Closed Captioning:
good morning good afternoon good evening
folks michael zuber one rental at a time
and i am speaking with the narrator
of 15 conversations with real estate
millionaires this gentleman right here
took hours at his life which he will
never get back reading and then
rereading and then editing and then
editing again
the narration for 15 conversation with
real estate millionaires we all owe dion
a huge debt
uh dion how you doing
i’m doing great i’m i was actually
kind of nervous
i mean reading out loud is i mean doing
a video is one thing you get to edit out
things that don’t sound good or change
it on my or not edit
whatever comes out of my mouth but uh
i wasn’t sure what the reactions were
going to be like so i want to say thanks
to everybody who sent uh you know a
positive comment saying that that the
narration was better than a robot voice
i appreciate that
i set the bar really low with the right
thank you for that
thanks guys i appreciate that um but
again uh what i want to talk about here
kind of we did a video on graham stefan
and meet kevin with the three amigos i
wanted to dig in to meet kevin a little
bit because again he’s in this book
right and people may not know if you
haven’t seen the book i actually don’t
name
the guests because of meat kevin
right i have a lot i’ve interviewed lots
of amazing people lots of big names but
i didn’t i didn’t want people to buy the
book because the the name is there i did
also i didn’t want to deal with
headaches and potentially lawyers and
stuff like that
um
but i liked i his story had to be in
there
right his story of being um working a
jamba juice
saving his money
uh living with his can you imagine
living with your girlfriend in high
school with his parents i could not
imagine that
right moving across country from florida
to california
um
saving up his money doing a 203k loan
there are so many things in his early
20s that i just want more and more
people to see so
um
you know i know you obviously narrated
the whole book read it several times
what did you think of that again it’s
chapter 10.
so
you didn’t put his name it’s it’s easily
identifiable if you’re familiar with his
content at all and and the fact that
he’s been on your channel you’ve talked
to him on your channel
uh
i really like
just like graham stefan meet kevin was
successful before youtube yes with
repeatable methods he often talks about
the wedge deal and it’s it’s it’s kind
of like catch you like saying house
hacking or millionaire or whatever word
draws you into watching the content i
totally get that
none of my deals have been a wedge deal
but i have worked with people who’ve
used the 203 kilo i have seen the
struggles of finding a contractor who
understands how that system works and
getting it to work
but
i think that’s repeatable in any economy
you might not be able to do it in the
area that you want there might be areas
where that’s not happening
but like you mentioned in an earlier
video
for for financial freedom it might be
worth you relocating yeah move if you
had to
and the
the there are several versions of the
wedge deal that he talks about and his
verbage i won’t try to define it because
he does it on hundreds of videos but
it’s the gap between what it’s worth and
what you pay yeah with a 203k loan it’s
the gap of people don’t want to put in
the sweat equity of doing an
owner-occupied and then rehabbed
property with a loan that lets you do
that so you’re building the sweat equity
on a property that’s then worth more
than what it took to put it all together
great strategy and probably a very
effective strategy for a lot of people
that don’t have the large down payment
for an investment property or the even
the larger down payment to buy a triplex
or a fourplex if you’re not going fha
the amount required to go down on that
can be done with the you know his wedge
deal process
um
i
i just haven’t done it like like it’s a
great concept but it might not it could
be for everybody yeah no i i think you
know i think wedge deals exist i know
i’ve bought i have personally bought
some um you know one thing i did during
uh the pandemic or really i retired in
2018 i flipped i think it was 56 it
might have been 57 properties
anywhere from a single family home to a
six unit apartment building i flipped 56
times let’s call it 56
in about two and a half years
and all of those were what would go down
his wedge steals
these are all investments for me uh so i
couldn’t use the 203k loan it’s
definitely owner occupied
but i get it really really what for me
and again my definition not his watch
his stuff he goes over it wonderfully
and i i love his story
you know you have a property that’s
worth 200
right that’s the arv after repair value
you you go into this uh it’s going to be
owner occupant it’s it’s the key is it
has to be livable
right
and then you could come in and say hey
we’re going to spend 30 grand it’s going
to go from here to there
and a 203k loan is actually going to let
you finance the 30k right so you get
into a property a lot more than like you
say you got to work with a contractor to
work on draws and all these other things
so
uh a lot of work there but
it is a way
this is not new
kevin did this i don’t know 15 years ago
or something whenever he did it
it is not new but it is a great way to
build wealth build equity
and again your own
i don’t know if people know this
if you don’t know this
shame on me because i need to bring it
up more let’s just play this out you
move into a home for 200 grand
you live in it for two years it’s where
you live it’s your owner occupant and
you sell it for 350.
do you know that that 150 grand is
tax-free
does do people realize that
mindy jensen from bigger pockets she’s
actually the host of the bigger pockets
money show does this it’s called the
live-in flip and she’s probably on her
fifth or sixth one where she just keeps
rolling the money um she doesn’t use the
203k loan anymore i don’t know if she
did in the beginning to get started but
once you’ve done this a couple of times
you’re generating so much money the next
purchase is just cash
exactly
again there are so many way there are so
many ways to become a millionaire right
we did a video earlier about graham
stefan’s mill you could do the live-in
flip do that five times
maybe you know do it four times live in
it for two and a half years right you’ve
got to be in it two years this is all in
tax code check with your cpa if you live
in your home for more than two years as
a single person you can make 250 grand
tax free married couple make 500 grand
tax free it is not
a one-time thing
i remember olivia and i bumping into a
couple that i think were in their 50s
this is about a decade ago they were
doing this in a very expensive part of
california
for the last 20 years or maybe it’s the
last 15 years at that time they’ve been
doing live-in flips like mindy we’re
talking million dollar flips because
they wanted that spread but it all
starts with finding a rundown beat up
property that is livable
not a tear down
because it has to be financiable again
if you’re starting with a 203k loan but
these are all ways that you can
what do you have to do you’ve got to be
able to live in a
a house that’s being remodeled i’m sure
that’s not fun
and you got to move every couple of
years but do you want potentially 250k
tax-free
there are a lot of terms like this where
people think it’s something new and and
you could probably look up when was the
203k loan released and think that was
when it happened but there were versions
of this happening before that
kind of like the burr method
the term burr has been out for a little
over 10 years people think that it’s
kind of this new thing
and really what it is the burr method is
an adaptation of what happens in
multifamily correct
because people buy multi-family increase
the noi which increases the value and
then you refinance out all your money
burr is a version of that where you
you’re buying it based on
um it needing work to be worth what the
comps are you’ve now increased the value
so you could take your money out
not new it’s been happening in
multifamily
as long as i’ve been around yeah so
since i got you uh what other because
the other thing that’s really
interesting about this book is i don’t
think and actually i’ll ask it this way
actually i don’t know how to ask it so
i’m just going to say it i wrote this
book on purpose knowing that every
chapter wouldn’t mean everything to
everyone
my goal is for you as a person watching
this you find three chapters that hit
home
i just don’t know which three chapters
it’s going to be it’ll be different
three chapters for everybody i spent
almost
10 weeks i think
going through all of my interviews and
finding the 15 different stories
um did you did that come across when you
were reading this it did and and i’ve
heard you say a few times you know
and uh
because i’m i said it it’s it’s in the
book yeah it’s doing audible
the goal for the way that you take the
information in is that you read it
through once and then you find the two
or three stories that you resonate with
and you read go back to those
and i actually have a twist
on that awesome because this is what i’m
finding awesome so
i got it i very rarely read a book i
hardly ever have time i mean i used to
be an avid reader two or three books one
or two books a week
and then life happened you know single
parent working full-time side hustles
investing like all those things so i
listen it’s audible book it’s it’s pod
podcast it’s youtube
pay for premium so you can close youtube
and keep listening like all of those
things that’s how i take information
this is one of those books where i read
it because there wasn’t an audible
version
i thought i would go okay so i recognize
meet kevin i like the um rv travel
the country once you reach financial
person april i like
there’s a chronology to our investing so
the story that you like the person who’s
a little more seasoned who’s now exiting
that you have a timeline to how you
invest and when you retire and that kind
of stuff
but two weeks later
i’m like who are those people that were
like dave ramsey hardcore avid followers
and what twisted it for them to do then
that’s the chapter so
yes there’s a couple that i liked it at
the beginning but i think six months
from now there’s gonna be two totally
different yeah
i think that’s
that was intentional because everybody
will come into their experience with the
book where they are today
if you stay around one rental at a time
you will be in a different spot in two
years and i do think you’re you will see
an evolution um then there you know
there are people that quit their job and
went all in lived on credit cards it’s
in there there are people that uh live
in california and invest out of state uh
there are a couple people doing burr
it’s it was
there was a lot of thought that went
into the 15 stories that made it to the
final edition
um
so i have a question yeah
and you don’t edit your videos no i
don’t
so i should ask i should ask you okay
no go ahead i don’t care just okay so
uh this took
probably four months
of time right to put into audible
version yeah probably more than that
because you tried once and then had
three and they had to do it so that
wouldn’t happen again
um and the goal was you you made this
book
and then you did the audible version
with the robot voice with well in
fairness i did i did the book i tried to
read it myself and edit myself it’s not
easy not happening all right the guy
that doesn’t edit videos i’m not editing
audio which i dropped right and then
yes
so i guess we’ll maybe we’ll leave this
up to the people in the comments because
i don’t know if i’m almost afraid to ask
you because
you might say yes because you’re just
trying to be nice
i am not that guy
if you want
if it’s possible
i will do an audible version of this
that you can replace the robot voice
with
i
i was uh actually going to ask you if
you could uh do that actually if you if
you were just i
didn’t know it was possible
i don’t care i don’t i don’t care if
it’s possible if i have to d discontinue
the other one
see
here’s the problem again i don’t know
audible works
there is a possibility
that people may have to buy the book
again
that’s the risk because i don’t know how
audible works
so here was my concern okay it’s just
like if we do a live on youtube yeah and
i learned this the other day with
millennial mike because i was trying to
walk him through setting it up so we
could do a live together and it recorded
for three minutes before we realized we
were live and luckily we didn’t see
anything
uh
bad that we can get sued for right
if he edits
a live video after it’s done you lose
the watch time you lose
yeah any data that youtube collected
right
you currently have over a thousand i do
five-star reviews i do
it so that’s why that’s the risk because
if i do this and you want to swap it out
you could lose that
um
yeah i mean absolutely
i think all of that might happen i don’t
care
i think i think um
if you are willing to put in
let’s say it takes you two months this
time because what a this book is smaller
right there i’m more educated this time
too right
um
but you know if you’re willing to give
one rental at a time 100 hours of your
time i’m willing to give up
you know
i’m
i don’t maybe we could check with
audible and there’s a
title change or a second version or
something i think i think
i think what we would i think we would
have to publish it as a um different
version i think okay
that would be less risky if we could if
that’s possible we need to look into how
that works
i will ask my guy who published this
book so happy too if we can figure it
out because
more people who can get through that
content the better i agree
all right folks uh
isn’t deon amazing just
wow
all right guys thank you very much dm
where can people find you
right here on youtube dion talk
financial freedom and in the one rental
at a time how to get started one rental
at a course absolutely thanks buddy
ciao