Peter (00:02):
Hey everybody. It’s Peter. I got one of my partners ed on, I was going to say on the line, but this is not on the line. This is like on through technology and zoom and stuff like that. Believe it or not, ed, like I’ve been in this thing for 22 years. We’ve been working with partners for, you know, multiple years and believe it or not, this is the first day my tech people are letting me run this myself. So, so big, big moves for me also. So listen, I appreciate you getting on with me today. And, and, you know, before we started this, I was just telling you just the people from my end, my team loves working with you and, and it, it, it really comes down to just your attitude. Kind of just how you, your perception. They’re always telling me about like the way you kind of look at things and, and that’s just awesome. I think in today’s environment, that’s so huge. We’re going to hit on that in a minute, but, but first talk a little bit. Talk about yourself, ed. How did you tell, tell us about yourself, what’d you do before real estate, your background information on yourself?
Ed (01:07):
Yeah, so, I mean, I got into real estate as a real estate agent about a couple of years ago and I got into real estate because I really enjoy just, I bought a couple of, um, uh, condos and houses and just enjoyed going through the whole process and understanding real estate. As the more I learned, the more fascinated I was by the compounding of being able to earn from renting a property or owning a property. And I decided that I wanted to work in a way where I wasn’t working for money, money was working for me. So that’s the reason why I went into real estate to really create that. Um, I got my license because I wanted to flip properties and buy and hold them. And by being a real estate agent, you can understand what buyers want, what sellers want collecting that information. So you can understand going into investment. What does the public want? Cause you need to know what the public wants in order to make money off of real estate.
Peter (02:06):
Hey, let’s, let’s sidetrack a little bit into there. Um, there’s a lot of real estate agents that I talked to when I talked to gosh, hundreds and thousands of them, they literally think there’s a conflict between all Peter. I’m a real estate agent. I can’t be an investor and sometimes even vice versa, not as much or vice versa, but talk a little bit about that from a real, like real tours perspective. Do you see a conflict also being an investor?
Ed (02:32):
No, I don’t see a conflict, actually. They compliment each other extremely well because when I’m looking at a property, I think it’s important to quickly look at, you know, after repair value, being able to look up comps, public record and understanding what is in a property. Um, instead of relying actually on a real estate agent to do that, all that for you. So I can do that more quickly and more seamlessly. And I think, uh, they work in hand-in-hand with each other real estate agent and investor.
Peter (03:01):
Uh, you know, I, I look at it from the exact same perspective. I think it’s a, it’s a huge advantage. I think it’s a huge advantage, you know, having debt because you’re able to, in certain aspects, I’d say on the listing side, you as an investor, you could find a deal. However, you find it, but guess what let’s say, you want to sell it, you could utilize yourself, you’re licensed to sell it if you want to sell it. But I always tell people it’s a huge, huge advantage. And it just so happens. This is just a statistic that was brought to my attention out of all of our partners. It just so happens, ed, like almost 65% of them have licenses. So yeah, I, I do think it’s like, you know, you bring another piece to the table. Um, how’d you find this,
Ed (03:42):
Uh, Facebook, uh, just, you know, looking at real estate funding, always commenting on vesting groups and partner-driven came up and I looked at it for a few weeks and um, really mulled over it and decided to call in and collect some information. Um, and it’s made me able to jumpstart what I wanted to do, which is flip fix and flips kind of got me there quicker than I normally would because I thought it was much farther away from me being able to do that. Yeah.
Peter (04:14):
You know, because of your unique side, you know, the realtor side, the, and now the investor side and all this, this is another thing I want you to, do you have your perspective and a lot of times, well, I don’t know if it’s a lot of times, but people literally will say, Pete, it is not worth giving up 50% of my profit to you. So, and you’ve been down the road of being an agent you’ve been in this industry. Um, what’s your perspective on it? Is it worth having to give up, let’s say 50% to us as a partner for T talk about that. Some people think, oh no, you don’t need a partner in his business. It’s a one man. It’s a one woman show everything that, you know, you guys are doing. I could do myself talk about somebody. That’s got some history in his business, the value of a partnership.
Ed (04:58):
So I think it’s extremely valued to have that 50, 50 split. And I think it’s very fair in the sense that we’ll, where’s the money coming from, in order for you to invest in a property, you invest in a property and anything can happen in the market. And let’s say you invest your personal money into it and you lose everything. You’re, I mean, you’re stalled or halted in terms of being an investor. Whereas, you know, doing the 50, 50 split, you’re not risking your own funds. So if let’s say you do three, four, and one doesn’t work out and three do work out, then you’re, you’re making money, but you’re not able to do that. If you don’t have that partner on the side, helping you with the financial aspect of it. Um, so I think it’s extremely important and extremely fair. Uh, the 50 50 split taking all the risk.
Peter (05:51):
Yeah. You know, that’s, that’s a thing I always point out to people on financial partners. It’s, uh, it’s not the upside and you know, this as well as I do get rid of the downside is just as important. I mean, the business has got a big upside. It’s got to just as a big doubt. How long have you been in it? How long you’ve been in it?
Ed (06:08):
About two years in real estate, but I’ve, since for 10, 10 years now I’ve been buying places or looking at places, um, for a while now. So, um, yeah.
Peter (06:20):
Cool, cool, cool. I know we’re working on a deal. Tell us a little bit about that. How’d you find it? Tell us a little bit about kind of all that stuff.
Ed (06:27):
So I work mainly on Facebook and I get my leads that way with direct sellers that are coming to me saying they’re looking to sell their property. Um, I have a property right now. Uh, it’s on their contract. I have a couple of buyers interested. I have a verbal offer on the property. They’re just going to do an inspection on Monday, but they said it’s so far, it’s a fantastic deal. There’s a lot of room in the budget. Um, so I’m looking forward to that.
Peter (06:53):
Awesome. What do we get it for? What’d you get it for
Ed (06:56):
25,000.
Peter (06:58):
Nice. What are we? Uh, we’ll move it for
Ed (07:01):
- Okay.
Peter (07:02):
Okay. Little room there for negotiations, right? That’s awesome. Let’s not, let’s not look. And you said you found it through Facebook?
Ed (07:10):
Yes. I use Facebook to gain leads.
Peter (07:14):
Where are you? Are you mostly on the, on the marketplace? Facebook marketplace or are you pulling them off different Facebook, Facebook face group, uh, groups and stuff like that.
Ed (07:24):
Different Facebook groups and then a certain strategy to, um, get people, to private message you that are interested in selling their property. Yes.
Peter (07:31):
You know, that brings up a good point. And you know, obviously we know the world we’re in right now, you know, the, the, the virus going around, but you know, whether it’s before the virus, during the virus or after the virus, what I was point out to people, we’ve got a huge advantage. Being able to do this from our homes, right. Facebook utilize our app and all this. Um, but at the same time, I’ll be honest with you. I also hear a lot of people during this times. Like, they’re like, we got to shut it down. We got to close it up. We were going to wait this whole thing out. What’s your opinion. There are people that say, Nope, Nope. Even if the world’s not coming to an end, they’re like, they’re there, they’re shutting it down at this point. What do you say to people? What do you say to somebody that’s considering doing that?
Ed (08:14):
Well, I graduated, uh, let’s go back to graduating in 2008, um, when the market crashed. Um, and I became a financial advisor, Dr. [inaudible] told me like the market crashed 50%. Don’t get in the market, don’t get into real estate, don’t buy anything. Um, and it’s in 2009, I bought a condo and everyone’s like, no, don’t do that. The real estate market’s going to crash. Um, and then five years later, I made 40% on the property or something because what goes down must come up and this is going to end. And I’d see this as a huge opportunity in 2008, when the market is low or when the market is going down, it’s a time to buy because it’s going to come back and in real estate. And that’s the most important thing. And most powerful part of investment is that everyone needs a place to live no matter what, no matter what. So people are going to still rent, still buy, it’s still going to happen. Um, and it’s just part of, part of the business. And I think it’s the right time to do it is actually right now,
Peter (09:22):
You know, the, you know, what do they say? Well, famous. I think a think buffet said this when there’s blood in the streets, that’s when you get in and well, and let’s face it. I mean, you’ve been in this thing long enough. We live in a world. We live in a business that happens to be driven by motivation, right? Elevated sellers, you know, something happens and let’s face it. Nobody wanted this pandemic to happen. But the bottom line is there is motivation now, and there’s going to be motivation. And, you know, I think that motivation is going to extend way. I mean, this thing’s going to come to an end, I think sooner rather than later. But I think the motivation is going to be there for a long time because of the repercussions of what’s taking place. So, you know, in my opinion, we’re seeing it already.
Peter (10:03):
We’re seeing it already. I mean, we’re, we’re right now. Uh, we are just our, we have a tremendous spike in the deals. And interestingly enough, both on the front end finding the deals and then the backend selling the deals because the front end finding of deals is that motivation. The backend, like, let’s say, let’s say wholesaling, the deals. There’s so many investors out there who understand what’s going on. And they’re like, gimme, gimme, gimme. This is the time for me to buy. So it’s like one of those unique situ you know, usually it’s either one up one down here, you got both opportunities, motivation as sellers and enough savvy investors out there. And even on the retail side, you know what the interest rates so low, you know, people are understanding, Hey, if I want a house, this is the time to get in. You know what I mean?
Peter (10:46):
And, and do that so, well, listen, I appreciate you being on, uh, like I said, I really want to, I, I wanted to talk to you because it’s just add, I’m telling you, and I said this before we started, you possess that most important quality I’ve seen in people in 22 years, and that is the right freaking attitude. You know, I’ve never been impressed at low. It is impressive by people with, with a ton of knowledge. Uh, I’ve never been impressed with somebody that says I’ve done 50 deals, although that’s very impressive, you know, and they’re really been impressed with somebody like, Hey, look at my dad, look what he’s done. Although that’s good coming from the right tracks to me, the most impressive thing is people with the right attitude. And then you just, your name gets thrown around our office all the time. And, uh, I can’t wait for this thing to end, so we could finally meet face to face because our team is ready to meet yet.
Ed (11:33):
Oh, great. That sounds perfect.
Peter (11:35):
Yeah, absolutely. Well, again, I appreciate you being on, let’s get this deal closed. Let’s get a bunch of more, uh, on the table and, uh, I appreciate you taking the time today. Thanks ed.
Ed (11:46):
No problem.
Peter (11:46):
Thank you. Appreciate it. Bye-bye.
