WIP 690: Wholesaling Quicktip – How to Know When to Buy Your First Rental Property
Wholesaling Inc with Brent Daniels
Find distressed properties for pennies on the dollar and turn them for huge profits!
4.9 • 1.4K Ratings
🗓️ 18 May 2021
⏱️ 8 minutes
🧾️ Download transcript
Summary
How do you know when it is time to take somebody’s chips off the table and put them into your rental portfolio? You will learn the answer to that question and more in this episode.
Jared Vidales joins Brent in this episode to bring light to the question at hand. Jared is a residential real estate operator and developer from Scottsdale, Arizona, who has a noted track record of doing flips and rentals.
In this episode, Jared will talk about when to take somebody’s chips on the table into your rental portfolio. Aside from that, he will talk more about building your rental portfolio and how to grow it. Along that line, he will share the necessity of having an asset management strategy to ensure income flow while expanding your rental portfolio and how to increase your rental from one to 60 or more.
Listen to this episode to learn from Jared’s brilliant ideas and advice.
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Transcript
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| 0:00.0 | you're listening to wholesaling in episode number 690 so i think it comes down to experience |
| 0:05.5 | cash in a bank when you can start putting together your your asset strategy or your rental |
| 0:10.9 | strategy and say hey this is what i want to go after this is game changing information |
| 0:15.7 | guaranteed to raise your real estate wholesaling business with actionable steps you can take |
| 0:20.4 | immediately to navigate the ins and outs of wholesaling and start making money today |
| 0:26.3 | join us as we put our guests in the hot seat and dive deep to dissect their strategies |
| 0:31.0 | for success to enable you to duplicate their results your listening to wholesaling ink |
| 0:36.6 | the only show dedicated to making you a fortune in wholesaling |
| 0:42.6 | how do you know when it's room the right time to start taking some of these chips off the table |
| 0:47.6 | and putting it into your rental pool yeah so i don't think there's i think it really |
| 0:51.2 | case by case right it's actually talking to one of my mentees the other day on um you know |
| 0:55.8 | he's starting wholesaling he's wholesaling he's making a bunch of cash right the first thing i |
| 0:59.9 | told him is once you have enough breathing room right enough breathing room when it comes to marketing |
| 1:04.3 | your overhead your team whatever then start taking like you said start taking some of those chips |
| 1:08.9 | off the table and uh it may not seem sexy at first because oh cool like i bought one rental |
| 1:14.4 | property that maybe spits off a couple grand a year in cash will after all your debt service |
| 1:19.0 | yeah so i guess to answer your question is once you have enough breathing room take some chips |
| 1:23.2 | off put it into a you know just don't buy like the highest cash flowing property because typically |
| 1:29.5 | that's like a declass or a more zontai property put it into a nice stable property that you know |
| 1:36.1 | that continues to grow well let me ask you about that so what do you think is a nice buffer |
| 1:40.5 | is a 90 days worth of expenses is a six months worth of expenses if you start taking |
| 1:46.8 | yeah if you're if you're brand new because like you could close a couple big deals and you |
... |
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