REI INK
UNIN 11 | Probate Properties

Recession-Proof Real Estate Investing: Getting Creative With Probate Properties With Al Nicoletti

  Things aren’t exactly breezy in the real estate market right now, so you have to get creative when it comes to investing. There are niches out there that are relatively untapped and yet are virtually immune to recession. Probate properties is one of these niches, and this is what Al Nicoletti specializes in. In this conversation with Tim Herriage, Al talks in detail about the journey he took in real estate and how he eventually found his niche in probate properties. He also tells us crucial things any investor who’s thinking of giving probate a try should watch out for. Tune in and learn how creative thinking can get you success in real estate even when inventory is at an all-time low! — Watch the episode here   Listen to the podcast here   Recession-Proof Real Estate Investing: Getting Creative With Probate Properties With Al Nicoletti I’ve got my good friend Al with me. Thank you for coming in. I love It. I’d love to let you start off. Tell the audience a little bit about yourself. I could go through a whole thing, but I’ll keep it concise a little bit for you. From Miami, I played violin for fifteen years. I’m a natural musician. When I was in music for that long, I wanted to know what I was going to do with my life, like make money. I knew music wasn’t going to get me to that next level. I had to make a lot of decisions. I picked law school, of all things, not medicine or anything like that. I was going to take that and I was going to do some entertainment law thing. I had no idea where it was going to go. Law led me down a path to real estate because when I got out of law school, passed the bar, took my first job, and it was with a real estate attorney, my first mentor. At the time, we were doing foreclosure defense and dabbling in a little probate. We weren’t as heavy as I am now, but we were getting into a lot of that stuff. I saw for the first-time closings, titles, and foreclosures. A few years after that, I moved to Jacksonville and I had a job up there. That’s when I started my role in the whole probate real estate world. I went from musician to lawyer, marketer, speaker, podcast host, and all the above. It’s been a wild adventure ever since. I’ve been so impressed by your energy level. I’ve never seen anyone bring it and then you bring it more, and then you never stop bringing it. Do you sleep? That’s what a lot of people ask. They’re like, “When do you sleep? You’re constantly working. We see you on Facebook and Instagram. We can’t get you off our feeds.” Yes, I sleep. I make sure that’s something that’s important that you get that rest because you got to keep up that energy level. You are one of the guests that whenever I saw your name come across as a booking, I thought, “I can’t wait to hear this guy’s bottom line up front.” Every week, I asked the guest to help me deliver what I call the bottom-line upfront. When I used to brief generals in the Marine Corps, we were taught to never bury the lead. You got to get the most important thing conveyed in case the general has to get up or you get mortars coming in, or whatever. Take whatever it is you’re thinking about and pour it into the audience. Things that you’re seeing or observing in the market nowadays. Things they should be thinking about, should and shouldn’t be doing. Are you with me? I’m ready. Bottom-line upfront, go. In a market that’s tough right now where inventory is at an all-time low, it’s so important to reevaluate strategies in real estate that you weren’t thinking about before. Whether you were doing wholesaling before and now you get into land or short-term like Airbnb, it’s important to evaluate the market you’re in right now. What’s really important is realizing the niches out there like probate that can provide an opportunity for you in the market because probate’s one of those niches that are recession-proof and pandemic-proof.   It is a constant niche. When all-time low inventory is happening right now, you have to be able to look at other things and creative opportunities that exist out there. Maybe it’s not buying the whole house. Maybe it’s buying the partial interest and maybe you are able to find a way to creatively get around that because there’s so much opportunity out there that there are deals everywhere, but it’s a matter of how you make it and get creative that makes the difference in your game. You said foreclosure defense. When was that? That was in 2016. You did a little probate. You went from music to law school to entertainment law to foreclosure defense, and then you found probate and it’s stuck. What was it about probate that attracted you to it? There was an opportunity in the market with real estate. There are so many properties that are out there that are under people’s names. What I discovered was there were probate opportunities where somebody owned the property, but the heirs can’t sell that property without probate being done. What I recognize is there was some issue where you can’t sell it. We had to find a solution to that situation. That’s where I found that opportunity. Thousands of properties out there were able to come in and find a way to solve it. That solution and that overcoming issue to help heirs to help the situation and to offload the real estate, something about that made me tick. It exploded from there. I had Kurt Carlton on, the Founder of New Western Acquisitions. One of the interesting things that he said is we’ve got to

Read More

Real Estate Strategies And Tips With Jawad Dashti Of TooDash CRE

  If you want to succeed in real estate, it’s not enough to sit on the sidelines and learn everything. If you don’t put all of that knowledge to work, you’re not going to be able to do anything. You have to take action. Jawad Dashti the owner of TooDash CRE, likens it to playing Monopoly without knowing the rules. In this episode of Uncontested Investing, Jawad sits down with Tim Herriage to tell us how exactly this works for him. He also talks about making the “safe bet” in real estate and why you don’t have to aim to beat the bigger players all the time. Tune in and get some real, actionable tips that will get you going on real estate even through these trying times! — Watch the episode here   Listen to the podcast here   Real Estate Is All About Taking Action: Real Estate Strategies And Tips WITH Jawad Dashti Of TooDash CRE I’m with my buddy, Jawad Dashti. Jawad, thanks for coming. Tell the audience a little bit about yourself. I’ve been in real estate for years. I don’t find myself to be that great at it but I figured that if you make as few mistakes as possible, that alone makes it work out pretty well. You started as a plumber, correct? Yeah. I was in construction working for all these home flippers right before the 2008 bust. Everybody was bragging about how much money they were making. I figured that if they could do it, I could because I knew all about construction. How’d that work out for you? I learned that knowing construction doesn’t do anything at all with real estate. It’s a numbers game. I had to get up and put in some work attitude. To me, that’s what’s paid off the best. You’ve always been one of those people I admire in the DFW area. Every episode, we start with the Bottom Line Up Front, the BLUF. When I was in the Marine Corps, we used to brief generals. They would always say, “Don’t bury the lead. Get the most important information out and share it in case a General has to get up and leave a mortar fire or something like that.” What I’m going to do is give you two minutes to share what you think people should be thinking about in the real estate market, maybe what you think they shouldn’t be doing, what they should be doing or what you’re doing to continue to grow and also protect yourself. The best advice that I could give is that we’re going through some different times, which seems to happen about every eight years in the economy. That’s when the most money is made and lost. The people that win the game are the ones that pay attention. I tell people to look at the economy, what’s going on and all the transitions because everything’s changing. If you can try to determine where things are going, you need to think about 3 to 5 years ahead of the game. As you’ve seen, the office is changing and a lot of places are converting into multifamily. A lot of multifamilies are converting into multi-use. If you notice which way neighborhoods are growing and how real estate is changing and you can be a little bit ahead of the game, it’ll pay off for you. It’s a good time. The inflation has taken off and assets are growing. I have no concern about being in the game. For the people that think that the real estate market is going to crash because of the interest rates, I still think that mortgage rates are low compared to the average. If the whole world went bust, we’re all screwed anyway. Keep playing the game. If you commit to it, put in the work and try to think a little bit ahead, you’re going to do well. One of the things that stuck out the most to me following you on social media the last couple of years is the way you play the tax game. Where did you learn that? I can’t give credit to any books because I don’t read books at all. It’s funny, I can read stuff on my phone all day but reading a book, I’m allergic to it. It’s going to investor meetups, watching shows like this and REI groups. Believe it or not, there’s a lot of content from shows like this. I overhear conversations. When I see people who are smarter than I talk, I try to eavesdrop on them.   I won’t hear everything that I need to know to fully understand the game but I can hear enough to hear a word like 1031 exchange or some kind of phrase like accelerated depreciation. I go home, google it and research it non-stop until I feel like I’m a master at it. I always try to tell people it’s like trying to play Monopoly without reading the rules. How do you expect to win the game when you don’t know the rules? Many people do that. People talk trash about taxes all the time. I love taxes because I don’t have to pay them. The IRS and the government make these rules to manipulate the economy. They’re paving the way for what they want you to do and paying a tax as a penalty for not doing what they want. If you play the game, you can make a lot of money and not have to pay them anything. That’s the way to do it. Read the rules. You own Precision Plumbing and multifamily, commercial, chicken coop and a bunch of single-family. Let’s start at the beginning, maybe on a high-level cover of how you progress from venture to venture. With the single-family, the first deal that I got, I was winging it. Luckily, it went well for me on my first deal. I purchased a single-family deal. Luckily, it was a

Read More

Delayed Gratification Is Your Key To Financial Freedom With Mike Hambright Of Investor Fuel Mastermind

  Sometimes, being naïve about how things work in a business can be a blessing. While others are running away or cowering in fear, you might just go against the grain and reap massive rewards as a result. That’s exactly what happened to Mike Hambright when he started out in real estate. Mike is a real estate investor for 14 years, podcast host, and founder of Investor Fuel, America’s top mastermind for professional real estate investors. Joining Tim Herriage in this episode, Mike takes us on a tour to his real estate journey, which started in 2008. If you’ve lived long enough to know what 2008 means, you’d know that this guy ran straight into the fire while everyone else was running away from it. But he came out of it even stronger and now has diversified into multifamily, coaching, and a lot of other things. Tune in as he dishes out nugget upon nugget if wisdom that only a smart, seasoned investor, coach, and thought leader like Mike can offer! — Watch the episode here   Listen to the podcast here   Delayed Gratification Is Your Key To Financial Freedom With Mike Hambright Of Investor Fuel Mastermind Welcome back to the Uncontested Investing show. I’m Tim Herriage. Thanks for coming back. I’m here with my buddy, Mike Hambright. How are you doing? I’m excited to be here. I’m glad you are here. Thanks for being here. Why don’t you tell people who you are and what you do? First and foremost, I have been a real estate investor for a couple of years but over the years, you start to bolt more things on. First, I became a rental company owner. We are managing rentals and then started getting into coaching. Over time, I founded the Investor Fuel Mastermind, which you have shared there. Over the past years, I have run a data and tech company and lead generation called The Investor Machine. There’s a bunch of stuff in the real estate space. I’ve flipped hundreds of houses here in Dallas. You and I used to be running shoulder to shoulder, maybe competitors that we are all competing on some level. Now, I mostly do large multifamily syndication. It’s a little bit of everything over the last years. You are an interesting fellow. You are doing probably the best job in the industry on the mastermind with Investor Fuel. I’ve enjoyed being there, not only as a lender but I still run my investment company. I find myself sitting in the presentation like, “We suck,” rather than, “This guy is doing $80,000 a month, and I’m doing $50,000 a year.” We need to fix that. In one of my first segments when I was in the Marine Corps, I used to brief generals. I was an intelligence analyst. They always told us, “You had until the most important thing up front.” You don’t bury the lead in a briefing because you start getting mortar shells or the general has to get up to go to do something. He needs to know the most important thing. Imagine we’ve got someone reading. Maybe they go to coffee. They don’t get to catch the whole thing. I want you to take two minutes to deliver the bottom line up front. What do you think people need to be thinking about, doing, not doing or focused on? Give general, relevant, actionable advice. Take it away. Ultimately, folks need to understand that this is a long game. For the first couple of years that I was in business, I was living day-to-day, very transactional. This is a transactional business as a real estate investor. However, when you have the hindsight to be able to look back on the failures, the wins, and everything that’s happened over time, and you could do it over again, it’s good advice to know that you should be in this for the long haul. In this day and age, everybody wants to pop a pill and lose 50 pounds, and everything is supposed to happen fast. We have immediate gratification when I have an idea for something, and it’s at my doorstep later that day from Amazon. That’s not how the real world works in terms of your career or business. You have to play the long game in terms of being willing to fail. If folks that are reading are just getting into real estate or in any business, that’s not a normal thing. We think failure is a loss. When you are an entrepreneur and have been in the game for a while, you realize that failure is a stepping stone to success. You have to be willing to fall but you have to be willing to get up. It’s not over until you don’t get up. Play the long game. Think about the end in mind. I posted something on social media about delayed gratification being the key to financial freedom and freedom ultimately. If you wholesale everything and gets that quick buck or rehab it and get that not as quick a buck but more bucks, and you don’t keep them as rentals, at the end of the day, you will be disappointed. Play the long game, think with the end in mind, and make sure you are setting yourself for a long-term legacy. It’s good advice from a smart guy. Let’s talk about what we are going to talk about. What are some things that you think are interesting happening in the market nowadays? It’s interesting because there are a bunch of folks that are in the business that they weren’t in here during the last downturn or any other market cycle. This is all they know. I started in 2008, so it was a down cycle, which was never that bad in Dallas. Let’s be honest. There are a lot of people that have practices now that are going to get in trouble like overpaying for houses because they are counting on

Read More