20:33 The Chicago "I'm Over It Tour" was incredible! People traveled from out of state (Michigan, Indiana, Missouri, Wisconsin) to attend the class! Well worth the price! Today is Tuesday, and the Chicago attendees are STILL TALKING about how much they learned in a short span of time! EVERYONE MUST ATTEND!!! TIP 1: Folks, you only get one (1) hour for lunch. Pack your lunch for the event, something that does not require refrigeration, such as fruit, granola bars, peanut butter sandwiches, etc. Eat a full breakfast before the class because you will need your energy. TIP 2: If you want ideas on what to wear, Google "comfortable business casual attire for men/women." You probably already have a few good pieces in your closet. If you prefer watching videos, gentlemen watch the RU-vid channel "Real Men Real Style" for excellent style advice. Ladies, watch RU-vid channel "Christie Ressel" for inspiration on how to dress best for your body shape. Friends, you will look great, feel amazing, have confidence, and stand out! ❤ ❤ ❤
Yes, Chicago was awesome. I came from Port Huron, Michigan, and it was worth the trip. Kevin is intelligent, articulate, and entertaining. I booked an Airbnb which was only a bedroom. I didn’t consider having to share a bathroom with other guests. When all was said and done, my scheduled Lyft was going to be there very soon, so I threw on my shorts and a polo instead of the dressier clothes I had picked out. In my pic with Kevin, I look like a slob next to him in his suit. lol
@@MeetKevin Hey Kevin I live in the UK otherwise I would have bought your course who would you recommend from the UK to learn from. I see videos of a person call Samuel Leeds but I heard his course is £10-£12K which is crazy mind you im 22 and earn about 17k. I really want to get into investing in houses and renting it out but I don't want to pay an arm and a leg for it and not to work and i get taken advantage of. Also I'm paranoid he will only take my money and not help me get results. I would love to hear back from you and hear your advice thanks.
Thanks for putting in a nice faucet. I cant stand those tiny cheap looking faucets that are so close to the sink that you are banging your knuckles against the sink trying to wash anything. Its so much more practical and worth the money to spend on a faucet that can be useful and gives space to actually do things at the sink, whether it is in the bathroom or the kitchen.
Will you make a video documenting your total income per mounth and positive cash flow per mounth, and maybe show how it increased over the years as you bought new houses?
People do not understand how valuable this information is. It would have taken months of learning and investigating to find this much knowledge in 2006.
Not having to pay taxes alone is a huge boost, 1031 tax exchange this is huge growth even owning a business investing in yourself is so powerful if done correctly! Thanks for sharing the numbers !
Looks great. My only thing is the cabinets don't match in the kitchen from the old and new ones. Maybe the old ones could have got new fronts to match the brand new ones. But great job.
Fantastic use of the HELOC. We do the same thing, as well in conjunction with using it to pay down the loan on my primary residence as well...way to use OPM to your advantage all around!
Thanks for such a thorough walk through Kevin. I really appreciate pros like yourself showing us how it can be done. I remember doing my first renovation was the most stressful thing ever. I'm no handy man so had a bunch of anxiety and fear around how it'd look and being ripped off. Amazing what some paint and sanding can do though 👌🏽🔥
Taxes fund the roads that you drive on, the schools that educated your contractors, the sewers your properties depend on. So cool that you avoid paying them. No worries we will keep covering them for you.
Holy crap. You did all that for under $50K 😂 You're the GOAT, man. Any change you'll put the Matterport before/after and the budget breakdown on the Discord? There are some properties out here that have similar setups that I want to look into!
@@MeetKevin Hey Kevin I live in the UK otherwise I would have bought your course who would you recommend from the UK to learn from. I see videos of a person call Samuel Leeds but I heard his course is £10-£12K which is crazy mind you im 22 and earn about 17k. I really want to get into investing in houses and renting it out but I don't want to pay an arm and a leg for it and not to work and i get taken advantage of. Also I'm paranoid he will only take my money and not help me get results. I would love to hear back from you and hear your advice thanks.
@@MeetKevin Hey Kevin I live in the UK otherwise I would have bought your course who would you recommend from the UK to learn from. I see videos of a person call Samuel Leeds but I heard his course is £10-£12K which is crazy mind you im 22 and earn about 17k. I really want to get into investing in houses and renting it out but I don't want to pay an arm and a leg for it and not to work and i get taken advantage of. Also I'm paranoid he will only take my money and not help me get results. I would love to hear back from you and hear your advice thanks.
Kevin the real pro move is to refinance that rental. With the new equity you have in it, you could probably pull out all of that $165k and pay back the HELOC. Then you are ready to find that new deal ASAP, the cash flow wouldn't be as good, but it'd be infinite percent interest on truly zero money out of pocket. Keep up the good work.
I’d love to see a video of you painting some of the things you talked about in the video... I’ll save money and love to paint but anytime I paint cabinets they never turn out right
Congrats Kevin, I'm almost getting done with the Santa barbara house with a similar condition that I purchased with zero money as well. looking forward to sharing with you the results.
I tell you what -- whoever reads this; I will pay you from my first flip - if you can find me a way to get back into real estate without the money I once had.
As bought that is a $100,000 house here. Totally refurbished, It would be $175,000. Wedge opportunities here in fly over country just aren't as common. After $50K in rehab, you would have $25K in equity. If you sold it, after realtor and taxes, it would be slightly over break even. Add six to twelve month holding time, it would be a loss. Nice job on the kitchen!
Just got a house at the courthouse steps for 80 k and rented it out as is ( with a 1k electrical hookup charge) for $ 750. I Didn't think it was possible in this market. You have inspired me to dream again sir !! haha. This makes 12 units in total now.
Kinda unsure about the kitchen? With such a nice stove and range I feel it needed a bar height self Or what ever you call it? For the bathroom did you add the curved shower rode?
This information is incredible! Thank you so much for all of the free content you put out for the community. You really have inspired me to get my real estate license and begin investing! I was looking into investing in multi-family but after all I've learned about wedge deals now that is where I want to start!
I would bet anyone who said they wouldn’t touch it “with a ten foot pole” has never had a mortgage and can’t truly grasp what it means to finance a home and balance out mortagage, insurance, utilities, car insurance and other living costs. Sweat equity goes a long way and I never wanted to waste money renting so I bought my first home at 18. It was a 1980’s original (bought in 2001) but I was proud and loved that I wasn’t throwing money away each month paying someone else’s mortgage or financing their complexes. People are silly if they can’t see that many inhabited homes are much worse than that one! Lol
I always remember the scene from Armageddon when Bruce Willis' crew haggle with the government for favors before leaving for the comet, "btw, they also don't want to pay taxes, ever." I guess the movie could add a one-liner comeback for the government agents "done, we'll issue you all real estate agent licenses." lol
Anytime you see a property being sold "as is" where the previous owner basically never fixed anything and was a slob...you know you're going to be able to make a killing off it :)
One thing that you didn’t put on your itemize list and it is not installed yet, is the shower glass surrounding. You can’t hang a shower curtain in that shower so you still have to put in the surrounding glass to enclose that shower.
Last text/comment. I am so behind on my retirement. This is it. I am loving this video. Congratulations and thank you for showing your numbers. I know I'm going to be great at this
Interesting the differences in markets. In Houston, we look for properties that the total annual rental income is 10% of the market value, but our property tax rate is 2.5%+. So, I assume CA is less? Substantially? Houston is always seen as a good value in housing, but I have heard dozens of transplants freak out when they get their first property tax bill. Just shows they weren’t really paying attention at closing!
Like your videos. But my question is. If you're only realizing wealth through the value of your homes, how will you increase your liquidity? Isn't the ultimate goal an increase in liquidity so you can go where you want, when you want, whenever you want, and do what ever you want?
I do bookkeeping and financials for a flipper in the Dallas market and his numbers SCARED the hell out of me. BUT your videos speak to my numbers mind! I am joining your team. I love the fact that you have a kitchen and bathroom guy. Apparently you don't keep these men on the payroll year round. I ALSO love your strategy ....in and out. You aren't holding hardoney for a YEAR!!! Yikes!!! I am an agent but I love fix n flip strategies...I just never felt secure in the numbers until YOU. Also this guy pays a TON in taxes.....oh dear He flips 20 homes a year....but he is going broke quick. Your method makes more sense
I'm a bit confused about the bathrooms - just normal walls, flooring and baseboards? I'm from Sweden, and here bathroom code is very strict, wet layer etc, everything must be water safe. This bathroom definitely would not fly here...
And I thought in France they were greedy. They take 30% of your profit if you don't leave in the property you're selling or 0% if it's your main property registered at the tax office.
Those prices continue to baffle me. $450k for the house pre-renovation. $2800 rent for such a house? Things are getting crazy over there! Well done though! :)
I know you saved money by reglazing the shower tile but it didn’t fix the problem at hand. Typically having mildew growth like that means the backer was set into the pan (lots of mildew/mold growth in the wall) And not knowing the condition of the pan/ liner/curb/ backer makes it a little risky... one reason I would never buy a flip house...
@MeetKevin, what kind/ brand of plank flooring did you use and how much a Square foot is it ??? Thank you and great videos as always... Keep up the great work...
I watched several of your videos..... You get my subscription for the make it rain comment and laugh! Your enthusiasm and knowledge is great as well! Ever turned a garage into a rental? I have a 800sf workshop with a driveway that I want to convert and dont know where to start.
Love it! One question, is the floor with the re-glazed shower going to be fine if it gets significantly wet because I see you removed the shower walls/door from it. I'm assuming the flooring is waterproof (as mentioned earlier) but will that keep water from getting under it?
Nice work! The best part besides making a nice profit is paying $0 taxes. That's something we can't avoid as a day trader but we're currently fighting Congress for a tax break on short-term capital gains. But I like the end results of this rehab. Keep making those gains chief...
How did you stop water from getting out of the shower when you removed the walls. Are you going to put up a curtain or shower stall or just leave it as it is for the new owners to make that choice?
You're saying that you would only pay $500 in interest payments every month on a $165000 HELOC balance? That doesn't seem right. With a $100k balance on my 5.5% interest rate (which is pretty good), I would pay over $800 a month just in interest. It's also a tad concerning you don't budget for repairs, vacancy, or capex. Sure, you might not need to for repairs seeing it was such a overhaul; and vacancy might not be an issue for you. But other pricey items like the roof or HVAC will eventually need to be addressed (not sure if you repaired those so maybe not for a long while). Thanks for the video. I love seeing such detailed deals, and everyone loves seeing such a cool house transformation.
$200 per month for vacancy and repairs after a renovation. We self manage and I mentioned I didn’t include the $200 per month because we just renovated it - but obviously that $200 per month comes back into play soon. It barely changes the math though which is noticed when extra debt is put in. The video is designed as an example so people see how leveraged appreciation works - so of course everyone’s figures will be different
No way did the driveway criss-cross pattern cost $7550. I would pay $30,000 for that same work here in Minneapolis, MN @Meet Kevin. How much did you really pay for this or, is it built into some other fees?
Great reno on that property. Congrats! I'm curious why you chose to put wood panels in the bathroom rather than re-tiling it. Won't the wood just get warped within a few months from water? Are you just counting on replacing the wood as being cheaper than adding tile in there?
Took an extra minute or so but I get it. I called IRS to say I was broke and can't pay. She agreed. And then said we'll take you out of collections because you have assets. Wait what.
Hey Kevin what PC or laptop do you use for everyday use, editing videos, and using the 3D software for the houses? Sorry if that is confusing and thanks for another amazing video!
Hi Kevin! Im a recent graduate and going to start my first job with an $80k yearly salary. I am need of some advice! From your previous videos I know you recommend to start out small (studios, 1bd) and move your way up to qualify for more. My goal is to qualify for as many properties as I can before having to partner up. With a high salary do you still recommend to start out that small? Or would you recommend to start with a house? I wanted to use the FHA loan for my first purchase. If I start out with a house, sure I wont be able to move up and up as much, but why not move to same sized homes? The other route would be to start out small with studios and apartments close to the local university where students prefer to live out of campus because the rates are too high to live on campus. This means I could turn a 3 bd apartment into a 3 unit property with 3 tenants averaging at 900 per tenant. What do you recommend??
Can you share the spreadsheets you're using and the parts list links in the reno? I'm interested in what the pro move products are and their cost. Links to the products would help me replicate your low costs.
Hi Kevin, congrats on your new property, looks like a great deal. If you were to BRRRR this property how would it match up to your ROI metrics? Thanks for all the great content!
Dude you're amazing. You and graham stephen are the only ones that seem to have real actionable information. I'm definitely going to see you when you come to Charlotte in December.
@@MeetKevin Hey Kevin I live in the UK otherwise I would have bought your course who would you recommend from the UK to learn from. I see videos of a person call Samuel Leeds but I heard his course is £10-£12K which is crazy mind you im 22 and earn about 17k. I really want to get into investing in houses and renting it out but I don't want to pay an arm and a leg for it and not to work and i get taken advantage of. Also I'm paranoid he will only take my money and not help me get results. I would love to hear back from you and hear your advice thanks.
Hey Ali, You'll learn a TON from my course even for your area (20% of my course members are international students looking for help on these exact fundamentals. $10-12k, that's nuts! For rent to rent? Wow
