48: 4 Ways Newbies Can Finance Deals with Richard Kelly

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 27 January 2021

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

After Richard Kelly shadowed a veterinarian for the day, he realized that his passion wasn’t performing surgery on animals, it was actually money. This led him to become a banker and after he was given the book Rich Dad Poor Dad, his interest in real estate investing was sparked. After deciding he wanted to become a landlord, Richard found BiggerPockets and started listening to every episode of the podcast he could. After feeling confident enough in the real estate investing education space, he made his first jump into flipping, buying a short-sale home with some creative financing via hard money loans. After some very heavy hard money fees paired with long nights working to get his flip finished, he walked away with a solid profit, and knew that he wanted to park it in buy-and-hold investing. Currently, Richard has completed 2 flips and owns 2 rentals (a single family and a duplex), and knows exactly what (and what not) to look for when using hard money and creative financing. Now, he’s here to share the knowledge with all of us. Richard has done 4 deals, with 4 completely different ways of financing. From private money, to 401(k) loans, and using a fan favorite, the 203(k) construction loan. He also talks through how to find deals, who to partner up with, and why you need a great real estate agent especially when you’re just starting out. In This Episode We Cover: Why short sale properties may be a great buy for new investors The importance of having reserves when going through hard money lending How to get comfortable with making offers (before you see the place) Financing through hard money, 401(k) loans, and 203(k) loans Finding quality partners that make deals easier How to find off-market deals, wherever you are Richard’s favorite tools for finding and managing properties And SO much more! Links from the Show Real Estate Rookie Facebook Group Yes Man Trulia Zillow Redfin Realtor BiggerPockets Hard Money Lenders Propstream BiggerPockets Forums BiggerPockets Real Estate Show BiggerPockets Money Podcast Genius Scan Stessa Ashley's Instagram Tony's Instagram Check the full show notes here: https://www.biggerpockets.com/rookie48 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie show number 48.
0:04.4	This is what I wanted to do and I think that's the biggest thing.
0:10.0	Just have the why.
0:11.0	This is what you want to do. The house sometimes will work
0:13.7	yourself out even if it's not exactly the way you plan it to be, you know, you eventually
0:18.0	it gets at that point. My name is Ashley Kerr and today I am here with Tony Robinson and if you are
0:29.6	watching on YouTube you can see he has his nice honeymoon glow.
0:34.0	Yeah, I'm tanned, you know, I'm relaxed, you know, just everything feels great.
0:38.8	It was so cool.
0:39.8	We spent a week down in Plaido Carmen and it was the most beautiful resort I'd ever been through in my life and there was a huge river that flowed through the hotel and there was kayaking and it was the best way to spend the first eight days of the year by far.
0:52.8	So my wife and I said every year moving forward,
0:55.0	we're going to vacation on January 1st,
0:57.1	just to like start the year off the right way.
0:58.8	So it was good.
1:00.6	That's a great idea.
1:01.7	And he shared a little bit of his honeymoon on Instagram.
1:04.0	You guys have to go watch his one post where it shows him driving a side by side
1:10.0	and then the next you slide over there's another video of his wife driving the side by side and then a caption so you guys have to go look at that at Tony J Robinson and you will definitely laugh.
1:22.2	I got a lot of people reaching out to me about that one. Robinson and you will definitely laugh.
1:22.8	I got a lot of people reaching out to me about that one.
1:24.8	It was fun.
1:27.0	What's new with you actually like what's happened in the business world?
	...

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