Video Closed Captioning:
good morning good afternoon good evening
folks michael zuber one rental head time
back with his friday guest and friend
stephen dao how you doing sir fantastic
in yourself brother i’m doing great man
so real quick let’s get that marketing
thing out of the way even though this is
going to be more of a business
discussion but let’s get that out of the
way just in case we’re not in trouble
yes sir appreciate you again and uh
although i work happily for velocity
mortgage capital all the ideas and
topics discussed on this channel are
that of my own and let’s get it going
yeah so what i want to talk about here
is what i have been talking about for a
while now and it’s actually happening
at different rates at different times
and in different cities the real estate
slowdown is happening so what’s
happening now is inventory is building
uh individuals who sellers who had
unrealistic expectations are getting
slapped down the whole 20 offers in 20
minutes things is behind us right
december is not april and i believe the
real estate slowdown will continue i
think rates are going higher you know
just all of these things so
i have been through cycles like this
before many of the audience hasn’t you
have been through cycles like this
before so what i want to tell people
about the cycle of real estate investing
in a slowdown is
it is going to get fun
what i mean by that is if you do the
work and you do focus and daily
discipline and you have your buy box
your buy box is going to start to have
more inventory it is going to start to
change more frequently and please
write
better offers in a changing market it is
time to do
great deals yes um so that’s the first
thing i want to say about you’ve been
through a couple of cycles
what do you remember about real estate
slowdowns well again
that your perspective is correct if
you’re you know
if you’re noticing the signs as far as
the precipice of a slowdown this is the
time to start making those aggressive
because you’re going to see panic
disagree with certain sellers and then
actually the time is right where you can
really get some really good you know
possible deals because they want to you
know some people want to time the market
you know in the case of oh i want to
sell perfect never right but oh if they
see the bottom part dropping out they’re
going to start to kind of make some
really good deals where just to make it
happen just to be able to
get ahead of the of this thing but yeah
yeah
i don’t know how to say this without
sounding um
mean
uh but the best the best time the best
way to make a deal in real estate is to
find a motivated seller right
i call them don’t wanters right they
don’t want it they’ve had enough
right unfortunately in april of this
year was impossible to find because you
list a property at retail the junk sells
at 20 grand over retail
i have no idea what the seller’s
motivation is but as the slowdown
continues as days on market goes from 12
to 24 to 36 as you have price drops you
can send out these little teaser offers
and you can find out who’s motivated
who’s not now keep in mind
i don’t know what the percentage will be
but maybe 90
aren’t motivated right that’s good
information you’re looking for the 10
shoot maybe 95 aren’t motivated now you
can find five percent
just this week or just
yesterday what is today friday i think
it was wednesday evening i sent out
three offers
fishing for motivated sellers so number
one
i tried to buy a property for 20 or 30k
under list the sellers the seller was
um
basically said i’m not taking anything
except list the problem is they’re 20 or
30k over
okay so what i told them was okay great
i will give you your list price but i
want mortgage payments
uh with zero percent interest
essentially is what i said so like again
if you want your price you have to have
my terms so that offer went out we’re
hoping to hear back today again i’ve
done deals like this i have bought
property stephen for 20 or 30 000 more
than they’re worth
right because i got my terms number two
my agent is doing an awesome job in
fresno and they scour the mls and they
saw a couple of this thing that said
must close by 12 30 right yep guess what
i did i’m like well cool because there’s
very few people that can write a check
or work with a non-qm lender to close
i’m gonna write an offer on that and
guess what not at least
um and then another one a property had
been flagged by the city basically have
to tear down the garage well that’s a
headache not a lot of people want to
deal with permitting and all of those
things so i wrote an offer on that so
again we’ll see where these go they
could go nowhere but i am fishing
for that motivated seller who wants to
operate on my time i don’t need to do a
deal but i will do a great deal but
that’s where i think the the risks get
richer because they don’t have to make
moves they make moves when it’s a great
or right move that’s when you like you
know jump you know probably to the next
level and that’s totally crawl to the
next level because that’s when you make
a real move you know yeah money yeah it
takes money to make money in this sense
but when you don’t have to and you’re
making just the best move possible why
would that be a bad thing so no i i like
again you don’t have to make it sound
mean but it’s just business it’s just
sadly business and if you’re just you
know and it’s you got to do what’s best
for you so yeah and i want to tell
people the reason that steven’s on my
friday shows for non-qm lenders some of
you are going to find portfolios
that you will not be able to get the
deal done via a bank too many houses
different locations you could do
portfolio loans you could do blanket
loans you guys call them lots of
different things some of you want to do
30-year money on apartments because you
are frightened to death like i am where
rates will be in 2025. stephen brings
that to you you guys have no idea the
power and flexibility you have within at
least the option to consider
a non-qm lender so right all of that’s
correct right oh 100 i mean at the very
least have a conversation show you know
what options or plan b you might have
because in some cases you know your
intentions or your hopes of getting
approved with conventional financing
sometimes they’ll always follow through
so by all means go that route first try
that if you get denied somehow there’s
other possible alternatives with maybe
like bank standard programs things of
that nature just to be fair as far as
the other non-human lenders and then if
all else fails after that i’m typically
going to be the next best cost effective
option just because of what i’ve been
able to build from networking from one
rental time as far as you know being a
highly productive rep as well i’ve got a
little system that it really just plugs
in place with your audience your your
college subscribers so i think that’s
why we’re able to really help a lot of
people because i’m showing them not only
the path release resistance but a lot of
times the money savings as well because
of the volume i’m you know willing to
take a little bit of it
i don’t have to do the spiel on your
channel but everybody everybody knows
they see the value yeah what i would
tell you to do folks if you’re looking
at doing these kind of deals like i am
and um
you want to have a non-qm lender in your
in
as an option i would definitely reach
out to stephen down now plant the flag
get get a little bit of the file or
share what you’re doing just to make
sure it’s a yes answer don’t go look for
the deal then bring it to stephen have
steven tell you sorry we don’t do that
for some reason right like construction
or owner ock or something that you
should have known
reach out to stephen dowd today if you
are being aggressive like me
just to know what the options are so
stephen how do you want them to do that
email please uh today seems a little bit
lighter i think for whatever reason
we’re past now the you know thanksgiving
we’re heading into it i think towards
the end of the month it’s going to be
really crazy because we’re in a shorter
month with christmas new year’s and
everything else but for right now please
reach out to me i’m working this weekend
uh i don’t have i don’t have to be
moving around
trying not to you know hawaii for
weddings and stuff like that so i’m
finally planning uh but email s dow d a
o velocity mortgage spelled out out.com
please leave in the subject line the
acronym uh
o-r-a-a-t which stands for one rental at
a time so you make it past the firewall
and then please leave the best phone
number right to reach you back at and
maybe just a brief you know breakdown of
what you’re looking for refi purchase
you know what property tied your mid
fico score your desired terms and then
from there i can call and you can fill
in the blanks but otherwise it might
make it easier and faster versus you
giving me the full backstory up front
and then me asking for those specific
details anyway so if i have the details
up front then i’ll know where to kind of
ask specific questions and speed it up
because 24 hours is just running out on
me i mean really 28 hours a day mike
billionaire i swear i would be
you know you don’t have 28 hours oh man
yeah i don’t have 28 hours so that’s
funny
that’s okay all right folks so again one
rental and time fans if you’re looking
to be aggressive like i am he’s a part
of my i let him know what i’m trying to
do all the times like i got you i got
you because i’ve had the upfront
conversation so stephen thank you for
all you do we’re gonna get one of these
so uh look for some more business no no
i’m looking forward to it bro thank you
you got it