#283: How a Part-Time Investor Bought an OLD Duplex Rental Property
Real Estate Investing with Coach Carson
Chad Carson
4.9 • 613 Ratings
🗓️ 20 March 2023
⏱️ 62 minutes
🧾️ Download transcript
Summary
Episode #283 - With only a partial inspection, Mike wishes he caught these glaring red flags before purchasing his 1920s duplex. The mistakes he made have forever changed him as an investor.
📑COMPANION ARTICLE/SHOW NOTES: https://www.coachcarson.com/1920duplexrental/
Mike's Email: mnguyen474@gmail.com
🎬AUDIO TIMESTAMPS:
0:00 - Hook
0:33 - Chad's Intro
1:43 - Mike's career and backstory
7:43 - Mike's buy box
11:00 - How Mike found the deal
14:33 - The bidding process
18:30 - Mike's due diligence
22:06 - Mike's financing plan
32:12 - The first two weeks of owning the property
40:04 - The process of getting the property rented
47:25- Running the final numbers
54:11 - Mike's biggest takeaways
57:18 - Mike's advice for listeners
58:23 - How to get in touch with Mike
58:58 - Chad's outro
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- Deal Machine - software to help you buy more real estate deals https://www.coachcarson.com/dealmachine
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https://coachcarson.com/creativefinancing
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | Some of the rooms had dropped ceiling. |
| 0:01.8 | They said, oh, there might have been a leak. |
| 0:03.5 | There might be ongoing leaks. |
| 0:05.0 | And I was like, oh, oh, so I thought maybe there were some leaks in the ceilings. Luckily, that didn't turn out to be the case. But then the house is a little uneven. And I was like, what's going on? Is my house sinking? Like, what's going on with the foundation here? And so we did the inspection. Luckily, he said nothing's wrong with the foundation. |
| 0:20.9 | There's no cracks or anything. |
| 0:22.1 | Definitely get an inspection before, you know, you we did the inspection. Luckily, he said nothing's wrong with the foundation. |
| 0:24.7 | There's no cracks or anything. Definitely get an inspection before, you know, you go on the contract. |
| 0:37.0 | Welcome to the podcast, Real Estate Investing with Coach Carson. I'm your host Chad Carson. You can also |
| 0:37.6 | call me coach, and this is a show to help you build a thriving rental property business so you can get out of the financial grind and do more of what matters. |
| 0:45.0 | Whether you're a first time listener or a long time listener, thank you for being back for another episode. |
| 0:49.3 | Today I have another edition of a new series I'm doing called Deal Deep Dives, where I'm going to go in-depth |
| 0:55.1 | and ask all the questions you've always wanted to know about other investors' deals, |
| 0:59.6 | the numbers, how they found the deal, how they financed it, how much cash they put into it, |
| 1:03.8 | the mistakes they made, the things that did not go as well, but also the things that went well. |
| 1:08.3 | And today I'm interviewing Michael Wynn. He's actually |
| 1:10.9 | somebody who's on my team here at Coach Carson. He edits my YouTube videos and my podcast videos, |
| 1:16.2 | helps me with content. He's also a real estate investor. And I thought it would be great |
| 1:19.8 | early in this series to share a deal he did. He is a relatively new investor. And this is |
| 1:25.2 | his second property in the Philadelphia area of Pennsylvania. |
| 1:28.6 | And I'm going to save all the details for him. But needless to say, this was an interesting |
| 1:32.3 | property, an older property, one that older properties, I love them, but they always have |
| 1:36.8 | problems. And so I'm going to let him tell you all the details about himself and about this |
... |
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