AI Live - Land Shark Mastermind

So yeah, that was just a thought that I had.

Love it.

I think that that would provide enormous amounts of value. I know that— and I say that knowing full well that Katya is sitting here and she takes copious amounts of notes and literally integrates it right away. So she's one of my favorite people to coach because she actually moves the needle with it. So I'm like, well, let's take your wisdom too. And again, all ships rise together.

Yes.

So love it.

Happy to.

So yeah, so, um, and I know I'm totally putting you on the spot.

I'm prepared to give you a little nugget right now.

Let's do it. Let's do the, um, the nugget of the day for, um, getting deals funded.

Okay, well, I'm gonna take that a slightly different direction too because Um, so many people, especially if they're new to real estate investing, they're doing everything in their own name. They're using their cash, their credit cards, whatever they can do to fund. Um, we have an on-demand webinar that you can watch anytime you want to that teaches you how to establish and leverage and grow business credit to where you don't have to use your Social Security number. You Your FICO score may not even matter. And you can get to the point where you don't have to have a personal guarantee. The investors I know prefer to invest from within an LLC, which is a great idea anyway. There's a lot of legal protections that if you go to our website, otroutroufinancial.com, scroll way down to the bottom, there's an on-demand webinar called How to Create and Leverage the Power of Business Credit. We had a CPA email us after a recent webinar and he said, I went to the best accounting school in the nation. I've been a CPA for 30 years. You guys blew my mind. This was stuff I did not know. So, uh, literally step-by-step instructions on how to start creating and growing business credit, and it can change the trajectory of your business and make it much easier to get much more money at better rates than if you were investing as an individual.

So if you want to find that link and drop it in here, that would be awesome. I'm going to have that be everybody's homework.

Actually, Laura, I think Laura already dropped it in there, so I'm— yes, so I'm on it.

No, but the video, not just the website, on the actual video.

Oh, um, it's hosted on our website. I don't know how to take that file and put it here.

Yeah.

I don't, I don't know how to take the file itself and, and post it here.

But it's right when you put the website and you scroll to the bottom, it's very clear where to find it.

Okay.

Yeah. That would be really awesome. I think that would provide an enormous amount of value. This is really cool.

Good. So there you go. There's day 1.

I love it. So there we go. So there's our first piece of homework is to go and watch this video because again, it's the— we talk about the 5 C's of— what are the 5 C's?

I remember.

Okay. What are they? Credit, cash, contacts, contacts, contracts. Yeah. And collateral.

Collateral.

Collateral.

320 Robins behind me. So if you hear some crazy stuff, I love it. Oh, and to answer your question, Cecily, yes, I want to work with you and do the Business Mastery in August. I think we get a bunch of people to come for all of that. I need 15 people to make it happen because she's out of pocket. But yeah, we could talk about that offline. Yeah, we will. Love it. Okay, cool. So super exciting. So Tommy is here. Tommy, welcome. We have Boyd here, and I'm super excited. I actually asked him to come every day and share with us some sort of tip or tool or something about um, let— getting, uh, deals funded. So he gave everybody their first piece of homework. There's a video, um, that, uh, people can use on how to create and leverage the power of business credit. Um, and so they're not having to do personal guarantees, things like that. So that's really exciting. So we have the video, so everybody gets to go watch that. I'm really excited about that, teaching, and getting people using that. And Boyd, tell us what you just said about the accountant that watched it.

Oh yeah, he emailed us. He said, I went to the best accounting school in the nation, in the USA, so I've been an accountant, a CPA, for 30 years. He said, you blew my mind. This was stuff I did not know. I think we shared that on LinkedIn recently too. Just got some really nice responses.

So awesome.

The real key to this is most people are begging banks for money. When you build business credit the right way, you flip the script and you get the banks chasing you with offers for what we call no-cost or low-cost capital.

Yeah, so it's interesting because I think about when, um, when I— morning, Tina! Um, when we had our company in California forever ago, um, we had done that, and all the banks were like chasing us, literally coming to our office, showing up like, hey, we want to give you all this money. And I have no idea how in the world we did it, so I should probably go back and actually figure it out.

Little postmortem.

Yeah, I love it. Um, so really exciting news. Um, I'm super happy you're here, Tina. So all the paperwork got signed on Tuesday, and I'm not sure why the title company is taking time to close. However, yesterday we went out to the Cortez deal.

Woo-hoo!

Deanna flew in, or drove in, her husband flew in, they all came in. And so we did a bunch of videos, we'll be able to release those, and we're getting ready to start that project. So we're really excited. So we went out there and it's, They've already scraped the house. It's a dirt lot. There was a big old hole and a bunch of tractors and I don't know, things. Tommy could tell you what the things were. Bunch of big machines. And, um, they're getting ready. I guess we're going to start trenching and then laying the, uh, pouring the foundation and all of that. So we'll— I'll be following and doing videos through that whole process and sharing with all of you. And then we also went over another project that started in December because I wanted to give you an idea and show you, um, where the project is at. So today that other project is getting, um, um, inspections for the drywall, uh, for that one. So they're quite far along in that project. And then, um, they already have— that one's already sold. And so that's the whole purpose of this project is that they generally get them sold at the framing stage, which is really exciting. So very excited about this. We're also going to be showing them several other pieces of land that we're going to be doing this with here as well. So again, just doing more and more of these and really excited about the team and the process. Success and, um, you know, getting to play a part in all of this. So really exciting. Anyway, um, Tommy, uh, welcome Roman. Um, Tommy is out at the, um, septic tank job having fun with that. Roman is— looks like he's walking around his shark living room. So Tommy, you wanted to, uh, I have your ChatGPT up. Do you want me to bring it up and, um, have you see? I know you're driving, so I'm feeling very nervous.

I'm driving, you're nervous because I'm in your car. So, um, I feel like a, I feel like a, a brain surgeon. Um, because I'm out doing— she said I'm out doing a subject painting because I have the degree to, uh, help shit roll downhill. And so that's all I'm here doing is making sure the shit's gonna roll the right direction. I think the brain surgeon—

you're on the wrong end of the body, Tommy, for the brain surgeon.

You must know different kind of people. You must know a whole different class of people than I know because Most of the people I know need a brain surgeon and a proctologist combined, right? Because their heads are so far up their asses. So, but that's why I'm here on this job is because somebody used their ass more than their brains and they screwed up the entire project. So, but to Catherine, Catherine gets on, I call it Catherine gets on a tornado. And talks to the point I can't— there's no— like, it's like a cow trying to jump through that cloud. It's not gonna happen. They're gonna get swept up in it and spin. So yesterday when we went to this vacant lot, that it was all Canadians, by the way. Like, I was— I, I really felt like a minority, uh, in my own— in my own country.

All Canadians and an American sounded like a good job.

They wanna— here's how not American they are. They're talking about burying Looney Tunes out there or something.

Not Looney Tunes. Looney and a Toony.

This is a big thing in Canada. They go, they go kill Looney Tunes and bury them in yards in America or something. I don't know. So I prefer, you know, Taz and Daffy to stay alive, um, but apparently killing them and putting them and burying them in the backyards is something Canadians do when they build houses.

Okay, let me correct this. Let me correct this. A loonie is literally— it's a $1 coin. It's a Canadian $1 coin. So they don't have $1 bills, they have a $1 coin. And on the coin is a loon, which is a bird. And so they call it a loonie, right? Then they got rid of the $2 bill and they created the $2 coin. So they didn't know what to call it, so they called it a toonie.

So you're telling me you're not gonna go like take stuffed animals and bury them out there? Like, no, it's not.

So it's a whole good luck thing that if you bury a loonie and a toonie before you build the house, and it's every, every Canadian hockey, hockey rink, ice rink, there is a loonie like in the actual ice before they actually melt the ice over top. So it's a thing. It brings good luck.

And so you understand it as an American standing here listening to them talk about burying Looney Tunes. I'm 100% worried about Bugs Bunny, Daffy, the, you know, the, the American favorites, because these people don't have that kind of culture there, right? They didn't grow up with the Looney Tunes.

That's not true. We did.

Weren't made of metal, so I'm just saying.

We need to adjust the redneck hearing because we never said Looney Tunes.

We said a loony and literally loony and a toony, but okay, I heard Looney Tunes and I'm like, no, don't— why? What are you doing with Looney Tunes? What did that— what did Bugs Bunny ever do to you? What's up, Doc? So anyway, um, and then back to like rewinding back in that, in that, uh, cluster of information was to the point that Boyd was talking about company credit, like business credit. Um, how important— on a scale of 1 to 10, how important is a seasoned or a shelf company? Like, when you're talking about that business credit, what is the, what is the, the sweet number to have when you're talking about an LLC?

Well, at least 2 years of actual operations. I get people who tell me, I opened my LLC 3 years ago, there's been no activity, but it's 3 years old now, so a bank will loan to me, right? No, there's got to be business activity. Typically 2 years of financials, 2 years of tax return, that starts to get you into the promised land. We do have, we, we do have ways to fund you if you're under 2 years old. It's going to default to your personal credit, um, but, uh, the 2-year mark is that magic mark, that minimum, right?

Right. Well, I would— I'm going to watch that video that was sent over, but I would love to have a more in-depth breakdown of that so people understand about it, because again, there's, there's a lot that people can do in a short amount of time to create that opportunity to leverage. And I like that you called it low-cost or no-cost capital because we teach the 5 C's. The 5 C's.

Yeah. Well, the key— and again, this is a very clear step-by-step instructional video as to what to do. The fastest I think it's possible to start getting these offers from the bank and establishing your business credit such that the banks start chasing you, the fastest possible I think is 6 months. 12 to 18 months is a little more common, but if somebody is really aggressive and disciplined, it could be as quick as 6 months.

Yeah, and what are you— sorry, would a turnaround of incoming, you know, uh, profits, uh, basically jobs, right? You're getting paid for jobs. Would that be able to actually increase the potential of getting a good credit limit? Or even if you're not in the 2-year mark, you know, as you're, you know, you're getting contracts, right? And then money's starting to flow into that business account. What's your recommendation on that in regards to how to build that credit and be able to hopefully, you know, um, in this case, uh, you know, get a good loan either from the, from the, uh, from the, from the bank, right? And then, you know, hopefully be able to move on with the other different banks. So if you can explain on that a little bit, or if you are able to do that, that'll be helpful.

I want him to go.

Yeah, yeah, you bet.

I want, I want everybody to go watch his video so he gets those clicks on that YouTube channel. We, we push social currency in here big time. There is a huge amount of leverage when, when talking about going and still watching the video, sharing it from your social media. We encourage that here because it has a significant impact on our, on our bottom lines in here. And so we're always encouraging other people to do it as well. Podcast, YouTube channel, Facebook, uh, Facebook posts and, and, and feeds. Instagram Reels, stuff like that. Like, pushing out that content is important. But to Roman's question, you know, I'm pretty sure it's covered in the video, but I want to, I want to run some deals. So, um, uh, basically the, the idea behind getting the, the cash flow into the bank so there's record of it, right? Of course.

Yeah, if there's, if there's revenue, in excess of $16,000 a month, you could be 2 weeks old and we could find funding for you. So there are options, Roman. I've just put my email address in there if you'd like to hit me with some personal questions. I'll answer them.

Yeah, Roman's got, Roman's got multiple businesses. He's got a baseball glove company, he's got the construction company, septic tank company, uh, he's got a lot going on. And with his, uh, with his businesses, it'd be important to have that credit. So, um, we had, um, um, we had the, uh, vacant land deal, uh, we were talking about the, um, talking about the, the property that you went and looked at yesterday off Cortez. Um, Roman's got a 1-acre property. Do you want to run that deal or show— pull it up, Roman? Are you on a computer? Are you on your phone or you're on a computer? You're a mute. You're muted.

I'm on my phone. I'm trying to—

oh, that's right, it's hard to share from your phone. If you want, drop the address to that one in the chat and we can run it from Catherine's computer. And then Catherine has, um, uh, MyGPT up. Um, we looked at, um, property. Laura and I went and looked at a house and Catherine, if the address pops up in the chat, let's put it in there and run it.

Yeah, something's going on with Zoom, so hold on.

It's in there already, so.

Got it, got it. So this has got a house on it already or a building?

It has a manufactured home in it, correct?

Got it. And then it's in a corridor where we could do truck parking on it? Yes. Okay, so the price isn't bad. We could probably, uh, get a little deeper into that.

That's the main intention of all these, uh, you know, local farmers and buyers or people that are trying— they're trying to find at least 1-acre lots for them to be able to store their their buses, the whole equipment as farming season is starting to come up soon also. But usually it's predominantly used for that. That's the main use. And then I guess a lot of times with like in a manufactured home like this, it's kind of used like an office, right? The business to run the business. And then they can have all the equipment in there. That's predominantly what farmers are looking for. And farmers that are from here to Salinas, California, So they're going back and forth every season and they need some type of land like this.

So, and we would want to put up like a cinder block, like a fence block wall, right?

Correct.

Um, and so on this lot, what do you think we would be able to get monthly? Do you know the numbers down there to validate, or, um, what are they typically charging for people to park in those areas?

Um, don't have the correct number in there. Um, again, this was offered more to me as a, uh, just a, you know, a flip, but I'm like, it's— I'm not trying to flip, I'm just kind of trying to keep it the same. Um, it's an off-market deal, so it's a 3-bed, 1.5-bath, and, uh, it's a 1-acre lot. So, um, there's no, you know, known electrical or panel issues. It's just occupied by long-term elderly owners. And it's just, you know, if you do a little primarily cosmetic type of update, um, if you were trying to sell it on the market, it could be sold for $200,000 to $235,000 in there.

So yeah, um, well, the price that it's at right now, we could probably get a DSCR loan to buy it is what I'm thinking. So let's see what the numbers say real quick. What do you got going on there? Zoom in. Yeah, see shit.

So is that, um, Do not buy this as a normal long-term rental at $645,000 owner.

How much? I thought— how much was the price that they offered, Roman?

Uh, the asking price? Yeah, asking price for the off-market is $135,000.

Okay, for some reason it's thinking it's $645,000. Where did it get that number?

I don't know.

Okay.

Oh, it says it's an assumption.

Price is 135.

Yeah. Okay.

So this becomes a strong possible buy. So new land shark tail. This deal is worth attacking immediately. So if we go down purchase price, down payment, loan rate, amortization, rental scenarios. So rent would be $18,000 a year. You can get a DSCR at 1.8.

Yeah. And so that's what I was showing. That's what I was talking about right there, Roman, is that like rental-wise, If we could get it at a 1.2 or higher DSCR, we could buy it just based on paper. We wouldn't even need personal guarantees or anything like that. You know, they like you to have good credit, but it's kind of like a no-doc loan. Keep going down.

So main house and casita. So main house rental, casita rental, total rental. So the cap rate snapshot comes down to the monthly rent of the cap rates being anywhere between 6.7 to 16.9. Rehab sensitivity. So if you put a rehab budget, $25,000 ranging to $100,000, what the NOI is on that. My buy box reads, so a light rehab, if you do a $25,000 rehab or medium or heavy rehab, some max level offer.

What's up?

I was going to say if I was able to pull up any pictures The, the house is very well taken care of inside and inside out. Um, it won't— like I said, it just, it won't need any type of rehab. But again, in this case, it's more used for the, the, the sell and use. It will be for, uh, again, a person that's looking for them to park their equipment, uh, to be used as a, as an office kind of thing.

Yeah, like an office contractor yard. But does it have that zoning? Already, or do you have to get that?

Um, you don't have to get it, not out here.

Well, eventually. I mean, again, if it doesn't meet that zoning, the issue is, is that we can't use it as a strategy with the bank, because when you tell the bank that you're going to use it for truck parking, commercial, whatever, and it's zoned residential, they'll tell you that you can't do it. They, they won't, they won't let you do it that way. So you either go go all in on fix and flip residential and then do it off the books or change the zoning and do it commercially. So what do you got underneath there?

So it says the 3 options is a clean cash fast close, stronger, get it locked in, or seller financing, funding paths, cash refi, hard money, private money, seller finance. The biggest red flags is that it's saying verify the actual property address. Is it a manufacturer or stick-built? Is it a partial structure? Is it occupied? So it wants the answers to all of this. Go, no-go. So at $135,000, this is likely a good deal if conditional title.

See what this— see what the sources are real quick. See what the sources are. Maybe we can see a map or an old listing of it.

Um, it's saying it's forbidden.

Yeah, because it's the only source. Did you click the button that said sources, or, or the—

Yeah, it's over here to the right. That's all it pulled. Yeah.

Okay, um, let's ask it then to ask it to, uh, um, go ahead and pull any information about this property that's on public record, or if it's been listed and sold in the past, uh, go get any information you can find from any website available. Use all the regular sources that we Katya, do you have any, um, uh, you— I, I read a text message, I think yesterday or last night, that you had a conversation with the broker from, uh Uh, palisades.

Yes, so I had a brief conversation, but he wants to have another phone call with the other two brokers that are on his team that are, it seems, a lot more, um, experienced and knowledgeable. So he's, he's very young, um, so he's learning, but he said that the land was free and clear, but then the other broker mentioned that she does know about the lawsuit, but the current owner is handling all of that and is planning on handling it before it's officially sold. Does that sound realistic?

Nope.

Not even close.

Nope. Yeah. So doesn't sound real at all.

So I emailed them a list of questions to clarify that process. And then I also requested the meeting, which they're supposed to get back to me today. So those are my updates.

And the meeting is with the city or who?

The meeting is with the— it's with the city. Let me tell you specifically.

Yeah, we want to get hard notes from them on stuff. I know they don't like having a note keeper in there, but if we got a— if we got something recording the damn conversation while they're talking, that, you know, anything at that point, because we want to make sure that so-and-so said this at this date and this time. Hand that to the broker and say, here you go.

Yeah, you know, it's a preliminary development meeting.

Yeah, okay. Yeah, we can definitely go there and talk to them. We want to have some concepts, so you and I will sit down. Let's do that this week. We were— we need to do the GPT thing anyway, and, um, I want to, uh, talk more about doing the, um, that meeting with them, bringing some concepts as to what's there, what's what we want to do, and stuff like that. We can use AI to help us out with that a little bit. So, um, I'll tell you kind of like the ideas that I have about, you know, what we can do there.

But every broker says that, um, that they have their LOI signed and they're this close to getting the deal done. Yeah, everybody, it's so stressful.

They're trying to create FOMO, and I go, you know what, I don't, I don't live in FOMO. I live in, I live in— prove it, send me the LOI. And if they get mad, it's a red flag, right? Yeah, prove it, prove it.

Trust and verify.

Okay, you know, so remember, you're a land shark, bite their head off.

Well, right now I'm, I'm, I'm a land shark. I need— I'm the step right before a land shark. I'm like a land porpoise.

Your porpoises are way, way more ignorant than sharks, let me tell you that right now.

Really?

Like, porpoises are the most asinine animals on the planet.

Well, then I'm a leopard shark. Like, I'm the cute little ones in San Diego, so I'm getting there. I need to—

I like that.

I need to develop tougher skin.

Yeah. So Roman, what's going on is, is it's showing this is listed on, on the MLS at $645,000. How are we— what is, what is the $135,000? Is that— are they— is that like the— they're telling you they need $135,000 deposit or what?

No, I don't know why. It's, uh, my— we said it was brought to me as an off-market deal.

Click on Zillow. See the Zillow link right there? There you go.

Is this it?

Is this the house? No, that's the address. Yep.

Things, it's not like the other.

Never mind, that's— I messed up on this one. Hold on, this is another one that was brought over to me, but This one's a hell no, ain't gonna go.

Yeah, so all right, well, that, that clears that up. Do you have a, uh, do you have a, a screenshot of the map you can send to us?

I got it right here, bro.

It'll pull that too. And then, um, well, this one is it right here.

This is the one right here.

Sorry, I was going to say that Welton address now looks familiar. Yeah, that's what you sent me this morning. I, I don't know why Somerton didn't click in my head, but They're right next to each other, so. And yeah, we did talk with them yesterday, and basically they like, they like just the Phoenix Metro, so they're stuck hard on that. What do we got? So it's going to run this deal, um, with Boyd still in here. Boyd, was, uh, uh, what is, uh, what does it look like to, to do, um, uh, the loan? I know we talked about, uh, the, uh, dumpster company and getting $145,000. You're saying that's through kind of like a personal guarantee, correct?

Um, let's see here. I want to make sure I'm not muted. Yeah, well, um, until you reach a certain point in a certain level of business credit or a certain, a certain level of revenue— and I can't tell you exactly what that is, um, right— any, any loan you sign is going to have a personal guarantee or collateral assigned to it. We do a lot of unsecured for, for people with good credit, so it's just a personal guarantee, but you can also put assets against that if you need to.

Got it. And then, like, what is there, like, a time period where after a certain amount of time that, that you can get that personal guarantee to come off and go just back onto the business?

You know, I'm not exactly sure about that. Um, I've never been asked that. Um, let me do a little research and find out.

Cool.

I'll get back to you with the answer on that one.

Picasso. Um, so let's see here. What do you got going on here, Catherine? I might— I don't know what's going on. There we go. For some reason, I made a red line on my, on my screen, and I can't get rid of it. So on this one, it looks like it was sold for $75,000 in 2013. The rents here are still at $1,600 to $1,700. And so coming in at that purchase price of $150,000, again, I don't know why it's thinking $150,000 when we know it's $135,000. It's assuming it, maybe.

So do you want me to say it's the rent?

We're still— we're good. Let's just go down and see what it says here. NOI is 12. The results give us a metrics of what? Let's see. DSCR is still 1.32. Roman, let's buy this thing, man. It's giving us— it's giving us all the green flags. Go through it. Um, so we could rent, buy it, rent it out. Sell it. Boom, done. Sell it, rent it out. I know some people that want cash flow on properties, and this one would be a good one, you know. Um, key red flags: manufactured housing, uh, the title, the septic, the, uh, 1999, um, public bathbed inconsistency. Um, so see the Zillow right there? Let's see what that Zillow says and see if it holds it. Is this the one you're talking about, Roman?

Yes, sir.

So it's, you know, looks pretty dainty, looks pretty clean, you know. Um, and it would be a good— it's a good location to, to break into. If there's 2 bathrooms in it, you make that into a 2-office thing and you, and you split that lot into 2 separate offices. But to Roman's point, it's, it's probably an agricultural zoning right now. Um, so let's see if we can find it on the map.

So it said right there, likely max offer $135,000.

Right, that's off market, right?

Yeah, yeah.

So you're in the right ballpark right there, buddy. So, um, we can handle everything else— septic, sewer, all that stuff. We just got to make sure that it's going to fly, fly under the radar with contractors and, and parking lot, you know. So let's see where it's at on the map and see what Like, if it has to— if it's got a good ingress egress, then you might be good. Is there a map of it? Look on that sources right there.

So that's the interstate that goes borderline to California. So a lot— that's why a lot of them, it's convenient for them to, you know, for them to be able to purchase this.

Put it, uh, put it on the Realtor maybe and see if it'll come up on there. Go down, see the map right there, and then zoom into it so that we can see exactly like how it's situated in that, in that place. There we go. So it's on a dirt road though. You got to go down the dirt road to get to it. That's the tough part. Um, zoom back a little bit. Let's take a look at what's surrounding there because, um, How far down do they have to go to get to it, or how far up do they have to go to get to it?

It looks like there's, uh, Highway 8 and it goes straight down, straight down, and then it—

and then a boom right into it, right? Yeah, that's kind of like where the Buckeye House was in proximity to I-10, was it was on the other side of the canal. Scroll in where it says that transfer site. What is that? Wellington transfer site. Scroll into that a little bit. So that's, uh, that's where the local trash— they take the trash there, they throw it in there, and then they come pick up the dumpster. So they don't have, uh, they don't have trash pickup out there. You got to bring your trash in and throw it there. Oh, that's interesting. Okay. Um, yeah, buddy, I mean, it's, it's a good price. And again, if you could rent it out for the, you know, $1,600 to $1,900, it's a cash flow, you know. Um, on the flip side, if you can actually park shit there, okay, but you got to travel down that dirt road. Sounds like a bit—

you're still going around the fields with those. You're going with the— to the fields with those same machinery, so that's not a problem.

Yeah, well, no, I'm just saying like getting truckers to come all the way down there and park overnight wouldn't be a— I don't think that's an option. You got to do a contractor yard or a farmer's yard or something like that. So you rent the— you rent the house out, and the problem is the house is all the way back in the back back, back of the lot. So everything would have to be parked out the front, you know. Um, and the county has rules about how many things you can park on your property in a rural zone. So at some point somebody's going to get a ticket. Um, and I don't think they'll rezone that to commercial at any point. So, but as far as a rental, buy it At $135,000, that's a great price because you could definitely buy it, rent it out, sell it, still make money. So I like it. Anybody else? This one's a home run, dude. I think it's a— I think it's a go. What do you want to do? You want to go make an offer on it, get it under paper, and then try to wholesale it, or what?

I already got it.

You already got a contract on it, or somebody else got a contract?

Someone else, uh, so they, they're bringing it to me for me to dispose it.

So, okay, Tina wants to run this deal in Iowa. Um, well, if it's already under contract with a wholesaler, um, come back at $125,000 and put it under contract for $125,000 with them. And get it to where it's a signable contract. We'll put EMD down and stuff like that, uh, and it shouldn't be too hard to get the, get the paper on that with the DSCR score if we can get it for $125,000. Okay, so if you want to set that up for later, I got to get this, uh, I got to get the, uh, tank done. We got like 15 minutes left in here, but I'll be done by 1, like 12, 1 o'clock. So, all right. All right, cool. I like it.

Tina, did you want to run your deal?

Sure. You want to throw it in for her or if she had a computer and want to run it?

So this property's been for sale down the street from us for quite some time now. They just dropped it $10K. It's in pretty It's— it needs some work. I mean, it looks like the roof's good, bones probably good, but definitely dated. Um, so I'm taking a look at it right now because it, it's literally down the street from us. It'd be a great project to make.

Is it a house, a commercial building? What is it?

It's a house.

Okay.

So I had— I was just pulling up some comps on, on Zillow to see what had sold recently around there.

Are you using Deal Hunter to pull your comps? Are you using—

uh, no, I didn't. I was just checking Zillow real quick.

And that's the long way. So you can go on Deal Hunter, run me comps, and it'll pull comps from Zillow, Redfin, Realtor, MLS. And, and it, like, you'll have 5 different places to get comps from.

Okay, so let me find—

oops.

Oh, uh, Roman, if you're still here, you want me to pull it up?

You have it?

Yeah, go ahead and pull it up.

Run it. Have you talked to Nels lately, uh, Roman? I don't know if he's still here.

I tried to go over there and, uh, he was in bed, but I, I can go out, you know. I talked to his wife. Yeah, um, you know, hopefully what I'll run into them and during either today or tomorrow I can go in there.

Okay, cool, cool, cool.

So this says, uh, potential for a quick verdict, potential yes. So, um, as a BRRRR, uh, back of napkin rental underwriting, uh, purchase price— is this what you have, Tina? Is $220,000?

That's what they have it listed at right now, but I wasn't I wasn't going to offer that. I still think it needs to go lower, okay, myself, just because— I mean, it would depend on what it would cost to rehab it, right? Definitely the garage door. The garage door needs to be replaced. I think we're good on the roof. I haven't walked it yet. Maybe I'll go and walk it.

If you have pictures, make sure you go to free estimates and go and put those pictures in free estimates, and then you're zip code and ask it to give you that number. By the way, I talked to, uh, somebody at Lowe's this morning about possibly going in and having an AI, uh, workshop for homeowners and do-it-yourselfers and contractors to learn how to incorporate AI into, you know, making life easier.

So, oh, that's awesome.

Yeah, yeah, it's fun. What else we got here, Catherine? Uh, funding paths look good.

Um, due diligence checklist, negative angle, go/no-go. So if you buy it at $190,000 to $205,000 with a rehab of under $40,000, so maybe $220,000 only if inspection, no-go if the rehab exceeds $60,000 unless the seller concedes., you know, $40,000, $50,000, $60,000 too.

So, because again, and it's vacant at your— you're at your max.

Nobody's living there, so it is vacant. So I'm trying to find out more about the, the situation with the, with the owners. No one's been there for, um, months now.

Hit the sources real quick.

I was thinking I would start with like $180,000 as an offer.

Yeah, go to, uh, go, um, does it show the address of it up there?

So it's got Zillow, YouTube.

Do Zillow. Let me do Zillow. Is this, let's see, this house, is that, is that The house there?

Mm-hmm.

Okay. Okay.

So yeah, it's definitely vacant. It's dated.

Split-level raised ranch. Is that what it is?

And when I pulled up—

I grew up in a raised ranch. It literally looks, looks like the inside of my house growing up as a kid.

Yeah.

Like everything, everything in there is exactly like how my dad's house was.

Yeah. Very common down on, on those streets down there. Uh, but it is in pretty rough shape. Most of the homes are really nice over there. I was seeing $280,000, $290,000 for resale.

Um, go back, uh, Catherine, go back in there and, um, let's do a, uh, a comp on it. See, this is good information. Uh, can you do a CMA on it, Mark, uh, and let me know what the comps are in the area. And also give me a recent history of this property. Why is it vacant? Why is it— why is it abandoned looking? What happened? Was it in probate? Do a massive scrape of, uh, of, uh, uh, public record information so we can find out, discover what's going on there. And so is there— what is in the area there, Tina, that like supports housing? Is there— is it close to an MSA? Has it got a school or hospital?

Yes. So this is like central Waukee. Waukee is just exploding. We have really nice schools around here. We're working on our— we have our second high school that's already been built. Uh, we have a new Grand Prairie Parkway. The whole area is just brand new development out there with, um, beyond like retail. I call it the, the Medical Mile because we have all of these medical facilities coming, you know, um, the clinics that look like hospitals. Uh, we have, um, a music venue, a great big, uh, yeah, there's, there's a lot Waukee is a very popular area.

Got it.

This is the, this is the older part of Waukee, which is— these are great prices for first-time homeowners coming in. Well, and this house— but there's not a lot of rental going on over here. These are, um, we have a few scattered around, but definitely, um, I would say most of these homes have been owned for a while.

Yeah, and this one being like over 50 years old, these are things you want to be cautious of and careful. Yeah, like the skeleton might be okay at 50 years old. You're on the cusp of when, when they were doing a lot of changes in the construction industry. Um, we went from 2x4s down to inch and a half and 3, 3 and a half. Like those changes right there, like, you know, we used to build houses on 2-foot centers because you could. Now we went to 16s. That was when that kind of took place. And so construction went through a massive change for 30 or 40 years there, and that was the tail end of it. Uh, they had figured it out by then. But, um, what else you got here? Comps in here show that everything's under $200,000. Are they sold, Catherine? Are you seeing sold signs on those?

Yeah, it says this is the price sold, this column right here, sold price.

Got it.

Okay, so 275 would be the lowest.

Yeah, so I mean, there's, there's ARV right there that, that's justifiable. Going down, so the pricing gap, you know, um, pricing gap is pretty decent. You've got a, a gross spread of between 85 and 100 So you gotta, you gotta take that into consideration. Um, so it shows right here, uh, that it was added to the MLS in 2025, October of 2025. Price was changed in January, price again changed in June. Um, and so why did it land on the market? Good question.

Yeah, the taxes are current, so there's no probate, foreclosure, nothing like that.

Yeah, it's, it's definitely vacant though. I don't know that—

yeah, I'm in the picture, it shows that it's empty.

Yeah.

You know, but it's listed. And so again, like, you can, uh, uh, try to figure out who the owner is and why.

Yeah, I was going to hit the recorder, uh, Dallas County Recorder next and see what I could find out on that.

Let's see, go ahead and hit the button, Catherine. Review the Dallas County Recorder's Office for the owner's name and information. Last owner's name and information, please. And again, this is the why I built Deal Hunter, because I don't want to keep jumping around all day on different websites, you know.

So, so I'm on the assessors and I do have their name here.

We'll validate and verify then. If this comes up with something, you'll be able to tell us if we're right, right? What do we got? What do we got? Nothing confirmed.

So they didn't give you the, the name, the deed? I have the deed holder anyway from the assessor's page.

Okay, are you seeing anything, Catherine, in this Search?

No.

Does it, uh, would it know if we gave them their name?

Let's try it.

That's who owns it according to the assessor's page.

Okay, copy that and paste it in there.

You want to talk?

See if you can find these owners. This is what's listed on the assessor's website, and I'm thinking that the, uh, the acronym there after Linda's name stands for something.

That's what I was thinking too.

Yeah, joint, joint Joint tenants with right of survivorship. So married husband and wife, um, shows here that Linda died and Homeboy died. Um, so hold on, let me see.

So yeah, so she passed at 78. Daryl is still—

no, and then he died in November and they listed, they listed the house in December.

That's why.

So the survivor of this, um, so they both passed.

Yeah, they're both gone. Linda died in 2022 and Daryl died in November 27, 2025.

Oh, so I would have a conversation with the agent and say, who in the hell is the owner, right? Since both people died. And I'd offer $150,000. Yes, they could literally— like, they could literally have this house for free right now because it's nobody's house. Like, this is how you get houses for free.

I've got to jump, I've got to jump off. Catherine, thank you. I've got another meeting at the top of the hour, so good to see you tomorrow.

Thanks for coming in.

You're welcome. Thanks.

Okay, I'll get a hold of the agent.

Yep. And that's what I would do.

So talk about it.

I'll wrap it up with a prayer real quick, and then we'll jump into it again tomorrow, everybody. Uh, thank you for coming in today. So Heavenly Father, we thank you for the blessing of this day and the ability to work in your world and, and see all these things. We are blessed to know that you've given us the ability to go out and make change in the world, and that is what we ask, that you give us the power and the grace to do. In your son's name, amen.

Amen. Thank you everyone.

Thanks, this was fun.