283: 19, Broke, and No Credit to 28 Units and Over $1 Million in Real Estate w/Caleb Hommel and Chuck Sotelo

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 3 May 2023

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

Over $1 million in real estate with $0 down—at 19 years old!? After reading the book Rich Dad Poor Dad and catching the real estate “bug,” today’s guests went from broke college dropouts to real estate investors with three multifamily properties to their names in a matter of months. In this edition of the Real Estate Rookie podcast, we’re speaking with real estate duo Caleb Hommel and Chuck Sotelo. After his parents dealt him a six-month ultimatum to figure out real estate and move out, Caleb knew he needed to land a deal fast. The issue? These two friends had very little money, and at just 19 years of age, no credit history. Facing a seemingly impossible challenge, the pair went to work—calling roughly 1,000 different real estate brokers in pursuit of their big break. Finally, the right opportunity came knocking. Today, Caleb and Chuck own properties in three different Texas markets for 28 total units. If you have yet to land your first real estate deal, whether it’s because you don’t have money to invest or you haven’t found the right market, you don’t want to miss today’s episode. Tune in as we talk about how to buy real estate with no money down, how to build your buy box, and how to find the best property management companies to take care of your out-of-state assets! In This Episode We Cover How to invest in real estate with no money down (and no credit!) The benefits of forming a partnership (and why you need an operating agreement) Dodging the traditional underwriting process through seller financing How to find the right buy box for you and knowing what to invest in Finding, vetting, and overseeing property management companies Why you NEED a mentor (and how they can help you beat analysis paralysis) And So Much More! Links from the Show Find an Agent Find a Lender Ashley's Instagram Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Making $90K/Year with Just ONE Rental by Combining Compassion and Cash Flow How to Buy a Rental Property with NO Money OR Credit 81 Units in 3 Years: All On-Market with NO Bank Loans w/Cody Davis Book Mentioned in This Episode: Rich Dad Poor Dad by Robert T. Kiyosaki Connect with Caleb and Chuck: Caleb's BiggerPockets Profile Caleb's Instagram Chuck's Instagram Caleb and Chuck's Youtube Channel Check the full show notes here: https://www.biggerpockets.com/blog/rookie-283 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Real State Rookie episode 283.
0:04.4	Yeah, so today we're at 28 units.
0:06.2	We've got three deals across Texas.
0:08.0	We've got a 10 unit in McAllen, an 8 unit in Laredo,
0:11.1	and a 10 unit in Houston.
0:12.2	Well, first of all, we love just more units.
0:14.4	I mean, it's just more scalable.
0:15.5	So we can just keep them momentum going.
0:17.7	But also, I feel like there's a lot of opportunity
0:19.5	in that mid-sized multi-family range
0:21.2	or smaller, whatever you want to call it.
0:23.1	Because a lot of them are just self-managing.
0:24.9	So if we can get a good manager, a good operator,
0:26.8	and we throw them in there,
0:28.0	and we do a little bit of renovations,
0:29.5	we pick up, we pick it up, the ship.
0:31.5	So it's actually moving.
0:32.6	My name is Ashley Care,
0:34.0	and I am here with my co-host, Tony Robinson.
0:36.8	And welcome to the Real State Rookie Podcast,
0:38.8	where every week, twice a week,
0:40.4	we're bringing you the inspiration, motivation,
	...

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