January 8, 2025 • 31 mins
Wealth Wednesdays Real Estate Club Launch
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Speaker 1 (00:03):
What's up his way up with Angela Yee. And you
know what today is. It's a really special day, I
mean super special today. It's a Wealth Wednesday, but not
just any Wealth Wednesday. We are launching our real estate club,
the Wealth Wednesday's Real Estate Club. And of course Stacy
Tisday is here with me.
Speaker 2 (00:18):
Happy Wealth Wednesdays everybody, the first Wednesday of the new year.
Speaker 1 (00:22):
Absolutely, and we have two very special guests here with us.
Speaker 2 (00:27):
We have Saam Ibrahim. You're going to be hearing a
lot about and we're so excited he will be joining us.
You will be able to hear him every month when
we do our real estate segments. We have launched this
Wealth Wednesday's Real Estate Club with the goal of getting
one hundred million dollars of new real estate into our community.
Speaker 1 (00:47):
Got to put that goal out there.
Speaker 2 (00:48):
You got to put that goal out there.
Speaker 3 (00:50):
It's going to be a huge transfer of wealth in
twenty twenty five.
Speaker 2 (00:52):
Yeah, so many people think home ownerships out of their reach.
So many people dream of home ownership. This is the
year you're going to make it a reality. We're so
excited about this. And real estate has just always been
our passion. You've known that for listening from listening to us.
But I know, Angela, when we talked about this idea,
you just jumped over it.
Speaker 1 (01:13):
Yeah, you know what real estate has been something that
I've been really I got my real estate license in
New York and I'm actually got some other announcements about that.
But I'm going to be leading a team in Brooklyn
as well. When it comes to real estate, and I'm
always a big fan of if you want to do something,
get as much knowledge as you can about it and
talk to professionals and people who have done it and
people who you can trust, who you actually know. And
(01:36):
we have Lawrence here with us too, and Lawrence actually
worked with you Saam right, it's correct, that's.
Speaker 3 (01:41):
Right about a year now, right, Yeah, it's been a year. Yep.
Speaker 4 (01:43):
Started last year around the time. Yeah, he's got an
amazing story. We're so excited to do this. People out
there think it that owning a property, owning investment property,
own a home, living is so far and it's unachievable.
We're here to show you that it's closer than you think.
You know.
Speaker 1 (01:56):
And along the lines of wanting to do real estate,
I was this story yesterday about from the Golden State Warriors,
Moses Moody, he would play ball, but then he also
wanted to get into real estate, and he did an
internship at Searenstein Properties and so now he's like really
doing it. But I'm a fan of not just investing,
(02:17):
but also learning everything that you can and maximizing all
of that, because it's harder for people to get over you,
get over on you, but also harder for you to
miss out on opportunities if you have the access and
the knowledge.
Speaker 2 (02:27):
Absolutely and well here today there's so many creative ways
you can get into real estate without having the money
you think you need to get it, without having the
credit score you think you need. And this you're going
to learn all of that. Yes, And I was looking
at some recent news too over the past couple of
days and a s story and a poll on the
Wall Street Journal at ninety percent of Americans are starting
(02:50):
to feel like home ownership is out of their reach,
and that really struck a chord with me. And then
it should be in there each they should be wanting. Yet,
because Angela and I have been talking about this for
a couple of days that the Aspen Institute found that
a homeowner's net worth is four hundred thousand dollars the
(03:13):
average median homeowner in the United States, whereas the median
net worth of a renter it's ten thousand, four hundred dollars.
Speaker 1 (03:21):
It's a huge difference.
Speaker 2 (03:22):
That's crazy forty times just from home ownership. So we're
going to make it accessible to everybody, and every the
second Wednesday of every month you can listen to us
to segments of all things real estate. But saam first
tell people what they're going to actually experience by being
in the Wealth Wednesday's real Estate Club.
Speaker 4 (03:41):
Yeah, so we're gonna so as part of the Wealth
Wednesday's Club, a real estate club, you're going to get
not only firsthand knowledge and experience about all different aspects
from the Burr strategy of buying rental properties and buying
them with very little money invested long term, so you
start building your wealth by simply owning property. You're gonna
learn the fix and process. We're going to talk about
how to raise money. We're going to talk about something
(04:03):
called whole selling real estate contracts, which allows you to
get involved in real estate and start making money well
out actually having to buy properties on firsthand. You're gonna
be able to network networks probably the biggest part of it,
because you're part of a community that supports each other
and works together. And Lawrence can speak on that all
day long, right and hopefully will today. You're going to
also get access to us as to be for Q
(04:23):
and A, to ask questions, to guide you, to help
you if you come across something. Chances are we've dealt
with it before. We've done this a few times, right,
once twice, maybe fourteen hundred times at that, right, So
I think we've come across it exactly.
Speaker 2 (04:37):
That's exactly one of the reasons we wanted to do
this with you. You've done over fourteen hundred real estate transactions.
How big is the portfolio?
Speaker 4 (04:44):
The portfolio is worth over eighty million dollars. We've purchased
over a quarter billion dollars in real.
Speaker 1 (04:48):
Estate for just over because I want to go to
the hotel and the Dominican Republican by a hotel, Yes.
Speaker 2 (04:55):
And over six hundred properties. And we again, we really
wanted to do this, but soone many people out there
are real estate quote unquote experts that they've done maybe
ten twenty transactions, So really your track record.
Speaker 3 (05:07):
Or maybe none or none, exactly exactly, Well.
Speaker 1 (05:10):
There's I know you were about to say something.
Speaker 4 (05:12):
Oh, no, you were talking about the the hotel.
Speaker 3 (05:15):
I said, in three weeks, you'll be able to visit two.
Speaker 4 (05:17):
Of hotel because I'm actually closing on the Oh when
you're in the game.
Speaker 2 (05:21):
Wait you step back up, back up, back up.
Speaker 1 (05:23):
You didn't tell us this, You.
Speaker 2 (05:24):
Have to tell Okay, Lawrence has been in working with
Sam for over a year now. We've stolen both of
them to create this Wealth Wednesday's Real Estate Club. But
you met Saam in late twenty twenty three. Correct, fill
in the blanks of the no blanks, just a question, right.
You bought four properties in twenty twenty four and you
didn't use any of your own money.
Speaker 1 (05:46):
But before you say that, I want to know how
you evenknew you could trust Sam and how you met him,
because sometimes people are very scared to take that first step.
So tell me what your process was to even say
let me link up.
Speaker 3 (05:57):
Yeah.
Speaker 4 (05:57):
Yeah, So I've been traveling to dr you know for
the last three years prior to twenty twenty three. My
best friend bought a villa out there, and I was
interested in buying property over there. So at the time,
I stayed in contact with one of the realtors who
was showing us properties previously when I visited, and she
had an email list. So every month I get like
a new you know email, like, hey, this is what we.
Speaker 3 (06:16):
Have going on.
Speaker 4 (06:17):
So October twenty three comes around. There was a hotel
that I wanted to purchase, so I put an offer
in and went through the whole you know, back and forth.
But at the time, the owner didn't want to do
any type of creative or seller financing, so we didn't
do the deal.
Speaker 3 (06:30):
Okay, two weeks later.
Speaker 4 (06:31):
No, maybe like a week later, she called me like, hey,
I know you kind of bummed out you didn't get
the hotel. But I know these three brothers they recently
bought a hotel, you know, a year ago, and they're
converting a few of them to condos. Maybe you should
get you know, get one small, you know, start small,
get your foot in the ground, and then eventually you
can kind of grow up. So end up calling Siam.
We end up talking for like an hour, you know,
just he was very open, genuine and share a lot
(06:52):
of information.
Speaker 3 (06:53):
I'm very inquisitive.
Speaker 4 (06:54):
I always asked questions, so he was like he wasn't
in a rush to get me off the phone.
Speaker 3 (06:58):
I just kept asking some questions.
Speaker 4 (06:59):
I had somebody we know with this kind of knowledge
and you know, that type of experience. And then so
end up following him after that call on social media.
And then in January of last year, he posted something
saying he's starting a program. He's going to show people
I do real estate. I d in him immediately and
I asked him, you know what the process was, and
I signed up, like, okay, all right, I like that.
Speaker 1 (07:22):
So we got to a referral from somebody who had
done something, and then you had a chance to check
it out, and you were already interested, but then you said,
let me take that leap.
Speaker 3 (07:29):
Correct.
Speaker 4 (07:29):
And then when I talked to him, just hearing because
I had already like started looking at real estate and
had an idea. When he was talking it, it was
very credible because I had already done some stuff already,
so I knew that he wasn't just, you know, just
making stuff up.
Speaker 2 (07:42):
You know.
Speaker 1 (07:42):
So what's creative financing for people who are listening? Because
sometimes some people who have never done this before may
not understand that there's different ways to go than just
a traditional mortgage.
Speaker 3 (07:51):
Absolutely.
Speaker 4 (07:52):
I think the perfect way to explain creative financing is
tell him how you're getting into this hotel now that
you're buying all right in a few weeks.
Speaker 3 (08:00):
Right right?
Speaker 4 (08:00):
Yeah, So creative fiance and you just want to think
about it like traditionally have to go through a bank,
go through the whole underwriting process, you know, job credit scores,
tax records and all that. Traditional creative fiance and is
the owner essentially becomes like your bank. So for my
particular deal, we're gonna get this property with only ten
percent down and the owner's gonna be on our bank
(08:22):
and we're just paying him monthly.
Speaker 3 (08:24):
Yeah, exactly, Okay, it's exactly.
Speaker 1 (08:27):
They do that in Detroit a lot.
Speaker 2 (08:28):
Yes, I know.
Speaker 1 (08:28):
So instead of getting a loan because your credit whatever
you're able to now they're you're paying them the loan.
Do you still pay interest the same way you would
to a bank. How does that work?
Speaker 3 (08:37):
Yeah?
Speaker 4 (08:37):
So the thing that making creative is you can create it.
Speaker 2 (08:40):
However you want.
Speaker 3 (08:41):
Contract, it's a contract. Yeah.
Speaker 4 (08:43):
So the seller, you know, went back and forth a
lot of negotiation, and we were able to find a
happy medium for both of us that he was happy with.
Speaker 3 (08:50):
And that me and my investment team were happy with
as well.
Speaker 4 (08:53):
So I think you're I think you're downplaying this bro,
because this is a huge deal, all right, all right,
So his monthly payment's gonna be like six thousand dollars
and he'd be able to produce over twenty thousand dollars
a month.
Speaker 1 (09:02):
Yeah, that's amazing.
Speaker 3 (09:02):
So this one.
Speaker 4 (09:03):
Property could cash flow like crazy and cover all the
living expenses that anyone needs to operate from just one deal.
And to bring it on full circle, this is the
same deal he looked at a year ago, right, that
wasn't able to get structured just because he didn't have
the information to structure it.
Speaker 3 (09:19):
Okay, correct? Correct?
Speaker 4 (09:20):
So when I mentioned that I wasn't able to close
that deal, it was the exact deal.
Speaker 1 (09:25):
And the fact that it was still there for a
year shows you that the owner probably was in a
position where he was like, look, this still hasn't sold.
It's been a year, and they're still paying expenses on
something that they're trying to get out of. And so
now it puts them in a position where you see
it's been happening for that long, where they're like, okay,
let's figure this out exactly.
Speaker 4 (09:43):
So in one year he brought it full circle. The
deal that brought us together is now closing, right. He's
in a cash for like crazy off this deal, and
I'm sure this is the first of many.
Speaker 2 (09:50):
Bring him full circle to the club. You would have
never I'm listening to this and I'm like, I would
have never even thought to do any of this, And
that's what the beauty of the real estate club is absolutely.
What was so what was his mentoring? Like?
Speaker 4 (10:03):
Yeah, so joining you know, you know the I'm here
at homes you which the original program that I was in.
I learned all this stuff about creative financing, you know,
how to negotiate with a seller, you know, try to
find different pain points that might make them want to
do seller financing because typically most owners they're gonna want
as much more as possible up front. But when you
(10:25):
start to talk to them and try to understand, like, okay,
what's their real pain start talking about tax benefits, you know,
not having to you know, worry about capital gains by
taking all lump some right away. They then they start
to understand I'm doing a.
Speaker 1 (10:37):
Land contract now I'm actually selling property that way.
Speaker 4 (10:42):
Yeah, oh cool, Yeah, you know, it makes you so
proud to hear you talk like this and using all
these concepts from like that's.
Speaker 1 (10:50):
What was your experience before that? Were you already a homeowner?
Property owner?
Speaker 4 (10:56):
So I had the whole selling prior to that whole
selling Yeah, so buying just pretty much flipping contracts. Yeah,
why don't you explain what whostelling is a lot of
people out there don't exactly know what it is.
Speaker 2 (11:05):
And yeah, I really want you also to share with them.
He wasn't like you learn this in one webinar or
you learn this and he went away. He really holds
hold your hand through the process and brings you through
the process.
Speaker 4 (11:16):
Oh yeah, no, one thousand percent. So I'll talk about
whole selling and then I'll talk a little bit about,
you know, how Siam was able to help me through
this process. So whole selling essentially is you know, imagine
the property is worth two hundred thousand, but because somebody's
having some type of you know, financial distress, some pain, divorce, death,
like anything you know that normal people go through and
the house might need to work and they don't have
(11:38):
the finances to put it to to put the work
in to get to that retail value to sell it
at retail So and a vesture like me comes in
finding like, hey, I'll give you one hundred thousand dollars
for this property. They know it's worth two hundred, but
they don't have the time and effort to go in
to make it worth two hundred.
Speaker 1 (11:52):
They don't want to go into foreclosure.
Speaker 4 (11:53):
All right, right, so they'll sell to me four hundred.
And then I find somebody like Siam who's done fourteen
hundred transactions, who's buying properties every day, like, hey, I
have this property is and I'll sell to you for
one fifteen. So now I have this one contract for
one hundred thousand with the homeowner. Then I have a
second contract with Siam to investor at one fifteen. I
take that to a title company, and at closing, the
(12:14):
homeowner gets a one hundred thousand, Siam gets a new
property for one to fifteen, and I get a fifteen
thousand dollars check for bringing it together. So that's by
exactly so I've never actually owned the property, but I
made money by bringing.
Speaker 3 (12:25):
It together, right.
Speaker 2 (12:27):
And I think one of the coolest features about this
club is each week people are going to get vetted
investment opportunities, SAYM talk a little bit about that.
Speaker 3 (12:35):
Yeah, absolutely, so we do.
Speaker 4 (12:36):
We have a large marketing team that goes out there
and looks for these motivated sellers to find great deals,
and we present those deals directly to the members of
the club. So you get first access to these deals
that you can close on. So you get all this information.
You've got learn the fix and flip, you learn the
bird pross to buy rental properties, you learn how to
wholesale contracts, and then you say, all right, now do
(12:57):
I do next? Well, you can find your first deal
right inside the club, which is beautiful because I think
a lot of things what stops people from actually going
out there and pull the trigger is sometimes they're like
where do I start? So we give you your starting
process right there.
Speaker 1 (13:10):
Or you might have a great opportunity, but maybe you
don't have the capital to be able to take advantage
of it. And it's something you can bring to the
table and see, I don't want this opportunity to slip away.
You know, maybe I need some help correct and so
I can partner with somebody else.
Speaker 4 (13:24):
Absolutely, that's one of the things I think that's gonna
beautiful about this because we're building community. I want students
to work together, right, So we're going to get access
to a lot of people's situations that all right, this
person is working a full time job, but they have
some money they want to invest on their properties, but
they don't really want to be the one out. They're managing,
checking contractors, things like that. But this person has the
time to do this. Let's pair these people up and
(13:44):
together they have the full package, right, And I think
that's a beautiful thing. With what we've done over the
last year, which has been the reason that Lawrence has
been so successful. He's been able to network within the
group and do deals together.
Speaker 2 (13:55):
When you told me this story, I thought of you, Lawrence.
I read, Okay, eighty percent of people break their New
Year's resolutions by the second week of February. Yeah, I mean, okay,
I'm a research and nerds. It's just me. Meanwhile, eighty
percent of people achieved their goals if they write them down,
(14:16):
tell a friend about them, and then give that friend
weekly progress reports. So accountability and community one hundred percent
the game changer. How important is that community to what
you were able to succeed? Oh?
Speaker 4 (14:28):
Yeah, the community played a big part into you know,
my success last year. Obviously, my first investor came within
the community. To Siam's point, got into the program, want
to do real estate, but realized with the busy job,
busy professional, professional career, they didn't just didn't have the
time to manage contractors, source materials, you know, do all
the back and forth data operations. But they had some capital,
(14:51):
so I had you know, I had of time. So
we worked together. They put up the money and I'm
doing all the day to day handling, you know, sourcing materials,
dealingm con trackers, making sure the project and though successful.
Speaker 1 (15:02):
And people have to understand the value of that as
a being a project manager, having somebody that's staying on
top of everything, you know, back to my building in Detroit,
we have Jessica who has been the person that every
single day she's dealing with different things, different issues with
the contractors, with the city, a city council, with making
sure that we're up to date with all of our permits,
(15:23):
you know, making sure that small things happen, like somebody
broke a window. Now we know we have to get
a new window. We're trying to figure out how to
get into a permanent mortgage, and she's been the person
that's been kind of spearheading all that because it is
time consuming. There was a covenant that we had to
get out of. It was a whole long process to
make that happen. To get a tax abatement, that's a
whole nother long process. But somebody has to stay on
top of all that paperwork and also managing the contractor
(15:47):
and making sure that as he's you know, getting the
money to get stuff done, that we're getting things at
the best prices that we can possibly get them, but
that's still quality materials.
Speaker 3 (15:55):
And that the payments are matching the process.
Speaker 1 (15:57):
Because some people might feel like, oh, you didn't put
any money up, but that sweat equity of being able
to be the person that's there that I can rely
on is extremely important.
Speaker 2 (16:05):
I agree on Dred, bring us your bad credit scores
too correct.
Speaker 3 (16:09):
That's right, that's right, that's right.
Speaker 4 (16:11):
So there's so many different ways you can get into
a deal, right, So like he was able to joint
venture with someone to get into a deal. So this
whole misconception is there's all these you know, misconceptions out
there that you need a lot of money do the
real estate that's all cap Right. There's so many different
ways you can get into a deal. One way that
I tell a lot of my mentees that people just
don't know about because they don't have the information. So
as part of the real estate Club, you're going to
(16:32):
get this information firsthand from people that are actually doing deals,
not just theory. Like, for instance, if you want to
buy a rental property, your first rental property, but you
don't have, you know, twenty thirty forty thousand dollars to
put down on their property, no problem.
Speaker 3 (16:45):
Right.
Speaker 4 (16:46):
We love targeting people that are retiring landlords because they've
owned these properties for years, so their basis is very low.
So I can go in and offer this person one
hundred thousand dollars for a property they might have paid
thirty thousand and.
Speaker 3 (16:55):
Four twenty years ago. Right.
Speaker 4 (16:58):
And also, hey, mister seller, I can get you eighty
percent of this purchase price from the bank today, but
I'm gonna ask you to finance that down payment for
the next five years, right that twenty thousand dollars, So
you are already making money at the eighty thousand dollars
you're getting today. Right, I get to get into this
property start cashling, do my exit plan with it right,
and over the next five years, the rent that I'm
(17:19):
receiving is going to pay you your twenty percent of looking.
But here's the benefits for you. Number One, you don't
have to manage this anymore. Number two, you're making profit
from what you're getting today. And number three, you get
to defer your taxes on the money you haven't received yet,
so your capital gains you get to push back, right,
So it's a win win for everybody. And you literally
walk into that deal with little to no money out
of pocket and finantees have done this tons of times
(17:41):
over and you guys are gonna get this realhand knowledge
from people that are doing the business every single day.
Speaker 1 (17:45):
What about mortgage assumption, because that's the thing too write
with interest rate being as high as they are now
and a lot of us if you had bought something
years ago, you might have locked in an amazing rate,
and so mortgage assumption is another thing that people don't
know as much about.
Speaker 4 (17:59):
Absolutely there's more assumption. There's also subject to purchases. So
the mortgage assumption is you get to take over someone's
mortgage and you get their terms. So if they got
a great rate. You get to assume that great rate.
The negative, however, is you need to qualify for that
mortgage to assume the mortgage right, which could be cumbersome
if you don't have tax returns or good.
Speaker 3 (18:14):
Credit or whatever it be. But there's another wee you
can also buy.
Speaker 4 (18:17):
You can take that property on transfer the deed, but
leave the existing mortgage in place and take the property
subject to the existing mortgage, so you still get those
same terms, but you don't have to qualify for that mortgage.
You get to step into their to those amazing terms
and buy this property. What I having to qualify for it?
I mean, there's so many ways that you're gonna learn
in this real estate club how to do real business
and get deals done.
Speaker 2 (18:38):
Talk about how much access people will have to our experts.
Speaker 4 (18:41):
Absolutely, you're gonna get access to myself, my brothers, Xavier, Meal, Jonah,
all the whole team, me, Angela or Stacy or the
whole team. And here's what the great thing is. As
students start exceeding, you know, achieving success, we turn the
students into mentors and coaches too, So these students can
learn from other people that were just in their spot,
(19:02):
not that long ago. Right, they can talk to Lawrence's,
they can talk to brand and they can talk to
Natalia or to Natalie or to a manual that have
that we're just sitting where they were six months a
year ago, got some success and see, hey, what were
your roadblocks? Right, So that when you're if you're facing something,
chances are anyone in this group has probably faced at
(19:22):
some point in time as well, and we can talk
to you firsthand from real practitions of the business.
Speaker 2 (19:26):
I think this is so important right now because since
the election and we're going into such unknowns next year,
a lot of people feel so much uncertainty. And it's
you've really seen something that's positive and optimistic. People kind
of turning within and saying, okay, what can we do together?
And that's one of the reasons we said, okay, let's
do this now. Yes, I just love it. You might
(19:47):
not again, you might not have the credit score, you
might not have the down payment, you might not have
the time bringing everybody together, so we're super excited. There's
something everybody has to memorize. First of all, because it's
easy to memorize, we have to.
Speaker 1 (20:00):
Make sure, yeah, hold on, let's do a quiz and
see who memorized.
Speaker 2 (20:03):
Okay, I'm gonna give you the wealth Wealth Wednesday's real
Estate Wednesdays with an s real Estate club dot com
that's really long, so you can text the word listen
to this party to six eight nine two one five
seven six sixty four because tonight we are having a party.
(20:24):
We're having a launch party.
Speaker 4 (20:25):
Let's go at.
Speaker 2 (20:26):
Seven pm learning time. This is whether you've joined the
club yet, which you can do at Wealth Wednesday's real
Estate Club dot Com. Just said that before want you
want to learn more about it. That's why we're having
this launch party. We want to put aside seven pm
Eastern time. Get yourself a beverage and say what are
you gonna learn in that party?
Speaker 3 (20:45):
Yeah, we're gonna give you.
Speaker 4 (20:46):
You get to ask questions, right, you get to interact.
We're gonna teach you, guys everything from you know the
correct way to set up your entity to uh, you
know how to close your first deal? Right, So we're
gonna give you the broad frameworks that you know firsthand.
If you come and join this, you're going to be
closing deals. Every single person in our group right over
the past twelve months has closed their first, if not
their second deal.
Speaker 3 (21:06):
So we welcome you to come and be part of
the group.
Speaker 1 (21:09):
And I want to say why this is so important too,
because I know you're a research nerds, Stacy, But according
to Redfin, only two point five percent of homes in
the US change hands in the first eight months of
twenty twenty four. That's the lowest that it's been in
thirty years. And people get really discouraged when they read
headlines about what's going on with real estate, about the
lack of housing and all the different creative ways that
(21:30):
they're trying to make sure that people are able to
have that Because to be honest, like for me, I'm
thinking about the future right and how I can set
myself up so that one day I can comfortably say
so I have money coming in and I can still
live the lifestyle that I want and enjoy myself when
I'm ready to retire and not feel like I'm stuck
where I have to be figuring out where am I
(21:50):
going to work? What if something happens here now I
can't pay my bills. I want to have myself in
a position where I own properties I have rent coming in,
I can also sell them, you know, if.
Speaker 4 (22:01):
That's the beauty of real estate, right, it's a great
savings vehicle for your future. I actually have a question
for you too, right, because that was a perfect segue
to what I actually have for you, guys, both of
you being you know, women of color. Right, there's all
these misconceptions out there. What were some of the roadblocks
or obstacles you had to come or some of the
beliefs that you had to overcome because you both own
(22:22):
real estate, right for you to jump over that bridge
and actually get into the home ownership or property ownership side.
Speaker 1 (22:28):
I think one of the first things to me when
I bought my first house what was hard was, you know,
I ended up getting a woman as my broker, you know,
shout out to Sarah. And before that I was dealing
with men. Sorry guys, but it felt like they just
wanted to sell me a property and they didn't really
care if I loved it, if it was a good investment.
Because sometimes when you deal with people who flip homes too,
(22:50):
they don't do the best quality work. So what was
really important for me was to make sure that I
got an independent inspection, to have somebody come in to say, Okay,
this is wroun. This is wrong because if you don't
do that, And to me at that time, I was
trying to put all my money into putting a down payment,
but paying seven hundred and fifty dollars to has some
money come and inspect could save you, like I ended up.
Actually I had put money in for this deal and
(23:12):
then took it back because I was like, oh, the
inspector told me he didn't think it was a good idea,
and I trusted an expert and I maybe wasn't going
to get one. But my best friend who had just
bought a house, referred her to me and was like,
you need to do this, And thank god she told
me that, because that's why I did it and didn't
end up buying the property that I had already put
down some money on because I wanted to go into
(23:33):
contract so.
Speaker 3 (23:35):
Repairs.
Speaker 1 (23:36):
And when I started working with Sarah, she was really
great about being like, look, she would even tell me
certain properties that I like, I don't know if this
is a good idea for you. She wasn't just trying
to sell me anything. So I think it's just really
important to make sure that you work with people like
we are saying, who have your best interest at heart,
because it's not like when people are benefiting from this program,
it's not like, Okay, if they buy something, I get
(23:57):
you know, this percentage. That's not how it works, right.
You're teaching people, and of course your time is valuable
and worth that as well, but it's not like I
need to sell this so I can get my commission.
It doesn't work that way. And so I just think
that was one of the roadblocks. And then even just
not having the knowledge because I don't come from a
family where people are always you know, investing and entrepreneurial
(24:18):
and so and that's fine because a lot of us
don't come from that background. So a lot of it
was me just trying to figure things out on the
fly and on my own, and I didn't know a
lot of people who had done it.
Speaker 4 (24:27):
Okay, and how about you, Stacy, I mean, because there's
all these misconpcs. Oh, you need a lot of money,
you need perfect credit. Old interest rates are high right now, right,
So what were some of the roadblocks you had to
overcome that could possibly help some other people that are
on the fence about buying their first property, because now
is always the best time to buy real estate.
Speaker 2 (24:43):
It was a really personal thing. I had best friends
like brother and sister, but a very critical ex husband
and my father was starting to get into dementia, so
getting a little paranoid. So a lot a nose around me,
got an awful lot of you can't do stuff around me,
(25:04):
And I'm a whole nother day story. I've grown up
in a lot of that, just because of how and
where I grow up, A lot of you can't so.
A lot of my mindset things that I teach people
I had to put to the test myself. You tell
people they have to get over themselves, you know, you
have to do that work to get over yourself. And
(25:25):
everything we're talking about, everything everyone's hearing. It really all
comes down to one thing. Willingness. Yeah, your willingness to
be uncomfortable, Your willingness to get over yourself, your willingness.
So many people out here, how many of you are
listening to this? Yeah, this sounds like a pretty good idea.
The only way it is going to work for you.
The only way it's going to work for you is
if you actually do it. So you have to be will.
Speaker 1 (25:47):
Can that fear paralyze you into doing nothing? I think
that's the worst thing, because listen, everything does also invol risk,
and I want to say that too, because I love
real estate and I've been I've had my struggles and
challenges and things not go the way that I want to,
but I'm up in general, Like across the board. It's been,
you know, fortunately a journey, a positive journey for me,
(26:09):
and I love it. It's something that it made me
go get my real estate license because I did like
it so much and I wanted to make sure I
was as knowledgeable as possible about everything that it is
that I want to do, you know, So I just
but I never wanted to be so scared that I
did nothing.
Speaker 3 (26:23):
Yes, yeah, absolutely.
Speaker 2 (26:25):
That's incredible. So just one other thing I wanted you
to touch on before we get ready to party, and
you guys all get ready to party, ready, ready, going
into uncertain economy everything, uncertain interest rates. This year you
talk often about it's not about market timing. Those aren't
the things that can hold you back. And there's still
(26:46):
ways to make money in real estate because it all
what really matters is the price of which you purchased.
Speaker 3 (26:51):
Talk about that.
Speaker 4 (26:52):
Yeah, so people come to me and say, how are
you buying properties now. Interest rates are high, aren't you
worried about the market? You know the market drop being
in terms of pricing the economy. Now is always the
best time to buy real estate. People always need a
place to live. Right, Yes, interst rates are high, so
it just means I'm more critical my underwriting.
Speaker 3 (27:09):
Right, I gotta buy it deeper.
Speaker 4 (27:10):
I got to make sure that it's going to cash flow,
so I buy it a little cheaper to make sure
the rent I receive will cover the higher indust rate.
So I'm buying real estate right now. But guess what,
when race drop, I'm buying more real estate. Right, I'm
going to go even harder. And that's what I try
to teach people. So you just have to adjust for
the times. Real estate tends to go up over time.
You will have little dips, yes, where the market changes,
(27:31):
the stock market, crypto, they all have fluctuations. Nothing's a
permanent straight up, right, But with inflation, with shortage of housing, right,
over time, real estate tends to go up. If you
look at real estate twenty years ago, thirty years ago,
fifty years ago, ten years ago to what it is today,
you might have had little dips. But I can almost
put money behind it that it's worth more now than
(27:51):
it was twenty years ago.
Speaker 1 (27:52):
I think about those people who bought those brownstones and
beside when they were forty thousand dollars and now they're
worth four million dollars, and you know, that's something that
can create wealth for generations to come when you when
you take care of that property and.
Speaker 3 (28:06):
Don't who's a kid.
Speaker 4 (28:07):
I grew up in the Lower East Side for Shooting
Avenue A right and so different.
Speaker 3 (28:11):
It's so different back.
Speaker 4 (28:12):
Then, and I remember I remember my dad's friends saying, hey,
my dad's name is Abdul and they were like, they're like, hey, dude,
you need to buy these condos and co ops up
because this area's about to change. My dad was like
he did what he could, but he's like, you know,
I don't have the money. He didn't have the mindset.
You have the knowledge. And those still are selling for
forty five thirty thousand. They're now worth way over a
million dollars two million, three million dollars. One bedrooms are
(28:33):
worth one and a half million bucks in the area now, right,
So you just got to get in the game. Buy
real estate, make sure you underwrite it. Right, have the
right team shown you how to underwrite it right, how
to write calculators to underwrite it right, make sures in
the cash flow, and you can you can ride any
wave of economy, ride any dips in prices right, and
you'll be on well in your way to wealth through
(28:55):
real estate.
Speaker 2 (28:56):
Homeowners forty times more wealth than renters. That's right, and
that's why we started this. That's why we're going to
be doing it all year. We are going to help
our community by one hundred million dollars in real estate
this year. Live access, live people constantly. We're in it again.
Everybody memorized this text party. I can remember that part
(29:19):
six eight nine two one five seven six six four
For our free launch party tonight, seven pm Eastern time.
Angelo will be there, I'll be there live. Can't miss
a party, Sayam will be there. You can get your
questions answered live. It's going to be incredible. If you
want to go straight to I'm ready to join this
even before the party, go to Wealth Wednesday's real Estate
(29:41):
Club dot com. I know it's long, but it is
easy to remember Wealth Wednesday's real Estate Club dot Com.
Speaker 4 (29:46):
If you want to be like Lawrence, right here right
in twelve months by four real estate properties, right with
very little no money out of pocket?
Speaker 2 (29:54):
Right, how much money was actually out of pocket?
Speaker 3 (29:57):
Like zero doz zero.
Speaker 4 (30:02):
So I want to be like Lawrence right here in
the span of one year buying a hotel that's worth
how much?
Speaker 3 (30:08):
How much you buying it for? One point six million?
One point six five million dollars?
Speaker 4 (30:12):
Okay, join the Wealth real Estate Club, right, there's no
better place out there to get real hand knowledge from
people doing the business each and every day.
Speaker 2 (30:20):
And just last point, Angela and I you know, Wealth
Wednesdays we've been doing for almost ten years now, and no,
we've always just brought you the very very best and
we took great care. We've been finding so we vetted.
Speaker 1 (30:33):
Yeah, because any I'm like Stacy, we got to make
sure and it's always on point. That's why I feel
like this is a perfect situation. So he's vetted, we're
not to all win. And I tell Stacey were having
a money party.
Speaker 2 (30:47):
We're having a money party, definitally having a money party.
Join it again Text party to six eight nine two
one five seven six sixty four. We will see you
in a couple hours because we're gonna go get started.
Speaker 3 (30:57):
Let go guys. The more you learn, the more you
earn school, earn together. Guys Way up.
What's up his way up with Angela Yee. And you
know what today is. It's a really special day, I
mean super special today. It's a Wealth Wednesday, but not
just any Wealth Wednesday. We are launching our real estate club,
the Wealth Wednesday's Real Estate Club. And of course Stacy
Tisday is here with me.
Speaker 2 (00:18):
Happy Wealth Wednesdays everybody, the first Wednesday of the new year.
Speaker 1 (00:22):
Absolutely, and we have two very special guests here with us.
Speaker 2 (00:27):
We have Saam Ibrahim. You're going to be hearing a
lot about and we're so excited he will be joining us.
You will be able to hear him every month when
we do our real estate segments. We have launched this
Wealth Wednesday's Real Estate Club with the goal of getting
one hundred million dollars of new real estate into our community.
Speaker 1 (00:47):
Got to put that goal out there.
Speaker 2 (00:48):
You got to put that goal out there.
Speaker 3 (00:50):
It's going to be a huge transfer of wealth in
twenty twenty five.
Speaker 2 (00:52):
Yeah, so many people think home ownerships out of their reach.
So many people dream of home ownership. This is the
year you're going to make it a reality. We're so
excited about this. And real estate has just always been
our passion. You've known that for listening from listening to us.
But I know, Angela, when we talked about this idea,
you just jumped over it.
Speaker 1 (01:13):
Yeah, you know what real estate has been something that
I've been really I got my real estate license in
New York and I'm actually got some other announcements about that.
But I'm going to be leading a team in Brooklyn
as well. When it comes to real estate, and I'm
always a big fan of if you want to do something,
get as much knowledge as you can about it and
talk to professionals and people who have done it and
people who you can trust, who you actually know. And
(01:36):
we have Lawrence here with us too, and Lawrence actually
worked with you Saam right, it's correct, that's.
Speaker 3 (01:41):
Right about a year now, right, Yeah, it's been a year. Yep.
Speaker 4 (01:43):
Started last year around the time. Yeah, he's got an
amazing story. We're so excited to do this. People out
there think it that owning a property, owning investment property,
own a home, living is so far and it's unachievable.
We're here to show you that it's closer than you think.
You know.
Speaker 1 (01:56):
And along the lines of wanting to do real estate,
I was this story yesterday about from the Golden State Warriors,
Moses Moody, he would play ball, but then he also
wanted to get into real estate, and he did an
internship at Searenstein Properties and so now he's like really
doing it. But I'm a fan of not just investing,
(02:17):
but also learning everything that you can and maximizing all
of that, because it's harder for people to get over you,
get over on you, but also harder for you to
miss out on opportunities if you have the access and
the knowledge.
Speaker 2 (02:27):
Absolutely and well here today there's so many creative ways
you can get into real estate without having the money
you think you need to get it, without having the
credit score you think you need. And this you're going
to learn all of that. Yes, And I was looking
at some recent news too over the past couple of
days and a s story and a poll on the
Wall Street Journal at ninety percent of Americans are starting
(02:50):
to feel like home ownership is out of their reach,
and that really struck a chord with me. And then
it should be in there each they should be wanting. Yet,
because Angela and I have been talking about this for
a couple of days that the Aspen Institute found that
a homeowner's net worth is four hundred thousand dollars the
(03:13):
average median homeowner in the United States, whereas the median
net worth of a renter it's ten thousand, four hundred dollars.
Speaker 1 (03:21):
It's a huge difference.
Speaker 2 (03:22):
That's crazy forty times just from home ownership. So we're
going to make it accessible to everybody, and every the
second Wednesday of every month you can listen to us
to segments of all things real estate. But saam first
tell people what they're going to actually experience by being
in the Wealth Wednesday's real Estate Club.
Speaker 4 (03:41):
Yeah, so we're gonna so as part of the Wealth
Wednesday's Club, a real estate club, you're going to get
not only firsthand knowledge and experience about all different aspects
from the Burr strategy of buying rental properties and buying
them with very little money invested long term, so you
start building your wealth by simply owning property. You're gonna
learn the fix and process. We're going to talk about
how to raise money. We're going to talk about something
(04:03):
called whole selling real estate contracts, which allows you to
get involved in real estate and start making money well
out actually having to buy properties on firsthand. You're gonna
be able to network networks probably the biggest part of it,
because you're part of a community that supports each other
and works together. And Lawrence can speak on that all
day long, right and hopefully will today. You're going to
also get access to us as to be for Q
(04:23):
and A, to ask questions, to guide you, to help
you if you come across something. Chances are we've dealt
with it before. We've done this a few times, right,
once twice, maybe fourteen hundred times at that, right, So
I think we've come across it exactly.
Speaker 2 (04:37):
That's exactly one of the reasons we wanted to do
this with you. You've done over fourteen hundred real estate transactions.
How big is the portfolio?
Speaker 4 (04:44):
The portfolio is worth over eighty million dollars. We've purchased
over a quarter billion dollars in real.
Speaker 1 (04:48):
Estate for just over because I want to go to
the hotel and the Dominican Republican by a hotel, Yes.
Speaker 2 (04:55):
And over six hundred properties. And we again, we really
wanted to do this, but soone many people out there
are real estate quote unquote experts that they've done maybe
ten twenty transactions, So really your track record.
Speaker 3 (05:07):
Or maybe none or none, exactly exactly, Well.
Speaker 1 (05:10):
There's I know you were about to say something.
Speaker 4 (05:12):
Oh, no, you were talking about the the hotel.
Speaker 3 (05:15):
I said, in three weeks, you'll be able to visit two.
Speaker 4 (05:17):
Of hotel because I'm actually closing on the Oh when
you're in the game.
Speaker 2 (05:21):
Wait you step back up, back up, back up.
Speaker 1 (05:23):
You didn't tell us this, You.
Speaker 2 (05:24):
Have to tell Okay, Lawrence has been in working with
Sam for over a year now. We've stolen both of
them to create this Wealth Wednesday's Real Estate Club. But
you met Saam in late twenty twenty three. Correct, fill
in the blanks of the no blanks, just a question, right.
You bought four properties in twenty twenty four and you
didn't use any of your own money.
Speaker 1 (05:46):
But before you say that, I want to know how
you evenknew you could trust Sam and how you met him,
because sometimes people are very scared to take that first step.
So tell me what your process was to even say
let me link up.
Speaker 3 (05:57):
Yeah.
Speaker 4 (05:57):
Yeah, So I've been traveling to dr you know for
the last three years prior to twenty twenty three. My
best friend bought a villa out there, and I was
interested in buying property over there. So at the time,
I stayed in contact with one of the realtors who
was showing us properties previously when I visited, and she
had an email list. So every month I get like
a new you know email, like, hey, this is what we.
Speaker 3 (06:16):
Have going on.
Speaker 4 (06:17):
So October twenty three comes around. There was a hotel
that I wanted to purchase, so I put an offer
in and went through the whole you know, back and forth.
But at the time, the owner didn't want to do
any type of creative or seller financing, so we didn't
do the deal.
Speaker 3 (06:30):
Okay, two weeks later.
Speaker 4 (06:31):
No, maybe like a week later, she called me like, hey,
I know you kind of bummed out you didn't get
the hotel. But I know these three brothers they recently
bought a hotel, you know, a year ago, and they're
converting a few of them to condos. Maybe you should
get you know, get one small, you know, start small,
get your foot in the ground, and then eventually you
can kind of grow up. So end up calling Siam.
We end up talking for like an hour, you know,
just he was very open, genuine and share a lot
(06:52):
of information.
Speaker 3 (06:53):
I'm very inquisitive.
Speaker 4 (06:54):
I always asked questions, so he was like he wasn't
in a rush to get me off the phone.
Speaker 3 (06:58):
I just kept asking some questions.
Speaker 4 (06:59):
I had somebody we know with this kind of knowledge
and you know, that type of experience. And then so
end up following him after that call on social media.
And then in January of last year, he posted something
saying he's starting a program. He's going to show people
I do real estate. I d in him immediately and
I asked him, you know what the process was, and
I signed up, like, okay, all right, I like that.
Speaker 1 (07:22):
So we got to a referral from somebody who had
done something, and then you had a chance to check
it out, and you were already interested, but then you said,
let me take that leap.
Speaker 3 (07:29):
Correct.
Speaker 4 (07:29):
And then when I talked to him, just hearing because
I had already like started looking at real estate and
had an idea. When he was talking it, it was
very credible because I had already done some stuff already,
so I knew that he wasn't just, you know, just
making stuff up.
Speaker 2 (07:42):
You know.
Speaker 1 (07:42):
So what's creative financing for people who are listening? Because
sometimes some people who have never done this before may
not understand that there's different ways to go than just
a traditional mortgage.
Speaker 3 (07:51):
Absolutely.
Speaker 4 (07:52):
I think the perfect way to explain creative financing is
tell him how you're getting into this hotel now that
you're buying all right in a few weeks.
Speaker 3 (08:00):
Right right?
Speaker 4 (08:00):
Yeah, So creative fiance and you just want to think
about it like traditionally have to go through a bank,
go through the whole underwriting process, you know, job credit scores,
tax records and all that. Traditional creative fiance and is
the owner essentially becomes like your bank. So for my
particular deal, we're gonna get this property with only ten
percent down and the owner's gonna be on our bank
(08:22):
and we're just paying him monthly.
Speaker 3 (08:24):
Yeah, exactly, Okay, it's exactly.
Speaker 1 (08:27):
They do that in Detroit a lot.
Speaker 2 (08:28):
Yes, I know.
Speaker 1 (08:28):
So instead of getting a loan because your credit whatever
you're able to now they're you're paying them the loan.
Do you still pay interest the same way you would
to a bank. How does that work?
Speaker 3 (08:37):
Yeah?
Speaker 4 (08:37):
So the thing that making creative is you can create it.
Speaker 2 (08:40):
However you want.
Speaker 3 (08:41):
Contract, it's a contract. Yeah.
Speaker 4 (08:43):
So the seller, you know, went back and forth a
lot of negotiation, and we were able to find a
happy medium for both of us that he was happy with.
Speaker 3 (08:50):
And that me and my investment team were happy with
as well.
Speaker 4 (08:53):
So I think you're I think you're downplaying this bro,
because this is a huge deal, all right, all right,
So his monthly payment's gonna be like six thousand dollars
and he'd be able to produce over twenty thousand dollars
a month.
Speaker 1 (09:02):
Yeah, that's amazing.
Speaker 3 (09:02):
So this one.
Speaker 4 (09:03):
Property could cash flow like crazy and cover all the
living expenses that anyone needs to operate from just one deal.
And to bring it on full circle, this is the
same deal he looked at a year ago, right, that
wasn't able to get structured just because he didn't have
the information to structure it.
Speaker 3 (09:19):
Okay, correct? Correct?
Speaker 4 (09:20):
So when I mentioned that I wasn't able to close
that deal, it was the exact deal.
Speaker 1 (09:25):
And the fact that it was still there for a
year shows you that the owner probably was in a
position where he was like, look, this still hasn't sold.
It's been a year, and they're still paying expenses on
something that they're trying to get out of. And so
now it puts them in a position where you see
it's been happening for that long, where they're like, okay,
let's figure this out exactly.
Speaker 4 (09:43):
So in one year he brought it full circle. The
deal that brought us together is now closing, right. He's
in a cash for like crazy off this deal, and
I'm sure this is the first of many.
Speaker 2 (09:50):
Bring him full circle to the club. You would have
never I'm listening to this and I'm like, I would
have never even thought to do any of this, And
that's what the beauty of the real estate club is absolutely.
What was so what was his mentoring? Like?
Speaker 4 (10:03):
Yeah, so joining you know, you know the I'm here
at homes you which the original program that I was in.
I learned all this stuff about creative financing, you know,
how to negotiate with a seller, you know, try to
find different pain points that might make them want to
do seller financing because typically most owners they're gonna want
as much more as possible up front. But when you
(10:25):
start to talk to them and try to understand, like, okay,
what's their real pain start talking about tax benefits, you know,
not having to you know, worry about capital gains by
taking all lump some right away. They then they start
to understand I'm doing a.
Speaker 1 (10:37):
Land contract now I'm actually selling property that way.
Speaker 4 (10:42):
Yeah, oh cool, Yeah, you know, it makes you so
proud to hear you talk like this and using all
these concepts from like that's.
Speaker 1 (10:50):
What was your experience before that? Were you already a homeowner?
Property owner?
Speaker 4 (10:56):
So I had the whole selling prior to that whole
selling Yeah, so buying just pretty much flipping contracts. Yeah,
why don't you explain what whostelling is a lot of
people out there don't exactly know what it is.
Speaker 2 (11:05):
And yeah, I really want you also to share with them.
He wasn't like you learn this in one webinar or
you learn this and he went away. He really holds
hold your hand through the process and brings you through
the process.
Speaker 4 (11:16):
Oh yeah, no, one thousand percent. So I'll talk about
whole selling and then I'll talk a little bit about,
you know, how Siam was able to help me through
this process. So whole selling essentially is you know, imagine
the property is worth two hundred thousand, but because somebody's
having some type of you know, financial distress, some pain, divorce, death,
like anything you know that normal people go through and
the house might need to work and they don't have
(11:38):
the finances to put it to to put the work
in to get to that retail value to sell it
at retail So and a vesture like me comes in
finding like, hey, I'll give you one hundred thousand dollars
for this property. They know it's worth two hundred, but
they don't have the time and effort to go in
to make it worth two hundred.
Speaker 1 (11:52):
They don't want to go into foreclosure.
Speaker 4 (11:53):
All right, right, so they'll sell to me four hundred.
And then I find somebody like Siam who's done fourteen
hundred transactions, who's buying properties every day, like, hey, I
have this property is and I'll sell to you for
one fifteen. So now I have this one contract for
one hundred thousand with the homeowner. Then I have a
second contract with Siam to investor at one fifteen. I
take that to a title company, and at closing, the
(12:14):
homeowner gets a one hundred thousand, Siam gets a new
property for one to fifteen, and I get a fifteen
thousand dollars check for bringing it together. So that's by
exactly so I've never actually owned the property, but I
made money by bringing.
Speaker 3 (12:25):
It together, right.
Speaker 2 (12:27):
And I think one of the coolest features about this
club is each week people are going to get vetted
investment opportunities, SAYM talk a little bit about that.
Speaker 3 (12:35):
Yeah, absolutely, so we do.
Speaker 4 (12:36):
We have a large marketing team that goes out there
and looks for these motivated sellers to find great deals,
and we present those deals directly to the members of
the club. So you get first access to these deals
that you can close on. So you get all this information.
You've got learn the fix and flip, you learn the
bird pross to buy rental properties, you learn how to
wholesale contracts, and then you say, all right, now do
(12:57):
I do next? Well, you can find your first deal
right inside the club, which is beautiful because I think
a lot of things what stops people from actually going
out there and pull the trigger is sometimes they're like
where do I start? So we give you your starting
process right there.
Speaker 1 (13:10):
Or you might have a great opportunity, but maybe you
don't have the capital to be able to take advantage
of it. And it's something you can bring to the
table and see, I don't want this opportunity to slip away.
You know, maybe I need some help correct and so
I can partner with somebody else.
Speaker 4 (13:24):
Absolutely, that's one of the things I think that's gonna
beautiful about this because we're building community. I want students
to work together, right, So we're going to get access
to a lot of people's situations that all right, this
person is working a full time job, but they have
some money they want to invest on their properties, but
they don't really want to be the one out. They're managing,
checking contractors, things like that. But this person has the
time to do this. Let's pair these people up and
(13:44):
together they have the full package, right, And I think
that's a beautiful thing. With what we've done over the
last year, which has been the reason that Lawrence has
been so successful. He's been able to network within the
group and do deals together.
Speaker 2 (13:55):
When you told me this story, I thought of you, Lawrence.
I read, Okay, eighty percent of people break their New
Year's resolutions by the second week of February. Yeah, I mean, okay,
I'm a research and nerds. It's just me. Meanwhile, eighty
percent of people achieved their goals if they write them down,
(14:16):
tell a friend about them, and then give that friend
weekly progress reports. So accountability and community one hundred percent
the game changer. How important is that community to what
you were able to succeed? Oh?
Speaker 4 (14:28):
Yeah, the community played a big part into you know,
my success last year. Obviously, my first investor came within
the community. To Siam's point, got into the program, want
to do real estate, but realized with the busy job,
busy professional, professional career, they didn't just didn't have the
time to manage contractors, source materials, you know, do all
the back and forth data operations. But they had some capital,
(14:51):
so I had you know, I had of time. So
we worked together. They put up the money and I'm
doing all the day to day handling, you know, sourcing materials,
dealingm con trackers, making sure the project and though successful.
Speaker 1 (15:02):
And people have to understand the value of that as
a being a project manager, having somebody that's staying on
top of everything, you know, back to my building in Detroit,
we have Jessica who has been the person that every
single day she's dealing with different things, different issues with
the contractors, with the city, a city council, with making
sure that we're up to date with all of our permits,
(15:23):
you know, making sure that small things happen, like somebody
broke a window. Now we know we have to get
a new window. We're trying to figure out how to
get into a permanent mortgage, and she's been the person
that's been kind of spearheading all that because it is
time consuming. There was a covenant that we had to
get out of. It was a whole long process to
make that happen. To get a tax abatement, that's a
whole nother long process. But somebody has to stay on
top of all that paperwork and also managing the contractor
(15:47):
and making sure that as he's you know, getting the
money to get stuff done, that we're getting things at
the best prices that we can possibly get them, but
that's still quality materials.
Speaker 3 (15:55):
And that the payments are matching the process.
Speaker 1 (15:57):
Because some people might feel like, oh, you didn't put
any money up, but that sweat equity of being able
to be the person that's there that I can rely
on is extremely important.
Speaker 2 (16:05):
I agree on Dred, bring us your bad credit scores
too correct.
Speaker 3 (16:09):
That's right, that's right, that's right.
Speaker 4 (16:11):
So there's so many different ways you can get into
a deal, right, So like he was able to joint
venture with someone to get into a deal. So this
whole misconception is there's all these you know, misconceptions out
there that you need a lot of money do the
real estate that's all cap Right. There's so many different
ways you can get into a deal. One way that
I tell a lot of my mentees that people just
don't know about because they don't have the information. So
as part of the real estate Club, you're going to
(16:32):
get this information firsthand from people that are actually doing deals,
not just theory. Like, for instance, if you want to
buy a rental property, your first rental property, but you
don't have, you know, twenty thirty forty thousand dollars to
put down on their property, no problem.
Speaker 3 (16:45):
Right.
Speaker 4 (16:46):
We love targeting people that are retiring landlords because they've
owned these properties for years, so their basis is very low.
So I can go in and offer this person one
hundred thousand dollars for a property they might have paid
thirty thousand and.
Speaker 3 (16:55):
Four twenty years ago. Right.
Speaker 4 (16:58):
And also, hey, mister seller, I can get you eighty
percent of this purchase price from the bank today, but
I'm gonna ask you to finance that down payment for
the next five years, right that twenty thousand dollars, So
you are already making money at the eighty thousand dollars
you're getting today. Right, I get to get into this
property start cashling, do my exit plan with it right,
and over the next five years, the rent that I'm
(17:19):
receiving is going to pay you your twenty percent of looking.
But here's the benefits for you. Number One, you don't
have to manage this anymore. Number two, you're making profit
from what you're getting today. And number three, you get
to defer your taxes on the money you haven't received yet,
so your capital gains you get to push back, right,
So it's a win win for everybody. And you literally
walk into that deal with little to no money out
of pocket and finantees have done this tons of times
(17:41):
over and you guys are gonna get this realhand knowledge
from people that are doing the business every single day.
Speaker 1 (17:45):
What about mortgage assumption, because that's the thing too write
with interest rate being as high as they are now
and a lot of us if you had bought something
years ago, you might have locked in an amazing rate,
and so mortgage assumption is another thing that people don't
know as much about.
Speaker 4 (17:59):
Absolutely there's more assumption. There's also subject to purchases. So
the mortgage assumption is you get to take over someone's
mortgage and you get their terms. So if they got
a great rate. You get to assume that great rate.
The negative, however, is you need to qualify for that
mortgage to assume the mortgage right, which could be cumbersome
if you don't have tax returns or good.
Speaker 3 (18:14):
Credit or whatever it be. But there's another wee you
can also buy.
Speaker 4 (18:17):
You can take that property on transfer the deed, but
leave the existing mortgage in place and take the property
subject to the existing mortgage, so you still get those
same terms, but you don't have to qualify for that mortgage.
You get to step into their to those amazing terms
and buy this property. What I having to qualify for it?
I mean, there's so many ways that you're gonna learn
in this real estate club how to do real business
and get deals done.
Speaker 2 (18:38):
Talk about how much access people will have to our experts.
Speaker 4 (18:41):
Absolutely, you're gonna get access to myself, my brothers, Xavier, Meal, Jonah,
all the whole team, me, Angela or Stacy or the
whole team. And here's what the great thing is. As
students start exceeding, you know, achieving success, we turn the
students into mentors and coaches too, So these students can
learn from other people that were just in their spot,
(19:02):
not that long ago. Right, they can talk to Lawrence's,
they can talk to brand and they can talk to
Natalia or to Natalie or to a manual that have
that we're just sitting where they were six months a
year ago, got some success and see, hey, what were
your roadblocks? Right, So that when you're if you're facing something,
chances are anyone in this group has probably faced at
(19:22):
some point in time as well, and we can talk
to you firsthand from real practitions of the business.
Speaker 2 (19:26):
I think this is so important right now because since
the election and we're going into such unknowns next year,
a lot of people feel so much uncertainty. And it's
you've really seen something that's positive and optimistic. People kind
of turning within and saying, okay, what can we do together?
And that's one of the reasons we said, okay, let's
do this now. Yes, I just love it. You might
(19:47):
not again, you might not have the credit score, you
might not have the down payment, you might not have
the time bringing everybody together, so we're super excited. There's
something everybody has to memorize. First of all, because it's
easy to memorize, we have to.
Speaker 1 (20:00):
Make sure, yeah, hold on, let's do a quiz and
see who memorized.
Speaker 2 (20:03):
Okay, I'm gonna give you the wealth Wealth Wednesday's real
Estate Wednesdays with an s real Estate club dot com
that's really long, so you can text the word listen
to this party to six eight nine two one five
seven six sixty four because tonight we are having a party.
(20:24):
We're having a launch party.
Speaker 4 (20:25):
Let's go at.
Speaker 2 (20:26):
Seven pm learning time. This is whether you've joined the
club yet, which you can do at Wealth Wednesday's real
Estate Club dot Com. Just said that before want you
want to learn more about it. That's why we're having
this launch party. We want to put aside seven pm
Eastern time. Get yourself a beverage and say what are
you gonna learn in that party?
Speaker 3 (20:45):
Yeah, we're gonna give you.
Speaker 4 (20:46):
You get to ask questions, right, you get to interact.
We're gonna teach you, guys everything from you know the
correct way to set up your entity to uh, you
know how to close your first deal? Right, So we're
gonna give you the broad frameworks that you know firsthand.
If you come and join this, you're going to be
closing deals. Every single person in our group right over
the past twelve months has closed their first, if not
their second deal.
Speaker 3 (21:06):
So we welcome you to come and be part of
the group.
Speaker 1 (21:09):
And I want to say why this is so important too,
because I know you're a research nerds, Stacy, But according
to Redfin, only two point five percent of homes in
the US change hands in the first eight months of
twenty twenty four. That's the lowest that it's been in
thirty years. And people get really discouraged when they read
headlines about what's going on with real estate, about the
lack of housing and all the different creative ways that
(21:30):
they're trying to make sure that people are able to
have that Because to be honest, like for me, I'm
thinking about the future right and how I can set
myself up so that one day I can comfortably say
so I have money coming in and I can still
live the lifestyle that I want and enjoy myself when
I'm ready to retire and not feel like I'm stuck
where I have to be figuring out where am I
(21:50):
going to work? What if something happens here now I
can't pay my bills. I want to have myself in
a position where I own properties I have rent coming in,
I can also sell them, you know, if.
Speaker 4 (22:01):
That's the beauty of real estate, right, it's a great
savings vehicle for your future. I actually have a question
for you too, right, because that was a perfect segue
to what I actually have for you, guys, both of
you being you know, women of color. Right, there's all
these misconceptions out there. What were some of the roadblocks
or obstacles you had to come or some of the
beliefs that you had to overcome because you both own
(22:22):
real estate, right for you to jump over that bridge
and actually get into the home ownership or property ownership side.
Speaker 1 (22:28):
I think one of the first things to me when
I bought my first house what was hard was, you know,
I ended up getting a woman as my broker, you know,
shout out to Sarah. And before that I was dealing
with men. Sorry guys, but it felt like they just
wanted to sell me a property and they didn't really
care if I loved it, if it was a good investment.
Because sometimes when you deal with people who flip homes too,
(22:50):
they don't do the best quality work. So what was
really important for me was to make sure that I
got an independent inspection, to have somebody come in to say, Okay,
this is wroun. This is wrong because if you don't
do that, And to me at that time, I was
trying to put all my money into putting a down payment,
but paying seven hundred and fifty dollars to has some
money come and inspect could save you, like I ended up.
Actually I had put money in for this deal and
(23:12):
then took it back because I was like, oh, the
inspector told me he didn't think it was a good idea,
and I trusted an expert and I maybe wasn't going
to get one. But my best friend who had just
bought a house, referred her to me and was like,
you need to do this, And thank god she told
me that, because that's why I did it and didn't
end up buying the property that I had already put
down some money on because I wanted to go into
(23:33):
contract so.
Speaker 3 (23:35):
Repairs.
Speaker 1 (23:36):
And when I started working with Sarah, she was really
great about being like, look, she would even tell me
certain properties that I like, I don't know if this
is a good idea for you. She wasn't just trying
to sell me anything. So I think it's just really
important to make sure that you work with people like
we are saying, who have your best interest at heart,
because it's not like when people are benefiting from this program,
it's not like, Okay, if they buy something, I get
(23:57):
you know, this percentage. That's not how it works, right.
You're teaching people, and of course your time is valuable
and worth that as well, but it's not like I
need to sell this so I can get my commission.
It doesn't work that way. And so I just think
that was one of the roadblocks. And then even just
not having the knowledge because I don't come from a
family where people are always you know, investing and entrepreneurial
(24:18):
and so and that's fine because a lot of us
don't come from that background. So a lot of it
was me just trying to figure things out on the
fly and on my own, and I didn't know a
lot of people who had done it.
Speaker 4 (24:27):
Okay, and how about you, Stacy, I mean, because there's
all these misconpcs. Oh, you need a lot of money,
you need perfect credit. Old interest rates are high right now, right,
So what were some of the roadblocks you had to
overcome that could possibly help some other people that are
on the fence about buying their first property, because now
is always the best time to buy real estate.
Speaker 2 (24:43):
It was a really personal thing. I had best friends
like brother and sister, but a very critical ex husband
and my father was starting to get into dementia, so
getting a little paranoid. So a lot a nose around me,
got an awful lot of you can't do stuff around me,
(25:04):
And I'm a whole nother day story. I've grown up
in a lot of that, just because of how and
where I grow up, A lot of you can't so.
A lot of my mindset things that I teach people
I had to put to the test myself. You tell
people they have to get over themselves, you know, you
have to do that work to get over yourself. And
(25:25):
everything we're talking about, everything everyone's hearing. It really all
comes down to one thing. Willingness. Yeah, your willingness to
be uncomfortable, Your willingness to get over yourself, your willingness.
So many people out here, how many of you are
listening to this? Yeah, this sounds like a pretty good idea.
The only way it is going to work for you.
The only way it's going to work for you is
if you actually do it. So you have to be will.
Speaker 1 (25:47):
Can that fear paralyze you into doing nothing? I think
that's the worst thing, because listen, everything does also invol risk,
and I want to say that too, because I love
real estate and I've been I've had my struggles and
challenges and things not go the way that I want to,
but I'm up in general, Like across the board. It's been,
you know, fortunately a journey, a positive journey for me,
(26:09):
and I love it. It's something that it made me
go get my real estate license because I did like
it so much and I wanted to make sure I
was as knowledgeable as possible about everything that it is
that I want to do, you know, So I just
but I never wanted to be so scared that I
did nothing.
Speaker 3 (26:23):
Yes, yeah, absolutely.
Speaker 2 (26:25):
That's incredible. So just one other thing I wanted you
to touch on before we get ready to party, and
you guys all get ready to party, ready, ready, going
into uncertain economy everything, uncertain interest rates. This year you
talk often about it's not about market timing. Those aren't
the things that can hold you back. And there's still
(26:46):
ways to make money in real estate because it all
what really matters is the price of which you purchased.
Speaker 3 (26:51):
Talk about that.
Speaker 4 (26:52):
Yeah, so people come to me and say, how are
you buying properties now. Interest rates are high, aren't you
worried about the market? You know the market drop being
in terms of pricing the economy. Now is always the
best time to buy real estate. People always need a
place to live. Right, Yes, interst rates are high, so
it just means I'm more critical my underwriting.
Speaker 3 (27:09):
Right, I gotta buy it deeper.
Speaker 4 (27:10):
I got to make sure that it's going to cash flow,
so I buy it a little cheaper to make sure
the rent I receive will cover the higher indust rate.
So I'm buying real estate right now. But guess what,
when race drop, I'm buying more real estate. Right, I'm
going to go even harder. And that's what I try
to teach people. So you just have to adjust for
the times. Real estate tends to go up over time.
You will have little dips, yes, where the market changes,
(27:31):
the stock market, crypto, they all have fluctuations. Nothing's a
permanent straight up, right, But with inflation, with shortage of housing, right,
over time, real estate tends to go up. If you
look at real estate twenty years ago, thirty years ago,
fifty years ago, ten years ago to what it is today,
you might have had little dips. But I can almost
put money behind it that it's worth more now than
(27:51):
it was twenty years ago.
Speaker 1 (27:52):
I think about those people who bought those brownstones and
beside when they were forty thousand dollars and now they're
worth four million dollars, and you know, that's something that
can create wealth for generations to come when you when
you take care of that property and.
Speaker 3 (28:06):
Don't who's a kid.
Speaker 4 (28:07):
I grew up in the Lower East Side for Shooting
Avenue A right and so different.
Speaker 3 (28:11):
It's so different back.
Speaker 4 (28:12):
Then, and I remember I remember my dad's friends saying, hey,
my dad's name is Abdul and they were like, they're like, hey, dude,
you need to buy these condos and co ops up
because this area's about to change. My dad was like
he did what he could, but he's like, you know,
I don't have the money. He didn't have the mindset.
You have the knowledge. And those still are selling for
forty five thirty thousand. They're now worth way over a
million dollars two million, three million dollars. One bedrooms are
(28:33):
worth one and a half million bucks in the area now, right,
So you just got to get in the game. Buy
real estate, make sure you underwrite it. Right, have the
right team shown you how to underwrite it right, how
to write calculators to underwrite it right, make sures in
the cash flow, and you can you can ride any
wave of economy, ride any dips in prices right, and
you'll be on well in your way to wealth through
(28:55):
real estate.
Speaker 2 (28:56):
Homeowners forty times more wealth than renters. That's right, and
that's why we started this. That's why we're going to
be doing it all year. We are going to help
our community by one hundred million dollars in real estate
this year. Live access, live people constantly. We're in it again.
Everybody memorized this text party. I can remember that part
(29:19):
six eight nine two one five seven six six four
For our free launch party tonight, seven pm Eastern time.
Angelo will be there, I'll be there live. Can't miss
a party, Sayam will be there. You can get your
questions answered live. It's going to be incredible. If you
want to go straight to I'm ready to join this
even before the party, go to Wealth Wednesday's real Estate
(29:41):
Club dot com. I know it's long, but it is
easy to remember Wealth Wednesday's real Estate Club dot Com.
Speaker 4 (29:46):
If you want to be like Lawrence, right here right
in twelve months by four real estate properties, right with
very little no money out of pocket?
Speaker 2 (29:54):
Right, how much money was actually out of pocket?
Speaker 3 (29:57):
Like zero doz zero.
Speaker 4 (30:02):
So I want to be like Lawrence right here in
the span of one year buying a hotel that's worth
how much?
Speaker 3 (30:08):
How much you buying it for? One point six million?
One point six five million dollars?
Speaker 4 (30:12):
Okay, join the Wealth real Estate Club, right, there's no
better place out there to get real hand knowledge from
people doing the business each and every day.
Speaker 2 (30:20):
And just last point, Angela and I you know, Wealth
Wednesdays we've been doing for almost ten years now, and no,
we've always just brought you the very very best and
we took great care. We've been finding so we vetted.
Speaker 1 (30:33):
Yeah, because any I'm like Stacy, we got to make
sure and it's always on point. That's why I feel
like this is a perfect situation. So he's vetted, we're
not to all win. And I tell Stacey were having
a money party.
Speaker 2 (30:47):
We're having a money party, definitally having a money party.
Join it again Text party to six eight nine two
one five seven six sixty four. We will see you
in a couple hours because we're gonna go get started.
Speaker 3 (30:57):
Let go guys. The more you learn, the more you
earn school, earn together. Guys Way up.
Way Up With Angela Yee News
Host
Angela Yee
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