and we're live all right we finally got
this looking sweet a little late to the
party but that's fine let's see what's
going on everyone viewers of the quoc
brothers we did have a little bit of
technical difficulties as you can
probably tell dave is adjusting my
camera right now and what I'm gonna do
is I'm gonna move around to set it's
gonna be hard for him to capture me but
I hope I hope this is good we were
supposed to actually have a the ability
for somebody to call in but for some
reason we were experiencing some
technical difficulties this morning so
we're gonna go off the chat and
hopefully next week it's gonna be able
to work hey Dave can you be a favor can
you move that camera a little higher
because if I even if I stand up straight
there we go awesome thank you Dave thank
you Dave man thank goodness for
technological people all right guys so
let's go ahead and get started so we're
gonna just go ahead and use the chat
this morning for your real estate
investing questions again we originally
planned for you guys to be able to call
in but for some reason that was not it
was not able to stream this morning so
we'll go ahead and take a look at that
but nevertheless whether you guys are
calling in whether you guys are putting
the questions in the chat either way I'm
here to answer your guys's questions and
we'll you know what we'll go if if need
be we'll go to like 1210 Central Time
just because we started this a little
later and again guys because of our
technical difficulties I apologize but
now let's get this show on the road I
always do have a little bit of a short
training and I also talked about how I
personally got started because we do
have people online right now so if you
guys have questions right now feel free
to chat that in put that in the in the
chat box if you have any questions
regarding real estate investing we got
about 10 people right now so that should
be enough for us to have a good decent
conversation so go ahead guys put your
questions in the chat box if not I'll go
ahead and show you the sale
spheal I guess all right so I'm not I'm
not seeing any questions so let's go
ahead and I guess I'll talk kind of talk
about some common questions that I get
very often one of the common questions I
get I think I guys as I speak as I kind
of train as I talk if you guys want to
put in questions in the chat box again
this is for you guys I am spending this
hour of my day going live on YouTube to
bring value to you guys the clock
brothers viewers on real estate
investing so whatever one of you guys
have questions feel free to go ahead and
put it in the chat box so one of the
common questions that I do get in terms
of frequently asked questions is Daniel
how did you get started how did you get
started in real estate investing and you
know I'm not sure if people ask me that
because they don't know what else to ask
or if they're genuinely genuinely
interested in how I personally got
started so this is a question that I
also asked a lot to a lot of different
individuals um you know to a lot again a
lot of different individuals night when
I personally first got started however
asking uh anyone from you know any any
anyone from people who did like two
flips a year right they only owned like
three or four rentals all the way to a
guy who you know control like half a
billion dollars in real estate so I
would always ask them how did you get
started and when I when I asked those
questions asked those questions I would
say the answer is very similar to mine
and it's that it really does differ
you know everybody's story is unique now
if if we're talking about what I
personally did or what I would do if I
were to personally get started in real
estate here's what I would do so if I'm
if I know what I know now and I had a
time machine right and I went back six
years when I first got started in real
estate investing I would tell myself -
first off read a lot about personal
development
right a lot about personal development
so if you think about you know a car
right a lot of people say well how did
your how did you get this far in your
real estate investing career how did you
become this successful how did you
necessarily start
okay well the starting is very similar
to like starting a car right and success
is a lot like you know and as cliche and
as corny as this is gonna sound you know
success is like a road you know some
people have just driven farther then you
know some people have cars that are
faster due to talent due to skill due to
resources whatever it may be and some
people you know have a Prius right there
they are very efficient where they're
able to go a very long time without you
know so I'd say starting is like
starting a car every car starts the same
way right some cars make more noise than
other cars right if you turn on a
Ferrari right if you turn on a Ferrari
then it's gonna make a lot of noise
right it's gonna go room right and it's
gonna like get you all perked up it's
gonna be awesome
all right some cars it's gonna be like a
Prius they're not gonna make much noise
all right but I would say if you ask me
what's the better car Prius or Ferrari
well that depends if you're talking
about value if you're talking about
monetary value obviously a Ferrari costs
more but if you're talking about mileage
and gas efficiency well then you got to
go with the Prius so it's the same thing
guys right when you first start that car
when you first start your real estate
investing entrepreneurial journey right
just because an individual makes a lot
of noise it does not necessarily mean
they're gonna be successful matter of
fact when I first got started there are
many people around me who made a lot of
noise or like oh I'm gonna do this well
I'm gonna do that you know man I'm gonna
be the first to do this and a year later
they're nowhere to be found you know
they're nowhere to be found so Rob I see
we just got a question from you so why
don't I go ahead just kind of wrap up
this thing in a couple minutes and I'll
go ahead and address your question so
you know it's it's it's a lot like again
it's like starting out how to start it's
like starting a car right some people
make a lot of noise so people don't but
more importantly right your personal
development is your engine right that's
your gas mileage that's what dictates
right so some people are like Ferraris
with a
gas mileage of a Prius right that's just
the way it is because well if you have
if you have the engineering to be able
to do that right that's a similar as you
spending a lot of time investing into
personal development investing in
yourself right so imagine a car with you
know a Ferrari with with the gas mileage
of a Prius
you know the the hip nosov a Tesla right
and the technology of a Tesla right
there's a lot of things that you could
engine and investing in yourself is a
lot like making upgrades to a car but
with you right so I say if you want to
go far if you want to have the right
engine the right foundation start with
personal development so obviously
reading books like Think and Grow Rich
by Napoleon Hill or you know setting a
standard for yourself I'm not a big fan
of gold right a lot of people tell me
like Dania what are your goals what are
your goals guys I'm gonna be honest with
you I'm two three years earlier I
stopped making goals you know especially
with like New Year's resolutions right I
stopped making goals instead I started
setting standards and expectations for
myself I noticed that if I set goals
yeah that's something for me to work
towards and that's fantastic
but for me that's very temporary you
know all goals have a what buy went and
that's awesome that's fantastic I
endorsed that all day long but for me
personally tried I set standards and
expectations on who I'm gonna be every
single day and for me that's worked out
fantastic alright so Rob just asked the
question
scope out for unit property how do I
request for seller financing through the
agent what is the ideal seller financing
type to ask for to ask for to take over
the property okay got it
so seller financing on there is no ice
ideal seller financing type right I mean
I wouldn't say there's there's different
types of seller financing seller
financing is just one strategy just like
how there's no different types of doing
a cash offer right like you can do a
partial cash offer where you do part
right there's different ways to frame
cash offers and there's different ways
to frame seller financing
I wouldn't say there's different types
of seller financing now how do you
request yourself financing through the
agent well this is where a lot of your
educational and coaching mindset has to
come in so you have to be very
knowledgeable first off about what
seller financing necessarily is right do
you know a seller financing yes and do
you know not only what it is but how do
you best portray it can you explain in
five minutes right three to five minutes
what the basics of seller financing is
to the point where a layman can hear it
right as an average Joe Schmo can listen
to it and say tell me more and that's
mainly what you want so I did a deal I
did a 24 years in apartment complex with
seller financing with a broker involved
now the logistics was that was that they
broker just took his commission off the
down payment so I bought was a 24 unit
building I bought it for 1.5 million
dollars and the down payment was a
hundred and seventy grand which you know
that's about 12% 11.3% actually so 11.3%
it was a hundred and seventy thousand
dollars the broker's commission on that
was around I think he got paid 87 grand
for being the commercial broker on it he
just took the 87 grand off the 170 and
the so the reason why we landed at the
170 number was because that was what he
was gonna pay in Commission and also in
taxes so he had about eighty three
thousand dollars I think in taxes that
he had to pay I don't know if it was
count I think it was capital gains or
maybe it was ordinary income but it was
it was probably capital gain so he paid
eighty three thousand dollars in taxes
eighty seven thousand dollars in
Commission for the broker and that
totaled the 170 that we needed to
provide for the down payment
so again Rob it's gonna have to be a lot
about you educating the realtor and also
the seller on seller financing and how
they would be they would be compensated
for that I've met a lot of individuals
who you know there are philosophies go
around the realtor I am NOT of that
philosophy I say that listen it's a
broker signed a listing agreement with
the seller the
so be it right those are the cards
you're playing with and most of the time
that you and have found a deal without
the broker if that's not the case then
right again I
I try and make peace and build bridges
with many people as I possibly can
now if that's not the case and I'm
forced to do something else if the
broker is putting the seller special
interest in jeopardy and they're not
doing what they're supposed to be doing
in that case then I'll find ways I could
go around it but for the most part if
the broker is genuinely interested in
helping out the seller
and there they have their best interest
in mind which every broker and realtor
should be doing then I don't mind it I
don't mind it at all all right next
question
si Sanchez asks should I use my own
money or should I take out a loan to
invest so that honestly depends um I do
not know a whole lot about your personal
financial situation I don't know how
much capital you do have I always say
that one of the beauties about real
estate investing is the fact that you
get to leverage um
there's very few instances where I buy
properties all cash I bought a property
all cash probably about three months ago
when I closed on a property that I am
looking to run a nightly rental business
out of but that was again a very small
case where I had used to my advantage
now considering the value of leveraging
real estate the greatest value in real
estate investing which is leverage can
also be individuals biggest downfall
I've noticed that a lot of people in the
past have made the mistake and a lot of
times guys success in real estate it's
not about what gets you forward it's
just a lot of times it's just about not
messing up it's about not create it's
not about it's about not making the same
mistakes that other people have made and
history does repeat itself so I always
say you know the greatest asset can also
be your greatest liability which is in
this case leverage so I say see Sanchez
if you're in a position where you know
you're able to build a lot of cash flow
but also a lot of principle on top of
that like if you're able to walk in a
bank and they give you a phenomenal
program I wouldn't use government
financing right now
also like Fannie Mae you know I just
wouldn't write because in terms of if
you look at the municipal bond market if
you look at the Treasury bonds which you
know that's a lot of mumbo-jumbo that
you know that I'm personally a nerd in
right I'm just I just love learning
about that stuff if you pay attention to
what's going on there
and considering that 54% of all
partnering complex financing has been
done through Fannie Mae the last three
to five years you know I think there's a
lot of issues that's going to occur in
the future now I may be wrong I'm more
than happy to be wrong but whenever I
studied history and I looked at
different financing options for real
estate investing in the last 50 years
the one that again has been over
leveraged that a lot of people use and
abused it doesn't end up going out
really well all right kind of like
subprime mortgages in 2007 hasn't ended
up working out really well so again I
hope I'm wrong because there's a lot of
people's livelihood that's at stake but
I would try a few but again see Sanchez
if you were to walk into a bank if
you're gonna walk in a bank and you know
they see that you're very liquid and
they give you you know 4.4 percent
commercial rate on 30-year fixed-rate
you know fixed-rate financing with 20%
down no balloon and you know a lot of
these great benefits and side assets
that they can provide for you I say go
for it right used use again use the
greatest asset that real estate has to
provide which is the concept of leverage
but if that's not the case and you're in
a position where you're over leveraging
yourself you're not getting the rate
you're looking for and you're not
necessarily able to hit your goals hit
your financial goals you're investing
goals