27: 5 Doors by Using Seller Financing for the First Time with Aaron Chapman

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 2 September 2020

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Aaron Chapman ran into major obstacles on his first 2 real estate deals... obstacles you might face as you launch your own investing career. Wouldn't you like to know how to react when you're turned down for a loan? Today, you'll learn how! From a duplex purchase that seemed doomed when he lost his job while in escrow... to a triplex purchase that a bank wouldn't touch, this Louisville, KY investor breaks down how he reached 5 doors by age 24 – and his exact roadmap to reach financial independence by age 30! Oh, and don't miss the story of how Aaron wound up on the show (hint: his fiance is the real MVP!). Before you go, here's a challenge for you: who in your market would make a great guest for this show? Send them over to biggerpockets.com/guest and we'll take a look at their application. In This Episode We Cover: His "work backwards" plan for achieving financial freedom ($10k/month) by age 30 Aaron's process for "driving for dollars" Living for free through house hacking Buying a "1% rule" triplex using seller financing How he achieved a 47% cash-on-cash return How he and his fiance adjusted when he lost his job while under contract on his first deal! Getting your spouse or partner interested in investing And SO much more! Links from the Show Real Estate Rookie Facebook Group Felipe's Instagram Ashley's Instagram BiggerPockets Podcast BiggerPockets Money BiggerPockets Business BiggerPockets Podcast 329: Financial Freedom Before 30 Through Just 10 Deals With Felipe Mejia Robert Kiyosaki Cozy Stessa Deal Check Deal Machine Zillow Check the full show notes here: https://www.biggerpockets.com/rookie27 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	This is the real estate rookie show number 27.
0:05.0	I'm just talking to every, if I get a second to talk to you,
0:10.0	if you know anybody has any property for sale, do you do anything with property?
0:13.0	Do you do anything with property?
0:14.0	Especially if I can see that they're like construction workers or something like that.
0:17.0	If the deals are out there, they just got to be found. My name is Ashley Care and I am here with my co-host Felipe Mejia who did not get burned on this episode today.
0:33.0	Oh my gosh, so...
0:35.0	Our guest is Aaron Chapman and he hinted a little bit,
0:38.0	you know, before we started recording that he might just mention something about the biceps but he didn't but he did it and I was like
0:44.9	score it's fading away free this time yeah oh my gosh I got away scot free twice in a row actually so that's
0:50.4	gonna be great but we have a great show today.
0:53.1	Aaron Chapman talks about him and his wife,
0:55.4	like double house hacking with their multifamily
0:58.6	that they purchased, losing their job in the middle of buying it
1:01.8	and having to put the loan in another person's name. I won't give the secret out yet and just pushing through those
1:07.8	nose to finally get his yes which ultimately resulted in getting the rental property.
1:14.0	And it's not only just with the financing on that one you were talking about where he lost his job,
1:19.4	but he also can't get financing on another deal and get seller financing when the lady
1:25.0	originally told him no he goes back to her with options and I think that was my
1:29.5	favorite part as how he gave her options and didn't just say,
1:33.0	hey, sorry, I can't do the deal,
1:34.8	or this is my final offer, take this or leave it.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.