Real World Real Estate Investing Audio Interview

December 11, 2008 | By More

I was recently interviewed by J. P. Moses for a series he is doing with real world real estate investors. He wanted to get good view of what kind of deals I’ve been doing, what’s working, what’s not, and the lessons I’ve learned along the way.

J.P. is an active investor and blogger. He’s very knowledgeable, experienced, and connected in the real estate investing world. If you haven’t already, make sure to check out his real estate investing blog. It’s full of some great content and resources.

The majority of the interview is a break down from start to finish of two deals, 3015 Morningdale and 1972 Teakwood. I go over exactly how the leads came in, the seller’s motivation, how the deals were structured, and the exit strategies. And I throw in some key lessons that every real estate investor should always keep top of mind. Before we get into the intricacies of the deals, I give a little background on how I got started investing and what’s going on in the current market.

Listen to the interview below!

Thought I’d share some pics of the properties as well . . .

3015 Morningdale

Front of House

This is a deal that I did my first year as a real estate investor. Unfortunately, I don’t have any more pictures.

I mentioned that we only had to do some cosmetic work to the property. This consisted of repainting the interior, putting new carpet throughout, cleaning up the landscaping, and knocking out the punch list. It cost us between $7K and $8K if I remember correctly.

One of the great things about the partner that we brought in to finance this property was that he had experience doing renovations himself. Since we were pretty green being newbies ourselves, he stepped in and managed the repairs that were needed. And a great long term relationship was created with him. I’ve borrowed money from him, lent him money, wholesaled deals to him, and partnered on a few other deals over the years.

As I mentioned in the interview, the net profit on the deal for our portion (75% of the profit) was right over $23K. Here’s the check.

1972 Teakwood

It irritates me that I haven’t kept better track of before and after pics of all the properties we’ve done over the years. I remember taking the before pics but can’t find them. It’s really too bad because there was a stark contrast with this property. We knocked out walls, reorganized the entire kitchen, uncovered hardwoods under the carpet, added a half bath, and put in tons of upgrades (crown molding, chair rails, picture frame molding, tile, etc).

Anyway, here’s what it looks like now.

Oh yeah, we added the sidewalk too, and it made a big difference in the curb appeal.

Half Bath at 1972 Teakwood

Shower at Teakwood

Hope you enjoyed the interview! Like I mentioned a second ago, make sure you check out J. P.’s Real Estate Investing Blog.

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Category: Business Management Systems and Tools, Marketing, Real Estate Investment Buying Strategies, Real Estate Investment Financing Strategies, Real Estate Investment Selling Strategies, Tips and Tricks

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Comments (1)

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  1. Hey, Patrick – great interview! I especially like the guy who conducted the interview…REAL SEXY VOICE. Wish I sounded like him. :-)


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