Queen spills the beans!
Video Transcript Teaser:
Queen: All right, guys. So we’re having some technical difficulties. Ish, let me know if you can’t hear me girl. Marissa, Andrew, Selenda, Empty Real Estate, let me know if you guys can hear me. OK [0:00:02] [Indiscernible]. OK. Yes, awesome, awesome, awesome. All right, cool.
I don’t know what happened. But what do we do? We keep persevering because we are awesome. All right. Amazing. Thank you so much Stylish. All right.
So we stayed in the bottom apartment at this property. We’re going to be renting that out of – John Hopkins is actually very close to the area. So our plan is to market it to one of the people that work at the hospital for the one-bedroom apartment at the bottom.
We are not in New Orleans. But you can still join the group if you’re in New Orleans, just to let you know. The upstairs area, I’m going to go upstairs now and I see, oh, Mike just joined. Hello.
So remember what I was saying when the lady told me – Empty Real Estate! Tammy is in the building! Remember when I told you when the lady said that she wants absolutely nothing to do with the property? Well, she wants absolutely nothing to do with the property.
So all she wants is to make a percentage of the rent that we’re going to be collecting. Isn’t that cool? So that means that for this property, I put absolutely no money down. Now we do have to complete some renovations as you see in order to get the property ready.
Now here is the cool thing. In this area in Fells Point, right? You can rent a room out for about – you can almost rent a room out for about $700 a month out here because the rents over here are so ridiculous.
So pretty much what we’re doing is that we’re putting in basic – it’s basic cosmetic work. We do have some molds in one of the areas in the bottom room. So we have to go ahead and deal with that.
But other than that, we’re doing a basic, basic, basic renovation and we’re going to be profiting a gross amount of $2800 a month from this property.
Now the way that I was able to get this property without putting any money down is the fact that you have someone who is completely distressed. She was involved in a bankruptcy 10 years ago. She’s scared to even walk foot in the property because – I don’t know. She thinks she’s going to get arrested or something. But hey, that’s what I’m here for, right?
So she’s in a completely distressed situation and pretty much we’re helping her to alleviate herself from that situation. Now some people asked, “Hey Queen, why don’t you try doing a short sale?”
Originally, we were attempting to do a short sale and what happened was no bank wanted to give up the goods. We went through – we pulled title. We did everything and each bank that we went to stated they did not have this note on this property.
So when you have – Rye, so kind of you to help. Oh, that’s what I’m here for. So when you have these types of deals where people are just – you know, one bank is selling. The next bank is selling to the next bank, is selling to the next bank. Then they don’t even know who owns the note anymore and they got lost within that 2008 time period.
Now Big Brother Realty said did I send a postcard or a letter in order to get this from her. No, I did not. So this was a client of my CPAs and people do business with people who they like, trust and protect. Well, no. Like, trust and know. So she likes my CPA. Therefore she likes me. She trusts my CPA. Therefore she trusts me and she knows him. So she wants to do business with me.
So she told him about this property and that’s the reason why I even got this deal. So pretty much we’re cutting her a percentage of the months. So she owns free and clear by default. No. So let me tell you the thing. Because she is leasing this property to us, that is how we’re able to sublease the property out to other people and a lease supersedes a sale. The power of network which is true – well, yes, it is the power of networking.
Now, from doing this deal, let me tell you what I did. I’ve been reaching out now to people who own properties, who have been involved in bankruptcies and marketing to them. Like, look, do you want to lease your house to me? Now, I’m only doing this in certain markets because you have to make sure. Like I know in Maryland and I believe in Virginia a lease supersedes a sale.
For more FREE content, without the BULL, or BS, you get from all those so called GURU's, check out a true real estate DURU,
What's a duru you may ask?
A DURU is someone who is actually doing real estate investing and not just selling.
That someone is Charles Blair "The Mad Scientist"
Learn real estate investing Baltimore
Learn real estate investing Maryland
real deal meetup
real estate investing