How I Used Cash to Financing My Projects

"I was just paying a ton of interest. I think it was like two to three can interest," he said. "Most of them were spread across like nine credit cards because I didn't have an 80k limit on one card" He says AMEX brought his interest rate down from 25% to 3 or 4%. 'We sold the rental property to get the cash to pay that off'

Transcript

chevron_right

Play full episode

chevron_right

Transcript

Episode notes

Feel like you’ve already made a few blunders to kick off your real estate investing journey? Well, you’re in great company. Most real estate rookies make their fair share of investing mistakes right before they figure things out and go on to build successful investing careers. Today’s guests are living proof of this.

After a series of failed house flips (including one that involved his family home!) put him behind the eight ball, JP Desmet’s real estate career was almost over before it had even begun. As with all great success stories, however, his next step was his most important one—he asked for help! After reaching out to seasoned real estate pro Aaron Bihl about a potential investing opportunity, JP was able to make a serious profit off his very next deal and ultimately turn around his real estate fortunes.

JP’s story is one of pure grit and mental fortitude. Rather than throwing away his dreams of real estate investing, his willingness to not only fail but also learn from his mistakes allowed him to bounce back in no time. If you’re a fellow real estate rookie, you won’t want to miss JP and Aaron talk about their first house flip fails, how hiring a bad contractor can quickly derail a project, and how working with a mentor can turn your very next deal into a huge success!

In This Episode We Cover

How a mentor can help you avoid all types of investing headaches

The biggest red flags to watch out for when hiring a contractor

Where to find the best contractors for your home rehabs

Getting in and out of deals quickly in today’s market

Finding hard money and private money lenders

Ways to mitigate the effects of debt you take on during the buying process

And So Much More!

Links from the Show

Find an Investor-Friendly Real Estate Agent

Ashley's Instagram

Tony's Instagram