What's up everyone. This is knee at a wall, a host of via Cabo home financial freedom mastermind group. This group meets virtually every Wednesday at 7:00 PM Eastern and the members of this group are committed to achieving financial freedom. Well before the traditional retirement age. So in this podcast, you are going to get VIP access to the conversations we have about different forms of.
And creative ways to get your dollars working harder for you than you originally worked to obtain those dollars. Bow. How you doing, man? How you doing? I'm super good. I'm super good. You got the firehouse right now. Okay. This, this four hour shifts, man. I don't know if we talked about this before, but I used to work for a company called fire one out in Philly. And we were responsible for going up and down the east coast and testing the fire equipment.
So we're the one that guys that pulled it off the truck. Once a year, we'll be back on the truck. It was terrible. The accordion packs, all those different kinds of like that. It was, it was the five minutes was rough. Yeah. It's a lot. It's a lot of work getting that stuff back and done and put it back up. So did you guys, do you guys hire it out or do you have like some of your younger, younger at this, at this fire department?
But at this one we do it all in house, but at the one I worked before we hired that out. Hey, more power to you, man. There is no joke. I would try to get off on that day. Right. I'm sick. But how you been, man? And I'm doing good. It's working like crazy since I'm finished that house. Just wired it up. Yesterday. Got it done. Got all the wiring done. She brought crew coming, so she'll be getting ready to make it look pretty again. Nice. That's always exciting. That's the fun part. Yes, sir.
No, I literally, so I told you I worked with a flipper and we're getting close to having one listed. It's actually going to get listed next week. I'm going to be the, the realtor on that. So I'm excited. So we're going to bring in all the, you know, staging we're going to bring in photographers and next week and see if we can't get this thing sold. Couple of weeks. Yeah, that's one. And then two I'm taking on another client from a short-term rental.
So it's going to bring my management piece up to five managed and two owned. So seven total, because we're closing on that property in two weeks. What's it, what's the goal with that? You're going to keep, keep growing it. Yeah. So my goal overall is I'm still working at W2 just like you and investing in real estate. And my goal is by the end of 2024, to be able to move into full-time real estate. So I got my realtor license late last year. I'm starting to build up my client base.
And one thing I didn't count on that's may get me there sooner than the end of 2024 is being able to manage other people's short-term runs. Along with my own, right. Similar to the conversation we had last. I put systems in place to manage the two that I had, and I want to continue growing that. I plan to get another one here in a couple months. And because I had the systems in place when others, you know, would ask me, Hey, how you're doing this, I would tell them.
And then I got a couple of people saying, Hey, do you mind managing mine? And long story short in like a six month period. I went from many to just my, to, to now manage six total. And I'm bringing on a seventh and about two weeks and an eighth about a month from now. How, how many, how many of those do you want, do I want to own person? Do you want to manage, sorry, manage. I don't know, man.
I'm just going to keep, I'm not pushing it out or advertising, but if people keep coming word of mouth, I'll take it on. At the end of the day, it gives me more scalability with the cleaners for. And with contractors. So for example, what my cleaners I've standardized their pay. Now they get X amount per month. Plus bonuses. It's really good pay, but to get X amount per month per month plus bonuses.
And there's no questions on, Hey, this is a harder cleaning or Hey, this one was, you know, cause before there was a little bit of that we have one. If it's a harder cleaning than expected, you got to pay a little extra, but now it's like, guys, this is what it is across the board. Whether it's easy, hard. And my cleaner has started to build his team. He's got three people reporting to him and he's enjoying it.
I meet with them on a monthly basis to talk about goals and planning and long story short. It just allows you to be able to take care advantage of economies of scale, right? Well Bo, before we jump into it, I see we got Rodeem. How you doing, man? I know, I know we cut you off last time, man. My apologies. It's a good man, so good. It happened like that and I want to everybody. So last week Bo joined us for the first time. And this week we've got Lewis joining us for the first time.
Louis, how you doing? I'm doing good, man. It's good to meet you on just glad to be involved in looking in our center. Come on now. And we're looking to learn from you as well. And one thing that we do anytime, somebody new joins is we ask them, Hey, just a little bit about your background, what you do from an investing standpoint and some of your goals. Would you mind sharing that Louis? Yeah, no problem.
Here in Atlanta, obviously, and went to Georgia state university, graduated a couple of years ago. I work in the the underwriting space commercial real estate and multi-family and the girlfriend and a friend of mine got me interested in the short-term rental space. And so I just, you know, watched as many YouTube videos as I could as many podcasts as I could. And you know, I have bought a home primary. And like in 2019 as well.
So I just turned it into a short-term rental at the end of February, and we're trying to, you know, run it, you know, deal with guests, deal with trying to automate everything. And I'm using a landscaper that you recommended to me the other day. So that's great. He's going to be out there cutting my yard tomorrow. So just trying to get everything together, get the team together so I can just automate Indian scale. And the goal is really to be.
In the next three, four or five years to be financially free from this and then just continue scaling it essentially. That's awesome, man. That's awesome. And you mentioned that you got your first one up and running in February. And so are you planning to try to get another one this year? Yeah, so another thing I guess about me, I'm also in the air force reserves. I serve at Dobbins and Kennesaw, and I'll be getting out later this year. And then I'll be able to probably use like VA loans.
So I'm trying to finally get a VA loan for primary residence may be rented out when I'm not there type of thing. And then just keep moving on to more and more properties, I guess once one, every year. But like you said, if there's opportunity for me to partner with someone else and manage someone else's property, I mean, why not, you know, just help you retire even from. And Louis, I don't want to skip over what you just said. We truly appreciate your service as well as bows.
I know both of you guys serve and we have others that served as well. Marcus who's somebody that joins a lot of these calls was in the air force too. So thank you for your service and looking forward to you, getting out and pursuing these financial freedom dreams. And one other person want to introduce Francesco. Welcome back to. Are you feeling super good last week, last we talked. I know you were on the housing search. How that going? It's going good.
So I'm in a very unique position which I see as a learning experience as well. So I didn't even know this exists. It's called a short sale or something where the bank basically owns it. And it's such a weird. Interesting path. So that's how it has been on the market for 250 days, but they declined an offer back in January. And people told me that, you know, this kind of. This kind of I guess whole deal I can negotiate. So I attempted to negotiate saying, Hey help with the closing costs.
And I increased the total cost of the house by $10,000, they declined to help with the closing calls. We accepted a $10,000 increase. And so they are waiting to accept the cash offer by March 26. And if they don't accept the cash offer, they're going to take my offers. So I'm even trying to see, I don't know if I already messed up by saying. You know about opened the parties on 10,000. Cause I even want to take away to 10,000 now and be like, yo, I'm just going to give you for the price.
That was, it was a praise for, at the bank, which was $10,000 less. But I just was encouraged by my by my realtor to just do what that he'd just go with that move because right now Baltimore is. Just last weekend, you know, DC investors bought several hotels in the city. So, you know, a lot of people from DC are just moving here, like a great number right now. So, yeah. So question for rod deem, have you purchased the short sale? No a lot.
A lot of them, sometimes they like fought through because typically like the short term is normally when people behind on a mortgage. And if the homeowner who behind say, Hey, listen, here, I have this you're not wanting to sell a house. I can't pay you guys. X, Y, and Z. Would you be able to do it at a reduced rate? And it's really up to the bank discretion. So sometimes it's a process sometimes. Yeah. At a time, sometimes they do.
Sometimes they do, sometimes it is worth it, but sometimes I'm deals can be 6, 7, 8 months. Sometimes it just depends on, you know, the bank because the bank be having a lot of properties, you know, they don't work by no commission. And you're right about that. Actually, I forgot to mention that part. I do like this kind of, this, this path I've taken because it gives me time to not have to break my lease. I was open to break my lease. I'm like, all right.
If I find a good deal, if you know, I'm close to like closing out in a home, I'm breaking that shit. But now six months, that's what my realtor told me is perfect timing, which, you know, my lease ends by then. I think I would need one more extra month on it's going to be one more extra. Until I'm able to move in. So that one month I'm just gonna move into Airbnb of where my shit in the storage and stuff. Yeah. No, it worked out perfect. Yep. Yeah. So, and are you contractually?
Cause you mentioned they have a cash offer potentially. Right. And they're going to make a decision 26. I haven't done a short sell right before. My, one of my partners, my flipper partner has, and he mentioned exactly what you said and were deemed said, it takes a long time. Right. And in lack can happen during that time period, but would you be contractually locked in to go through with that for that whole six month? No, they told me I could withdraw all my religion, so we have to withdraw.
And they don't have an, the cash offer. They basically gave themselves a deadline of the 26th of this month to receive a cash offer. But I don't think with a home like that. So we'll, we'll be willing to just say, Hey, 100% here you are. You know, I just, because it's an area that's kind of like developing graduates right. By. But there are other areas that people, that basically the hotspot where, you know people already moving into right now.
So this kind of like a best kept secret cyber safety. Fair enough. And the layout of the home, I'm assuming you've seen it and kind of what, what drew you to that? So it's more like I'm compromising at this point too, because I mean, if it worked completely, if it was completely up to like how I fantasize and my true home, this will not be anything remotely close, but with how my realtor, you know, kinda encouraged me to kind of like go with my standards a bit, because it's mark is just insane.
You know, everything is expensive. And then, you know, I was watching the news, even oranges are expensive as hell, you know? So he's like, yo, you got. Capitalize on something, you know, this your first home, just like how you were saying, like you're like Scott, get him somewhere. So this place has a basement. It's it just, there's just some work to do. I'm going to do a lot of like very innovations myself, but the things that do require like professional maintenance, I will hire somebody.
So it's a three bedroom, three bath close to Hopkins. There's a little fast in like backyard type of situation, but it's all kind of group, so it's a decent location, but I mean, it's still in a food desert, you know? So that's really one of my main priorities. I want it to be by a grocery store. Cause I don't, I don't have a car. I prefer to work places. So being in the city, that's why music for years. So this is kind of like a transition now I'm going to have to get used to it.
Eventually get a car. Yeah. That's fair. That's fair. And I'd love to connect offline just to take a look with you, right? I want you to be successful in this first one, man. Cause that's just gonna fuel your next one. And the next one, the next one, I know we talked about potentially being able to rent a part of the house out just to see if the four plan works for that. So we'll definitely connect online in that Francesco, but I'm happy to see you making moves, man. Appreciate it. Absolutely.
And I saw, we were just joined by delis or Dallas, my Chinese. Yeah, I have no idea what we were talking about. I just came in. So what's going on? Yeah. So is this your first time joining the call? Yes. Okay. So this is a weekly call that we have and typically different investors we get together. And we just talk about what we're working with.
And different goals for accomplishing this year so that we can hopefully be able to partner up with one another and, or help us keep each other encouraged as well as give advice for any issues that we're going through moving forward. So for anybody new that joins, we just like to hear a little bit about your backstory kind of what you're investing in right now and some of your goals for this year. So if you would not want. Okay. So my name is a Dallas is normally spelled with an eye.
So it's, I D a L I S so I currently am not investing in anything right now, but I'm very interested, which is why I am joining the call. So right now I've been pretty much saving up for a home. And so I. Projected, it will be like mid 20, 23. So that's kinda, my goal right now is looking good. It looks like I will be able to reach that goal.
I don't exactly have an idea of what location yet, but I have talked to like a realtor and everything like that to kind of get that going so I can have an idea of what the process will look like. So yeah, I mean, just being. Inner I'm kind of looking for mentorship. I'm pretty, I'm 25. So in that will be like the first to do this in my family. So I'm kind of looking forward to the adventure and Yeah, just graduated from my master's program and got a jobs.
Luckily, cause sometimes it's hard to do right after graduate school. But yeah, that's pretty much my background. I'm just here to learn. And as you said, ask questions along the way when I get stuck, cause I don't want to get God. That's one of my fears. I'm really small. So everyone tells me I look super young and so sometimes people want to take advantage. So I'm just trying to know as much as I can. So that's pretty much about me in Dallas. I love it.
I love that you've set a goal for purchasing that first home and that you're on track for it because as a lot of people on this call can tell you, once you get that first one under contract and move in and start seeing some of the benefits of real estate, it's, it's hard to ever go back to renting one in two, you're probably going to purchase a lot more. So. Rooting for you. And I don't know if you mentioned it. What, what area are you located in? What city area? Jonesborough. Okay, nice.
Nice. So yeah, we definitely have people on this call that are familiar with the area and we'll try to help you out as much as we can feel free to chime in and ask any questions that you may have when we're going over stuff. But switching gears, Louis, you mentioned something that definitely wanted to come back to. You said you just started the Airbnb in February and you're working through systems. Do you have any systems that you're using right now or how are you managing.
Yeah. So do my, I guess YouTube adventure, we're just going through all these different channels. People mentioned that, you know, you can manage properties yourself. And I guess if you're more into long-term space, sometimes you have a property management company handle everything for you. So in this case, I was like, well, let me save some money and just figure out how to do it. If I can honestly do it and save myself a lot of time. So, I mean, there's a thing.
Here, like, is this thing called price labs, which helps automate the pricing. I'm sure you probably know a lot of these things, but price labs do like automate the prices. There's is property management software called owner res that I'm using and still depending, like build out basically just helps think up. All my calendars helps me like automate messages to guest. I'm looking to like get a credit card processor in there, et cetera, et cetera. And so Let me see, what else?
What else, what else? I think I can't. And then there's like a distinct called remote lot, which helps like automate when a guest creates a booking and then you can like automatically generate a code for the guests. So, I mean, I guess there's anybody that doesn't know about the short term rental space or is already in it. I mean, I feel like automation is the name of the game and just, of course it's more expensive though. That's the only caveat because like everything comes with.
But I guess personally, I value my time more in order to just get more properties as opposed to just make as much as I can off of one property. So this is a lot of the things that I'm using. I'm looking for more to just try to save more time too. So if anybody knows anything, please let me know. No, I a hundred percent agree with you. I'm definitely familiar with the, the price labs and just your overall philosophy of automation.
That's the only way I've been able to build up to, you know, managing six and managing eight and above. And so the price labs is one that I use as well, right. To automate that pricing and make sure that when there's an event going on in Atlanta we're not missing out on those dollars. Owner Rez. I've never heard of that. Is that a newer software? Has that been around for awhile? I'm actually not sure how long they went around, but I guess I was looking at different software. They're like, yeah.
And then this one just kind of came up in my Google. And I was just like, well, I looked into the website, looked into the features and I was like, well, let's give it a shot because when you have no concept of what you're doing, you might as well just kind of try it and see how it goes. See if it's a fit. And so far has been really good. I mean, I think it's a platform to where you can really scale up a portfolio of that makes sense. Absolutely.
And if you're able to do the automated messaging, like you said, that's key. I use something called hospitable, which used to be. Smart BNB until they changed the name a couple months ago. And that does the same. And then from a credit card processor actually use QuickBook invoices for anybody that's booking direct. And I only allow people that have stayed through Airbnb or BRBO and had a stellar stay. When they come back, I allow them to book direct.
I don't just take direct bookings because I do want that liability protection for the first. Right. And I, I guess when I get more properties, I feel like, and you know, it makes sense to have a direct booking site is something I'm looking into, but I will get there eventually, but I guess for now, you know, we'll just have to see where it goes, but I've heard of hospitable before and I've heard good things. Oh yeah. Oh yeah. That's solid, man. That's solid.
And we're looking forward to continue to support your journey. And kind of switching it back over to Bo I know you mentioned that you're working on a couple projects right now. When is the completion date scheduled for that? For the project you're working on and Bo you're currently unmute. Right now we're looking at 90 days If, I mean, that's tentative. We already have three offers on the place. I'm looking to put one of them on contract and the next 15 to 30 days.
And once that's done, then I'll have to get with the new homeowner, make sure that everything that I'm doing to the house. Is in line with something that they want. Usually if they, you know, if it's under contract and they're going to buy the place I am open to changing some of the things that I had already planned on doing, you know, whether the backsplash on the tile on the backsplash goes from white to gray. If that's what they want, then that's what I'll do.
But so right now we're looking at closing then about. Finishing and closing. And, and you mentioned, where are you doing this? Where's the house looking Covington. Georgia. Covington. Okay. Yes. Okay, nice. It's a little bit out of the range. I've got a couple of buyers that are interested more in like Conyers and things of that nature covered a bit out. Yeah. This, this one is about six minutes from Connor's really.
Okay. And do you have, I mean, we may have to connect on that because I do have somebody is looking for, for something, not that way. You got to give me the details on what this offer is that we've got to beat them. Yes, sir. This is, we talk offline on that. But going back, I know this is a little bit, we can go back to that as much as you want. But before I forget, Louis welcome.
We appreciate your service, but also you said something about buying a primary residence in a somewhat near future with maybe a VA loan. I have done that and have some experience in that and keeping in mind that you are an investor and. It, it's not going to be a one-time thing. A VA loan is a super, super powerful tool, but there are stipulations on that, and they're not hard stimulation to work around, but if you don't know, like, I didn't know, you can get yourself in a bind.
Some of those stipulations are prices of houses and. From what I understand and I don't understand it all. And the VA Andrew lender, whoever, whatever lender is working with the VA, they will know the rules to this, but they're not going to offer this information. You're going to have to go out and look forward and ask those questions. But say, for instance, you want to buy a property for a hundred thousand dollars with your VA and in 12 months in one day, you want to rent it.
Turning into an Airbnb or whatever, and go buy another property. They're going to have a specific price range that you have to on the first one. They'll let you do whatever you want. As long as it's over $50,000, they'll give you enough money to buy it on the second one. They're going to have extremely strict restrictions on what those prices can be. And if you have a house that you want to buy, that is $20,000 less. Then they're willing to work with, then you can't use the VA loan with it.
You're going to have to go get a traditional mortgage, which is fine. I mean, that's one way to do it, but it's, it also takes that away. So keep that in mind and ask those questions before you get started, because it might, it might alter, I know, did, for me, it slowed me way down and took a lot of momentum away from me because I had the first one in mind and I already had the second one that I was going to buy 12 months out because it was from a family.
And when I went to buy that second one, it wasn't worth enough money for the VA to loan me on. I was, I had a, I had a stipulation that I had to spend $242,000 and that house was worth $180,000. And they said we don't care. Here's our rules. So just keep that in mind and understand, maybe not understand the exact numbers, but understand where those numbers come from. Cause it's not always the same.
If your first house is $300,000, then your second house might have different rules for different things. But just keep that in mind. I know that doesn't apply to everyone, but it is something that could help you in the future though. And I do appreciate you saying that and I appreciate your service as well.
And I've been trying to do as much research as I can on these rules, because like you said, I'm not trying to get my momentum slowed down and be able to effectively kind of get more under my belt. And I'm just with the way, and his prices are going down, you know, I just hope they keep up, like the amount you can borrow. It keeps up with the inflation of housing prices. So I guess that's just something that I have to see when I keep there. Yeah. They I mean, if you've never touched it, then.
A cap on it right now, but the cap in today's market is pretty low, but it'll probably be a few years before they catch up to where we're at today, but that's all right. We can get creative. Right. Thank you for the advice. Yeah, absolutely. And piggybacking off of that, the cap, right? I no, for. Conventional loans and really like even FHA, they just recently took that cap up. I don't, I'm not familiar with the VA. So you got to Google all this, ask your lender.
No, for like a conventional loan, a jumbo loan for the U S used to be considered anything that's five like 40 ish. And you'd have to go from putting 5% down to conventional to now you got to put 10, 15% down on a jumbo loan. Just recently sent it. And everybody approved because housing prices have skyrocketed a jumble loan is now quantified as six 50 or lower in Georgia, which is pretty good. You can get a nice house for that.
And the reason they had to do that is the average home selling price across the nation. It's about 500 K. Right? That's the average. So if you want to get into buy your first home, it's gone up. And so they had to increase that to, I would assume I say all this to say, I would assume the VA has to be increasing that loan limited as well. And piggybacking off of that, that first home purchase price. Right. I know Francesca was shaking his head because he's seeing it firsthand, but Dallas.
When you look at that first home that you want to purchase, right. Do you have an idea of what type of property that is? Do you want it to be only a primary residence where just your fam stays or do you want it to be a primary that can also bring you some income? Definitely a primary to where he can bring me income. Honestly, so I currently stay with my parents. That's how I'm able to save. Like I. But I am kind of ready to move out.
And so I'm kind of battling which one is more important or how it can do both in a way. Does that look like me? Staying at my home, you know, three, four times a week and then, you know, staying with my parents on the weekend. I don't know what that kind of looks like for me. But I definitely want to it wouldn't be my. Main point of stay, I guess that is fair. And I got to say, I love that the fact that you have the mindset of, Hey, I want this to be able to accomplish both if possible.
And one of the best things that I believe you can do. And I did it myself, is if you can delay gratification, right. Of living in a single family by yourself. You know, neighbors, et cetera, for as long as you can, especially early on it's going to set you up for success down the road. And so a lot of the people on this call already know kind of how I got started, but at 25, right, right. At your age, I bought a triplex. And before that I was living in this dope, it was pretty cool.
Like dope, two bed, two bath, you know, had my own apartment, all that stuff. But I broke that lease because I knew financial freedom is something I wonder. And I was able to get a triplex live in one of the units and rent the other two units out, which effectively covered the mortgage and made my expenses zero.
And the way I was able to afford that is when you're doing a personal loan or a conventional loan or a personal property loan, you can buy a house up to four units and still only put down three and a half to five. So you can go get, you know, that $500,000 house that we're talking about. You can get that for three and a half percent, which I to actually do a calculator. And that can be one second, 500,000 times 0.03, five for $17,500.
You can have a $500,000 house that's bringing you income and then move out of that one year later and keep doing that over and over. And so I've been house hacking 6 20 16. First started with the tribe. That was in Louisville, Kentucky. When I was in Boston, it was way too expensive up there to get something like that. So I bought a condo and had a roommate saved that way.
And then now here in Atlanta about a single family with an in-law suite, and I Airbnb out the in-laws suite, which brings in roughly 2,500 a month and pays well over half the mortgage in the neighborhood I'm in. So. I Dallas definitely want to connect with you. I am in the Atlanta area and I actively help other investors find those types of properties so we can definitely connect when you're ready on that piece. Of course, of course, of course.
And Rodeem, I know it's the project that keeps on going, man, but always ask you, how is the, the renovation going on your project? I know you had like an event space that you were thinking about doing there as well as short-term rental. Yeah, it's, it's going good. I've been on a, I went on a pause, a deal just came. So a good deal came my way. Is the deal though, kinda he been getting cold feet. He wanted to sell one minute.
He wants to sell the next minute, but he found, we just, I just got them under agreement for There's a residential, but you can convert it to a triplex. So the deal was actually between me and my partner. So we going to go ahead and cash him out and get that property. We really, we really just try to let it go. They were still there. I may have just lost him. He was just getting to the good part too. That's fair. That's fair. Okay. Opening it up. Hello, we lost you for a second.
Hello, Rodeen, can you hear us? Hello, Rodeen. Can you hear me? If you can see me, you may have to exit eight I'm back on. Sorry about that. You're good. Yeah, what I was saying was, so we said, we said on ADK, but because we know him, we going to do 40 on the table and we're going to do 40 behind the closed doors. Cause he don't want them to text him as much and we want to do it on on that way. So I'm just the bait and we try not to. Hello? Yep. We hear you. Yeah. I'm sorry. My phone going on.
I think Robin just dropped, but that is how you do deals in Philly. Rodeem is based in the Northeast. So a lot of I used to live up there. And so it's a lot of it's, it's a little more creative book that way. Right. But we have about a little less than 10 minutes on the clock. Are there any topics that are top of mind, anything that you're working through or any questions that you want to dig into? Anybody? I got, I got something I want to pick your brain on, please. I'm not ready right now.
You can hear you, but give us one second. So somewhere between five and seven months from now to buy another property. And I would like to buy a property that's in good enough shape that I can get a mortgage on it. I have chunks. I would like it to be dated so I can add value myself to it. And I have the capital to put that money into it. But right now I'm, you know, I have. I want a three or four Plex. I don't know that that's going to be in a, you know, in the Atlanta area.
I don't know if that's going to be in my price range. I might do a bigger single or a duplex. Maybe I'm still going to be around in five to seven months. So give me a minus and find a real good one. I'll jump on a little early. Come on. Now. We will be around. And we'll figure out some creative ways because I do work with the flipper and we're actively, I kind of leave that to her.
I work with the investors and actually locking up the deals and she works on kind of wholesaling and finding the actual deals that we're going to flip. So there may be a couple coming up and I will keep you in mind. Absolutely. I I know you said you got some people in in Conyers are looking and that is where I work. That's so I know a lot of people around here and a lot of places and a lot of people with a lot of places.
So if you got somebody that really wants to be here, let me know what they're looking for and I'll help you out. Yes, sir. And Rodeen, you were just telling us how business is done and feeling your mind. Oh yeah. Can you hear me? Yes. Oh, no, pretty much. So we settled on 80,000 as it is a residential three-story. I got to quit. I it's it's is 80 thousands of real good deal. But it's with me and my partner. We going to do 40 on the table, 40 behind the table.
We had a comfortable relationship, so I just got the paper notarized. We got the paperwork and we took it straight to the ashtray company. Hopefully she'd get it back in a week, like she's saying, but we probably can't bank on that. The water may, they might not come back. But quick question to you. So. I was talking it over because we just want to get rid of them. Don't put no work, put no time in it. We just trying to push it along.
But If, if I leave it as a residential investor, going to try to short book, they want to try to low ball me. Right. They may try to give him 1 41 30 max, but if I go down there and get illegally zoned as a dry Plex, put the work into it. I know I can get the numbers up to 500,000, but it'd be. It'd be a loan on the property to get it fixed up. You'd have to get my money. I can get it up. I can, I can get it up. If I do the trial.
If I, if I do the trial, get his own as a triplex, probably, you know, price been 125 in it. So I'll be in there for 200, but I think the numbers can come back at five. Five 500 K, but his wit is with alone, you know, refile. What would you do? Are you, and to be clear, are you looking to keep this, or are you looking to sell this to some. I've got a good, I got it. I'm in a dilemma.
I'm debate and I really don't want to, I really don't want to put the work in it because I'm one to projects, but I really just want to push it along and probably a breakdown. If I sell it at one 50, that's about 70, 70 grand just by doing nothing. But if I take one, a challenge and do all the hard. I can get the refire 500. What would you do, Rob deem? You know what I'm going to say, man, you know what I'm going to say, right?
With how much money was poured into the market over the last two years? Right? Literally 40% of the dollars we have in the us right now are created out of thin air in the past two years because of the pandemic. A lot of that was needed, but inflation is, is going up as it should. And it's going to continue to go up for. Two years in my eyes, right before Lebanon law at some point.
And so when you look at the dollar it's, even if you get that 70 K you know, two weeks from now, it's not going to be worth that two years from now, but that real estate dude, it's going to continue to go up. It's going to compound not at the 3% annually that we're normally used to, but at closer to seven, eight, 9%, right? Last year, the properties that are owned appreciated about 15. Which is crazy.
And so if you're open to doing the work, and I know it's a lot, the work that you put in today, you're going to be thanking yourself two years from now, just because one, you know, that you did great work and that you can get solid tenants in there too. You're going to be pulling your capital back out even more capital. So you're kind of benefiting on both ends, right? So you can get more money out in your pocket from a refinance that you can use to buy and invest in other than.
Plus you've got a solid property. That's going to continue to appreciate that you can sell, you know, a couple of years from now. So, so my vote would be to keep it but would love to hear from anybody else. I would keep it as well and rent it out if possible. I think that cash out refi give you that money back to probably do more projects. Yeah. Yeah, I'm on a fence, but first and foremost, I'm going by it. So at least I got the option. I don't have no immediate pressure.
But I would just, I would just debate because it's more one question. Do I want to get more in debt or, you know, I can still, you know, with that money, I'm able to, I'm able to still maneuver a little bit and find other little things like, you know, so it's just the money. If you sell it. But I know. Yeah, man, I gotta, I gotta, I gotta put it back into something. Cause I put it back into something.
But it just, it just, it just gives me, it just gives me, maybe I made a bigger stick to fight with. I understand that. Or, or, or, you know, maybe pay off maybe one of my mortgages that I have, that's probably like 40,000. Then I be ahead of the game. I mean, I might get that same amount of money in two to three years. I may get 200 and 300,000 profit because I won't have to put that in mortgages and liens. So. And I'm wrestling with another thing with that Dolly, that's her name? Dallas.
That was. Yeah, I, I think you in my opinion too, sometimes if you want to stay with your mom is still kind of capitalized on that. For first time homeowners, I think like as long as you have, you know, you had your. And you have everything going to that house to show that you have some residency there. Thank you for listening to this episode of the Cabo home financial freedom mastermind podcast. If you found this content valuable, please go ahead and hit that like button.
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