Incredible Cash Flow With Cheap Properties With Michelle Cummings (Ep 311)
Rental Income Podcast With Dan Lane
Rental Income Podcast
4.8 • 836 Ratings
🗓️ 20 April 2021
⏱️ 22 minutes
🧾️ Download transcript
Summary
She fixes the properties up, gets better tenants, and ends up with a great property that produces great monthly cash flow.
On this episode, we talk about how she works with the local police department to get squatters out of the properties, and why she doesn't like working with section 8 tenants.
Transcript
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| 0:00.0 | inspiring interviews with today's top landlords this is the rental income podcast and now dan lane |
| 0:09.6 | Michelle let me make sure I got your strategy right so you're buying really beat up rough properties |
| 0:15.1 | in horrible neighborhoods and you're turning around not just the property but also the neighborhood |
| 0:20.8 | right I tend to go into these these rougher areas because neighborhoods. And you're turning around not just the property, but also the neighborhood, right? |
| 0:21.5 | I tend to go into these rougher areas because I'm kind of used to it. That's what I started in. |
| 0:28.6 | I grew up in Southern California. This is nothing unusual to me. And I am very close with the Huntsville |
| 0:34.5 | Police Department. And they will come, you know, at any moment that I need help. |
| 0:39.8 | And so when I tell them, hey, I've got a property, I need to empty out. They will come. And so that's what we do. |
| 0:46.2 | And of course, the city council and everybody, they love me because we go in there and we do that. |
| 0:51.1 | And then we create value. So we empty it out. We renovate it. And we get good tenants in there and we do that. And then we create value. So we empty it out. We renovate it. |
| 0:56.3 | And we get good tenants in there and we push those values up. Michelle is basically buying rental |
| 1:01.9 | properties that nobody else wants. These properties are in really bad shape. They've been |
| 1:06.9 | boarded up for years. But because of that, she's able to buy them for next to nothing. |
| 1:12.7 | She fixes them up. She gets really good tenants in place, and she ends up with a property |
| 1:16.8 | that cash flows like crazy. So on the show today, we're going to figure out exactly how she does |
| 1:22.3 | it. Joining us on the show today from Huntsville is Michelle Cummings. We'll take a really |
| 1:27.1 | quick break. We'll thank our sponsors. |
| 1:28.9 | We'll come right back and we'll meet Michelle. The first step in buying a rental property is to get |
| 1:34.3 | pre-qualified. And I would suggest you work with a lender that specializes in working with |
| 1:39.9 | investors because the last thing you want to have happen is to get to closing and find out the money's |
| 1:45.7 | not there and you can't close. The lender that I recommend is Chaley Ridge from Ridge Lending Group. |
| 1:52.5 | She's a nationwide lender and she'll pre-qualify you for free if you mentioned rental income |
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