Monopoly Bros. 🎲 🎲
@Monopoly_Bros_
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From a $10k single family home in the hood into a $7.2 million multi family apartment in the burbs | Tweets about buying houses and playing real life Monopoly.
Detroit, MI
Joined January 2022
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This information you won't find on Google.
Before you get married, let me show you how to get up to 12 properties while living almost rent free with little money out out pocket.
Here's how to do it ...
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Before you get married, both you and your spouse use the FHA loan to house hack a 2-4 unit property.
Easy way to get 4-8 units with little money out of pocket.
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I met someone this weekend who buys mobile homes for $5,500 and does a rent to own with tenants to have them buy it at $14,000.
So many ways in real estate to make money it’s crazy.
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Wholesaling real estate is the reason why I am debt free, paid of over $32,000 worth of student loans.
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Never pay a contractor 100% upfront! I REPEAT, Never pay a contractor 100% upfront to start any job.
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Just finished our latest rehab in
#Detroit
🏡
Purchase price - 38k
Rehab - 45k
Timeline - 61 days
We're going to list it at 160k, after doing some research we will be the best product at the lowest price point within a 1/4mile radius.
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Owning REITs is more passive than owning physical real estate.
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Pro tip: Put an Apple AirTag in your furnace during the renovation.
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Strangers will make you rich. People you grew up with will only see you one way not the way you are right now.
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We did a podcast yesterday and sometimes I still cannot believe we went from $10,000 house to a $5.6 million multi family.
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If you not doing it every single day, your not going to beat the man that’s doing it every single day.
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I know many millionaire investors. I don’t know many millionaire realtors.
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We don’t go buy multi family and HOPE it goes up.
We buy multi family and MAKE it go up.
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A wholesaler sent us this property to see if we would be interested, this one doesn't fit our buying criteria unfortunately.
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My boy just bought a $140k home and truck for $60k.
He paid cash for them both.
He owns 50 single family homes free and clear and nets $500k a year.
He pays $0 in interest because he has no debt.
Doesn’t have to be sexy.
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If you work a W2:
- Build credit to 680 or higher
- Save as much as you can afford
Buy a duplex live on one side, rent out the other.
Now you live rent free, next:
-Build credit to 720+
-Save more
Buy single family rental
This is easy way to start playing monopoly.
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Surround yourself with 3 real estate investors and you’ll become the 4th millionaire.
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We appreciate you highlighting our journey.
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Step 1 - Both will use FHA Loan to buy a 2-4 unit property. FHA allows you to put as little as 3.5% as a down payment. FHA has lower credit guidelines typically only need a 580 credit score.
Ex: Duplex costs $250,000 means you only need $8,750 as a down payment.
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Buying one good property a year can change your family wealth trajectory for generations.
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Entrepreneurship isn't about the money.
It’s about owning your own life.
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I learned the most about real estate by doing real estate.
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We want to do all this trickery.
Get an LLC, then use that LLC to buy whole life insurance then use the insurance to take out a tax free loan on your future death date💀 then you give the company your small intestine for business credit.
Just buy income and be patient. Easy
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I like to buy my properties ugly.
2/10
Swipe right
They own momma don’t kiss them
That’s how ugly I look for when buying properties. They tend to make the most money.
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Before we start, let me quickly explain what is "House Hacking"
It is a real estate investing strategy that involves buying a property and then renting part of the property out.
Now lets get to the real estate wealth building hack
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I don’t want a $1M business loan.
I want $1M liquid.
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An observation about real estate investors on Twitter:
Many struggle to buy 1 property because they are focused on how to buy 1,000 doors.
Buying just 1 property will change how you think.
Start small, scale later.
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When you buy multi-family real estate, your buying a business.
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Real estate hack:
Go to open houses and meet ups events every weekend.
Meet 50+ real estate professionals.
Add them to your email list and social media.
New relationships leads to new opportunities.
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Step 5 - Getting married is considered a "life event" so that allows you to move out the units you currently live in and use FHA again to buy ANOTHER 2-4 unit property that you both can live in together and rent out again.
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Remember you can do this with a duplex, tri, or quad. All depends on price point in your area, what you can afford, and what's available on the market.
Using this strategy you could potentially own:
Duplex = 6 units
Triplex = 9 units
Quadraplex = 12 units
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Every time money hit your hand, make sure you buy assets. It’s REITs that are $25 and less that pays dividends. It starts with a decision.
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Putting your child out of your house at 18 years old, with no plan in place, no credit, and no money is a generational curse.
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@BlkDeveloper
Yes for two reasons.
1. Lower down payment, as investors keeping cash on hand to do more deals is a priority.
2. You can always refinance out of FHA into conventional to get rid of PMI and get better rate if it’s available.
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Being vertically integrated in real estate is how you can really get money.
1. You have your own PM company.
2. You have a building company.
3. Wholesale business
4. License realtor
The money just stays circling all of your companies.
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Having just two good cash flowing properties can change your life.
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Step 3 - Research 2-4 units with realtor, make sure EACH UNIT has at least 2 bed/1 bath. Tell your realtor you are not interested in negotiating "sales price" instead focus on your out of pocket expenses. 6% concessions would mean 6% less money you have to bring to closing.
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Top 3 millionaire income streams according to the IRS.
1. Dividend income from stocks owned.
2. Earned income from a paychecks.
3. Rents from rental real estate.
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Don’t let anyone lie to you, money is needed to get into real estate.
Yes, it’s $0 strategies and such but overall you will need money at some point.
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Side bar - What is seller concessions?
Seller concessions are closing costs the seller agrees to pay. They can make a home more affordable for the buyer.
Ex: $250,000 purchase price
6% concessions
= $15,000 saved on closing costs
You following us yet?
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The more you speak to people who are actually doing what you want.
It’s easier to realize and accept you can do it too.
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Another
#Detroit
rehab completed on the westside of the city 🏡
Purchase Price - $35,000
Rehab(as of today) - $48,000
Timeline - 67 Days
Lisitng this one at 140k, before purchase we ran numbers using 125k as ARV. Once again at this price point we'll be the best product at 140k
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Don’t invest in real estate to get rich quick.
Invest in real estate to get wealthy over time.
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2023 is the year of collaboration. If you are reading this we can collaborate.
1. JV a deal
2. Build each others brand - IG Live, email list, Spaces
3. Introduce one another to someone important
4. Promote one another products
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We closed that eastside flip last Wednesday at 148k with around 50k in gross profit. Listed 11/17/23, sold 12/13/23 for a total of 26 days on market. Our total holding period from buy to sell was a total of 98 days! But that's not the best part 🧵
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Step 2 -You and your spouse are speaking with a lender about FHA loan, you get the best realtor that will fight for 6% concessions (we'll talk about that later), and you're saving some cash while building credit.
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Seeing stock market crash makes you wonder if real estate is next.
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The market has driven out those who came into real estate without a long term vision. If you are new, this is the best time as it will be less competition and great way to learn as we go through this market transition.
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Everyone is talking about Kyrie, Kanye, Drake, Megan, etc meanwhile we're trying to buy some apartments! 👀
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Our VA cost $4.50 a hour and saves us 40 hours of our lives.
One of the best decisions we made.
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I listened to 3 podcasts episodes that has a Jewish host with Jewish guests talking about the Jewish Community and how they make their wealth and keep it.
Pull yourself from being entrenched in one culture, you can learn from everyone.
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Step 4 - You and your spouse both bought duplex as a "single" person. Congrats!
Now its time to rent out the other side so you can live for free! Use that to SAVE for another downpayment.
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Did I mention you can get married now?
Currently you both own a duplex as a single individual, to capitalize on this hack now its time leave all your playa ways in the past and make this thing official.
💍❤️
Why?
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Real estate is a sure way the black community can build wealth.
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The wealthy stay wealthy because they buy assets to lower their tax liability. It’s about how much you keep not how much you make.
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One more thing! Ummmm you will have to wait on signing the marriage papers. This only works if you are "single" prior to buying these multi families. Don't worry, for this all to work you have to get married so I won't make you wait too long.
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Real estate is a cyclical business, ups and down is the part of the game.
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You can’t “good credit” your way to wealth.
Now go sell something that will make you money.
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Surrounding yourself with people doing bigger things than you at the moment is inspiring.
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I’m looking to build an investor carrot 🥕 website, any recommendations on someone who can build it our for us? Looking to pay for a great website.
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We purchased another single family home 9/29/23, rehab started 10/13/23.
Here are the numbers on it
Purchase price: $37k
Rehab Budget: 30k-43k
ARV: 125k
We're looking to close at least 2 more
Criteria: Brick, solid neighborhoods ARV 100k-200k, 3bed, 1500 square feet or less.
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Our last single family purchase here are the quick napkin numbers:
Purchase price: $37,000
Rehab: $35,000
ARV: $110,000 - $135,000
Gross Profit: $38,000 - $63,000
Timeline: 30 days(currently at 22 days)
Kinda hard to pass these up lol
The outlet is getting moved 🙄
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95% of millionaires got that way by saving, investing in real estate, or long term stock portfolio.
4% inherited it
1% made their wealth from day trading
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Chasing passive income has set me back years.
Learn from my mistake.
Chase new skills, creating new relationships with powerful people, building a personal brand, and managing risk.
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I rather be the one who tried and got laughed at rather then the guy who chose to sit back, play it safe, and fall in line with every other person.
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We don’t negotiate with sellers anymore. Our first offer is our final offer.
Why?
The more you try to be nice and give the more they want to take.
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@sho_fliteinvest
House cleaner, someone to clean your house once a week is one of my favorites.
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Don’t get lazy now remember the days you were desperate to be where you’re currently at.
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If close a real estate deal, no matter the size.
Get on Instagram, Twitter, and Facebook to tell the world about it.
It’s time you star to be your own media PR firm.
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Rental income
Dividend income
Business income
These 3 you can do while working a 9-5
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People ain’t looking to be a millionaire in assets
They looking to have a million dollars in cash
Theirs a big difference
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You only need a 640 credit score to get financing for a investment property.
I’ll say it again, you only need a 640 to get financing to buy your first rental property.
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Real estate is one of the few investing vehicles where you can accidentally become a millionaire.
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Wholesaling -> buy and flip -> buy and hold SF -> buy and hold 2-4 -> apartment buildings. Wholesaling helped us become apartment owners initially by mastering the skill of identifying a deal/opportunities
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I know someone who did 3 wholesale deals. Made around $18,000, paid off debt, got a used car, and then a few weeks later got a job.
You don’t have to be a full time real estate investor, you can use it to just get back right.
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Real estate investors,
As your business grows, so should your legal team.
Here are 5 ways investors can benefit from working with an attorney.
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My realtor that help me get my first duplex still sends me a $10 Starbucks gift card every year.
Just seen a Facebook post of him accepting the top realtor award for most homes sold in 2020.
Follow up is king.
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The days between Christmas and the New Year are the most wasted days of the year.
Dominate December 26th - 31st and watch that snowball into you having the best start of the year you ever had.
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We charge $150 for a 30 minute call. Best $150 someone can spend looking to get into real estate.
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Owning your own home as a man, husband, father, is just invaluable.
You do not need to build a real estate empire just own where you live.
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Build enough revenue streams so it turns into a revenue ocean.
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A guy paid Grant Cardone $120,000 for 4 calls with him.
Leverage that call to make a YouTube video that has 100,000 views and monetized those watching to tell us what Grant said.
That’s giving value.
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Biggest mistake I see people make is trying to make money. You don’t make money by trying to make money. You make money by developing valuable skills. Focus on skills long enough and the money is inevitable
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1 property = builds confidence
2 properties = make money but learning the game
3 properties = cash flow gets you excited
4-8 properties = retirement nest egg
10 + properties = financial freedom
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I started off listening to Biggerpockets podcast and watching YouTube videos all day. I was addicted to learning as much as I could. That hunger is all you need.
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Why do I tell everyone to invest in real estate?
Cash flow, capital appreciation, tax benefits.
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Appreciation is how you get wealthy.
Cash flow is for freedom.
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🎲🎲
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90% of millionaires come from real estate. (Fake stat)
100% of billionaires come from private equity. (Real stat)
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I met multiple 9-5 millionaires, don’t let social media steer you away from your job just because.
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Debt is less scary when you have grade A tenants paying down the balance.
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On our way to a multi family conference in Florida. Always learning, willing to pay to get life changing advice.
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We might miss out on summer ‘22.
We feel like hustling.
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When I muted the group chat with my boys I grew up with my focus got better.
When I got added to group chats with investors, business people, and entrepreneurs my life changed.
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Investor Capital = Relationships
Acquiring Debt = Relationships
Closing Deals = Relationships
Construction Management = Relationships
Leasing = Relationships
Property Maintenance = Relationships
Relationships, hands down are the # 1 asset in real estate.
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Let your 9-5 pay you free money to invest (401ks, etc)
Let your 9-5 pay for trainings, certifications, licenses.
Let your 9-5 give you leverage to buy a primary home.
Having a 9-5 to pay the bills and a side-business to fuel your investments is the
#1
wealth-building strategy
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Narrowed our focus to 3 things.
1. Multi family investing
2. Monopoly Bros brand
3. Wholesale business
They all play off each other so at times it feels like we are working on just one thing.
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My first mentor told me if he could go back in time he would have raised money sooner to buy multi family properties.
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