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Real Estate Rookie

323: 10 Real Estate Deals in 18 Months After Losing 80% of His Income w/Matt Ramirez

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.81.7K Ratings

🗓️ 20 September 2023

⏱️ 60 minutes

🧾️ Download transcript

Summary

Completing ten real estate deals in only eighteen months might seem ambitious for a rookie investor, but today’s guest had no choice after experiencing a MAJOR loss of income. In this episode of the Real Estate Rookie podcast, we’re chatting with fitness mentor, professional stuntman, and new investor Matt Ramirez. Between his thriving health business and steady television stunt work, Matt and his family were in a good place financially. Then 2020 hit. With stay-at-home orders and the film industry shutting down, Matt was suddenly making just twenty percent of his usual income. Providentially, he discovered BiggerPockets, caught the real estate bug, and was determined to make a career out of flipping houses. But, like many rookie investors, Matt still had some tough lessons to learn along the way! If financial hardship has thrown a wrench in your real estate journey, draw inspiration from Matt’s story. Despite struggling to get approved for financing early on and losing money on his third flip, Matt never gave up on his real estate dream. In this episode, he’ll show you how to find the best real estate deals, get financing with inconsistent income, and hire dependable contractors for your rehab projects! In This Episode We Cover: Scaling your real estate business FAST without a large income Finding great real estate deals by leveraging your network How to get a hard money loan as a first-time investor DIY home renovation projects you can tackle yourself The biggest red flags to look out for when hiring a contractor And So Much More! Links from the Show Find an Agent Find a Lender Ashley's BiggerPockets Profile Ashley's Instagram Tony's BiggerPockets Profile Tony's Instagram Real Estate Rookie Facebook Group Join BiggerPockets for FREE Submit Your Real Estate Rookie Question! DIY Real Estate Hacks That Will Save You a FORTUNE on Your Deals w/ Shaun Kelly Flipping Houses: How to Get Started and Everything You Should Know Get Information on Properties with PropStream Connect with Matt: Matt's BiggerPockets Profile Matt's Instagram Check the full show notes here: https://www.biggerpockets.com/blog/rookie-323 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 Estate Rookie episode 323.

0:04.6

My system now is I have my contractor come in on every job and just walk through everything we want to do and then just bid a price and then we set that price and then his that's kind of like his incentive because it's like, okay, if this job is going to cost us 20, if I'm going to pay you 20 grand and you get it done in three weeks and you just made 20 grand in three weeks, if I'm going to pay you 20 grand.

0:29.7

So my name is Ashley Care and I'm here with my co host Tony J Robinson and welcome to the Real Estate Rookie podcast where every week twice a week, we're bringing you the inspiration motivation and stories you need to hear to kickstart your investing journey and today we're back with another guest we got Matt Ramirez on the podcast and actually going to talk a little bit more about Matt as an individual and my history so unique, but Matt's going to share a couple of really important things for you. He's going to share the worst way

0:59.7

to pay a contractor. He's going to share how a panic attack at work pretty much changes whole life trajectory and it's going to talk about how to find off market deals lots of great content coming your way one thing that we learn about Matt in this episode, he is going to tell us how he lost 80% of his income during COVID, then he has these life events that happen and almost forces him to become a real estate investor to survive.

1:27.0

He also ends up having to move cross country to live with his father in law and how that actually might have been a good thing for his real estate investing.

1:37.0

So hold on before we dive into today's episode let's take a quick break.

1:41.0

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1:52.0

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2:04.0

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2:12.0

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2:18.0

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2:29.0

So visit steadily dot com to find out how you can save with steadily.

2:35.0

You don't need to do all the legwork to invest in real estate if you're an accredited investor with at least $50,000 to invest Hudson investing has a deal that is almost impossible to find anywhere else.

2:47.0

Their newest property CEV upstate is a 150 unit multi family in booming Spartanburg South Carolina home to BMW's North America headquarters unlike almost any other deal in 2023.

3:01.0

This property was purchased at 27% discount with a 3.73% fixed mortgage rate that's unheard of in 2023.

3:11.0

These units are ready to renovate and once completed will rent out for an added $271 more per door altogether Hudson investing is targeting a conservative 17 to 21% internal rate of return.

3:25.0

Plus you can take advantage of accelerated depreciation so Uncle Sam gets less of your gain.

3:31.0

Let's break up great location low fixed mortgage rate equity upside and big rent raise potential ready to invest funding is almost finished if you're an accredited investor head to Hudson investing dot com slash bigger pockets to learn more that's Hudson investing dot com slash bigger pockets to learn more about CEV upstate.

3:53.0

Matt welcome to the show thank you so much for joining us today I want to have a little fun before we actually get into the full episode and play a game are you up for it always up for a game.

4:09.0

So we're going to play true two truths and a lie okay I'm going to read these and I want our audience to guess which is actually the lie so you're listening right now pay attention okay and don't reveal what are the truth before we've we've let Tony guess okay.

4:32.0

Okay so here are the three things made six figures as an entrepreneur operator of a corporate focused fitness company for 10 years second one is trained sea animals and performed on stage weekly with a walrus named Gus for five years and the third is you were a part time stuntman on 50

5:01.0

50 different TV shows and movies so Tony what do you think is the lie I feel like the most outrageous one is usually the truth so I'm going to say the lie was was a part time stuntman on 50 TV shows and movies.

...

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