Unlock the secrets to amassing real estate riches in our latest Do the Talk podcast episode where we, Hamid Lawal and Ibrahim Ojenide, serve up a wealth-building feast for your ears. You'll glean invaluable insights into the art of property investment, from identifying prime locations to mastering the finesse of negotiation. We ensure that by the end of our discussion, you'll have a treasure map to navigate the realms of real estate, no matter the economic climate.
Our conversation sails through the importance of a dedicated investment strategy, shedding light on why laser focus trumps flitting between the latest market fads. With a real-life tale of a wholesaling victory, we illustrate the power of perseverance and the potential rewards of a well-honed approach. Plus, we explore the essential skills for commercial real estate success – creativity isn't just for artists, it's a real estate investor's ace in the pocket.
As we wrap up the episode, we delve into strategies that stand out in a crowded market—think furnished homes for disaster-struck families, a niche that not only fills a desperate need but also offers lucrative opportunities. The fusion of empathy and business acumen creates a winning formula for long-term profit and portfolio expansion. Whether you're a seasoned pro or a greenhorn in the property game, our episode is packed with strategic wisdom to propel you toward financial triumph.
Unlock the secrets to amassing real estate riches in our latest Do the Talk podcast episode where we, Hamid Lawal and Ibrahim Ojenide, serve up a wealth-building feast for your ears. You'll glean invaluable insights into the art of property investment, from identifying prime locations to mastering the finesse of negotiation. We ensure that by the end of our discussion, you'll have a treasure map to navigate the realms of real estate, no matter the economic climate.
Our conversation sails through the importance of a dedicated investment strategy, shedding light on why laser focus trumps flitting between the latest market fads. With a real-life tale of a wholesaling victory, we illustrate the power of perseverance and the potential rewards of a well-honed approach. Plus, we explore the essential skills for commercial real estate success – creativity isn't just for artists, it's a real estate investor's ace in the pocket.
As we wrap up the episode, we delve into strategies that stand out in a crowded market—think furnished homes for disaster-struck families, a niche that not only fills a desperate need but also offers lucrative opportunities. The fusion of empathy and business acumen creates a winning formula for long-term profit and portfolio expansion. Whether you're a seasoned pro or a greenhorn in the property game, our episode is packed with strategic wisdom to propel you toward financial triumph.
Alright, guys, welcome to Do the Talk podcast. This is a real estate podcast that teaches the regular people how to invest in real estate. We are your hosts, hamid Lawal and Ibrahim Ojenide, and tonight again, we are here to ensure that we bring you all this great, resourceful information about real estate investing, just like we always do every Friday. Keep in mind this is not a get rich quick scheme, but you have to put in the work for you to actually see the results, so this is not one of those get rich quick scheme. Ibrahim, how are you doing tonight? Thank you for asking.
Speaker 2:I am doing very fantastic. So, like you said, this is not a get rich quick scheme. We always come here every Friday and we are dishing out very valuable education. We really appreciate our audience. We would like this to be. We always ask for this. Please interact, ask questions. Let us know if you have any burning question. We will try to answer it before the end of the episode. Thank you for always supporting us. If you haven't subscribed, if you haven't go to our channel it's Do the Top Podcast Please go there and subscribe. We are committed to provide education every Friday, every Friday. All right, guys. So today we want to talk about how to build wealth in real estate in 2024, in real estate. So 2024, in real estate, how to build wealth. That's what we want to talk about today. Ahmed, do you want me to go ahead or?
Speaker 1:Yeah, let me give you some break. So really, guys, 2024 is here already. Before we know it, today is the 12th day of January, and that means, before we know it, january is going to be ending.
Speaker 2:Now we're going to be moving on to February.
Speaker 1:So let's talk about how real estate can help you, at least start you, in the journey of building wealth. Really, like we always say, this is not a get rich quick scheme, so this is not something you will do today and you will actually get that millions that we talk about tomorrow. No, but this is a steps process that you can put in place that we actually put you on the path, that financial freedom that we actually put you on the path to, that you reach your first million very soon, hopefully in the next year or two, right? So the number one thing you want to make sure you do a real estate, to actually ensure that you capitalize on the, on the benefit of real estate and making sure that real estate actually work for you the same way as work for over 90% of the below is out there is making sure you are buying in a very good location. What do I mean by that? So there is this saying in real estate that is that goes like location, location, location. Always, always know where you are buying. Don't just go ahead. You want to do here BNB and you are going. You are buying the house in a section hit environment, right? You want to do middle time rentee where the travel professionals. We need a secure environment. However you are, you are buying in a to a environment where there's restriction on here BNB and middle time rent. So location is very, very key if you want to build wealth in real estate. If you want to buy anything, know your end strategy so that you can position yourself buying in the right location. So let's say I want to buy. I want my strategy for a 12 unit apartment complex is section eight. I want to make sure they have access to buses, city bus, because a lot of them doesn't have cuts, right? This is not nothing against section eight guys, right? I'm just trying to state some things that you need to check, just to make sure that when you are buying, you make sure you think about what the end goal is before you buy that property. So you want to do here BNB and you go and buy a house in the to a environment where the restriction or the, the convenance states that there's no short term leasing on there. So that is going to affect your business and you will not be able to hold on to that property long term, especially when you don't have plan B, which is why we always talk on this podcast.
Speaker 1:If you want to buy a house, make sure you have your plan here as well as plan B. In real estate terms, we call it have to exit strategy. Having to exit strategy protects you in the case. Or, if you buy in the wrong location, then you can switch strategy. You can actually move from if you want to do here BNB, if you want to do short term leasing not, it is not here BNB, it's a short term. So, sorry, if I call it a BNB, it's because a BNB has become the ticket. So, making sure that the location you are buying, if it doesn't align with the first exit strategy, you can quickly switch to the second as well, right? So being able to switch is gotta be part of your plan. That is why location is very, very important. So if you buy in a very good location real estate you're going to love it. You're going to love it because if your strategy is working, if the money is coming here, you want to audit as long as can, right? Because money is coming here. Why do you have to sell it, right? So that is one.
Speaker 1:The second strategy you have to put in place if you want to make or build wealth in real estate is making sure that you negotiate the right. Ibrahim is going to go deeper into this on a different direction, but what I'm saying is people always put commodity money together. Of course you need money to be able to buy things, but there are so many other ways you can go around money. When it comes to real estate, nobody else really talk about this so much. I mean it's coming out lately. People are talking about creative financing, but there are so many other ways you can go around making sure you get what you want and your seller gets the fear share of the deal as well. So, making sure that you negotiate the right time. If you want to know what I mean by time or creative financing, you can go back to our creative financing episode we did sometime last year. I don't remember the episode on top of my head, but when you can negotiate the right times maybe subject to seller financing, no vision there's so many times a creative finance strategy you can use to purchase the house and making sure that this seller gets the fear share of the deal and you also gets the fear share of the deal 10 times, even with no money.
Speaker 1:If you can perfect your ways, you can get in a deal, get in a ownership of a property real estate, house with no money. Another one is if you are going into real estate in 2024, give yourself time. Give yourself enough time. Why do I say that? If you buy a house in a good neighborhood and you want to sell the following day, maybe you can make money if you buy very, very deep off-market and you fix it up and you force the equity. But that doesn't even happen overnight. You have to put in some work to get to that stage right. So you still have to give yourself time and know your strategy very, very well, because the real world in real estate is being built in.
Speaker 1:The equity game is being built over time, so it's not something that you're just going to go in there today and all that you can sell tomorrow and make 100,000, 200,000, a million doesn't work that way. It doesn't always work. Unfortunately, a lot of people think like this is crypto and all the other sorts of investment vehicle that you can just go into it today and boom tomorrow the price just went up. The downside to those investment strategies is you don't have control to it Just because you buy at the rate of $20 and now the rates all of a sudden went up to 80, from 20 to 80, that is like 75% increase. Right. The same way it goes up that quick, it can easily come back because you have no control over it the people that are playing the controlling game. I hope that you are just investing into it so you don't really have that control, but when it comes to real estate, you do have control Really do have control but you need time.
Speaker 1:So I'm going to give you an example. So there's one of the properties that I bought. I bought it in 2018 for $160,000. If there are for three years, pay here that $142,000, right. I sold the property three years after for $245,000. That is over 100K equity. That is over 100K equity. Stop paying all the expenses. I still work away with a lot of money, right. That is giving you a safe time. I'm buying in the area that works for you. I'm not saying that I don't have that for today, but just flying when I was discussing this is riding on the wave, jumping on the trend before it actually picks up.
Speaker 1:So when they take you to a neighborhood, like Ibrahim, always do this like taking people to a new neighborhood and showing you oh, this is a new neighborhood, they are just opening it up. If you want to get your property here, it's $300,000. You are like, oh, no house in this neighborhood yet I don't want it. I want an neighborhood that is already. A lot of people are living there already. The only thing you are missing is you are going to get the cheapest price of that neighborhood Because immediately they sell it for $300,000 to you. The next person is not getting that same price. The next person is getting probably $320,000. The next person after that is getting probably $330,000. The next person after that is paying more. So the last person to move into that neighborhood is the one that is going to pay the higher price, highest price. So which, if you can just ride on that with, buy the first plot on that in that neighborhood and after everybody moving, look at the price. They sell it to the last person Same house. The difference is probably going to be $100,000 or more. You can just cash out and move on to a different new area. That is how to ride on a with when you see in developing environment. So let me give you guys this cheat code.
Speaker 1:When I'm buying, what one of the biggest criteria that I always look at is the developing area. I want to go into an area where there is a lot of traffic, where there's a lot of investor activities, such that when I go in there in the next two, three years, that out there, that neighborhood will look so pretty because every house in that neighborhood have been remodeled, upgraded and now my house is going to be using their cons to evaluate my house whenever I want to sell it. That means I ride on the wave. Now I have much more equity in that house to play with. I can get ill-equity, I can get equity loan with it, I can do whatever I want with it. So riding on the wave is another big one. So be true to your strategy. That is another one that I want to discuss.
Speaker 1:If you want to build wealth in 2024 with real estate, you need to be true to your strategy. We all know right now, wherever you turn on social media be it Facebook, instagram, youtube, tiktok everybody is talking about oh you, stop everything you are doing. Right now you need to be investing in our rates. Stop everything. Right now. You need to be hostility. Stop everything. Right now. You need to be going into mid-time renting. Stop everything you are doing right now. You need to be doing short-term renting. If you are not true to your strategy, what will happen is those guys are going to get you confused because when you hear from there, everybody is guru right now. Right, everybody is guru when it comes to investment right now. So when you hear them tell you that you should stop the strategy that you already choose and you think resonate with your personality and go with your investment strategy, now what will happen is you will have to start all over again and maybe the house you bought doesn't even going to be good. That house is not going to be beat for the strategy that they are calling you to come and join, to come and do right. So this is going to take you away from reaching that wealth. You are building that wealth, gaining that cash flow in real estate in 2024.
Speaker 1:You need to be true to your strategy. Whatever you are doing, you need to be true to it. So I used to have a friend I don't know if he's hung here right now. His name is Dee and there was a time that we used to have this discussion and he always tell me like Bru, I'm not ready to buy a rental property right now. I just want to wholesale. Then I used to be like what is this guy talking about? I don't understand. Why don't you want to buy a property Recently? I'm just realizing what he saw there. Right, you need to be true to your strategy. Forget about the noise, forget about everything that is going on.
Speaker 1:Once you find the strategy that you like, be true to it, because one thing you're going to find is jumping around, you're not going to get anywhere. Maybe you might be eating some jackpot here and there, but if you don't actually be true to your strategy, your journey is going to be a little longer than you should have taken you to get to the end point, right. So always, always, always, always be true. So Dee is actually watching us right now and he said I'm here, lord, yeah. So you need to always, always, make sure you are truthful to your strategy. Don't be distracted. Always be focused. That is how you can make headways in real estate in 2024. You need to stay grounded on one strategy. Once you stay grounded, you realize that. Okay, now I kind of figure this out. I can put this into automation that money is still coming here, right, someone is managing that side of business for you. Now you can now look into other places.
Speaker 1:Look at Jamin, danji, jerry, nothing, all these other guys. They started with Oceane. Right Now they have built a brand for themselves. They don't even get involved in that business anymore. Their cash flow is still coming here. Now they can now invest in other people's view and they can now buy a deal for themselves. That is because, boy, if we are talking about the main danger today, the first thing that comes to your mind is what? Oceane? Right? They build a brand for themselves. They build a name for themselves. They are true to that strategy to a point that everybody now knows that strategy and knows them. When you call, just like you call short-term renter, the first thing that comes to mind is AB&B. That is not the only platform, but because AB&B are very true to that strategy, now they build a brand, they build a name for themselves. So always, always, find whatever resonates best with you and make sure you are true to.
Speaker 1:Okay, someone just asked what is Oceane? So Oceane in real estate is where you can actually buy a property without buying it. You can buy a property, make a profit, without actually buying it. I'm going to give you an example of an Oceane deal that I did early in the 20th 23th. I found a house that was $240,000. No, $450,000 in Bloomington, indiana. I called the seller hope I negotiate that house down to $260,000. I know that's my son's trade a house that costs $450,000. How can you negotiate that house and the seller will agree for you to buy it for $260,000?
Speaker 1:The reason is this is a distress property. Distress property means that the house is being run down. Maybe there's a walk that is needed. They need to fix the window, they need to change the roof, they need to update the HVAC system, they need to update the plumbing system, they need to update the electrical system in the house. So it needs some work. Plus, bloomington is a college town, right? Students are breaking, let me say, people are breaking into the house and they are causing even more damage to the house.
Speaker 1:So this guy now hire a security guard that is paying per night Just because it's not living there, right? So it's the second house to him and this is just costing him near paid. You can see where I'm coming from. So he needs to fix it up. He probably is not ready to fix it up. People are breaking into it. He has to hire people that is paying per night to be watching. So this guy do have a pay. That house is a pain for him. So he accepted 260 price on that house. That is almost 200,000 bouver, and we find a buyer for 282. So this is all.
Speaker 1:My goodness, ibrahim, give me one second. Let me see if I can. I'm so sorry. I need to see if I can show this. I want to try to explain what I'm talking about. I didn't plan this, so sorry guys. So I don't want to take too much of our time. But what I'm trying to show you is if you can write this down so that it can make more sense to you the house, the ARV, the after-review value.
Speaker 1:If the house is all fixed up, everything works fine. The house looks brand new. The ARV is $450,000. We got the price. We negotiate the distress price to $260,000.
Speaker 1:Now I have to contract the seller. Right, I turned on an and I'm selling that contract to Ibrahim. I'm just using Ibrahim as an example here. I didn't actually say the property. Ibrahim was like. He didn't say the property to me. Why are you using my name? So I turned on. I'm just using Ibrahim as an example right now. I turned on an and sell that contract to another buyer for $282,000. $262,000 to $282,000, that is $22,000. Different right. The buyer paid, I give the down payment to the seller and that is it. We close on the house. I pay the seller $260,000, I walk away with $22,000. So I don't actually buy the property, I only negotiate a favorable term and I was able to sell the contract to someone else for a fee in this case, which is $22,000. So that is an example of all-selling. So all-selling is a very good strategy if you want to get yourself into real estate and you don't have any money. I'm not sure if I answer your question, but that is what all-selling is.
Speaker 1:So before I kind of address my point here, I want to mention something real quick. Cash flow is king. Equity is how you build wealth, but cash flow is king. Because when people always say cash flow is king, in real estate cash flow is the money that you make after your tenant pays you and you already pay all your expenses. The spread between the rent that you collected and the expenses that you have to pay is what is cash flow. So that little money that is left maybe it's $500,000, $800,000, $1,000 that remain after you pay all your expenses is what is called cash flow. Cash flow is king. Why do I say that? Even if the value of the house goes down, which we have seen in recent time and this happened in around 2008, 2009 as well even if the value of the house goes down, guess what? When the cash is still coming in, why do you care? Why do you care? Because we always know from history that the value of the house we always bounce back. So cash flow we make you so. This is why the incident of 2008 was brutal than the recent incident that we have, 2008,.
Speaker 1:A lot of loan that they were issuing back then is not a fixed rate, interest rate. It is actually flexible. How do they call it, brian? Adjustable rates? Yeah, adjustable rates. Right, they have adjustable rates. Imagine you have a 2.0 adjustable rates. All of a sudden, that rate goes up to 8.0, 10.0. Now, instead of you paying 200, like you used to do, you will be paying 1,002,. You will be paying 1,005. So that is why they focused on a lot of houses back in 2008.
Speaker 1:So when you have cash flow, cash flow can suck in that pressure for you. It's just like a sucker absorber in our car. It doesn't make all our back. It prevented us from absorbing all the ups and downs on the road, such that we don't have too much back pain. Right, that is how cash flow is so to be able to actually build wealth and hold our house for a longer time, and not for you to build wealth, cash flow. You know, we I would like to put this we suck in all the pressure of the market for that entire time. Maybe the market went up or down. So those are very, very important points.
Speaker 1:Guys, thank you for joining. I want to mention this If you haven't subscribed to our channel yet, please do and please and please give us your honest and constructive review that we hope is on any platform that you are watching or listening from, because what that does is it actually the algorithm work in such a way that the more reviewed, the more liked, the more comments we have, the more people we can reach, and that is how we can get this information out to a lot of people. So, ibrahim, I have discussed so much and we talk about the location, we talk about negotiating the right time, we talk about time, we talk about being true to your strategy. What else do I talk about? We talk about riding on the way. We talk about cash flow. What are the other ways, our other strategy? Can people build wealth in real estate in 2020?
Speaker 2:Yes, definitely, people can build wealth in real estate. In fact, real estate is one of the most sustainable and proven way of building wealth. So it's wanted to build wealth. It's another thing to just crash immediately, but with real estate it's one of the investments that, when you do it fair enough, it's forgiven. What I mean by that is that, even if you are not doing it right, as long as you are steady, consistent and you keep doing this real estate business for a number of years I would say like from one to 10 years that real estate will forgive your errors and you probably learned from it that you become a professional, and this is what I mean by that. There are a lot of factors that helps you and make real estate very tangible and reliable investment if you're ready to do the work. Ok, so I'm going to go into four factors here. I made up mention some of them, and also there are orders, but I mean we don't have time to explain everything yet, so I'm going to go up to the four key ones that I believe, if you have these skills, if you can put in place these factors, you will be successful in real estate. The first one is negotiation and, like I said I may talk about this, but I'm going to go a little deeper on this. So, with negotiation, I want you guys to know that negotiation is your skills to be able to get what works for you and also what works for the seller or the buyer at that time. The reason why I said that is because if you want to get something, it works for you, it doesn't work for the other side. That person may not, the transaction may not go through and negotiation does not necessarily mean that you have to low ball the other person. So because when you talk about negotiation, a lot of people think, oh, you're going to have to a house of $200,000, you have to make it $150,000. That is, when do you know how to negotiate? No, it depends on the situation, the strategy you are going for and the seller or, if it's the other side, the buyer, what the buyer is looking for.
Speaker 2:Now I'll give you an example. So let's say you want to buy property and the area, you are high, you have the strategy that you think the strategy is going to work is area A and in that area A you're seeing four bedrooms, five bedrooms, and you want to go for five bedrooms and you know, in that area there are only few five bedrooms and you need five bedrooms. So now, luckily, you found one that is kind of close to the price of what you are going for. That you want to get Now because there are a few five bedrooms. Your session skills has to be extraordinary to get that one, because, first of all, there are few. We know what is called demand so far. So when there are a lot of stuff, it's cheaper. When there are few stuff on the market and there are a lot of people fighting for it, it makes it more complicated.
Speaker 2:So I say, an investor who knows how to negotiate, you know, to get this five bedroom that is kind of minimal in that area, you have to be very strategic, which is you can pay the exact amount the person is looking for or you can even add more money to what they are asking for, because you've run your number, you've known that this five bedroom is what you want and this five bedroom is going to fetch you way more money than four or three bedrooms. Of course, would you like to buy cheaper? Yeah. Would you like to buy for even a dollar or 50 cents? Yes, everybody wants something to keep.
Speaker 2:But you have to look at the situation, you have to look at what is going on in that market. I'll give you an example like personally, many of my properties are always paying more than the action price. But then if you look at what I have, I have a lot of equity on all of them and there are a lot of big investors that are doing that, especially in New York and all those places. They intentionally buy it. They pay more just because they want to acquire that property. They acquire before many people. And the fact that that individual may have like 10 in the block, or I mean in the street, 10 doors, the other street, five doors, seven doors, it will get to a point you would dominate that market Even though you pay more. But you'll be able to control the price because we sell by neighborhood. You cannot just randomly say, oh, I want to sell my house for five or eight thousand. No, that's to be reasonable with the price of that neighborhood. That's to be fair with the market. Otherwise they won't even give you what you're asking for. So my point is if it's commercial, this will take us to the next one.
Speaker 2:To build wealth, you have to be creative. I just mentioned that we sell by neighborhood is true, but it is mostly true on residential Commercial. Where you are creating, you can get more for your money. So the second factor you have to be creative. When I say creative, I'm talking about you're thinking out of the box. For example, you want to buy a house I'm going to go back to maybe a residential building is duplex. Okay, you want to buy duplex and this duplex as basement each and it's a full basement each and, luckily, this each basement as exit door each, and the city you are living in the city has no problem.
Speaker 2:You converting that basement into another unit. I mean, you put in the palm tree. They accepted, they come and they look everything. You did your A and Z or the requirement. Are you able to do it? Great, technically, you converted the basement to maybe one room, one living room, one bathroom, one kitchen and everything. Now you have a single unit on that basement. The other side, you have a unit as well in that basement. So instead of four, instead of two units, now you have four units. Okay, you have four units. You are able to get more money in that same property.
Speaker 2:Just because you think out of the box before getting the property. You are creative. You can tell when you see that property. You've seen the potential. So you having the ability to think out of the box is called creativity, and you being creative will make you build wealth in real estate quicker than you ever imagine.
Speaker 2:So how easy it is to be creative. No, it's not easy. You just have to be practicing, learn from people, be observant, be the dumbest people, group session or seminar or anything. All you are trying to do is to learn from people, interact, ask questions and see what people are doing. You have to be updated. You have to know what is going on in your market.
Speaker 2:So the next one is equity. This is a big one because you can negotiate from now to tomorrow. You can be creative from now to tomorrow. If you don't know what it's called delay gratification, you will not build wealth because in real estate, you buy a house today. I may give you an example. He said it's another strategy which is all-sailing they bought it for $260, they sold it for $280. All that stuff is like a quiz transaction. When you do that, you can use that to raise money to acquire your own property, so you can build equity. You can do all that for a long time. However, you will still have to come back into buying your own actual property and build that equity.
Speaker 2:How much money can you save? Look at it this way Can you save even $60,000 in four years? A lot of people cannot do that. I don't think I can. I don't think so. If I really sit myself down to do it, the real estate will not let me do it. Real estate deals will not let me do it, because by the time it's getting to $40,000, my brain is calculated I have to buy a lot of money.
Speaker 2:I'll give you an example. Personally, I bought my house $97,500 back in 2016 and I sold it for $220,000. I made a chunk of money. I made a lot of money and I used that money to buy another property. No, For just four years. I cannot save that kind of money, even if I want to save it. Something else will distract you. I look at it as free money because if I did not live in that house, if I live in an apartment, I'll pay rent, if I pay rent. When you look at the amount you pay rent and everything, when you minus that from what you have paid from that mortgage, you will realize you saved a lot of money. You built tons of equity, which was beneficial for me, then.
Speaker 2:Equity is the big deal. You have to build equity. Whatever you have today, try to get into real estate so you can have some equity, because it's going to help you build that financial freedom. Now you can have equity from now on to tomorrow. There's one more thing you have to do to make your work for you, you have to leverage your equity. All the four factors that I just outlined, they all work into one another.
Speaker 2:Let me finish this one Leverage. Leverage is the act of you utilizing the resources that you currently own or have access to. How do you do that? What do I mean? I mean, I go back to equity. You have equity in your house $60,000 or $80,000, or call it $100,000. Your credit is fair or good or great. You approach the bank, you let them. Or mortgage company, you let them know you want to do e-lock. Better yet, you don't like e-lock. Okay, you want to do an equity loan. I don't care which one you apply for. You go in and grab that equity based on the one that works for you. You apply for the one that works for you and you use that money to get another property that is going to get you a cash flow. And if you are one of investors that is open-minded and who is one of our really dark audience, I'm sure you're going to apply the other skills when you try to buy the property, which is you're going to be creative in order to negotiate and get a good property.
Speaker 2:After you take out your equity, you use that money to get another property. That way, you can make more money. Now you get an income from two sites. If it's your primary residence, that means you only get an income from one. If it's an investment property, that means now you have on the other side. So you have to leverage that. That's the financial aspect of it, but leverage it more than just going to the bank taking money from your equity.
Speaker 2:No, the other side of it is you have to know how to use your resources. I'll give you an example. Let's say, today I feel like I got a lot of issue of my property. I'm busy doing my other business. Okay, what do I do? I have to call property manager. Okay, there are a lot of property manager out there. If I call any of them out there, do I really leverage my resources? No, you know why? Because I have a friend who is a property manager. Okay, so a great example is me going to Amed and say Amed, hey, I know you're a property manager, come on, bro, help me out. I have a lot of issue here. I'm busy on the other side. Can you help me? It's part of you.
Speaker 2:Leverage it, because now you are calling someone that you know you have some kind of advantage with that person, that person also ready to assist you, just because he knows what you are going through, he knows the kind of model that you are doing, he understands your business. So when you leverage that person that is knowledgeable, even if not even more than you, at equal length, you will grow faster. I mean, we all know that goal is to connect with people that are smarter than you, but at minimum, go with people that understand as much as you are, because it will help your business. That's one example. Another example is you're trying to be everywhere. It is not a good idea, realistic. You have to pick your choice. You have to pick what aspect you are good in and you work on that.
Speaker 2:So I've seen a lot of offer like okay, they want me to be a property manager. They want me to do this. I cannot do that. I have to focus on my lane because I know what I want and until I get to where I'm going, I would not derail myself or distract myself or get out of my track, which is the track of building this financial freedom. It is my goal to remain focused and so I can get to where I'm going. How do you remain focused is to know what you want and how you can get there.
Speaker 2:I'm going to talk about this already because it's very important. You cannot. Okay, today I'm a trader, stock trader. Tomorrow I'm a real estate agent. Oh, next tomorrow I'm a barber. Oh, next Friday I'm a. You can? People outside, they are observing, they are watching, they, like Everybody likes to go to someone who knows what he or she does. So I met this property manager. I'm sure if tomorrow it tells me oh, now, I'm now a barber, they're looking like bro, what's going on? Man, you have to stay. What are you doing? So he knows what he wants and that's why he's doing it. It's a property manager.
Speaker 2:If you have any property in E-D you want someone to manage it, give him a call. It will tell you all the strategy that you need to put in place, because there are various real estate strategies that you can use to maximize your profit. It's not just to invest in real estate. You have to know with angle we work better for you. So my point here is that you have to stick to your goal and do what will make you get there in a timely manner. I mean when I say timely I'm not saying one year, two years, three years. You have your goals. You know where you have to do.
Speaker 2:If you are finding five properties, that every year or every two years, realistically if that's when it will take you, if two years will take you to get one property, it means when you want five properties, you have to do it for 10 years because each one takes two years. So you have to do it for 10 years. And if five properties are okay for you, what kind of strategy will make that for five property works for you? Is it mid-term listening where you list to nurses, clinicians and all those contractors that comes out of the city? Sometimes it's the end in India, but most majority of the time they come from like other cities, like Ohio, chicago and all that Biggest cities.
Speaker 2:So you have to know what you want and be creative. Be creative. You have to try to do something different so that when people see your business, it will stand out a little bit. I mean, I'm not saying you have to break the bank to make your job or your business stand out, but you have to be unique, some kind of ways you might want to play with colors, designs, just because you want your stuff to look a little different, a little more accommodating, a little more attractive, same as your intellectual.
Speaker 2:When you talk, you have to show people that you can listen, you can listen to them, you can feel how you can, you can you have some empathy, you know how to interact without judging that person. All of this will fall on that negotiation, because where you want to negotiate, where you are a good negotiator, you know how to deal with people, people's emotion, people's financial stress and everything different angle. So, anyway, I'm going to list all the four again Negotiation, creativity, equity, leverage. When you have those four skills, or the ability to practice those four skills, you will be sometimes unrealistic. It is proven and I can assure you, yes, you'll be successful, ahmed. Yeah, absolutely.
Speaker 1:You have said a lot honestly and those are very good points. So, guys, if the topic is how to build well team with Elastide in 2024. So Ibrahim mentioned 10 years earlier, I know some of the guys will be like well, you said 2024. Yeah, the journey starts now. If you delay 2025, then you start in 2025.
Speaker 1:So the real estate world works with delay gratification. It doesn't happen overnight. So part of what I mentioned earlier is time. So you have to give yourself time. If it is like Ibrahim said, if it is two years, it's going to take you to buy one property. Think about it. If you need five to reach your financial freedom, just like Sean was telling you, okay, spend the next 10 years working on this one project. After that 10 years, you will never work again. Will you do it? I will. That is it, because I know, if I live long enough for the next 10 years, anything after that is going to be enjoyment Me travel to Santorino, me travel to Dubai, me going to watch Chelsea FC in England, because that's one of my goals. So it is very, very important. And also equity everything revolves around equity. Equity is everything in real estate. Be creative If you foresee whatever you can do to get equity. That is how, and the fastest way to build worlds. That it is as simple as that. All these strategies we have been discussing revolve around you building equity.
Speaker 2:I'm sorry for joking and I would like to make our audience realize that how massive the potential in when you are creative and realistic, how the opportunity is just limitless. So when we talk about middle term I mentioned nurses, I mentioned clinicians and other it's not just those people that you can market or do. Your transaction with. Real estate is very like I said, the potential is endless. You can go to companies, insurance company, go through companies like what do you call this company, the transmission company that I was meeting, like all these big, big companies, like really they have people that come in from other countries. I mean majority of the time. They come here for some weeks, some months. You need somewhere to stay and when they come with their family, believe me, they will prefer to stay in their house, if furnished property.
Speaker 2:Okay, another one, another one this is where I'm focusing on right now is you can look at this you can make money in real estate by renting a house to people that are facing disaster, like maybe a fire disaster, maybe flood disaster, maybe natural or artificial, whatever it is, people need home temporarily. It might just someone has a fire incident in the area. So let's say it's the West Side and it's the code of 46241. The first goal of that individual and their family is to live in 46241. So they won't try to go outside of that area, they will stay in 46241. Try to go to the hotel, of course, but because of the school, because they are used to that area, they won't property in that area furnished properties. So, and why would they need that? It's because the hotel will not let them cook, will not let them dine, will not let them have that space to get as a family. And that's where you come in, like you come in as an investor who has the furnished properties and you listen to those people. Just because your properties in 462.41, just because you are creative, you make your design very unique, you make your house very attractive to these people. They come in, they take a look, they negotiate the price with you. Your price is reasonable and you know how to show empathy. Let them feel like you are providing value, not like you just want to make money. You know that is where the negotiation skills comes in. You have to show that, yes, I'm going to make money. However, what I care the most at this time, I care about you guys, your comfort, your safety, and I'm ready to provide my property to you guys so that you can go back and dine, go back and have the quality time together with your family.
Speaker 2:For the temporary I don't know, it might be 4 months, 2 months, 3 months. However the month is, you can be there for them. So, before you know it, they will accept your hands and they will sign the contract. The money is endless. You decide the money. Okay, it's possible you get $3,500, $4,500, $5,500, as long as it's working that area it's the fair price. In that area you will be fine. So that's one of the strategies, because they can stay there for one year. Guess what, depending on how bad is the fire or how bad is the financial insurance goes, they just don't repay some. They have to investigate first. After the investigation, they send it to surveyor or architecture contractor. After that they do their quote, they send it to another one. Before you know it, those family will stay in your house for 6 months, 9 months or even one year. Bro, that's a lot of money when you get that kind of contract.
Speaker 2:So while you are contemplating or you are thinking about, oh, if I get a real estate, I'm just going to get like $300 a month, $200 more, $150 a month. There are many ways you can make money with real estate, which is why I'm recommending you talk to the property manager. Even there's nothing wrong, even before you buy a house and you already know what you want to do. Go to the property manager and talk to them. In this instance, you don't even need to go anywhere. You call Ahmed and tell him hey Ahmed, good morning brother. I call, good morning Mr Ahmed or good morning, whichever way you want to approach. I mean it's very understandable. So, no pride, we it's down to hurt.
Speaker 2:So if you like, say Ahmed, if you like say Mr Ahmed, that's not a big deal to him because you know. So approach him, let him know you want to get into real estate, work it out which area would be the best. I don't have too much, this is what I have and you explain it out to him. Then you will guide, you like, tell you okay, let's do it this way, let's do it that way. You buy the property, you guys negotiate together, it's going to manage it for you and you're going to be cash-blowing money. And guess what? The fact that you leave the property with him is managing this property for you. The equity will start growing. That's realistic. That's the power of real estate. The equity will start growing and keep growing and keep growing.
Speaker 2:One day, you don't even need to worry about it, I'm very sure of this Ahmed will call you and say, bro, let's refinance because you have a lot of equity to get more property. And I don't know why I'm saying it, bro, I should have said sister and mom. I'm so sorry for that. I'm just used to it because me and Ahmed were doing it. Mother, sister, you can be anybody, it will let you know. I think this time you have a lot of equity. Why don't you refinance so you can cash? You can buy another property. That way you can be cash-blowing. See how easy you are cash-blowing here. You can buy another one. You can cash-blowing. Now you're doing two at the same time Before you know it. If you keep the spirit and that energy to build that wealth, you will go far, like more than you ever expect.
Speaker 2:That is real estate. It's very tangible, it's real, you can feel it and you know, like I said, if one strategy is not going well, you can switch to another. That's what it's called creativity. You have to be creative. That's what will build your wealth in real estate, you have to have good negotiation skills, you have to be creative, you have to have equity, you have to be able to wait. Real estate is a long-term game. You have to be able to wait and while you're waiting, you also have to be leveraging. When you get to a point, you have to refind us. When you get to a point, you have to sell, to do 1031s in. There's a section to this. I mean, usually I don't recommend selling, but sometimes you just have to sell. Okay, but majority of the time, keeping your property is what will build you. Well, I made, I'm sorry.
Speaker 1:No no, no, no no, no, you bring out a lot of right up points that we get full for audience. I just want to say on the, now that we are trying to wrap up, I want to let our audience know that there's this podcast. Bring a lot of value that we immigrant community don't have back in the days.
Speaker 1:Yeah, now we have these vibrance young men and women talking about this in our earnings. We cannot. There's no excuse for us anymore. And guess what? We have every advantage. What do I mean by that? I'm going to explain. You see, indianapolis there's not too many high on Indianapolis. If you look at the people that are investing in Indianapolis, they don't even live here. It's just like people coming from outside and chasing off in our backyard. Yes, and we are letting them do that to us. What are these people living in New York, california, florida, new Jersey? What do they see in Indianapolis that we are living here and not paying attention to?
Speaker 2:We are like this, we are like this, we are like this. We don't see it.
Speaker 1:Yeah, do you guys know that Anteim are building their global office I'm not talking about headquarters Global office here in Indianapolis as we speak? Yeah, do you guys know Alison fees? Alison transmission is here. Eli Lilly, one of the biggest pharmaceutical company in the entire world, is in Indianapolis. They are global headquarters in Indianapolis.
Speaker 1:Amazon, everywhere you turn now in Indianapolis and it's all about Amazon is everywhere. Imagine how many people that are working every Amazon. That means everybody is moving here. Yeah, and that is why we keep seeing this uprising in prices of homes and all that. So Cumus is here, zima is here, nestu is here, pepsico is here, deloitte is here, people's this is here, and none of all these world class companies are now moving into Indianapolis. All these companies so majority of them are not in Indianapolis in the last 10 years, if you go back and look at it, but now all of them are coming here.
Speaker 1:And wherever the money is moving, people move with money because people want job. So when companies are moving in, people move in. Are those people going to be living on the streets? The answer is no, right. Those people are not going to be living on the street. Who is going to provide housing for them? That is the reason why you see people living in those all these big cities moving into Indianapolis and investing in Indianapolis. That those people, they have the data that we don't have. We do, we have it, but we just don't pay attention to it.
Speaker 2:We don't even see someone educate us, we don't utilize it.
Speaker 1:You see, ibrahim just discussed insurance company. I don't want to take too much of our time, but the reason why I do all those analysis is to let us know now the best time to buy real estate in Indianapolis is now. If you wait till tomorrow, you're going to regret it, but the next best time is tomorrow. If you can buy it tomorrow, you're going to regret it, but the next best time is next tomorrow. If you can buy it next tomorrow, you're still going to regret it, but the next best time is the following day. The more you wait, the more prices you pay.
Speaker 1:Never went to buy real estate. Yes, always buy real estate and wait. So make sure you put that in at the back of your mind. I know this all information that you haven't been having access to all this while, but now you're having access to it free. Please and please, share this information with your friend. Share it with your relatives.
Speaker 1:However, you realize the plan with your wife. There's nothing wrong with it. My wife, I want us to buy duplex. I want us to buy single family. I want us to buy all that plan with your wife and work towards it, because the more you wait, at some point I pay $400 as a rent in Indianapolis. Where can you find a house of $400 in Indianapolis again? And this is not that far back, this is just a couple of years. So what I'm pointing out is don't wait to buy real estate. Buy real estate and wait, and the best time is now. Call Ibrahim, he's always available. Call him, call me, let's chat, let's have a plan and we are all going to be successful. We know you are listening to this because you have a plan and you want to execute it. You are doing the great job. Please share and share, ibrahim.
Speaker 2:any final word before we call no, thank you. I just want to thank our audience. Thank you so much for showing up tonight. We want you to like, share and share with your friends, your neighbor, your co-worker. We want to spread the word. We want people to know about the power of real estate, the power of investing in real estate. This is tangible. This is going to be a proven pathway for your financial freedom. I mean, we are doing it, we see how it is, we know, we see the potential. So we want everyone to benefit from this. Thank you, d, for being a loyal fan. We really appreciate you for coming every week. Thank you guys. Bye, thank you.