Video Closed Captioning:
good morning good afternoon good evening
folks michael zuber one rental at a time
back with the boys from convoy jonathan
and dustin how you guys doing
good good how are you i’m doing well so
i wanted to have an honest conversation
uh i think the real estate market is
crashing but
i don’t think investors including my
followers
have yet appreciated how much power and
opportunity is in front of them i
believe people doing the work
are excited because today is different
than last year last year was hard you
had to be fast you had to overpay you
had to waive conditions you had to do
stupid things
today has clearly changed listings are
exploding fear of missing out has gone
from the buyers to the sellers i want my
followers in in
uh students to know i’m excited for you
right
write better offers right you guys have
been this you’ve seen the markets i
think investors are getting excited
we’re getting some deals
but i want you to write better deals so
let’s talk about it what do you guys see
and what’s going on
yeah i would say
right now a lot of the as you just
touched on in the last minute or so
the
you know powers kind of switched from
the seller to the buyer in this market
specifically on you know investment
properties right um we’re seeing on
average you know the amount of
offers that are getting accepted let’s
say in two to three days without any
sort of counter offers from the seller
you know on these investment properties
have you know significantly increased
just from six months ago and then the
you know amount of uh you know
contingencies and and requests from the
seller that may have been in place six
months ago such as you know no appraisal
contingency no inspection contingency 21
day close all of those are being removed
because they know that the market
or amount of people that can now qualify
you know to buy their investment
property has shrunk so they can’t be as
you know over uh um you know requesting
of
all of these guidelines on their own
personal end right so
it’s a great time for investors because
of the fact that there’s a lot less
competition and if you’re writing
deals you know six months ago
well the deals that you can write now in
my opinion
are a lot better because it’s cheaper in
terms of the cost yeah the the uh you
know month month-over-month payment
because rates have went up may be
different but just because the rate and
the payment’s higher doesn’t mean that
the spread or the cash flow that you can
make
is going to be less than what it was six
months ago yeah dustin i want to hit a
couple of things you said because i
don’t think people will pick up on it
and if they did
oh well it’s my show
uh first off you had said kind of early
in that that you’re seeing more and more
offers accepted without counters
my um
coaching to my followers as investors is
offer less
100 if your seller accepts your initial
price you probably are overpaying
just my opinion
again i’m only writing great deals i
talk about i teach good and great good
one out the window the market’s coming
to me i only need to do two or three
deals this year so i’m only writing
great offers and
again i think personally my opinion not
these are not your words these are mine
if you make an offer to a seller and
they accept
you pay too much i’m going to offer
numbers that almost force a counter
because i want to again my my job as a
buyer is to buy an asset i want to hold
the rest of my life
and i’m going to put on a debt i don’t
give a rat’s ass of the debt six seven
eight nine ten percent that’s the cost
of capital it’s just one variable in my
spreadsheet
i’m gonna put that in there i’m gonna
make sure the yield which is what i
teach and talk about hits my minimum
expectations then i’m going to lock it
up with 30-year debt or if you’re
younger maybe 40-year debt
and
if in five years i can refi do a
rate-and-term refi and lower my payment
great if i don’t who cares
i’m locking up cash flow day one i’m
locking on a great deal day one i don’t
have
freaking hope i don’t have appreciation
i don’t care any of this freaking
nonsense
i’m gonna do great deals today and i
gotta tell you if you’re writing offers
that get accepted day one
you offer too much what do you guys
think i think so as well and and you
know what i kind of see is
over the last year i think a lot of and
this is kind of unrelated to loans but
like a lot of real estate agents kind of
hit the market right and
i think a lot of them are might not be
providing the best advice in terms of
offering because a lot of if you are
working with an investor or a real
estate agent and you’re not writing
offers or doing something by yourself or
it’s not an agent that you’ve worked
with um extensively that has a long
history of being able to you know kind
of work through the market um they’re
kind of almost encouraging these higher
offers that go in
and obviously
once they do that then and if you’re not
like an experienced investor or whatnot
then you know unfortunately like you
said the offer will get accepted right
at that price or more
and um and you’re going to be walking
away paying more a premium that will
take longer time to recover if there is
a crash yeah
i
i’ve told all my students i’ll tell them
again here
the last two years have been hard it’s
been hard for me right it’s tough out
there the next two years are not going
to be hard it’s going to be easy to
really easy to find good or great deals
you have to be disciplined you have to
know your numbers you have to do the
daily work but they’re out there
and
really what’s important what you just
said jonathan is i want everyone and
this includes homeowners
everyone who’s experienced the last year
written 10 20 offers been outbid is
frustrated
i need you to ball that experience up
in a tight little ball and throw it in
the ocean it is irrelevant if you take
that experience to the market today
you are going to overpay and do
something
stupid the market changed a crash in
transaction is occurring at a rapid rate
right now use it to your advantage
sellers are getting scared
use it to your advantage
write better deals what do you think
yeah i think that sums it up right there
you go yeah
yeah so folks if you want to understand
you need some non-qm money for whatever
reason these are the boys at convoy they
also do qm loans as well how do you want
them to reach out
uh email private client at
convoyhomeloans.com
or go on our website convoyhomeloans.com
and fill out our web form and let us
know that you’re from orat
yeah and apparently dustin will take
care of you so thank you very much guys
take care
right thank you