation loan for that property. So that 0:02:48.840 --> 0:02:50.920 allowed me to have the money to purchase the property 0:02:50.919 --> 0:02:53.000 for two hundred thousand, and I also rolled in thirty 0:02:53.080 --> 0:02:57.680 thousand in renovation. Now this property didn't require a gut rehab. 0:02:57.720 --> 0:02:59.760 I mean thirty thousand. I did a couple of the 0:02:59.760 --> 0:03:04.520 bath rooms, redid the porch and the kitchen, and that's 0:03:04.520 --> 0:03:06.639 what I initially did. Made all of those things look 0:03:06.720 --> 0:03:09.280 brand new. Didn't touch any of the drywall throughout the house, 0:03:09.360 --> 0:03:10.360 none of that type of stuff. 0:03:10.680 --> 0:03:11.600 This is not a fixer upper. 0:03:11.680 --> 0:03:16.240 So yeah, so this was just updating a great opportunity, 0:03:16.280 --> 0:03:18.760 and you only put three percent down, three and a 0:03:18.800 --> 0:03:22.240 half percent. So I came to that closing with seventy 0:03:22.280 --> 0:03:24.959 seven hundred dollars, so seven thousand, seven hundred dollars. And 0:03:24.960 --> 0:03:27.400 the reason why is because I couldn't negotiate because it 0:03:27.440 --> 0:03:28.840 was the bank and it was a foreclosure. 0:03:28.919 --> 0:03:31.000 I want to, I want to, I want that to gold. 0:03:31.000 --> 0:03:32.560 People said, because we talked about two or three K 0:03:32.600 --> 0:03:35.640 loan actually with Jay Morrison, but we didn't go through 0:03:35.640 --> 0:03:36.480 a real world example. 0:03:36.560 --> 0:03:37.160 So this is good. 0:03:37.440 --> 0:03:40.760 So you got two hundred thousand dollars property and then 0:03:40.800 --> 0:03:45.080 you had thirty thousand for renovation costs, so it's two hundred. 0:03:44.800 --> 0:03:46.120 And thirty thousands the full long. 0:03:46.240 --> 0:03:48.160 The two O three K loan allows you to put 0:03:48.160 --> 0:03:51.600 three to three point five percent down, but the thirty 0:03:51.680 --> 0:03:55.400 K gets wrapped into the mortgage, so three percent of 0:03:55.600 --> 0:03:59.280 two thirty is like seven thousand or seven seven. So 0:03:59.360 --> 0:04:03.240 you got the innovation and the home for not including 0:04:03.280 --> 0:04:06.120 closing costs, but out seven thousand dollars is how much 0:04:06.200 --> 0:04:08.640 the down payment was, right, we're closing cost. How much 0:04:08.720 --> 0:04:09.440 was it with closing cost? 0:04:09.480 --> 0:04:11.920 I mean I came to closing total all in for 0:04:12.000 --> 0:04:13.080 seventy seven hundred. 0:04:13.760 --> 0:04:16.400 How did you roll that into the market. 0:04:16.480 --> 0:04:18.040 Yeah, because it was all rolled in. Okay, he rolled 0:04:18.040 --> 0:04:20.159 it into all right, it's good to know. 0:04:20.320 --> 0:04:26.200 Actually actually rolled in three of the first month's payments 0:04:26.240 --> 0:04:27.840 into the into the loan also, so I didn't have 0:04:27.920 --> 0:04:29.640 to make my first payment, and so I was actually 0:04:29.720 --> 0:04:31.560 moving into the property, which was ninety days later. 0:04:31.880 --> 0:04:33.880 That's because you were there, was gonna you were updating. 0:04:33.600 --> 0:04:36.320 The bathrooms, right, because all the updates the relations Okay, 0:04:36.320 --> 0:04:37.800 I'm sorry I cut you off, sor right, So now 0:04:37.960 --> 0:04:38.520 speed it up. 0:04:38.560 --> 0:04:40.800 So all right, you got the property for seventy seven hundred. 0:04:41.200 --> 0:04:44.160 Now you have it? Now what Now? Now I have it? 0:04:44.279 --> 0:04:48.159 Renovation needs to start just about immediately. So in that process, 0:04:48.160 --> 0:04:51.479 I had already got three different contractors to give scope 0:04:51.480 --> 0:04:53.760 of work so that I can decide which one I 0:04:53.760 --> 0:04:56.279 wanted to work with as far as you know just 0:04:56.279 --> 0:04:58.560 completing the work and how much the materials would cost 0:04:58.560 --> 0:05:01.840 and things, and you make the contractors very honest when 0:05:01.839 --> 0:05:05.719 they know that they're one of three in nickapeting. 0:05:05.440 --> 0:05:07.280 What was that process like dealing with contracts, because a 0:05:07.320 --> 0:05:09.320 lot of times people going to these deals and they say, 0:05:09.400 --> 0:05:11.520 that's the toughest part is dealing with contractors. 0:05:12.480 --> 0:05:15.440 We always push doing these these two or three K 0:05:15.560 --> 0:05:19.800 renovation loans because when you do a renovation loan, there 0:05:19.960 --> 0:05:23.440 is an inspector who comes behind the contractors on each 0:05:23.560 --> 0:05:28.039 draw or phase of the project. The money comes each draw, 0:05:28.400 --> 0:05:31.320 let's say thirty thousand, you get ten thousand. Three times 0:05:31.800 --> 0:05:34.960 the money comes to the homeowner that ten thousand dollars 0:05:35.160 --> 0:05:38.320 to pay the contractor. The contractor for the first draw 0:05:38.440 --> 0:05:40.320 has to do that ten thousand dollars worth of work 0:05:40.320 --> 0:05:42.680 out of his own pocket. The contractor has to put 0:05:42.680 --> 0:05:46.040 its own money up and has an inspector who comes 0:05:46.160 --> 0:05:47.800 to make sure that he's done the work up to 0:05:47.880 --> 0:05:51.320 code before the money is released to the homeowner to 0:05:51.320 --> 0:05:53.240 give to them for the next phase. So they don't 0:05:53.240 --> 0:05:55.839 make their profit until they finished all of the work 0:05:55.839 --> 0:05:57.640 because they have to go to do the first phase 0:05:57.640 --> 0:06:00.440 out of pocket, so now the homeowner's protected. There's no 0:06:00.520 --> 0:06:03.160 contract to getting over on you or trying to convince 0:06:03.200 --> 0:06:04.719 you that the work is good enough. 0:06:05.800 --> 0:06:07.320 Quick question now, because I'm thinking like, you guys are 0:06:07.360 --> 0:06:10.120 firefighters and obviously you guys must know code, right. Did 0:06:10.120 --> 0:06:12.680 your experience as being firefighters help you during that process? 0:06:12.760 --> 0:06:15.240 Yes, because I mean as firefighters too, I mean we 0:06:15.720 --> 0:06:20.240 learn about building construction and we see a whole lot 0:06:20.279 --> 0:06:22.359 because we in the process of being a firefighter, you 0:06:22.360 --> 0:06:24.320 see houses that are like burned down and destroyed, so 0:06:24.360 --> 0:06:26.480 you see and we tear out a lot of walls 0:06:26.480 --> 0:06:28.440 and ceilings and things like that. So we're kind of 0:06:28.440 --> 0:06:30.560 on the other side of it. Yeah, and then we 0:06:30.600 --> 0:06:33.920 also work with a lot of firefighters earners. 0:06:33.920 --> 0:06:36.040 What's up? You ever walk into a small business and 0:06:36.080 --> 0:06:39.640 everything just works like the checkout is fast, the receipts 0:06:39.640 --> 0:06:43.159 are digital, tipping is a breeze, and you're out the 0:06:43.200 --> 0:06:47.279 door before the line even builds. Odds are they're using Square? 0:06:47.800 --> 0:06:50.359 We love supporting businesses that run on Square because it 0:06:50.480 --> 0:06:53.440 just feels seamless, whether it's a local coffee shop, a 0:06:53.520 --> 0:06:55.960 vendor at a pop up market, or even one of 0:06:56.000 --> 0:06:59.120 our merch partners. Square makes it easy for them to 0:06:59.160 --> 0:07:02.960 take payments, manage inventory, and run their business with confidence, 0:07:03.320 --> 0:07:06.640 all from one simple system. 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Hiring Indeed 0:09:21.240 --> 0:09:21.800 is all you. 0:09:21.800 --> 0:09:23.880 Need happen to be in the trades, so we you 0:09:23.880 --> 0:09:26.360 know you learn a lot through that process also, So 0:09:26.480 --> 0:09:28.640 I mean the thing is it removed all the fear 0:09:28.920 --> 0:09:32.400 because you actually had this this inspector who comes and 0:09:32.600 --> 0:09:34.199 make sure that the work is done complete. 0:09:34.640 --> 0:09:37.800 So all right, So okay, so now you started the 0:09:37.920 --> 0:09:39.120 bringing the contractors in. 0:09:39.600 --> 0:09:40.800 What's the next steps after that? 0:09:40.840 --> 0:09:42.760 Like how long did it take to fully renovate it? 0:09:42.760 --> 0:09:44.360 When we were able to get tenants in? Like, what's 0:09:44.400 --> 0:09:44.680 the deal? 0:09:44.960 --> 0:09:46.680 Well, well, this was a single family home, so I 0:09:46.720 --> 0:09:48.800 wasn't I didn't have to deal with tennants. But I 0:09:48.840 --> 0:09:50.719 had ninety days to get the to get the work done, 0:09:50.760 --> 0:09:52.720 and it actually it got done in a short period 0:09:52.720 --> 0:09:54.360 than that. I think we were done in like, you know, 0:09:54.960 --> 0:09:57.439 sixty five seventy days or whatever. So by the time 0:09:57.480 --> 0:09:59.440 I had to make my first payment more just payment, 0:09:59.480 --> 0:10:01.760 I was able to move in, move my front frontiture 0:10:01.880 --> 0:10:04.280 in and it started. You was living there? Yeah? I lived there? 0:10:04.679 --> 0:10:06.440 How long did you live there? I was there for 0:10:06.480 --> 0:10:08.240 three a little about three and a half years. My 0:10:08.280 --> 0:10:10.000 attention was to be there for two years because I 0:10:10.080 --> 0:10:12.719 knew that, you know, after two years, I would be 0:10:12.760 --> 0:10:15.240 able to sell the property no capital gains. And also 0:10:15.280 --> 0:10:16.960 I knew that my credit would go back up because 0:10:17.000 --> 0:10:18.760 I did short I did a short sell. See we 0:10:18.800 --> 0:10:21.319 didn't include that the condo that I had, I did 0:10:21.320 --> 0:10:23.840 a short sell on that. After two years, my credit 0:10:23.960 --> 0:10:26.680 went back up, and it coincided with my ability to 0:10:26.720 --> 0:10:29.839 sell this property with no capital gains. Now I was 0:10:29.920 --> 0:10:32.000 enjoying myself so much that I actually ended up staying 0:10:32.040 --> 0:10:33.839 for a little bit longer than I anticipated. We had 0:10:33.840 --> 0:10:37.720 so many ports, you said, toga parties, and so you 0:10:37.760 --> 0:10:39.160 guys were both leving boils. 0:10:39.760 --> 0:10:40.960 You guys are both living in the problem. 0:10:42.640 --> 0:10:44.400 So can you talk about that capital gains? You said 0:10:44.440 --> 0:10:47.240 that in two years you allowed you not to play capital. 0:10:47.000 --> 0:10:49.160 Game, right, so you hadn't been there twenty four months. 0:10:49.400 --> 0:10:53.120 That's the rule. What is capital Gamespital capital gains is 0:10:53.160 --> 0:10:55.920 the profit that you make on a property, the difference 0:10:55.920 --> 0:10:57.559 between how much you paid for it and how much 0:10:57.559 --> 0:10:59.480 you actually sold the property for it. So the profit 0:10:59.840 --> 0:11:02.320 is the capital game. And so the tax on the 0:11:02.360 --> 0:11:05.439 capital game happens on properties that are not your primary 0:11:05.480 --> 0:11:07.720 residents or you haven't lived in as your primary residence 0:11:07.720 --> 0:11:09.760 for at least twenty four months. So that's why I 0:11:09.800 --> 0:11:11.280 knew I needed to be there for at least twenty 0:11:11.280 --> 0:11:14.040 four months in order to be able to collect those 0:11:14.080 --> 0:11:19.199 capital games, which in this instance was katy thousand dollars cash, 0:11:19.280 --> 0:11:21.840 and then be able to then have the capital to 0:11:21.960 --> 0:11:24.559 move on to buy a multi unit property and then 0:11:24.600 --> 0:11:28.199 start flipping homes and then partnering with my brother to really, 0:11:28.280 --> 0:11:30.439 you know, start to do more than we had ever anticipated. 0:11:30.640 --> 0:11:32.560 So if you don't live in a property for more 0:11:32.600 --> 0:11:34.400 than a year and you sell it, but you use 0:11:34.480 --> 0:11:36.160 their proceeds to buy another home, do you still have 0:11:36.200 --> 0:11:36.959 to pay capital games? 0:11:37.720 --> 0:11:42.839 Yoe? You can do what they call ten thirty five Yeah, exchange. Yeah. 0:11:42.880 --> 0:11:45.000 Oh yeah, he knew you knew what you want to 0:11:48.920 --> 0:11:49.600 there's different way. 0:11:50.320 --> 0:11:55.800 Yeah, yeah, yeah, I answered my own question, all right. 0:11:55.840 --> 0:11:57.720 So Okay, in the whole time that he was doing that, 0:11:57.840 --> 0:12:01.800 mind you, I'm also out to unit buildings while he's 0:12:01.840 --> 0:12:04.440 doing that. Right, So by the time he sold that 0:12:04.520 --> 0:12:07.079 property three and a half years later, I already had 0:12:07.280 --> 0:12:10.040 two three unit buildings and a cash flowing and so 0:12:10.120 --> 0:12:12.839 it's like the two of us are like like one person, right, 0:12:12.920 --> 0:12:19.480 because I'm implying one strategy. Yeah, and when his condo 0:12:19.559 --> 0:12:22.760 went from worth of one fifty to being upside down 0:12:22.760 --> 0:12:24.559 to thirty thousand, I looked at that I was. I 0:12:24.559 --> 0:12:27.040 ain't never buying a condo. In fact, I ain't buying 0:12:27.040 --> 0:12:28.920 a house neither. You know, I'm going straight for the 0:12:28.960 --> 0:12:31.000 multi unit apartment buildings. 0:12:31.040 --> 0:12:33.280 Thanks for making that mistake, bro, Yeah. 0:12:34.080 --> 0:12:36.679 Somebody has to jump out there first, and yeah, bus over. 0:12:36.760 --> 0:12:39.440 But the thing is what we did learn though, is 0:12:39.480 --> 0:12:41.520 we learned about the power of cash flow, and we 0:12:41.600 --> 0:12:44.320 learned about the power of buying properties below market value 0:12:44.640 --> 0:12:47.800 and being able to get that cash and that leverage 0:12:48.000 --> 0:12:50.240 for us to then be able to go, Now, now 0:12:50.240 --> 0:12:52.800 I got this lump summer money, and now it's like, okay, 0:12:52.840 --> 0:12:55.839 now let's buy another multi unit property. So we for 0:12:56.120 --> 0:12:58.920 cash flow. Now let's go. You know, we went hard money, 0:12:59.280 --> 0:13:01.600 you know, did a flip that way, and then you know, 0:13:01.640 --> 0:13:03.480 from there, now the wheels are turning and now you 0:13:03.520 --> 0:13:05.840 got the next deal and the next deal, more confidence, 0:13:06.120 --> 0:13:10.800 more confidence things you know, things go wrong, and those 0:13:10.880 --> 0:13:12.360 when you get burned when you touch that stove, we 0:13:12.360 --> 0:13:14.240 don't ever touch it again. So, like, you know, different 0:13:14.240 --> 0:13:16.120 things that we learned about how we deal with contracts 0:13:16.120 --> 0:13:19.040 and stuff like that. You know, everything didn't just you know, 0:13:19.120 --> 0:13:22.200 shoot perfectly, but it still was you know, enabled us 0:13:22.200 --> 0:13:23.400 to make it to the point where we ended up 0:13:23.400 --> 0:13:25.120 on TV. How did you how much did you sell 0:13:25.160 --> 0:13:27.440 that property for? I ended up selling that property for 0:13:27.559 --> 0:13:32.320 three fifteen six three fifteen and well you want to 0:13:32.440 --> 0:13:36.240 give the exact three thousand and sixteen thousand and five 0:13:36.280 --> 0:13:37.040 hundred or whatever it was. 0:13:37.080 --> 0:13:38.840 But yeah, in two years you held up two years 0:13:39.120 --> 0:13:43.120 three not bad. So one hundred and sixteen thousand dollars 0:13:43.120 --> 0:13:45.160 profit that you made right for three years and you 0:13:45.160 --> 0:13:46.800 got it for seventy seven hundred dollars. 0:13:46.800 --> 0:13:50.679 How much was your monthly mortgage? A monthly mortgage was 0:13:51.360 --> 0:13:54.600 like I think it was like fourteen hundred. That's powerful. 0:13:54.800 --> 0:13:58.080 That's actually really powerful because especially in New York, we're 0:13:58.080 --> 0:14:01.160 paying rent for nineteen hundred and twenty one hundred, twenty 0:14:01.160 --> 0:14:02.080 two hundred dollars a month. 0:14:02.440 --> 0:14:03.240 Where is that at? 0:14:03.360 --> 0:14:06.559 It's like, right, what twenty twenty one? Is that it 0:14:06.600 --> 0:14:07.360 is one bedroom? 0:14:07.480 --> 0:14:07.880 Okay? 0:14:08.880 --> 0:14:13.000 Not three thousand square feet? No way. Maybe it wasn't 0:14:13.040 --> 0:14:14.559 three bedrooms and four bathrooms. 0:14:14.800 --> 0:14:16.439 Maybe nine hundred square feet, no. 0:14:16.400 --> 0:14:19.760 Man, seven seven hundred square feet, one bedroom, one bathroom, 0:14:19.840 --> 0:14:20.280 row man. 0:14:20.560 --> 0:14:23.320 And you gotta get the parking. So you got you. 0:14:23.200 --> 0:14:28.520 Got a property for seven thousand dollars paying under two 0:14:28.560 --> 0:14:30.400 thousand dollars a month and you held it for a 0:14:30.480 --> 0:14:33.000 couple of years and made one hundred and sumi thousand 0:14:32.960 --> 0:14:35.160 dollars profit. I say that to say a lot of 0:14:35.160 --> 0:14:38.400 times people don't fully understand how attainable buying a home 0:14:38.520 --> 0:14:41.800 really is. Ken It's different programs and there's different ways 0:14:41.840 --> 0:14:43.600 you have to educate yourself. That's one of the reasons 0:14:43.600 --> 0:14:47.920 of the podcast. But it's it's not as far fetched 0:14:47.920 --> 0:14:48.840 as it may seem. 0:14:49.120 --> 0:14:49.480 No, it's not. 0:14:49.600 --> 0:14:51.040 I think I mean people, I think people live in 0:14:51.080 --> 0:14:53.760 fair right because they've never seen it. 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