I’ve created a passive income stream of $65k per month in rental income, and my properties are currently worth $8.5M. I did this while working a full-time job, and I’m going to show you how you can do it too.
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Special Thanks to:
Todd McCain, Gina Hurst & Charity Holland of
Cumberland Title & Guarantee Company
http://www.cumberlandtitleandguaranty...
Bobby Colvin of
Berkshire Hathaway Home Services Realty Center
https://www.realtycenter.com/realty-c...
Angela Pierce of
Keller Williams Realty
https://www.realtor.com/realestateage...
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How to Buy Homes using the Listing Agent, Escalation Clauses and Cash Offers
Closing on my 38th & 39th Investment Properties
After recently completing my cash-out refi on 20 properties, I have some capital to buy some more properties and have been in acquisition mode for a couple of months. When I need more capital I now have 5 that are paid in full that I can borrow 80% of the equity from. This allows me to make cash offers with no bank financing contingencies.
My recent offers, lost 4, won 3. Aug - Sept
Lessons learned
For cash offers with no contingencies (loan, inspection or termites), not seller paid owner’s title policy
Proof of funds prior to submitting offers
Must submit an offer with a contingency to view the property, BEFORE VIEWING
Active termites were found, and the seller refused to help
Usually sell above asking
Even on properties that need major renovation I lost the deals bidding under asking even with all cash/ as is, no contingencies, multiple offers
For Contingent Offers - contingent on loan, termites, inspection,
Per approval letter prior to making an offer
Usually sell above asking
Homeowners don’t stand a chance against cash buyers
Sellers are not even cleaning properties or making minor repairs such as light bulbs, door knobs, etc. They remind me of the round of foreclosures I bought a decade ago.
Properties
$220k 13 offers. I was able to win $1k over asking, but with cash and no contingencies, no HVAC - $19k bid, show budget and cash flow projection. Moderate Renovation. I think the seller took my offer over higher offers with normal contingencies.
$273k, 250k listed, multiple offers, cash, show projections and pics. Light renovation. All were multiple offers. I think the seller took my offer over higher offers with normal contingencies. “Rat house
Summary
I bought 4 in 2020 and 2 this year. At least 3 of the 4 under contract should close this year, which will put me at 5-6 this year.
My goal is to have $10M, and I’ll be at $9.5M after I close on these properties. I’ll need another two or so properties.
If you can borrow money at a lower rate than inflation, it’s effectively not only free but makes you money.
Also by leveraging it through borrowing money you exponentially increase your return
My real estate has already appreciates over $1m since covid started and most predictions expect inflation to be well above normal for the next few years primarily due to historical low interest and all of the stimulus money that the federal government has pumped into the economy recently.
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