October 14, 2025 • 39 mins
This week, we sit down with our teammate and acquisition specialist Page Nelson, who went from overthinking to owning it—literally. He breaks down how he pushed past fear, landed his first profitable flip, stumbled on the second, and came out sharper, faster, and more confident as an investor.
If you’ve ever hesitated to pull the trigger on a deal, this episode will help you see how clear math and smart systems beat fear every time.
🔥 Inside This Episode:
📘 Free BRRRR course via Wisconsin Discount Properties (for action-ready investors)
🧠 How Page turned analysis paralysis into action—and why clarity kills fear
💰 The first flip win: tight scope, clean exit, and strong ARV strategy
🧱 Second flip struggles: distance, timelines, contractor prep, and carry costs
⚡ Hard money breakdown: speed, cost, points, and six-month pressure
📏 Rehab math: quotes vs. gut instinct + a siding cost surprise
🤝 The power of networking—REI meetups, success clubs, and referrals
📍 Dialing in the buy box: closer deals, better margins, less stress
🌅 Wisconsin lifestyle perks: Door County weekends + supper clubs
📲 How to connect with Page for deals, collabs, and questions
🎧 Listen now on Spotify, Apple Podcasts, or YouTube.
If you enjoyed the episode, please share it, subscribe, and leave a review—it helps us reach more Wisconsin investors like you!
📞 Connect with Page Nelson: 920-247-2536
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
SPEAKER_00 (00:01):
Welcome back, everybody, to another episode of
the Wisconsin Investor.
I'm your host, Corey Raymond,and I got one of my very own
here with me today, who I'llintroduce in a second here.
I'm excited for this episodetoday because uh I think there's
a lot of good nuggets that we'rewe're gonna get from this guest
here, which I again I'll talkabout in a second.
Before I do that, though, guys,as I do on pretty much every
episode, I talk about oursponsor, Wisconsin Discount
(00:24):
Properties.
Today is no different.
One of the things I'll justremind our audience for if
you're out there and you'reinterested in the Burr strategy,
this is one of my favoritestrategies in real estate.
We have a free course that uhyou can get just by filling out
our um our website, going to ourwebsite and filling out the the
contact form, get a call goingwith Connor or Reese from our
(00:46):
team, and they will hop on,they'll talk to you a little bit
about your goals, what are youlooking to do, that kind of
thing.
And if Burr is something you'reinterested in and you want to
take the course, they will getyou the discount code to get it
for free.
Now, this is something when itfirst came out, we did some
one-on-one coaching with it, butit was$3,000 for the course.
We got rid of the one-on-onecoaching piece for it after a
little while.
It was$1,900.
Now, if you're joining ourbuyers list, we're giving it
(01:08):
away for free.
So a ton of value in thiscourse.
It's really only designed forpeople who are ready to take
action, though.
So if you are still in the infogathering stage of real estate,
this is a great place to be, isto be listening to this podcast.
But if you said, Hey, I listento this, now I'm ready to go do
it, the course is the thing youneed to get started.
So get the course for free todayjust by going to
WisconsinDiscountProperties.com.
(01:28):
Put your information in there,and uh, we'll get you that uh
that discount code.
So with that, let me introducemy man, Mr.
Paige Nelson.
What's going on, Paige?
Hey, not much, man.
How are you?
How are you?
I'm doing good, buddy.
I'm doing good.
You are uh you're actuallytechnically on the clock right
now, so we gotta make this apodcast quick, you know, so I
can get you back to doing deals.
But for those of you guys thatdon't know, Paige is a uh a
(01:50):
member of our our team atiBuyWI, which is the acquisition
arm of Wisconsin DiscountProperties.
And uh Paige has been through, Idon't even know how many houses,
Paige, but a ton of houses fromyour time working with us.
He's been collectively with us,I think what, about a year and a
half total experience here now,locking deals up.
So uh I think just this yearalone, Paige, you've probably
(02:11):
locked up almost 60 houses atthe time we're recording this.
Yeah, some Paige is doing anawesome job for us.
He's really working really wellwith our sellers and providing
them a great experience in thein the process.
And then he's also been doingsome of his own real estate
investing here as of the startof this year, I think, is when
you got your first one, right?
Yeah.
So today I wanted to have Paigeon, guys, because he's a little
(02:33):
bit newer to his own personalinvesting.
Uh he's taken some massiveaction this year, him and his
wife, and they're they'relearning some lessons, they're
continuing to move forward andthey're doing a great job with
it.
But not everything is as rosesand rainbows in real estate, as
we'll we'll talk about today alittle bit.
But Paige also has a ton ofexperience looking at houses.
So there's a lot we can covertoday, Paige.
(02:54):
But I guess just take everybodyback a little bit.
How did I always like to startwith this?
How did you get started in realestate?
What got your uh interest ingetting started in real estate
in the first place?
SPEAKER_01 (03:02):
Yeah, I would say uh it's a very similar story to a
lot of other people where youhad the idea of it, you loved
the idea, you watched all thoseshows back in the day of all
these investors and uh watchedthe all the real estate shows
and everything, and we just kindof sat back and was like, that's
cool.
Wow, these guys are having a lotof success in this industry.
And uh again, I always thoughtabout it, never really
(03:24):
considered doing it, you know,it really diving into it myself,
but uh I knew a couple ofpeople.
So I've I've known Joey for avery long time, right?
And you enjoy he's been with younow for I don't know, six years
or so.
SPEAKER_00 (03:35):
And almost six years, yeah.
SPEAKER_01 (03:37):
Yeah, so I've had a few conversations with him.
Uh he's had a quite a minute,quite a bit of success in this
industry, and uh had a again acouple conversations around
that.
And uh I really didn't uh pullthe trigger until I got uh with
you uh in this business here.
And uh, you know, I always jokedabout uh when I first started
with this company that uh uh itwas great.
(03:58):
I was here just for theinformation, just for the
knowledge, the education is whatI was here for.
But turns out you pay me too, sothat's kind of cool.
Uh I like that aspect.
Uh noise.
Yeah, yeah.
So uh yeah, so I had a lot ofconversations with Joey about
this stuff and you know, beinghere for uh you know, I was here
for a while, six months intothis thing.
(04:19):
Uh again, just like you said,beginning of last of this year,
I ended up just pulling thetrigger on a property.
I just said enough is enough,enough with the analysis
paralysis that you talk about.
And uh I just made the leap andI'm like, let's just let's get
the ball rolling.
What's the worst that canhappen?
I and it right uh oftentimeswhat I hear from people is it's
really hard to make a mistake inthis industry, right?
(04:41):
If you're really trying andyou're doing everything you're
supposed to do, it's hard tomess this stuff up.
It all comes down to numbers.
That's it.
It's math in the end.
So yeah, so that was my firstone this year.
I've done two of them now, anduh looking to do my third one
here, closing on that one prettyquick.
SPEAKER_00 (04:57):
So nice.
When you said analysisparalysis, let's go back to that
for a second.
You know, a lot of times when Isee analysis paralysis, it's
really fear at the root of it,right?
Like, do you is that what youwere you were experiencing with
some fear of getting started?
And the yeah, you know, youmentioned like you kind of
realized at some point what'sthe worst that could happen.
Leading up to that, was theresort of this thing playing in
(05:17):
your head of like worst casescenarios of like what if this
doesn't go right?
Is that what was holding youback or what was keeping you
from starting even earlier thanyou did?
SPEAKER_01 (05:25):
Yeah, I think it I think it comes down to uh the uh
having a clear understanding ofthe process.
Uh, I think that might have beenpart of it.
And yeah, there was a little bitof fear there.
You don't want to I don't knowif it just comes down to some
sort of psychological aspect ofit too, where you just don't
want to fail.
Uh maybe that's part of it, butuh, but it is a big number when
(05:46):
you look at it, you're like,wow, this is a this is a lot of
money that you're that you'redealing with here.
And um, you know, that was thatwas probably one of my biggest
concerns there.
But again, what it really comesdown to is just math and uh and
having a lot of conversationswith you and watching all the
people around me uh not notreally caring about this stuff,
it seemed like it wasn't thatbig of a deal to get these
(06:07):
properties and do these flipsand things.
And uh it turns out that isabsolutely correct.
But yes, there's a there was alittle bit of fear, and once you
get over that and you talk andyou just focus on the numbers of
it, what that's all you gottafocus on.
That's all you gotta worryabout, right?
And it all works out in the end.
So yeah, that's that was it.
Um yeah, I think again, workingwith you and being surrounded
(06:29):
with all these people, and Ithink that helped out a lot just
to get over it.
And and I don't have the onlyone.
My wife was my wife was she wasuh you know, the the angel devil
thing, you know, she was theconscious was there, and she she
was like, I we can't do this,like this is a big risk.
I had to keep having theseconversations with her, and and
we kind of uh agreed togetherthat let's just do it.
(06:50):
Let's what's the worst that canhappen?
SPEAKER_00 (06:52):
Yeah, what was the turning point for her though,
Paige?
Because I think it's reallyeasy.
Like a couple things youmentioned there, I just want to
highlight.
I think on every episode so far,almost every episode at least,
people are talking about thenetwork, right?
And just surrounding yourselfwith people, right?
Everybody who's been in personaldevelopment, you always hear
that you're the sum of the fivepeople you spend the most time
with, yada, yada, yada, right?
It really is true.
(07:13):
Now, what's interesting is youchose to come into a profession
and literally surround yourselfall day long with people who are
in real estate, doing realestate on their own.
Plus, you work for a businessdoing real estate.
Your wife is not in theindustry, yeah, right?
And so you're probably cominghome charged up, like, oh my
gosh, honey, we're gonna do thisthing.
And she's not around this energyall the time of like the
(07:34):
confidence that you're gettingto suck from her.
What was the turning point forher?
Like, when did she go from like,hey, this is a really big risk
to all of a sudden, like, uh,let's do it?
What was that like?
SPEAKER_01 (07:44):
Yeah, and I think it I think it came down to that.
It was me coming home, bringingall that energy home and the
excitement and enthusiasm, andand just sharing a lot of the
information that I learned withher.
Uh, she wasn't completely onboard, but she just trusted what
I was saying.
And uh so the yeah, so to touchon a little bit, the first
property that I picked up waswas one of one of the ones that
were on our list.
(08:04):
It was it was one that Iactually met with the seller and
got under contract, and I'veseen a lot of value in it.
Um we we dug into the ARB andall that stuff.
But anyways, I getting a littleoff track there.
But to answer your question, uhwhat was it that got her on
board?
Again, I think it was justsaying, yeah, I think this is
the right move.
I mean, what else are we gonnado?
(08:25):
How you know uh the the the endgoal for us is we want to get a
couple flips under our belt, getall that uh education, get uh
we're gonna learn so much doingthat, and then in the the long
game is to get some rentalproperties.
SPEAKER_00 (08:38):
So yeah.
Cool, awesome.
So she eventually just workedher along and hard enough that
she finally said, All right, Igive up.
You win, Paige.
But I think it is important.
Like I think it it inrelationships, what's what's
important?
We talk about the RES successmeeting that we run.
Wisco Rhea has meetings all overthe state people can go to.
There's caffeine and cash flowthat you can go to during the
(09:00):
day if you if the nighttimething doesn't work for you.
So there's plenty ofopportunities to route to
surround yourself with peoplewho are in this industry.
And I think when you're startingout, it's so important for the
audience that's new to realestate or want it has the
interest in real estate to justget outside their comfort zone
and get to some of these things.
Because the first meeting isgonna suck if you're not an out
extrovert like you or I, right?
(09:20):
Like I love being at thosethings, but if you're if that's
not your cup of tea andwhatever, it's gonna suck to be
there.
But you go back, you show upagain, and you show up again.
Pretty soon you start seeing thesame faces and you start having
conversations with some peopleand you can suck the confidence
from those people and and makeit your own.
If you're out on an islandtrying to do this by yourself,
you can talk yourself out of itreally quickly and really
(09:41):
easily.
Or your partner, who maybe isthe brake pedal, so to speak, in
the relationship, they can comein with a strong position and
say no.
And if you don't have thatconfidence that you're sucking
from the people around you thatare doing it on a day-to-day
basis, like it's really easyjust to go, okay, yeah.
I guess we'll just continueworking our job till we're 65,
(10:04):
get an RV, drive around thecountry for a couple years and
die, you know, type of a thing.
So oh, look at that.
Paige's getting calls right nowlive on this thing.
I mean, this he this guy's lesslocking deals up.
Nonstop, man.
It's non-stop.
So just taking money out of yourpocket by keeping you on.
We gotta hurry this thing up,man.
SPEAKER_01 (10:22):
Yeah.
All right.
Uh no, I think what you'retalking about here is super
important, though.
So it's it's nice that I haveaccess to all you guys and we
were working in this uh in thisindustry and everything.
But um if if I wasn't here,yeah, I would highly recommend
that uh people attend these REImeetings.
You can just learn if they're sovaluable.
They really are, just with allthe people, the networking
(10:43):
opportunities there, everybody'sthere to share something.
Everybody is very uh open andand they want to share.
Everybody wants to share alltheir success, and um that's
just how it is.
So yeah, if you've never been toan REI, I highly recommend going
to one of those.
SPEAKER_00 (10:58):
Yeah, for sure.
And I think what's interestingis like um as we've had to take
our business to higher levelsand and continue to grow and
expand and that kind of thing,like we have to pay to go to be
in some of these things now.
They call them masterminds.
A lot of people have heard thatterminology tossed around,
right?
Like we pay tens of thousands ofdollars a year for personal
(11:19):
development, growth, and to be apart of some of these bigger
networks.
Like if you're local and you'retapping into some of these
events that are happening, mostof them are free or a very small
charge.
I think REI success, we chargelike$100 for the year for two
people and we donate any of theproceeds from that.
So it's not like we we don'tcharge to make money on this
thing, we charge to get peopleto commit to it.
(11:40):
Um, but that's a such a I mean,if you can't get$100 of value by
going to one of these eventsonce, right?
It's you, it's you, it's not theevent.
There's one person in that room,I guarantee, one conversation
that'll make you more than ahundred dollars in real life.
You can charge a hundred dollarsa meeting for that.
Yeah, yeah, for sure.
And just to clarify for thoseyou guys will say, it's not a
(12:00):
hundred dollars a meeting, it'sa hundred dollars for the year.
Okay.
So just don't be scared off bythat if that number intimidates
you.
And I get it, when you'restarting out, money's tight,
right?
Like you don't have money to bethrown around on tens of
thousands of dollars a year onmasterminds.
So this is a great opportunityfor people who are, you know,
just getting their feet wet toget around people that it can
breathe some confidence intothem, connect them to some
(12:20):
people that can accelerate theirgoals and and really take them
to that next level here locallyand around the state.
So that's great.
Talk about what was that firstdeal like for you, Paige?
What were some of the lessonslearned?
You know, going into it, whatdid you think the process was
gonna be like?
And was there, you know, somethings that maybe were different
than what your initial you knowthoughts were, even with your
all the knowledge you do have.
SPEAKER_01 (12:41):
Yeah, no, so it was still uh it was it was still it
wasn't easy, okay?
But it also wasn't thatdifficult.
I mean, when I look back on it,I'm like, maybe I made it more
difficult than it needed to be.
That's really what it comes downto.
Uh and everybody says that.
They're like, dude, your firstflip, you're you're gonna overdo
it, you're gonna overthink it,all this stuff.
So I knew that going into it.
I'm like, oh, this is good, thiswould be cakewalking.
(13:03):
Keep it simple, do all thisstuff, right?
So uh this one again, I got itoff of our off of our list.
Uh ended up uh taking it downfor I think it was like 165, I
want to say, somewhere rightaround there.
Uh now I did end up using hardmoney on this.
Uh and and so I got enough towhere it basically covered the
the purchase price, and thenthere was maybe another five
(13:25):
grand or something left over forsome rehab.
So luckily on this one, youknow, I had some capital sitting
on so I could use to uh to fixit up and and a ton of sweat
equity also.
So I didn't use contractors100%.
I did get in there.
Me and my wife and I uh we wentin there and did what we could,
right?
Some painting and all theseother things.
But um, yeah, so so that tookus, I want to say it took us
(13:49):
about four months or so.
Uh we got it listed.
Now I think the ARV on thatthing was somewhere around 250,
something like that.
Okay.
So that's what I was workingwith.
Those numbers we go, we went togo, we went to list this
property, and we got offersimmediately on this thing for
over ask.
(14:09):
So we listed it at 250, and itlong story short, it ended up
selling for 265, uh, noinspection.
I mean, it was just it wasamazing.
We had several come through.
So yeah, that was a that was asuccess story.
That was a big win for us.
I mean, that's awesome.
I probably stuck in maybe about35 grand into it, 40 grand or
so, but still it ended upwalking away.
(14:30):
You know, I got to that thetitle company, uh, sat down and
they cut me a check for about 55grand.
So that was a pretty pretty goodsuccess story for my book.
Oh yeah.
SPEAKER_00 (14:40):
Was that 55 grand a profit, or was that 25?
Well, that was 55 profit.
That was after paying the forthe rehabilitation.
SPEAKER_01 (14:45):
Yeah, yeah, yeah.
So either way, that's whatthat's what I got that check
for, is 55.
So you're right.
I it did cut in a little bit,but either way, that was uh that
was a heck of a that's still abig win.
SPEAKER_00 (14:53):
Dude, first flip, man, make anything on the first
flip.
We've said that on the showmultiple times.
If you're making money on yourfirst flip, that good that was
good luck or good good job byyou.
No, yeah, because most people ontheir first flip, if you can
just break even, that's a bigwin.
Yeah, right.
SPEAKER_01 (15:14):
I made a made a hefty profit on it.
It was about 25 grand or so.
And uh yeah, so that was great.
Uh, I loved that.
And now that again, at the sametime, though, I was also doing a
second flip.
So this is where it got kind ofgot away from me.
And and this is where I wasgonna get.
SPEAKER_00 (15:29):
I'm glad we're talking about this.
I was about to go there, but youbeat me to it.
SPEAKER_01 (15:33):
Lesson learned though, and I think it's really
important to talk about this.
So for me personally, so juststarting out, uh, myself and my
wife getting after this, thesethings here, we were doing uh we
I think we just bit off a littlebit too much to start, right?
So what going back on it, Iwould say if I just focused on
one at a time, it would havebeen a a much better, much
(15:54):
better option for us, right?
So the second property that wegot, uh I kind of just
neglected.
It was just kind of sitting offon the on the back burner there.
Uh this one was up in SturgeonBay, and now this is a great
property.
It it was pretty amazing, butagain, I just I just didn't put
in the time that was needed intothis place.
Um it kind of the time got awayfrom me, and then we just
(16:15):
hustled right at the very endthere.
And uh, long story short, we gotit sold, but this one was not a
win for me.
I I did have to bring some moneyto closing in order to get this
thing done.
SPEAKER_00 (16:28):
But again, it was what is the what is the out of
those two flips, are you stillare you still net positive or
are you net negative now?
SPEAKER_01 (16:36):
Yeah, yeah, we have we're still up about uh you know
15, maybe 20, somewhere aroundthere.
So oh shoot, that's not bad,man.
Yeah, no, so it's still prettygood.
And I thought I thought maybeyou lost worse on the surge of
bayonet.
No, no, it was it was okay.
It was still okay.
I still had to bring a check toclosing.
Nobody wants to do that, butagain, uh I'm happy that it
happened.
I mean, for just for the aspectof of looking back on it and uh
(17:00):
figuring out why that happened,right?
So it's I mean, if I was uh partof me thinks like, what happens
if I would have made a ton ofprofit?
That would have been awesome,right?
But maybe I would have reallyjust been slacking in the future
again.
Now I know that there is a it'svery important to stick to
deadlines, and the faster youmove these things, the better.
And I know people say that, butI learned the hard way that you
(17:22):
need to get moving on thesethings.
So yeah, you know, yeah.
SPEAKER_00 (17:25):
Well, and you used hard money for both of them,
right?
I did.
I didn't talk talk to theaudience who who's not really
familiar with hard money becauseI think this is one of the
things that uh it's a great toolto use, and you definitely used
it to get going.
So there's pros to using it, andthen there's some some risks,
there's some cons that peopleshould be aware of.
Maybe just talk about yourexperience with hard money and
and what that looked like.
SPEAKER_01 (17:45):
Yeah, so uh so hard money, the first one that I went
through was uh good faith uhwith Tony Breyer.
He uh great guy.
Uh so what they do is we look atthe ARV.
So, what's the property gonna beworth after it's all fixed up
and everything, right?
So let's talk take talk aboutthe Kimberly property.
Say it's a$250,000 home, theywill they will borrow you 65% of
that, of whatever that value is.
(18:07):
Uh, and then I believe there's acouple points up front
automatically.
Um uh but either way, so the theconvenience of it, the the best
part about it, I should say, isthe convenience of it.
It's almost just like cash.
So you can come in and and offeron these properties, and you
don't actually have to havecash, you don't have to have
that amount in your bankaccount.
You work directly with theseguys, you look, you you come up
(18:29):
with a game plan of what you'regonna do to the property, you
why you believe it is this ARVand all that stuff, right?
They will give you that 65%right away to purchase the
property, and oftentimes thatthere's enough spread there.
Well, you'll have a little bitof uh a rehab budget there, too,
right?
So um, so anyway, I I like itbecause it's convenient, it's
(18:51):
fast, you don't gotta messaround with banks or anything
like that.
You just get it done, and again,it just comes down to numbers.
So it is expensive at times, butthe convenience is outweighs the
the price.
SPEAKER_00 (19:03):
Yeah, absolutely.
And I think for a lot of peoplewho are starting out, hard money
is we typically see a lot ofpeople start with hard money as
their first option because ofthe convenience.
You don't have to deal with thebanks.
You know, if you're coming in,you don't have a track record
yet.
Some of the banks don't want tonecessarily lend to you yet.
So it's almost like the chickenor the egg, right?
Like, well, shoot, how am Igonna get experience if nobody
will lend to me?
And I don't have money to gojust buy these things cash right
(19:25):
now because that's why I need toflip, because I need money,
right?
So it's kind of this chicken orthe egg.
So that the hard money reallyfills that need in the
marketplace to have that.
Now, like you said, I Itypically advise people to avoid
hard money as much as possiblebecause they're going to have uh
some higher costs and they'regonna be less competitive on
offers if they're running theirnumbers properly, right?
Because they're they're they'reyou know, commercial financing,
(19:49):
as we call it, or communitybanks is typically going to be
less expensive, but lessconvenient.
Now, for example, a lot of ourdeals that we put out pages, you
know, when you guys are lockingthese up, you are trying to get
closed dates that will allow forus to run our process, put it
out to the buyer's list, have aninspection on them, and then
still have 30 to 45 days ideallyfrom the date we would assign it
(20:12):
to you in order to get it toclose, right?
Um, sometimes it doesn't alwayshappen though.
And so if you're using communitybank or commercial financing,
they need that window becausethey're gonna need an appraisal
to tell you how much they'rewilling to lend you, basically.
And then you're gonna have thatthat time frame that they still
needed to go through whateverapproval process and then get it
closed.
Uh, with hard money, it's likeyou could close it in a couple
(20:35):
hours, literally.
Like, I know uh good faith hasclosed some in like three hours.
Literally, they got it from oneof the investors that they'd
have been working with.
They were comfortable with theinvestor, comfortable with the
numbers, and boom, they had thatthing closed up in several
hours.
So that's some of the bigdifferences.
But again, it is more expensive,so something to be aware of.
You and you only get usually asix-month window.
(20:57):
You know, if you're working withsome national hard money lenders
or some national companies outthere, they may have longer um
close period, you know, timeframes where you have to pay it
back.
But local local ones aretypically six months.
So, like you said, you get youcan't use you think you got six
months is a long time until youget into a flip, right?
Yeah, that's right.
Exactly.
Exactly.
Yeah.
(21:18):
So looking back at that SturgeonBay one compared to the Kimberly
one, okay?
Now that you've had a littletime to reflect on it, you
mentioned one of the lessonslearned with the Sturgeon Bay
one was you kind of had it onthe back burner.
It was kind of just sittingthere, right?
We just kind of touched on thattime frame.
Were there other things that nowthat you've had some time to
reflect that you look back andyou say, well, this is what made
the Kimberly one a winner, andthis is what sunk the Sturgeon
(21:40):
Bay one and made it uh a netloser?
SPEAKER_01 (21:42):
Yeah.
Yeah, I mean, it it really camedown to what I did to the
property also.
Again, we we devoted so muchtime and energy into the
Kimberly property, and we didn'twe just didn't do the same thing
to the uh Sturgeon Bay one.
Now, so for me personally, uhI've I've looked at I've I've
dialed in my buy box a littlebit better.
So the the Sturgeon Bay propertywas just a higher ticket home,
(22:05):
right?
It was uh$300,000 home, and umuh so that was part of it.
Uh rehab budget was uh I meanaround similar, about 20 grand
or so, but uh uh a location alsovery is key.
Uh for me, an hour away fromfrom home was was challenging
for me.
So that's something that youmaybe want to consider in the
(22:26):
future.
That's something we areconsidering now going forward
here.
Uh but uh yeah, we should havejust uh devoted a little bit
more time to it, uh maybe gotcontractors lined up beforehand
a little bit better than what wedid.
We had some people uh that we wefelt we could trust, and it just
kind of fell through.
So uh and again, just a littleside note here going to those
(22:49):
REI success clubs and and beinga part of their the uh the group
on Facebook is a really uh is avaluable resource to find
quality contractors, just alittle side note there.
But nice, and that's something Ilearned also.
Uh I was doing it on my own, butuh word of mouth is definitely
the best way to findcontractors.
So what would I do different?
I would have done one propertyat a time and I would have
(23:10):
devoted a little bit more timeand energy and got some better
contractors up there.
SPEAKER_00 (23:15):
Got it.
Very good.
How is that how are how arethese two experiences changed
you know the future for what youand Renee are are doing in the
real estate space?
Because you're not scared off bythat loss.
I mean, you guys are stillactively looking.
So what what how has thatchanged anything other than the
buy box, tightening up that buybox a little bit?
Uh changes that you guys makeit.
SPEAKER_01 (23:33):
Again, we just we learned so much just from those
experiences.
I know I'm not sharing enoughdetails on what we've learned,
but uh we did, we just learnedso much from it.
Uh yeah.
Um, and it it it it gave Renee,that's my wife, uh she she's she
has she's much more confidentnow in the process, right?
Because she's experienced thesetwo now.
(23:53):
She's actually excited about it.
So she's uh she's the one on thebuyer's list now, looking at
different properties and kind offiguring out what we need to
buy.
So we actually picked up onecoming up here in in Appleton.
So this one was on our buyerslist also, and uh we ended up
getting the winning bid on thatone, and we feel good about it.
It's and she's very excitedabout it.
(24:13):
She's ready to get in there andstart uh getting these
contractors lined up and allthat stuff.
So I think it just comes down toexperience.
And uh again, we it had we notjust pulled the trigger on that
first Kimberly property, well,then we wouldn't have this uh
confidence that we have now.
SPEAKER_00 (24:30):
So that is awesome I think that's such a great
lesson, right there, guys.
I think that's a nugget yougotta go back and re-listen to
if if you were doing somethingelse, you're you're at the gym
working out, kind of listeningto this in one ear and doing
something else.
It's like anything, Paige.
Like when you first dosomething, it's really
uncomfortable, right?
Like, I think about the firsttime I ever presented in front
of an audience, right?
Or in front of uh uh like onstage doing anything.
(24:52):
I mean, it's scary.
Like, oh my gosh, like I don'tknow what I'm saying.
I don't know if people are gonnalike this.
What are they da-da-da-da-da?
Now that like I can get onalmost any stage in front of an
audience, and I'm like, if I'mif I know what I'm talking
about, I'm like, whatever, not abig deal, don't care.
You can put me in front of5,000, 10,000, 200 people.
I don't care.
It doesn't bother me.
First time it did.
(25:13):
It's the same thing in realestate.
Like, I think there's a lot ofpeople like listening to this
episode, maybe that have thatanalysis paralysis.
That's why they're listening tothe show.
They're hoping I tell them somenugget that's gonna just unlock
the key to the kingdom, and nowall of a sudden they're gonna
have all the knowledge of allthe real estate investors ever,
and now it's gonna make all thedifference in the world.
And it's not, it's not until youget into the game and you just
pull the trigger and do thatfirst one to really get over
(25:35):
that uncomfortable piece, right?
SPEAKER_01 (25:37):
Yeah, absolutely.
And uh, you know, theinteresting part about this too
is again that what I'm doinghere, I'm an acquisition
specialist, I meet with allthese sellers and everything.
And now that I've been doing myown flicks, that's that's
helping me on on both sides ofit, really.
So this the position that I'm inhere, helping helping your team
here, and uh, and my personalstuff, it's that they're helping
each other.
SPEAKER_00 (25:57):
Right on.
What we're so how are how isthat helping each other?
Like, talk about that.
Is that just in the numbers now?
You're a little more confidentin understanding rehab numbers.
Is that what you're referencingor what's that's right
specifically?
SPEAKER_01 (26:06):
Yeah, exactly.
Yeah.
So when I uh you know firststarted with this business and
everything, we kind of uh do ourbest to dial in numbers and we'd
have conversations about it.
What does it look like as far asrehab goes and all that stuff?
Now when I'm a meeting with aseller, I can see things for for
what it is and and have a muchbetter understanding of what
that's going to cost, uh,whether it's going to be uh on
(26:28):
your own.
Uh oftentimes when we put it in,uh we calculate it out hiring
the stuff out, right?
We don't yeah, we try that'swhat that's how we do it.
So that's yeah, that's that'swhat we do on appointment.
We look at stuff, we go, okay,well, the kitchen, you know,
it's a little dated.
We don't say this stuff out loudto these sellers, but we're we
start calculating our minds ofwe start tallying up all the all
the price and the cost ofeverything.
So that's helped me out quite abit, uh, just uh going through
(26:51):
the process on my own.
And um, so yeah, that thathelps.
Yeah, it helps the other sidetoo.
SPEAKER_00 (26:56):
So yeah, and if you're out there and you're
listening to this and you're notan acquisition specialist for a
company like ours, which 99% ofyou are not, uh, what Paige is
talking about is stillapplicable to you because after
you do that first one and you'reyou're in the details, you're
you're managing that project,you're you're either in there
doing it yourself or you'rehiring it out and finding
people, you get you get a reallygood idea of all of the cost,
(27:18):
right?
I remember this was one of myfirst things, Paige, when we got
our first property.
I tell I tell this story a lot,but I like literally didn't know
the difference between the waterheater and the furnace.
And I mean, our first house thatwe did, we built brand new.
So like I didn't have to be, Inever had to maintain anything
or like I changed a furnacefilter.
That was about it, you know.
Uh I didn't I didn't have to doanything.
It was like white glove service,right?
(27:39):
So when I got into thisbusiness, I'm like coming into
this with no confidence becauseI have no confidence in what
anything is in a house.
Like, I don't know.
I mean, I know what a windowlooks like, you know.
That's that's about it.
And uh, and I remember we walkedthrough this first duplex and
the floor was pretty beat up andit was kind of sinking, you
know, it had the sinking floorgoing on in the kitchen, and uh,
you know, so I'm like, oh mygosh, this place falling down,
(28:02):
like what's happening?
The garage was like leaning thisway, and I was like, oh my god,
I need a new garage.
I need this.
Like, this is gonna be this isgonna be a$70,000 rehab, right?
And at the time we had a reallygood contractor that we just
same thing, word of mouth,networking.
Somebody gave us you know theircontractor that we could use,
which is pretty rare, and it wasgreat, which is even more rare.
(28:24):
And um, we walked through thishouse and I was like, hey man,
like how much for like to justupdate this beat up floor, what
do you think that would cost?
And it ended up being like wayless than what I was
anticipating.
And then and then I was like,hey, what about like these
kitchen cabinets are pretty beatup?
And it was like, well, if youreplace them, we're probably at
this cost.
If we just paint them, becausethey're not bad, they're just
(28:45):
ugly, then it's this cost.
And I was like, Oh, you can dothat.
Wow, I didn't even know youcould paint cabinets.
This is amazing, you know?
So, like just that experience.
Then I pretty soon I would walkinto a house and I would be
like, Oh, yeah, 30 grand rehab.
That's what it is.
Like it just after a while youdo enough of them, and you're
just like, it's not scaryanymore.
It's like, oh, okay, I know asquare foot for flooring right
(29:06):
now is about this to installthis.
I know windows are gonna bethis, like it's all the stuff
you just start kind ofaccumulating that.
But it takes that experience ofdoing it a few different times,
and you're not gonna get thatlistening to podcasts, you're
not gonna get that without justgetting in and getting dirty and
starting to make some of thesephone calls, starting to walk
some of these properties withsome contractors, or in our
case, I always recommend peopleshare that buyer resource folder
(29:30):
that we have.
It has an inspection report init, it has a walkthrough video.
Sometimes we'll have somepictures in there.
Just share that with acontractor and say, Hey, I'm
thinking I would want to dothis, this, this to the house.
What would that cost?
And you know, look at theinspection report, what else
would need to be done?
What would this all cost to do?
SPEAKER_01 (29:47):
Yeah, that's really good.
And I'm I'm with ideas.
Yeah, no, I'm I'm I'm with youon this.
It's uh there's oftentimes wejust look at a property.
I did so this is what Renee wasexperiencing during this time
too when we first started cameinto this.
She was See these videos, andshe's like, What are you talking
about?
That's it's gonna cost a fortuneto get this stuff up.
But I'm like, No, no, hold on,let's let's break it down, let's
(30:08):
talk about it.
Uh, let's look at what theactual numbers are.
So it is it's scary when youlook at some of these places.
You think it's gonna be that youcan't even do it, it's gonna
cost more than the home isworth.
But the reality is when youstart uh putting the numbers
down, you start adding it up,you're like, oh, it's really not
that bad.
For an example, uh, we just weso we were kicking around these
(30:29):
numbers about the society onthis uh uh De Pier property.
It's yeah a good example to totalk about here.
We were kind of uh going backand forth, like, man, this this
could come back anywhere from 30grand, 40 grand.
I don't even know.
Like it's gonna cost a lot.
Well, we just got a quote backon it.
Uh by the way, this uh I don'tknow when this video is coming
(30:51):
out here, but this property islive right now.
SPEAKER_00 (30:53):
Not soon enough, Paige.
Not soon enough.
About after the week is over,yeah.
So if it's still out there nextweek and you're listening to
this on Tuesday morning, hey youknow.
SPEAKER_01 (31:01):
So uh, anyways, uh the the quote came back and I
believe it was around 16,000 to18,000.
So we were way off.
I mean, we were we were talking,we were thinking crazy numbers.
So that really helped out withthe budget quite a bit.
And um, it just just goes toshow you uh just don't be afraid
when you see these things andthey seem uh so overwhelming,
it's not that big of a deal.
(31:22):
You you just uh while in thenumbers a little bit better,
figure out exactly what the costis going to be, and um yeah,
that's it.
SPEAKER_00 (31:28):
Yeah, and I tend to do that on a lot of our deals.
I'm looking at it as aconservative approach when when
you guys bring a deal.
I'm thinking I'm putting myselfin a buyer's shoes when I look
at this, right?
I'm like, oh, first glance,siding, 50 grand, just budget 50
for it.
It was$16,000 to do the side.
I mean, you do 16 grand of brandnew siding to that house in De
Pere, Wisconsin.
So for those of you that aren'tfamiliar with De Pierre
(31:50):
Wisconsin, it's a little suburbof Green Bay, super popular
market, great schools, so on andso forth, right?
Um, but you put new siding andgive that thing a new look.
I mean, that's a totallydifferent house.
And that your ARV just goes upjust from doing that.
16 grand is not that much to dowhat that would do to that
house, right?
But on my first look, I'mlooking at that going, oh my
(32:11):
gosh, this thing is a dumpsterfire, right?
Like, good lord.
I I did what Renee do.
But when you start actually getdiving into some of the numbers
and you break it down, you'relike, oh, that's only a couple
grand here, it's a couple grandthere.
It's not really as much as youprobably think it is.
So though for those of you guyslistening to this as well, I
just want to plug the REIsuccess meeting here as well.
(32:32):
If you're in the Green Bay areaor you want to travel a little
bit if you're not, um, inNovember, it'll be the third
Tuesday of the month.
Normally we do it the fourthTuesday of the month, but with
Thanksgiving being later thisweek, it'll be the week before
that.
We did this last year, and itwas super powerful.
Paige, I believe you were atthis meeting where we we put one
of the deals that we flipped upon the screen, and we gave
(32:54):
everybody a QR code, andeverybody at their tables went
through the inspection reportand the pictures we provided.
Yep, and they all had to talkabout scope of work and what it
would be like.
And so we gave you our resourcefolder and all this stuff, and
we had obviously the actualnumbers on it.
And we went around the tableafterwards and we had everybody
plug in on their little QR codewhat they thought the rehab was
gonna be.
(33:15):
You remember this one?
SPEAKER_01 (33:16):
Yeah, yeah.
It was it was very entertainingin education.
It was entertaining.
SPEAKER_00 (33:20):
We had some people, like their table came up with
$30,000 for the rehab, right?
And then we had other tablesthat were at$90,000 for the
rehab.
So think about for those of youguys out there listening to
this, what Paige is talkingabout today of just that
experience, Paige, you gainedfrom doing those two flips and
starting to understand some ofthe numbers.
And then in some of these deals,like if you haven't had one, you
had to get siding done before,it's a you're you're guessing,
(33:43):
right?
When you're walking throughthese or looking at them.
When we get those things, we tryto get quotes on some of the
stuff.
Now, sometimes we don't have asmuch time as we'd like, but even
if you're not buying thatparticular deal, if you're
looking through all these buyerresource folders and now you see
this house and you're like, ohmy gosh, they got a siding
quote.
Just plug that into your mentalfile cabinet here for the next
time you have one that looksugly, you know roughly what the
(34:04):
signing would cost, right?
And imagine how much morecompetitive you can be if you
can dial in your rehab numbers.
Think about how many tens ofthousands of dollars people are
missing out on out there becausethey're guessing at the rehab
numbers.
I mean, that's insane.
If you're if you're budgeting90,000 and your competition is
budgeting 30 and they're moredialed in, and they know 30 is a
(34:27):
pretty pretty good number,you're underbidding by$60,000.
How many deals are you gonnamiss by doing that?
Yeah, you're absolutely right.
It's a huge, it's a huge deal.
So, and our actual number onthat deal, if I remember
correctly, we spent$18,000 onthe rehab.
So nobody got it right.
Everybody over budgeted on whatthey thought it needed to needed
(34:48):
to be done to it to get it to toflip and sell.
But every market's different,every property is different too.
You know, a rental property,we're gonna budget differently
on rehab than we're gonna budgeton a flip property, you know?
A place in Sturgeon Bay of Flip,we're gonna budget less.
Uh I mean more probably for ahigher end property than what we
would on, you know, somethingthat's the ARV's 180 or
(35:10):
something, you know.
So just depends.
But anyway, well, Page Man, Igot a lot of lessons out of this
myself.
These are all great reminders.
I think our audience did aswell.
Uh, one of the things we alwaysask every guest, as you know,
from listening to this thing,uh, this required listening
here, by the way, at thecompany.
No, I'm just kidding.
Uh, but the uh we we want toinclude people from outside of
(35:32):
Wisconsin, maybe that don't knowmuch about the state.
You know, they're thinkingabout, man, where could I place
some capital?
Where could I do some of theseflips or rentals or whatever the
case is?
We'd like to tell them a littlebit about Wisconsin.
So for you, do you have afavorite Wisconsin tradition or
place you like to visit?
Yeah, that's the I I should havebeen prepared for this.
This is the only preparedquestion on these things.
SPEAKER_01 (35:54):
You know, uh Wisconsin is known for their
supper clubs, right?
So we friends who like to gettogether and try new supper
clubs in the area.
Uh of course, Door County,that's always a good time.
What maybe about twice a year,we'll take the family up in Door
County and and go visit upthere, especially during this
time of year where the fall theleaves are changing colors and
everything, is beautiful upthere.
(36:15):
But there's uh you can't gowrong with a little supper club.
They got supper clubs up theretoo.
SPEAKER_00 (36:19):
Two birds, one snow.
They do.
Yes, that's very that is a greatpoint.
Yes, that the some of the supperclubs up here too are just epic.
Like I mean stereotypical.
Some of the some of the best.
Yeah, for sure, for sure.
Well, awesome, Paige.
This has been great.
Hey, man, if anybody wants toreach out to you either to talk
about any of the deals that yougot going on or just pick your
brain on anything that youtalked about today, man, what's
(36:40):
the best way for somebody to getin touch with you?
SPEAKER_01 (36:41):
Uh, I would say just give me a call.
I my direct number is920-247-2536.
That's the best way to do it.
And I'm open for anybody whowants to call and talk to me
about any properties that areout there, and you'll know that
they're mine.
We do these intro videos onthese things, so you'll know
which one's mine.
Yeah, give me a jingle if you'vegot any questions at all.
SPEAKER_00 (37:00):
Awesome.
Well, thanks for everybody fortuning into this.
Guys, if you got some value outof today's show, please share it
on your on your socials.
Really important for us.
We're trying to grow thoseratings and reviews.
So we've been at this now, Ithink about a year.
And uh, one of the things I'vebeen doing a really poor job at
is really trying to get more ofthese ratings and reviews and
subscribers on the YouTubechannel.
(37:21):
So if you guys are listening tothis episode and you're like,
man, yeah, this was great, justdo us a huge favor.
Go out there, leave a rating anda review for us on whatever
platform you're doing it on.
And again, if you're if you'rewatching any of this stuff on
YouTube, subscribing to thechannel really, really helps us.
And then commenting on thevideos also really, really helps
us as well.
So uh engaging with the contentis what I'm being told.
(37:42):
Really helps us grow theaudience, and and we want to
continue to get the word outthere and let people know about
investing in Wisconsin and helpsome of those other people out
there that uh like yourself thatare listening for those nuggets.
So I appreciate you guys tuningin.
Uh, we will see you guys on thenext episode.
Welcome back, everybody, to another episode of
the Wisconsin Investor.
I'm your host, Corey Raymond,and I got one of my very own
here with me today, who I'llintroduce in a second here.
I'm excited for this episodetoday because uh I think there's
a lot of good nuggets that we'rewe're gonna get from this guest
here, which I again I'll talkabout in a second.
Before I do that, though, guys,as I do on pretty much every
episode, I talk about oursponsor, Wisconsin Discount
(00:24):
Properties.
Today is no different.
One of the things I'll justremind our audience for if
you're out there and you'reinterested in the Burr strategy,
this is one of my favoritestrategies in real estate.
We have a free course that uhyou can get just by filling out
our um our website, going to ourwebsite and filling out the the
contact form, get a call goingwith Connor or Reese from our
(00:46):
team, and they will hop on,they'll talk to you a little bit
about your goals, what are youlooking to do, that kind of
thing.
And if Burr is something you'reinterested in and you want to
take the course, they will getyou the discount code to get it
for free.
Now, this is something when itfirst came out, we did some
one-on-one coaching with it, butit was$3,000 for the course.
We got rid of the one-on-onecoaching piece for it after a
little while.
It was$1,900.
Now, if you're joining ourbuyers list, we're giving it
(01:08):
away for free.
So a ton of value in thiscourse.
It's really only designed forpeople who are ready to take
action, though.
So if you are still in the infogathering stage of real estate,
this is a great place to be, isto be listening to this podcast.
But if you said, Hey, I listento this, now I'm ready to go do
it, the course is the thing youneed to get started.
So get the course for free todayjust by going to
WisconsinDiscountProperties.com.
(01:28):
Put your information in there,and uh, we'll get you that uh
that discount code.
So with that, let me introducemy man, Mr.
Paige Nelson.
What's going on, Paige?
Hey, not much, man.
How are you?
How are you?
I'm doing good, buddy.
I'm doing good.
You are uh you're actuallytechnically on the clock right
now, so we gotta make this apodcast quick, you know, so I
can get you back to doing deals.
But for those of you guys thatdon't know, Paige is a uh a
(01:50):
member of our our team atiBuyWI, which is the acquisition
arm of Wisconsin DiscountProperties.
And uh Paige has been through, Idon't even know how many houses,
Paige, but a ton of houses fromyour time working with us.
He's been collectively with us,I think what, about a year and a
half total experience here now,locking deals up.
So uh I think just this yearalone, Paige, you've probably
(02:11):
locked up almost 60 houses atthe time we're recording this.
Yeah, some Paige is doing anawesome job for us.
He's really working really wellwith our sellers and providing
them a great experience in thein the process.
And then he's also been doingsome of his own real estate
investing here as of the startof this year, I think, is when
you got your first one, right?
Yeah.
So today I wanted to have Paigeon, guys, because he's a little
(02:33):
bit newer to his own personalinvesting.
Uh he's taken some massiveaction this year, him and his
wife, and they're they'relearning some lessons, they're
continuing to move forward andthey're doing a great job with
it.
But not everything is as rosesand rainbows in real estate, as
we'll we'll talk about today alittle bit.
But Paige also has a ton ofexperience looking at houses.
So there's a lot we can covertoday, Paige.
(02:54):
But I guess just take everybodyback a little bit.
How did I always like to startwith this?
How did you get started in realestate?
What got your uh interest ingetting started in real estate
in the first place?
SPEAKER_01 (03:02):
Yeah, I would say uh it's a very similar story to a
lot of other people where youhad the idea of it, you loved
the idea, you watched all thoseshows back in the day of all
these investors and uh watchedthe all the real estate shows
and everything, and we just kindof sat back and was like, that's
cool.
Wow, these guys are having a lotof success in this industry.
And uh again, I always thoughtabout it, never really
(03:24):
considered doing it, you know,it really diving into it myself,
but uh I knew a couple ofpeople.
So I've I've known Joey for avery long time, right?
And you enjoy he's been with younow for I don't know, six years
or so.
SPEAKER_00 (03:35):
And almost six years, yeah.
SPEAKER_01 (03:37):
Yeah, so I've had a few conversations with him.
Uh he's had a quite a minute,quite a bit of success in this
industry, and uh had a again acouple conversations around
that.
And uh I really didn't uh pullthe trigger until I got uh with
you uh in this business here.
And uh, you know, I always jokedabout uh when I first started
with this company that uh uh itwas great.
(03:58):
I was here just for theinformation, just for the
knowledge, the education is whatI was here for.
But turns out you pay me too, sothat's kind of cool.
Uh I like that aspect.
Uh noise.
Yeah, yeah.
So uh yeah, so I had a lot ofconversations with Joey about
this stuff and you know, beinghere for uh you know, I was here
for a while, six months intothis thing.
(04:19):
Uh again, just like you said,beginning of last of this year,
I ended up just pulling thetrigger on a property.
I just said enough is enough,enough with the analysis
paralysis that you talk about.
And uh I just made the leap andI'm like, let's just let's get
the ball rolling.
What's the worst that canhappen?
I and it right uh oftentimeswhat I hear from people is it's
really hard to make a mistake inthis industry, right?
(04:41):
If you're really trying andyou're doing everything you're
supposed to do, it's hard tomess this stuff up.
It all comes down to numbers.
That's it.
It's math in the end.
So yeah, so that was my firstone this year.
I've done two of them now, anduh looking to do my third one
here, closing on that one prettyquick.
SPEAKER_00 (04:57):
So nice.
When you said analysisparalysis, let's go back to that
for a second.
You know, a lot of times when Isee analysis paralysis, it's
really fear at the root of it,right?
Like, do you is that what youwere you were experiencing with
some fear of getting started?
And the yeah, you know, youmentioned like you kind of
realized at some point what'sthe worst that could happen.
Leading up to that, was theresort of this thing playing in
(05:17):
your head of like worst casescenarios of like what if this
doesn't go right?
Is that what was holding youback or what was keeping you
from starting even earlier thanyou did?
SPEAKER_01 (05:25):
Yeah, I think it I think it comes down to uh the uh
having a clear understanding ofthe process.
Uh, I think that might have beenpart of it.
And yeah, there was a little bitof fear there.
You don't want to I don't knowif it just comes down to some
sort of psychological aspect ofit too, where you just don't
want to fail.
Uh maybe that's part of it, butuh, but it is a big number when
(05:46):
you look at it, you're like,wow, this is a this is a lot of
money that you're that you'redealing with here.
And um, you know, that was thatwas probably one of my biggest
concerns there.
But again, what it really comesdown to is just math and uh and
having a lot of conversationswith you and watching all the
people around me uh not notreally caring about this stuff,
it seemed like it wasn't thatbig of a deal to get these
(06:07):
properties and do these flipsand things.
And uh it turns out that isabsolutely correct.
But yes, there's a there was alittle bit of fear, and once you
get over that and you talk andyou just focus on the numbers of
it, what that's all you gottafocus on.
That's all you gotta worryabout, right?
And it all works out in the end.
So yeah, that's that was it.
Um yeah, I think again, workingwith you and being surrounded
(06:29):
with all these people, and Ithink that helped out a lot just
to get over it.
And and I don't have the onlyone.
My wife was my wife was she wasuh you know, the the angel devil
thing, you know, she was theconscious was there, and she she
was like, I we can't do this,like this is a big risk.
I had to keep having theseconversations with her, and and
we kind of uh agreed togetherthat let's just do it.
(06:50):
Let's what's the worst that canhappen?
SPEAKER_00 (06:52):
Yeah, what was the turning point for her though,
Paige?
Because I think it's reallyeasy.
Like a couple things youmentioned there, I just want to
highlight.
I think on every episode so far,almost every episode at least,
people are talking about thenetwork, right?
And just surrounding yourselfwith people, right?
Everybody who's been in personaldevelopment, you always hear
that you're the sum of the fivepeople you spend the most time
with, yada, yada, yada, right?
It really is true.
(07:13):
Now, what's interesting is youchose to come into a profession
and literally surround yourselfall day long with people who are
in real estate, doing realestate on their own.
Plus, you work for a businessdoing real estate.
Your wife is not in theindustry, yeah, right?
And so you're probably cominghome charged up, like, oh my
gosh, honey, we're gonna do thisthing.
And she's not around this energyall the time of like the
(07:34):
confidence that you're gettingto suck from her.
What was the turning point forher?
Like, when did she go from like,hey, this is a really big risk
to all of a sudden, like, uh,let's do it?
What was that like?
SPEAKER_01 (07:44):
Yeah, and I think it I think it came down to that.
It was me coming home, bringingall that energy home and the
excitement and enthusiasm, andand just sharing a lot of the
information that I learned withher.
Uh, she wasn't completely onboard, but she just trusted what
I was saying.
And uh so the yeah, so to touchon a little bit, the first
property that I picked up waswas one of one of the ones that
were on our list.
(08:04):
It was it was one that Iactually met with the seller and
got under contract, and I'veseen a lot of value in it.
Um we we dug into the ARB andall that stuff.
But anyways, I getting a littleoff track there.
But to answer your question, uhwhat was it that got her on
board?
Again, I think it was justsaying, yeah, I think this is
the right move.
I mean, what else are we gonnado?
(08:25):
How you know uh the the the endgoal for us is we want to get a
couple flips under our belt, getall that uh education, get uh
we're gonna learn so much doingthat, and then in the the long
game is to get some rentalproperties.
SPEAKER_00 (08:38):
So yeah.
Cool, awesome.
So she eventually just workedher along and hard enough that
she finally said, All right, Igive up.
You win, Paige.
But I think it is important.
Like I think it it inrelationships, what's what's
important?
We talk about the RES successmeeting that we run.
Wisco Rhea has meetings all overthe state people can go to.
There's caffeine and cash flowthat you can go to during the
(09:00):
day if you if the nighttimething doesn't work for you.
So there's plenty ofopportunities to route to
surround yourself with peoplewho are in this industry.
And I think when you're startingout, it's so important for the
audience that's new to realestate or want it has the
interest in real estate to justget outside their comfort zone
and get to some of these things.
Because the first meeting isgonna suck if you're not an out
extrovert like you or I, right?
(09:20):
Like I love being at thosethings, but if you're if that's
not your cup of tea andwhatever, it's gonna suck to be
there.
But you go back, you show upagain, and you show up again.
Pretty soon you start seeing thesame faces and you start having
conversations with some peopleand you can suck the confidence
from those people and and makeit your own.
If you're out on an islandtrying to do this by yourself,
you can talk yourself out of itreally quickly and really
(09:41):
easily.
Or your partner, who maybe isthe brake pedal, so to speak, in
the relationship, they can comein with a strong position and
say no.
And if you don't have thatconfidence that you're sucking
from the people around you thatare doing it on a day-to-day
basis, like it's really easyjust to go, okay, yeah.
I guess we'll just continueworking our job till we're 65,
(10:04):
get an RV, drive around thecountry for a couple years and
die, you know, type of a thing.
So oh, look at that.
Paige's getting calls right nowlive on this thing.
I mean, this he this guy's lesslocking deals up.
Nonstop, man.
It's non-stop.
So just taking money out of yourpocket by keeping you on.
We gotta hurry this thing up,man.
SPEAKER_01 (10:22):
Yeah.
All right.
Uh no, I think what you'retalking about here is super
important, though.
So it's it's nice that I haveaccess to all you guys and we
were working in this uh in thisindustry and everything.
But um if if I wasn't here,yeah, I would highly recommend
that uh people attend these REImeetings.
You can just learn if they're sovaluable.
They really are, just with allthe people, the networking
(10:43):
opportunities there, everybody'sthere to share something.
Everybody is very uh open andand they want to share.
Everybody wants to share alltheir success, and um that's
just how it is.
So yeah, if you've never been toan REI, I highly recommend going
to one of those.
SPEAKER_00 (10:58):
Yeah, for sure.
And I think what's interestingis like um as we've had to take
our business to higher levelsand and continue to grow and
expand and that kind of thing,like we have to pay to go to be
in some of these things now.
They call them masterminds.
A lot of people have heard thatterminology tossed around,
right?
Like we pay tens of thousands ofdollars a year for personal
(11:19):
development, growth, and to be apart of some of these bigger
networks.
Like if you're local and you'retapping into some of these
events that are happening, mostof them are free or a very small
charge.
I think REI success, we chargelike$100 for the year for two
people and we donate any of theproceeds from that.
So it's not like we we don'tcharge to make money on this
thing, we charge to get peopleto commit to it.
(11:40):
Um, but that's a such a I mean,if you can't get$100 of value by
going to one of these eventsonce, right?
It's you, it's you, it's not theevent.
There's one person in that room,I guarantee, one conversation
that'll make you more than ahundred dollars in real life.
You can charge a hundred dollarsa meeting for that.
Yeah, yeah, for sure.
And just to clarify for thoseyou guys will say, it's not a
(12:00):
hundred dollars a meeting, it'sa hundred dollars for the year.
Okay.
So just don't be scared off bythat if that number intimidates
you.
And I get it, when you'restarting out, money's tight,
right?
Like you don't have money to bethrown around on tens of
thousands of dollars a year onmasterminds.
So this is a great opportunityfor people who are, you know,
just getting their feet wet toget around people that it can
breathe some confidence intothem, connect them to some
(12:20):
people that can accelerate theirgoals and and really take them
to that next level here locallyand around the state.
So that's great.
Talk about what was that firstdeal like for you, Paige?
What were some of the lessonslearned?
You know, going into it, whatdid you think the process was
gonna be like?
And was there, you know, somethings that maybe were different
than what your initial you knowthoughts were, even with your
all the knowledge you do have.
SPEAKER_01 (12:41):
Yeah, no, so it was still uh it was it was still it
wasn't easy, okay?
But it also wasn't thatdifficult.
I mean, when I look back on it,I'm like, maybe I made it more
difficult than it needed to be.
That's really what it comes downto.
Uh and everybody says that.
They're like, dude, your firstflip, you're you're gonna overdo
it, you're gonna overthink it,all this stuff.
So I knew that going into it.
I'm like, oh, this is good, thiswould be cakewalking.
(13:03):
Keep it simple, do all thisstuff, right?
So uh this one again, I got itoff of our off of our list.
Uh ended up uh taking it downfor I think it was like 165, I
want to say, somewhere rightaround there.
Uh now I did end up using hardmoney on this.
Uh and and so I got enough towhere it basically covered the
the purchase price, and thenthere was maybe another five
(13:25):
grand or something left over forsome rehab.
So luckily on this one, youknow, I had some capital sitting
on so I could use to uh to fixit up and and a ton of sweat
equity also.
So I didn't use contractors100%.
I did get in there.
Me and my wife and I uh we wentin there and did what we could,
right?
Some painting and all theseother things.
But um, yeah, so so that tookus, I want to say it took us
(13:49):
about four months or so.
Uh we got it listed.
Now I think the ARV on thatthing was somewhere around 250,
something like that.
Okay.
So that's what I was workingwith.
Those numbers we go, we went togo, we went to list this
property, and we got offersimmediately on this thing for
over ask.
(14:09):
So we listed it at 250, and itlong story short, it ended up
selling for 265, uh, noinspection.
I mean, it was just it wasamazing.
We had several come through.
So yeah, that was a that was asuccess story.
That was a big win for us.
I mean, that's awesome.
I probably stuck in maybe about35 grand into it, 40 grand or
so, but still it ended upwalking away.
(14:30):
You know, I got to that thetitle company, uh, sat down and
they cut me a check for about 55grand.
So that was a pretty pretty goodsuccess story for my book.
Oh yeah.
SPEAKER_00 (14:40):
Was that 55 grand a profit, or was that 25?
Well, that was 55 profit.
That was after paying the forthe rehabilitation.
SPEAKER_01 (14:45):
Yeah, yeah, yeah.
So either way, that's whatthat's what I got that check
for, is 55.
So you're right.
I it did cut in a little bit,but either way, that was uh that
was a heck of a that's still abig win.
SPEAKER_00 (14:53):
Dude, first flip, man, make anything on the first
flip.
We've said that on the showmultiple times.
If you're making money on yourfirst flip, that good that was
good luck or good good job byyou.
No, yeah, because most people ontheir first flip, if you can
just break even, that's a bigwin.
Yeah, right.
SPEAKER_01 (15:14):
I made a made a hefty profit on it.
It was about 25 grand or so.
And uh yeah, so that was great.
Uh, I loved that.
And now that again, at the sametime, though, I was also doing a
second flip.
So this is where it got kind ofgot away from me.
And and this is where I wasgonna get.
SPEAKER_00 (15:29):
I'm glad we're talking about this.
I was about to go there, but youbeat me to it.
SPEAKER_01 (15:33):
Lesson learned though, and I think it's really
important to talk about this.
So for me personally, so juststarting out, uh, myself and my
wife getting after this, thesethings here, we were doing uh we
I think we just bit off a littlebit too much to start, right?
So what going back on it, Iwould say if I just focused on
one at a time, it would havebeen a a much better, much
(15:54):
better option for us, right?
So the second property that wegot, uh I kind of just
neglected.
It was just kind of sitting offon the on the back burner there.
Uh this one was up in SturgeonBay, and now this is a great
property.
It it was pretty amazing, butagain, I just I just didn't put
in the time that was needed intothis place.
Um it kind of the time got awayfrom me, and then we just
(16:15):
hustled right at the very endthere.
And uh, long story short, we gotit sold, but this one was not a
win for me.
I I did have to bring some moneyto closing in order to get this
thing done.
SPEAKER_00 (16:28):
But again, it was what is the what is the out of
those two flips, are you stillare you still net positive or
are you net negative now?
SPEAKER_01 (16:36):
Yeah, yeah, we have we're still up about uh you know
15, maybe 20, somewhere aroundthere.
So oh shoot, that's not bad,man.
Yeah, no, so it's still prettygood.
And I thought I thought maybeyou lost worse on the surge of
bayonet.
No, no, it was it was okay.
It was still okay.
I still had to bring a check toclosing.
Nobody wants to do that, butagain, uh I'm happy that it
happened.
I mean, for just for the aspectof of looking back on it and uh
(17:00):
figuring out why that happened,right?
So it's I mean, if I was uh partof me thinks like, what happens
if I would have made a ton ofprofit?
That would have been awesome,right?
But maybe I would have reallyjust been slacking in the future
again.
Now I know that there is a it'svery important to stick to
deadlines, and the faster youmove these things, the better.
And I know people say that, butI learned the hard way that you
(17:22):
need to get moving on thesethings.
So yeah, you know, yeah.
SPEAKER_00 (17:25):
Well, and you used hard money for both of them,
right?
I did.
I didn't talk talk to theaudience who who's not really
familiar with hard money becauseI think this is one of the
things that uh it's a great toolto use, and you definitely used
it to get going.
So there's pros to using it, andthen there's some some risks,
there's some cons that peopleshould be aware of.
Maybe just talk about yourexperience with hard money and
and what that looked like.
SPEAKER_01 (17:45):
Yeah, so uh so hard money, the first one that I went
through was uh good faith uhwith Tony Breyer.
He uh great guy.
Uh so what they do is we look atthe ARV.
So, what's the property gonna beworth after it's all fixed up
and everything, right?
So let's talk take talk aboutthe Kimberly property.
Say it's a$250,000 home, theywill they will borrow you 65% of
that, of whatever that value is.
(18:07):
Uh, and then I believe there's acouple points up front
automatically.
Um uh but either way, so the theconvenience of it, the the best
part about it, I should say, isthe convenience of it.
It's almost just like cash.
So you can come in and and offeron these properties, and you
don't actually have to havecash, you don't have to have
that amount in your bankaccount.
You work directly with theseguys, you look, you you come up
(18:29):
with a game plan of what you'regonna do to the property, you
why you believe it is this ARVand all that stuff, right?
They will give you that 65%right away to purchase the
property, and oftentimes thatthere's enough spread there.
Well, you'll have a little bitof uh a rehab budget there, too,
right?
So um, so anyway, I I like itbecause it's convenient, it's
(18:51):
fast, you don't gotta messaround with banks or anything
like that.
You just get it done, and again,it just comes down to numbers.
So it is expensive at times, butthe convenience is outweighs the
the price.
SPEAKER_00 (19:03):
Yeah, absolutely.
And I think for a lot of peoplewho are starting out, hard money
is we typically see a lot ofpeople start with hard money as
their first option because ofthe convenience.
You don't have to deal with thebanks.
You know, if you're coming in,you don't have a track record
yet.
Some of the banks don't want tonecessarily lend to you yet.
So it's almost like the chickenor the egg, right?
Like, well, shoot, how am Igonna get experience if nobody
will lend to me?
And I don't have money to gojust buy these things cash right
(19:25):
now because that's why I need toflip, because I need money,
right?
So it's kind of this chicken orthe egg.
So that the hard money reallyfills that need in the
marketplace to have that.
Now, like you said, I Itypically advise people to avoid
hard money as much as possiblebecause they're going to have uh
some higher costs and they'regonna be less competitive on
offers if they're running theirnumbers properly, right?
Because they're they're they'reyou know, commercial financing,
(19:49):
as we call it, or communitybanks is typically going to be
less expensive, but lessconvenient.
Now, for example, a lot of ourdeals that we put out pages, you
know, when you guys are lockingthese up, you are trying to get
closed dates that will allow forus to run our process, put it
out to the buyer's list, have aninspection on them, and then
still have 30 to 45 days ideallyfrom the date we would assign it
(20:12):
to you in order to get it toclose, right?
Um, sometimes it doesn't alwayshappen though.
And so if you're using communitybank or commercial financing,
they need that window becausethey're gonna need an appraisal
to tell you how much they'rewilling to lend you, basically.
And then you're gonna have thatthat time frame that they still
needed to go through whateverapproval process and then get it
closed.
Uh, with hard money, it's likeyou could close it in a couple
(20:35):
hours, literally.
Like, I know uh good faith hasclosed some in like three hours.
Literally, they got it from oneof the investors that they'd
have been working with.
They were comfortable with theinvestor, comfortable with the
numbers, and boom, they had thatthing closed up in several
hours.
So that's some of the bigdifferences.
But again, it is more expensive,so something to be aware of.
You and you only get usually asix-month window.
(20:57):
You know, if you're working withsome national hard money lenders
or some national companies outthere, they may have longer um
close period, you know, timeframes where you have to pay it
back.
But local local ones aretypically six months.
So, like you said, you get youcan't use you think you got six
months is a long time until youget into a flip, right?
Yeah, that's right.
Exactly.
Exactly.
Yeah.
(21:18):
So looking back at that SturgeonBay one compared to the Kimberly
one, okay?
Now that you've had a littletime to reflect on it, you
mentioned one of the lessonslearned with the Sturgeon Bay
one was you kind of had it onthe back burner.
It was kind of just sittingthere, right?
We just kind of touched on thattime frame.
Were there other things that nowthat you've had some time to
reflect that you look back andyou say, well, this is what made
the Kimberly one a winner, andthis is what sunk the Sturgeon
(21:40):
Bay one and made it uh a netloser?
SPEAKER_01 (21:42):
Yeah.
Yeah, I mean, it it really camedown to what I did to the
property also.
Again, we we devoted so muchtime and energy into the
Kimberly property, and we didn'twe just didn't do the same thing
to the uh Sturgeon Bay one.
Now, so for me personally, uhI've I've looked at I've I've
dialed in my buy box a littlebit better.
So the the Sturgeon Bay propertywas just a higher ticket home,
(22:05):
right?
It was uh$300,000 home, and umuh so that was part of it.
Uh rehab budget was uh I meanaround similar, about 20 grand
or so, but uh uh a location alsovery is key.
Uh for me, an hour away fromfrom home was was challenging
for me.
So that's something that youmaybe want to consider in the
(22:26):
future.
That's something we areconsidering now going forward
here.
Uh but uh yeah, we should havejust uh devoted a little bit
more time to it, uh maybe gotcontractors lined up beforehand
a little bit better than what wedid.
We had some people uh that we wefelt we could trust, and it just
kind of fell through.
So uh and again, just a littleside note here going to those
(22:49):
REI success clubs and and beinga part of their the uh the group
on Facebook is a really uh is avaluable resource to find
quality contractors, just alittle side note there.
But nice, and that's something Ilearned also.
Uh I was doing it on my own, butuh word of mouth is definitely
the best way to findcontractors.
So what would I do different?
I would have done one propertyat a time and I would have
(23:10):
devoted a little bit more timeand energy and got some better
contractors up there.
SPEAKER_00 (23:15):
Got it.
Very good.
How is that how are how arethese two experiences changed
you know the future for what youand Renee are are doing in the
real estate space?
Because you're not scared off bythat loss.
I mean, you guys are stillactively looking.
So what what how has thatchanged anything other than the
buy box, tightening up that buybox a little bit?
Uh changes that you guys makeit.
SPEAKER_01 (23:33):
Again, we just we learned so much just from those
experiences.
I know I'm not sharing enoughdetails on what we've learned,
but uh we did, we just learnedso much from it.
Uh yeah.
Um, and it it it it gave Renee,that's my wife, uh she she's she
has she's much more confidentnow in the process, right?
Because she's experienced thesetwo now.
(23:53):
She's actually excited about it.
So she's uh she's the one on thebuyer's list now, looking at
different properties and kind offiguring out what we need to
buy.
So we actually picked up onecoming up here in in Appleton.
So this one was on our buyerslist also, and uh we ended up
getting the winning bid on thatone, and we feel good about it.
It's and she's very excitedabout it.
(24:13):
She's ready to get in there andstart uh getting these
contractors lined up and allthat stuff.
So I think it just comes down toexperience.
And uh again, we it had we notjust pulled the trigger on that
first Kimberly property, well,then we wouldn't have this uh
confidence that we have now.
SPEAKER_00 (24:30):
So that is awesome I think that's such a great
lesson, right there, guys.
I think that's a nugget yougotta go back and re-listen to
if if you were doing somethingelse, you're you're at the gym
working out, kind of listeningto this in one ear and doing
something else.
It's like anything, Paige.
Like when you first dosomething, it's really
uncomfortable, right?
Like, I think about the firsttime I ever presented in front
of an audience, right?
Or in front of uh uh like onstage doing anything.
(24:52):
I mean, it's scary.
Like, oh my gosh, like I don'tknow what I'm saying.
I don't know if people are gonnalike this.
What are they da-da-da-da-da?
Now that like I can get onalmost any stage in front of an
audience, and I'm like, if I'mif I know what I'm talking
about, I'm like, whatever, not abig deal, don't care.
You can put me in front of5,000, 10,000, 200 people.
I don't care.
It doesn't bother me.
First time it did.
(25:13):
It's the same thing in realestate.
Like, I think there's a lot ofpeople like listening to this
episode, maybe that have thatanalysis paralysis.
That's why they're listening tothe show.
They're hoping I tell them somenugget that's gonna just unlock
the key to the kingdom, and nowall of a sudden they're gonna
have all the knowledge of allthe real estate investors ever,
and now it's gonna make all thedifference in the world.
And it's not, it's not until youget into the game and you just
pull the trigger and do thatfirst one to really get over
(25:35):
that uncomfortable piece, right?
SPEAKER_01 (25:37):
Yeah, absolutely.
And uh, you know, theinteresting part about this too
is again that what I'm doinghere, I'm an acquisition
specialist, I meet with allthese sellers and everything.
And now that I've been doing myown flicks, that's that's
helping me on on both sides ofit, really.
So this the position that I'm inhere, helping helping your team
here, and uh, and my personalstuff, it's that they're helping
each other.
SPEAKER_00 (25:57):
Right on.
What we're so how are how isthat helping each other?
Like, talk about that.
Is that just in the numbers now?
You're a little more confidentin understanding rehab numbers.
Is that what you're referencingor what's that's right
specifically?
SPEAKER_01 (26:06):
Yeah, exactly.
Yeah.
So when I uh you know firststarted with this business and
everything, we kind of uh do ourbest to dial in numbers and we'd
have conversations about it.
What does it look like as far asrehab goes and all that stuff?
Now when I'm a meeting with aseller, I can see things for for
what it is and and have a muchbetter understanding of what
that's going to cost, uh,whether it's going to be uh on
(26:28):
your own.
Uh oftentimes when we put it in,uh we calculate it out hiring
the stuff out, right?
We don't yeah, we try that'swhat that's how we do it.
So that's yeah, that's that'swhat we do on appointment.
We look at stuff, we go, okay,well, the kitchen, you know,
it's a little dated.
We don't say this stuff out loudto these sellers, but we're we
start calculating our minds ofwe start tallying up all the all
the price and the cost ofeverything.
So that's helped me out quite abit, uh, just uh going through
(26:51):
the process on my own.
And um, so yeah, that thathelps.
Yeah, it helps the other sidetoo.
SPEAKER_00 (26:56):
So yeah, and if you're out there and you're
listening to this and you're notan acquisition specialist for a
company like ours, which 99% ofyou are not, uh, what Paige is
talking about is stillapplicable to you because after
you do that first one and you'reyou're in the details, you're
you're managing that project,you're you're either in there
doing it yourself or you'rehiring it out and finding
people, you get you get a reallygood idea of all of the cost,
(27:18):
right?
I remember this was one of myfirst things, Paige, when we got
our first property.
I tell I tell this story a lot,but I like literally didn't know
the difference between the waterheater and the furnace.
And I mean, our first house thatwe did, we built brand new.
So like I didn't have to be, Inever had to maintain anything
or like I changed a furnacefilter.
That was about it, you know.
Uh I didn't I didn't have to doanything.
It was like white glove service,right?
(27:39):
So when I got into thisbusiness, I'm like coming into
this with no confidence becauseI have no confidence in what
anything is in a house.
Like, I don't know.
I mean, I know what a windowlooks like, you know.
That's that's about it.
And uh, and I remember we walkedthrough this first duplex and
the floor was pretty beat up andit was kind of sinking, you
know, it had the sinking floorgoing on in the kitchen, and uh,
you know, so I'm like, oh mygosh, this place falling down,
(28:02):
like what's happening?
The garage was like leaning thisway, and I was like, oh my god,
I need a new garage.
I need this.
Like, this is gonna be this isgonna be a$70,000 rehab, right?
And at the time we had a reallygood contractor that we just
same thing, word of mouth,networking.
Somebody gave us you know theircontractor that we could use,
which is pretty rare, and it wasgreat, which is even more rare.
(28:24):
And um, we walked through thishouse and I was like, hey man,
like how much for like to justupdate this beat up floor, what
do you think that would cost?
And it ended up being like wayless than what I was
anticipating.
And then and then I was like,hey, what about like these
kitchen cabinets are pretty beatup?
And it was like, well, if youreplace them, we're probably at
this cost.
If we just paint them, becausethey're not bad, they're just
(28:45):
ugly, then it's this cost.
And I was like, Oh, you can dothat.
Wow, I didn't even know youcould paint cabinets.
This is amazing, you know?
So, like just that experience.
Then I pretty soon I would walkinto a house and I would be
like, Oh, yeah, 30 grand rehab.
That's what it is.
Like it just after a while youdo enough of them, and you're
just like, it's not scaryanymore.
It's like, oh, okay, I know asquare foot for flooring right
(29:06):
now is about this to installthis.
I know windows are gonna bethis, like it's all the stuff
you just start kind ofaccumulating that.
But it takes that experience ofdoing it a few different times,
and you're not gonna get thatlistening to podcasts, you're
not gonna get that without justgetting in and getting dirty and
starting to make some of thesephone calls, starting to walk
some of these properties withsome contractors, or in our
case, I always recommend peopleshare that buyer resource folder
(29:30):
that we have.
It has an inspection report init, it has a walkthrough video.
Sometimes we'll have somepictures in there.
Just share that with acontractor and say, Hey, I'm
thinking I would want to dothis, this, this to the house.
What would that cost?
And you know, look at theinspection report, what else
would need to be done?
What would this all cost to do?
SPEAKER_01 (29:47):
Yeah, that's really good.
And I'm I'm with ideas.
Yeah, no, I'm I'm I'm with youon this.
It's uh there's oftentimes wejust look at a property.
I did so this is what Renee wasexperiencing during this time
too when we first started cameinto this.
She was See these videos, andshe's like, What are you talking
about?
That's it's gonna cost a fortuneto get this stuff up.
But I'm like, No, no, hold on,let's let's break it down, let's
(30:08):
talk about it.
Uh, let's look at what theactual numbers are.
So it is it's scary when youlook at some of these places.
You think it's gonna be that youcan't even do it, it's gonna
cost more than the home isworth.
But the reality is when youstart uh putting the numbers
down, you start adding it up,you're like, oh, it's really not
that bad.
For an example, uh, we just weso we were kicking around these
(30:29):
numbers about the society onthis uh uh De Pier property.
It's yeah a good example to totalk about here.
We were kind of uh going backand forth, like, man, this this
could come back anywhere from 30grand, 40 grand.
I don't even know.
Like it's gonna cost a lot.
Well, we just got a quote backon it.
Uh by the way, this uh I don'tknow when this video is coming
(30:51):
out here, but this property islive right now.
SPEAKER_00 (30:53):
Not soon enough, Paige.
Not soon enough.
About after the week is over,yeah.
So if it's still out there nextweek and you're listening to
this on Tuesday morning, hey youknow.
SPEAKER_01 (31:01):
So uh, anyways, uh the the quote came back and I
believe it was around 16,000 to18,000.
So we were way off.
I mean, we were we were talking,we were thinking crazy numbers.
So that really helped out withthe budget quite a bit.
And um, it just just goes toshow you uh just don't be afraid
when you see these things andthey seem uh so overwhelming,
it's not that big of a deal.
(31:22):
You you just uh while in thenumbers a little bit better,
figure out exactly what the costis going to be, and um yeah,
that's it.
SPEAKER_00 (31:28):
Yeah, and I tend to do that on a lot of our deals.
I'm looking at it as aconservative approach when when
you guys bring a deal.
I'm thinking I'm putting myselfin a buyer's shoes when I look
at this, right?
I'm like, oh, first glance,siding, 50 grand, just budget 50
for it.
It was$16,000 to do the side.
I mean, you do 16 grand of brandnew siding to that house in De
Pere, Wisconsin.
So for those of you that aren'tfamiliar with De Pierre
(31:50):
Wisconsin, it's a little suburbof Green Bay, super popular
market, great schools, so on andso forth, right?
Um, but you put new siding andgive that thing a new look.
I mean, that's a totallydifferent house.
And that your ARV just goes upjust from doing that.
16 grand is not that much to dowhat that would do to that
house, right?
But on my first look, I'mlooking at that going, oh my
(32:11):
gosh, this thing is a dumpsterfire, right?
Like, good lord.
I I did what Renee do.
But when you start actually getdiving into some of the numbers
and you break it down, you'relike, oh, that's only a couple
grand here, it's a couple grandthere.
It's not really as much as youprobably think it is.
So though for those of you guyslistening to this as well, I
just want to plug the REIsuccess meeting here as well.
(32:32):
If you're in the Green Bay areaor you want to travel a little
bit if you're not, um, inNovember, it'll be the third
Tuesday of the month.
Normally we do it the fourthTuesday of the month, but with
Thanksgiving being later thisweek, it'll be the week before
that.
We did this last year, and itwas super powerful.
Paige, I believe you were atthis meeting where we we put one
of the deals that we flipped upon the screen, and we gave
(32:54):
everybody a QR code, andeverybody at their tables went
through the inspection reportand the pictures we provided.
Yep, and they all had to talkabout scope of work and what it
would be like.
And so we gave you our resourcefolder and all this stuff, and
we had obviously the actualnumbers on it.
And we went around the tableafterwards and we had everybody
plug in on their little QR codewhat they thought the rehab was
gonna be.
(33:15):
You remember this one?
SPEAKER_01 (33:16):
Yeah, yeah.
It was it was very entertainingin education.
It was entertaining.
SPEAKER_00 (33:20):
We had some people, like their table came up with
$30,000 for the rehab, right?
And then we had other tablesthat were at$90,000 for the
rehab.
So think about for those of youguys out there listening to
this, what Paige is talkingabout today of just that
experience, Paige, you gainedfrom doing those two flips and
starting to understand some ofthe numbers.
And then in some of these deals,like if you haven't had one, you
had to get siding done before,it's a you're you're guessing,
(33:43):
right?
When you're walking throughthese or looking at them.
When we get those things, we tryto get quotes on some of the
stuff.
Now, sometimes we don't have asmuch time as we'd like, but even
if you're not buying thatparticular deal, if you're
looking through all these buyerresource folders and now you see
this house and you're like, ohmy gosh, they got a siding
quote.
Just plug that into your mentalfile cabinet here for the next
time you have one that looksugly, you know roughly what the
(34:04):
signing would cost, right?
And imagine how much morecompetitive you can be if you
can dial in your rehab numbers.
Think about how many tens ofthousands of dollars people are
missing out on out there becausethey're guessing at the rehab
numbers.
I mean, that's insane.
If you're if you're budgeting90,000 and your competition is
budgeting 30 and they're moredialed in, and they know 30 is a
(34:27):
pretty pretty good number,you're underbidding by$60,000.
How many deals are you gonnamiss by doing that?
Yeah, you're absolutely right.
It's a huge, it's a huge deal.
So, and our actual number onthat deal, if I remember
correctly, we spent$18,000 onthe rehab.
So nobody got it right.
Everybody over budgeted on whatthey thought it needed to needed
(34:48):
to be done to it to get it to toflip and sell.
But every market's different,every property is different too.
You know, a rental property,we're gonna budget differently
on rehab than we're gonna budgeton a flip property, you know?
A place in Sturgeon Bay of Flip,we're gonna budget less.
Uh I mean more probably for ahigher end property than what we
would on, you know, somethingthat's the ARV's 180 or
(35:10):
something, you know.
So just depends.
But anyway, well, Page Man, Igot a lot of lessons out of this
myself.
These are all great reminders.
I think our audience did aswell.
Uh, one of the things we alwaysask every guest, as you know,
from listening to this thing,uh, this required listening
here, by the way, at thecompany.
No, I'm just kidding.
Uh, but the uh we we want toinclude people from outside of
(35:32):
Wisconsin, maybe that don't knowmuch about the state.
You know, they're thinkingabout, man, where could I place
some capital?
Where could I do some of theseflips or rentals or whatever the
case is?
We'd like to tell them a littlebit about Wisconsin.
So for you, do you have afavorite Wisconsin tradition or
place you like to visit?
Yeah, that's the I I should havebeen prepared for this.
This is the only preparedquestion on these things.
SPEAKER_01 (35:54):
You know, uh Wisconsin is known for their
supper clubs, right?
So we friends who like to gettogether and try new supper
clubs in the area.
Uh of course, Door County,that's always a good time.
What maybe about twice a year,we'll take the family up in Door
County and and go visit upthere, especially during this
time of year where the fall theleaves are changing colors and
everything, is beautiful upthere.
(36:15):
But there's uh you can't gowrong with a little supper club.
They got supper clubs up theretoo.
SPEAKER_00 (36:19):
Two birds, one snow.
They do.
Yes, that's very that is a greatpoint.
Yes, that the some of the supperclubs up here too are just epic.
Like I mean stereotypical.
Some of the some of the best.
Yeah, for sure, for sure.
Well, awesome, Paige.
This has been great.
Hey, man, if anybody wants toreach out to you either to talk
about any of the deals that yougot going on or just pick your
brain on anything that youtalked about today, man, what's
(36:40):
the best way for somebody to getin touch with you?
SPEAKER_01 (36:41):
Uh, I would say just give me a call.
I my direct number is920-247-2536.
That's the best way to do it.
And I'm open for anybody whowants to call and talk to me
about any properties that areout there, and you'll know that
they're mine.
We do these intro videos onthese things, so you'll know
which one's mine.
Yeah, give me a jingle if you'vegot any questions at all.
SPEAKER_00 (37:00):
Awesome.
Well, thanks for everybody fortuning into this.
Guys, if you got some value outof today's show, please share it
on your on your socials.
Really important for us.
We're trying to grow thoseratings and reviews.
So we've been at this now, Ithink about a year.
And uh, one of the things I'vebeen doing a really poor job at
is really trying to get more ofthese ratings and reviews and
subscribers on the YouTubechannel.
(37:21):
So if you guys are listening tothis episode and you're like,
man, yeah, this was great, justdo us a huge favor.
Go out there, leave a rating anda review for us on whatever
platform you're doing it on.
And again, if you're if you'rewatching any of this stuff on
YouTube, subscribing to thechannel really, really helps us.
And then commenting on thevideos also really, really helps
us as well.
So uh engaging with the contentis what I'm being told.
(37:42):
Really helps us grow theaudience, and and we want to
continue to get the word outthere and let people know about
investing in Wisconsin and helpsome of those other people out
there that uh like yourself thatare listening for those nuggets.
So I appreciate you guys tuningin.
Uh, we will see you guys on thenext episode.
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