What if you could buy your first property without perfect credit, big cash reserves, or a bank saying yes? Sometimes your first real estate deal is hiding in a building you already pay rent on, and all it takes is the right question to unlock it. Today’s guest did just that, and it opened the door to his entire real estate journey!
Welcome back to the Real Estate Rookie podcast! Reginald Calloway didn’t have good credit, cash reserves, or any real estate experience when he asked his daycare business’s landlord one simple question. That question turned a year of rent into a $12,000 down payment and a seller-financed deal with no money out of pocket. Over the next few years, that one building became three, and his childcare campus recently appraised for $1.3 million!
But not every deal went this smoothly. Reginald walks through the auction flip that cost more than double what he budgeted, and the credit card interest that left him unsure whether he made a profit at all. He’ll show you why a check at closing doesn’t always mean you profited on a flip, why you should run your numbers before you bid, and how his first mail campaign landed a rental property that cash flowed from day one!
In This Episode We Cover
How one question turned a rented property into a first deal
Using rent you’ve already paid as your down payment (seller financing!)
Land contracts explained, plus the crucial mistake to avoid before you sign
Why an auction bidding war is the fastest way to overpay on a property
Why you should never negotiate against yourself ($10,000 near-miss!)
Why a check at closing doesn’t always mean you made a profit
And So Much More!
Learn more about your ad choices. Visit megaphone.fm/adchoices
