423: Making $15K/Year & Living with His Mom to 5 Deals in 5 Years with LOW Money w/Todd Fullerlove Jr.

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 24 June 2024

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

You DON’T need a ton of money to find and fund real estate deals. Despite earning just $15,000 per year, today’s guest found the perfect property for him and scrounged the money to close. If you’re willing to learn, network, and put yourself out there, you can do the same! Todd Fullerlove Jr. had recently graduated college, gotten married, and welcomed his first child when the reality of starting a family hit him like a ton of bricks. Living paycheck to paycheck, his little family was forced to move in with his mom. Todd knew something had to change and decided to give real estate investing a try. The only problem? He had no money! Fortunately, Todd had learned that you don’t need to be sitting on a pile of cash to get started. So, Todd did what every smart investor does—he found the deal first! From there, he built relationships and raised capital. Just by taking action, Todd has completed five deals in five years! In this episode, Todd will show you how to find and fund off-market deals through the power of private money. You’ll also get a full breakdown of the short sale process, from working with banks to navigating home appraisals and broker price opinions (BPOs). Stick around until the end to hear about the loan Todd used to buy his first rental property with low money down! In This Episode We Cover How Todd went from making $15,000 per year to landing five real estate deals How to get 100% funding for your deals through the power of private money Short sales explained and why banks are motivated to work with you What you NEED to know before tackling DIY home renovation projects The BIG difference between a home appraisal and a broker price opinion (BPO) Buying rental properties with low money down using USDA loans And So Much More! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-423 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 423.
0:04.8	Can you invest in real estate while you are broke?
0:08.0	We're gonna find out today.
0:10.0	I'm Ashley Care and I'm here with Tony J Robinson.
0:14.0	And welcome to the Real Estate Worky Podcast
0:16.0	where every week, three times a week
0:18.0	we bring you the inspiration, motivation, and stories
0:21.0	you need to hear to kick start your investing journey. And today's guest Todd Fuller Love is an investor out of Oklahoma who
0:27.7	started investing as soon as he got a big pay cut at work which is kind of
0:31.5	counterintuitive but he's going to walk us
0:33.4	through how he got started and all of the learning lessons he had along the way
0:36.8	from buying his first deal to finding a mentor to rehabbing properties to the
0:41.1	loan product he used which he also recommends for
0:44.0	Ricky's who were starting out. So Todd, welcome to the Real Estate
0:46.9	Ricky podcast brother excited to have you on. Well thanks for having me. I've
0:50.9	been listening to bigger pockets for about six years straight back in the I remember
0:55.2	I was listening to it back in the original Josh Dorkin days so yeah it's the honor to be here
1:00.4	and I'm just super excited to tell my story.
1:03.0	So Todd, you've been listening for six years.
1:05.8	Kind of give us an insight of what was going on in your life
1:09.5	before you actually found out about real estate investing and decided to start this journey.
1:15.0	Okay, so I graduated from Oklahoma State University and had a kid and got married very young when I was a senior in college and I pretty much went to the job fair and took the first job I can get and relocated back to Texas.
	...

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