Buying & Selling Real Estate To Make Money

Coach Corey Wayne

Relationships, Society & Culture

4.6 • 532 Ratings

🗓️ 17 January 2022

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

Andy, Mike and Corey discuss buying and selling real estate to make money

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Transcript

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0:00.0	Well, tell us about our current market now.
0:06.0	Because obviously back when we started, it was a buyer's market.
0:10.0	There were a lot of people wanted to sell and wasn't a ton of buyers.
0:14.0	And because we were focused on helping buyers and providing the finance, and we had a lot of leverage with the sellers.
0:20.0	And then obviously that changed within a few years because all that cheap money from all those
0:25.5	non-conforming 100% type of loans, the interest rates being low and all that money being
0:30.9	pumped into real estate, then it flipped from being a buyer's market to a seller's market.
0:37.7	And then the type of loan products, most of our customers were first-time home buyers.
0:42.4	So if they were buying a $200,000 house, they maybe have three or four grand to put down on it.
0:47.4	And we're doing 100% financing, asking for the seller to pay some closing costs.
0:52.1	And then they're looking at, we got like five offers here, and they're putting like 50 grand down because each one of those buyers had sold their house that they bought for a lot cheaper and made a lot of equity because those things didn't appreciate a lot.
1:03.6	So we had a lot to put down.
1:05.3	And then here we are.
1:06.3	We got a client that's barely got three grand versus somebody that's got 50, 70, 100,000 to put down
1:12.7	cash, closing a, you know, pre-approved financing.
1:16.9	And with that kind of money down, you're going to get approved.
1:20.5	And so the seller's looking at that and they're like, we got this weird 100% financing
1:23.9	and they went closing costs paid and this guy's going to pay all the closing costs
1:28.4	and they got all this money to put down so we would just we get outbid basically and so we're
1:36.2	kind of that is kind of flipped again so can you talk about the difference between buyer
1:41.5	market seller market what we went through at the time,
1:45.5	because obviously based on what's going on in the economy, there's times to buy investment properties
	...

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