Expected Air Date: 12/06/18
Ever wonder what it’s like to be a real estate reporter for a major news outlet? Wonder no more. We have a couple of them lined up for you in the next two weeks. I like to know what people think and how they think and these reporters provide a lot of the interpretation for the data we all consume as real estate investors. We are going to be joined in a few minutes by Devon Thorsby from US News and World Report. I’m planning to ask Devon how she feels about real estate in general, what she sees coming for us in 2019, and how she wound up at the magazine.
Devon Thorsby is the Real Estate editor at U.S. News & World Report, where she writes consumer-focused articles about the homebuying and selling process, home improvement, tenant rights and the state of the housing market.
She has appeared in media interviews across the U.S. including National Public Radio, WTOP (Washington, D.C.) and KOH (Reno, Nevada) and various print publications, as well as having served on panels discussing real estate development, city planning policy and homebuilding.
Previously, she served as a researcher of commercial real estate transactions and information, and is currently a member of the National Association of Real Estate Editors. Thorsby studied Political Science at the University of Michigan, where she also served as a news reporter and editor for the student newspaper The Michigan Daily. Follow her on Twitter or write to her at firstname.lastname@example.org.
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Motivational Thoughts for the day
“Life is an ongoing story problem. Solve it.”
[0:16] America the show that teaches you how to make money in real estate wherever you are whatever your situation there is an opportunity for you flipping America is sponsored in part by American IRA
founded by investors for investors on the web at American Ira. Com.
And by Braswell Capital Solutions commercial lending made easy on the web at Braswell Capital Solutions. Calm and now here’s that
flipping America guy Rodger Blankenship to be a real estate reporter for a major news Outlet.
[0:54] Wonder no more.
We have a couple of them lined up for you in the next two weeks I like to know what people think and how they think and these reporters provide a lot of the interpretation for the data
we all consume is Real Estate Investors next week we’re going to talk with Diana olick of CNBC but today,
we’re going to be joined in just a few minutes by Devin Thorsby from u.s. News & World Report if you read real estate at US News & World Report,
you have no doubt read something that Devin is written I’m planning to ask her how she feels about real estate in general and what she sees coming for us in 2019 and,
how she wound up at the magazine Devin Thorsby is the real estate editor at u.s. News & World Report where she writes consumer-focused articles about the home buying and selling process Home Improvement
tenant rights and the state of the housing market she has appeared in the media,
in and media interviews across the United States including National Public Radio WTOP Koh Reno Nevada and berries print Publications as well as having served on panels discussing
real estate development City Planning policy and Home Building previously she was a researcher commercial real estate transactions she’s a current member of the National Association of real estate editors she studied political science at the University of Michigan and she was a reporter for the Michigan Daily
follow her on Twitter or Instagram at D Thorsby at Raichu Rd Thorsby at usnews.com that’s coming up in just a few minutes.
[2:24] And even if you’re one of the several hundred thousand or so that are listening to me right now over the air on AM FM stations across the country I want to encourage you to download the app it’s free in the App Store flipping America in the App Store,
because when you look at today’s episode you’re going to see a whole list of news articles and you’ll notice that kind of all come from the,
same site well that’s because today we are featuring nothing but Devin Thorsby written articles
then come making a show about her she’s not used to that as a reporter she’s used to reporting on the news not being the news but we’re going to talk about her today a little bit as well and I want you to see a lot of the things that he’s written in those are in the show notes
how to get in touch with us here at flipping America we are at flipping America network.com that’s the website flipping America Network.
How come you can go there and there’s a wealth of information and resources for you and just keep in mind that our goal here is not to try to sell you something but just to help you get Kinect.
[3:28] With the right relationship for real estate and you we believe that everyone should have
real estate as a part of their Investment Portfolio not the entire thing perhaps and I know I got an email the other day and decided I’m not going to answer this in the email section but someone said hey what else are you doing besides real estate in terms your investing career.
[3:48] And you know I’ve dabbled in some other things but the fact is I am almost exclusively invested in real estate because I know it I understand it I believe in it
I’m confident about it and I put my money where my mouth is so there you go. Now if you have questions about real estate investing you can send them to questions at flipping America Network,
how come that’s questions at flipping America network.com we will answer every question that comes into the show we have answered every question,
now we have found a few that made their way into the spam box so it took a little longer to get to them and I’m saying that because that just happened to me this morning and I apologize and I have apologized to the people for taking so long,
we will answer every question that comes into the show and we have so it doesn’t matter whether we know the answer
and we’re not just going to make up something we will find someone who does know the answer and we’ll get an answer to you
some of the questions that we think will be helpful to other people as well or questions that we’re getting a lot we put them on the air and we’re glad to do that against us something to talk about on the show and one more way to help people which is why we are here in the first,
so questions are flipping America network.com if you can’t or don’t want to email you can call 24 hours a day 7 days a week our national comment line for 04369,
1018 x1018 extension one.
[5:12] That puts you into the comment line and you can say what you need to say or want to say and the feel free to tell us what you think and thank you for all the kind things that you’re saying about the show,
we really appreciate those things we’re not playing those on the air.
We do appreciate hearing those words of encouragement it energizes me and the team here at flipping America to know that you’re listening and you’re enjoying and appreciating the content okay.
[5:39] You can follow us on social media on Facebook look up flipping America Network flipping America media by the flipping America media and then on Twitter and Instagram follow us at flipping America.
Now shifting gears to a couple of important announcements coming up on December 12th at 8 Eastern Time December 12th
8:00 eastern time we are replaying I actually redoing the privy webinar.
The pretty webinar was scheduled for a couple of weeks ago and it was terrific but we had some technical problems that prevented some people from getting on his back.
Most of the people that pre-registered were unable to get on the call we understand we apologize for that a folks Beyond My Control.
[6:23] Not me on the technical thing there but
we’re going to redo the webinar because privy is a terrific resource I want you to have it I want you to know about it I want you to be able to access it and on the webinar we’re going to make a very special offer for you just for our listeners here flipping America and what you need to do to register for that
I want you to drop an email to Helen and that’s Helen at flipping America network.com Helena flipping America Network
dot-com and ask for the registration link she’ll send it right out to you so you can sign up for the privy webinar coming up December 12th at 8.
BM in other announcements foot starter is coming back to Atlanta January 19th and 20 2019 you can sign up for that at
buy flip starter event.com I make three promises regarding the flip starter event we call it flip starter because it’s designed to help people get started in a business of flipping
fixing flipping houses and we know that’s not for everyone but if you’re wondering whether it’s for you this is a good way to come and explore that topic.
Now it cost $299 to attend but there’s an early bird special going on right now through the Christmas season you can come for half price
okay so get the flip starter event. Calm and sign up today here are the three promises promise number one I am not going to tell you everything you need to know about real estate investing.
[7:52] Now that sounds a little cruel to say it that way but I do it that way to get your attention I’m not going to tell you why I can’t I can’t tell you in 3 days or 2 days or 5 weeks everything that you’re going to need to know about real estate investing,
the promise number 2 is.
I am going to tell you everything you need to know to get started in the business I’m not going to tell you a bunch of dramatic stories and and and then sales pitch you into some high price of course yes we do offer
a higher price mentoring program we make that no secret it’s not a trick it’s available for those who want and need it but
I am going to give you a set of tools and resources that you can use to go out and start your own Fix and Flip business folks it’s worth the trip to Atlanta Georgia from wherever you are
a minimal expense and just two days it’s Saturday and Sunday all day Saturday and half a day Sunday
we’ll be finished by I’ll probably two or three if you need to schedule a flight out on Sunday afternoon so you’ll be able to get back home and be ready for your work week that’s
January 19th and the 20th here in Atlanta Georgia in other announcements of course we do lunch every week.
[9:08] On Wednesday
don’t have lunch most days or yesterday actually I kind of got too busy and and didn’t get around to it but most days I have lunch and on Wednesday we go to lunch at Huey luey’s
Mexican restaurant in Sandy Springs Georgia and there we meet with about 20 or 40 of our closest friends and new friends that were making every week who want to talk real estate not everyone comes every week.
A lot of people come you don’t want some month or so that’s alright our ego is not attached to who’s there we’re just there to help were there to talk about real estate and to enjoy some fine Mexican food so that’s every Wednesday from 11:30 to 1 except.
For holidays and sometimes during holiday weeks we won’t be meeting the week between Christmas and New Year we never do and we don’t meet on the Wednesday before Thanksgiving but
I remind you that again you know next November okay.
[10:04] I think that’s it for the announcements we’re going to take a little break here to pay some bills and we’ll be right back and we’re going to talk with Devin Thorsby,
see it on the other side.
[10:35] Have you ever seen one of those Fix and Flip TV shows and thought to yourself I could do that or even better I’d like to do that.
But there has to be a way to get started that’s what we will do for you at flip starter what starter is our 8-hour course designed to give you all the information you need in order to get started in the business of fixing and flipping houses and Roger Blankenship.
The flipping America guy who is fixed and flipped more than 800 properties over the years.
I will share with you the tools I develop for use in my own business the strategies the management techniques and the systems are used to build a business that was flipping 100 properties for year.
[11:11] What would it feel like if you could quit your job and not only work for yourself but own a business that will ultimately provide you with more income and more free time.
[11:21] My goal is to train the next generation of real estate Millionaires and I want you to be one of them.
Find out more at slip starter event. Com.
I thought it was amazing I put pages and pages of notes.
And I just want to recommend that you go to it because in my opinion the information that he gets on contractors alone makes it worth the price but that’s not the only thing that he talks about I highly recommend that you and his foot starter it’s worth every dime.
[12:09] Devon Thorsby welcome to the show.
Thank you for having me really appreciate you taking time from your busy schedule at US News & World Report to come and talk to us about real estate and so I just want to jump right in there and say what’s your passion level regarding real estate.
[12:26] I’m extremely passionate about real estate particularly because what I do is.
A primarily consumer advice so geared towards out those home buyers sellers renters people looking to DIY a project for the first time,
being able to help them make a more confident more informed decision with every step of the home process is.
A joy to me
yes and I have noticed that you you do take most most of your articles are designed for the consumer in mind and that’s all right we have a lot of real estate consumers that listen to show as well as Real Estate Investors but you have.
Talked about real estate investing on the show in your articles as well and you know one of the articles I read with great interest this morning was an article in them and I may forget the date because I read about 20,
the one that can you still make money flipping houses and I just got to tell you I respect the research that you did and the variety of opinions that you got and even the the people who told you yes you can but it’s not like it was 10 from years ago
the market has changed but you can still make money in so that was good all right so.
[13:39] In your experience is the magazine send you out to travel to be on location
are you doing everything from your location there
about 3 months ago now I move to Albuquerque New Mexico so I work remotely and experiencing a whole new housing market which is definitely a big change from Washington DC
but most of my work kind of takes place over the phone on the computer which really
being able to cover the whole country that makes it the most feasible way to do it and they’re definitely places where I’ll make a list or I have a list that I want to visit all of these places.
Some of them are more desirable than others is kind of vacation spots I would say Des Moines Iowa.
Would like to go visit their basic all right so I’ll come back to Albuquerque what’s the appeal of Des Moines Iowa.
[14:45] Des Moines Des Moines has done very well in the US News & World Report best places to live rankings.
Real estate-related rankings in Des Moines does very well particularly for its job market and a lot of other.
Metro areas especially those that are considered a little bit bigger in the tech world like
Des Moines has been able to with its big insurance industry kind of Target be.
Apps and Tech related to the insurance industry and grow kind of visit tiny little Tech Hub in and of itself but also teeth.
The cost of living really low which is something that place like Austin Texas is really struggling but now others so being able to kind of see how
a small Midwestern town like that has been able to grow and kind of evolved.
Is really interesting in and hopefully we can see it happening more places that are may be struggling a little bit more in the future.
Des Moines is probably not going to make anybody’s list surprise me now you know.
[16:07] I like when I’m not do you know doing real estate and doing the show I like.
Riding motorcycles and playing golf which kind of rules Out The Long Winter States for me really because you know I like to have
golfing motorcycle riding around and so we’re in Atlanta Georgia now Albuquerque New Mexico you’re about a mile above sea level there right
yes but not so famous mile high city actually I think you may be a little higher than Denver right around 6000 feet and so you have like a year-round temperature around 70 degrees or medium temperature and it’s.
Pretty moderate climate low humidity and all of that my getting that right.
[16:45] Very low humidity which was a blessing after living in DC for about two and a half years I have to say.
Which is a very swampy conditions Albuquerque it does cools off at night which I kind of like I grew up in Michigan,
so I understand.
Which Albuquerque definitely has a lot of but I love a whole new geography of Albuquerque compared to the Midwest for the Mid-Atlantic having the the desert and seen roadrunners everywhere.
Yeah and you know the lack of green I have a friend that moved from this side of the Mississippi to Idaho and lived out there for years and he said you know I just miss green stuff
definitely a lot of brown here we don’t have,
grass on our front lawn is a xeriscape lawn so it’s gravel and in desert plants so that’s definitely an adjustment but it’s interesting
so what’s the real estate market like in Albuquerque I’m asking you leading question because you know I know the answer.
[17:51] The Albuquerque real estate market is doing all right it’s certainly not.
[17:59] The big successes of.
A place like Austin Texas and things like that it definitely drives a lot of it.
The man from the Air Force Base that’s here why we moved here and so cost you remain a little bit lower by Nature just because you have military families moving into the area.
You have definitely a higher rental rates I would say compared to the homeownership rate compared to other cities that might have a higher.
Median income but the neighborhood that I live in I’m seeing home prices.
Bryce fairly steadily although we also do have a fair number of single-family homes that are rentals as well so there’s a healthy rental market both in apartment buildings
no honestly I really don’t have the numbers in front of me but I’m thinking Albuquerque’s probably falling in line with about a 6% year-over-year increase.
[18:58] I think so I don’t have the number myself off hand but it could be a little bit slightly lower than that.
I do know that they are a lot of real estate agents around here still save the recovery so.
Yeah which is interesting because Albuquerque was in his heart hit as some other areas but alright well you know I didn’t plan to talk to you about Albuquerque that much so.
You’re a real estate writer for a major International internationally-known magazine and.
[19:32] I’m I’m just curious about it a few things because here we are talking about real estate how do you get your inspiration for the articles that you write.
[19:42] I love the fact that what I write is advice.
Not just news necessarily A lot of my depression comes from once my friends and family knew that I knew a lot about real estate I will get text messages and phone calls
weekly basis if not Daily Faces of people just a weird situation or I’m looking to buy a home what do I need to know.
Kind of stuff and I love being able to provide that kind of one-on-one advice in the fact that I’m able to provide it on a larger scale as well.
Is really rewarding to me especially when I get emails in from readers who.
Have more questions they started with one of my stories but have them were specific personal scenario that they want some advice on or guidance on
that’s something that I really unrewarding and I really like being able to take those questions and turn them into their story
that is a fun part of what we do here we get you know we take questions on real estate in and the promise to answer them even if we don’t know the answer will go get an answer from someone who knows something and
we have been able to resolve marital disputes here.
But we’re not exactly in marriage counseling but all right so questions from your readers that’s that’s very good.
[21:04] How glad I was kind of want to ask you.
[21:09] If you if you ever get questions that just make you go huh what’s going on
like I want you to give me an example of the strangest question you ever got that’s what I really want you to do national ranking.
People are very passionate about their hometown.
I’ll get some angry and a slightly different Criterion so a lot of differences in the list.
Definitely and I think that is sometimes will get links to other places being like New York City was ranked so much higher.
That often keeps it a little bit lower on the list at on the best places to live rankings and.
Although I claimed it I considered it to be a huge honor when Kelly Ripa was very angry with the questions I think sometimes,
all get me questions where I’m concerned it how deep.
[22:21] Kind of Muddy Water the person is already gotten you know they’re already months behind on a mortgage payment or.
[22:31] The landlord there something very shady with the way they set up their lease with the landlord and typically in it when that’s the keys I mean I always recommend they.
Taco professional that’s local to them since real estate markets as well as real estate and tenant landlord law is so local.
I always try to guide them to somebody who can speak to their situation is difficult since I don’t know all the laws and their different nuances when it comes to.
I working through different issues but I I think that those ones I’m I sit there and sometimes they do right in and they said that they.
It’s been fixed which is always nice to hear in your most recent run of Articles you know if somebody just Googles you and I hope they will Devin Thorsby bring up your.
Profile on US News & World Report and you know recent stories that you’ve written lately you’ve been writing a lot about selling your house in the winter time naturally because we’re heading into the winter here 2018-2019 and.
What do you think about in general.
[23:45] You know the best time of year to sell and you’ve got a lot of good advice for people who are trying to sell in the winter time but what do you think about it in general do you see homes
home sales tailing off or do you see spikes and I got to tell you I’m not really setting you up but I had a Ali realtor from Chicago tell me that he sells more homes in December
then most other months of the year except for June.
[24:11] I think it’s especially surrounding those major Metro areas I know just from DC talking to real estate agents all the time when I was there.
They were saying January was one of the biggest months where they saw a huge influx of people in their homes on the market in which I think.
Did you get a certain aspect of everywhere I think people see it as selling my home is a New Year’s resolution I should jump on that as soon as possible.
And January in particular is a big month for I think in December just because it’s around the holidays.
People think that it’s not a good time to sell their home or buy a home but I’ve also talked to a lot of agents that say that it’s they say they do deals.
They go under contract on New Year’s Eve show home on Christmas Eve.
There are always people that need to buy their home and need to sell their home within a certain amount of time.
And so if you’re a serious buyer or seller that’s a great time to do with it.
We’re talking with Devin Thorsby the show is flipping America I’m Roger Blankenship your host will be right back.
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[26:24] Larry Lucas and I’m a student in Rogers.
Mentor program and I’m happy to say I’m working on my very first house we see this house building.
[26:40] Maybe $70,000 in profit but flipping America mentoring program is the only one that includes.
[26:50] Financing your debts so the measuring program does exactly what.
[26:56] The contracts to do Rodger and Andrew and the other fellows in the team Tony have been super in providing oversight and guidance flipping America.
Has been the.
Vehicle that is allowing me to achieve my dreams and becoming a real estate investor.
[27:34] And we’re back she’s Devon I am Rodger and I teach people how to make money in real estate but most of the days on this show I am just learning from the people who are really out there.
Making it happen Devon is out there recording on making it happen in and helping a lot of people.
With their decisions about real estate and that’s what we try to be about here at the show so Devin again thank you for taking time to join us and now I want to get a little person.
Wait we do this a lot with our guess if we have time and.
It’s like a personal issue but what I discovered in this business I know it’s true for me and what I discovered is most of the people that are Real Estate Investors are in real estate related careers.
[28:20] Didn’t really plan to be where we are right now so
when you were a little girl and it was career day and somebody’s daddy came it was a fireman and somebody’s daddy came it was a preacher and somebody’s daddy came who was an insurance salesman in her mommy came and whatever it is that you saw there.
When you were little and thinking about what you were going to be when you grow up what did you want to be.
[28:44] I did go through a phase where I wanted to be a farmer but I think that was more I really like wearing overalls as quick as 6 year olds penis.
But in terms of career-wise I attended the University of Michigan I worked for the.
A student newspaper I was a news reporter and then he met senior news editor.
For the Michigan Daily and I loved doing journalism there wasn’t a journalism program at the University of Michigan so.
A lot of people like myself got really involved in the Michigan Daily and kind.
Non-degree education at the same time that we were going to school.
[29:29] But in terms of getting into real estate of South I guess what kind of interacted well I graduated in 2012 which,
at the time the job market wasn’t exactly I would say post-grad friendly,
and so I was really keeping my options open trying to break into the office business World generally ended up getting a job as a researcher for a commercial real estate information company.
And I they give new hires a fantastic crash course in commercial real estate that you actually know how I went from 0 to 100 very quickly doing that job.
And I ever couple of years I’ve been doing research and I did Communications at ProStar and I enjoyed real estate I love talking about it.
But ultimately I didn’t want you to become a broker which is what a lot of former researchers did and I wanted to Branch out for researching.
And at the time I one of my fellow co-workers from Michigan Daily was at US News & World Report and you were expanding their real estate section they knew I knew journalism and I knew real estate so.
[30:43] Is the rest of the story perfect sense yeah recent history actually you know you graduated 2012 are thinking about man do I feel old when you graduated I’d already
Fix and Flip the about five or six hundred house and this my second career so yeah yeah I’m feeling.
Yeah alright anyway so you got up to speed pretty quickly on real estate and you do talk a lot to Consumers but you do also
talk a little bit about investing have you done any real estate investing on your own.
He owns the second house in Albuquerque New Mexico that he currently has tenants in so he’s a small-time investor but I I do believe he has plans to become a bigger and faster and.
Involved in that indirectly somehow that’s good that’s good all right so landlord tenant laws and the funeral earn them wherever you go I assume I’m guessing he’s in the Air Force then.
[31:48] And so you’re that means you may have several moves and opportunities to pick up low price
I’m just off base housing everywhere you go I’m off base housing as a rental category is second-best to off-campus housing for small colleges and universities that is another excellent.
Opportunity and housing is great for the major colleges to but usually you’re going to be painful
retail price opportunities exist for smaller schools like a state colleges and so forth are small universities around
but I digress anyway so good luck to you guys on that and hope all that works out well so.
[32:34] What are you seeing are the trends for 2019 in real estate where do you see.
The real estate market going and do you see any correlation between that and what might happen with the economy.
Currency of interest rates and kind of the the plant have them continue to rise over the next year is.
Calling people to slow down a little bit when it comes to buying homes I think.
Probably more people than is necessary are hesitating a little bit more when it comes to going out and.
Looking to buy a home just because they’re a little concerned about interest rates and I think a big part of that is just because for the last 10 years we’ve had such low interest rates.
[33:21] That people have seen that is the new norm and it’s not really looking historically interest rate and so any rise kind of scares people but I also think that’s going to be a short-lived.
Situation I think people will realize that interest rates aren’t skyrocketing or not going to bankrupt anyone at least you’re not bankrupt the masses.
But we are seeing I think a lot of people are buying homes.
[33:49] To live in them for a long time they’re buying even fully renovated house or flip House people are buying them and then still putting Renovations into kind of personalized custom.
Which is also a big Trend in interior design,
at 4:20 19-piece I did a few months ago or a couple months ago I guess at this point
I talked about how a big trend for 2019 and interior design is to making your house as comfortable as possible kind of like a safe space but.
That phrase can also have other kind of teaching the the idea of the world kind of crazy make your home a place that you can be as happy as possible,
and less about me but when family and friends come over everyone feels at home never in feels cozy and y’all can hang out.
In a very relaxed way I think it’s a big thing that we’re going to see over the next year
yeah I’m thinking make your house comfortable isn’t really a new idea of it’s been my goal to have a comfortable chair to sit in when I get home for the last 30 years and so we major but.
[35:01] When I first got married my wife came in and looked at my furniture in living room which consisted of one.
I had bought for $15 at a yard sale assets but it was comfortable and so I’ve always been about you know making,
the home comfortable but I’m pretty sure that today’s style and drink people have something slightly different in mind I want to go back to interest rates
I was in college when interest rates were 17% on average cross-country and
I seen them all over the place but for most of History 7 represents been the norm the thing about interest rates.
Is whatever the interest rate is there is a price that you can afford for your home store interest rates really go to affordability as long as you don’t get an adjustable rate mortgage your interest rates going to remain fixed payments going to remain fiction
if you can afford it comfortably now that’s a comfortable is important word to throw in there but if you can afford a comfortably now.
[36:06] Odds are you going to be able to afford it for the entire length of that loan.
Because most of the time confident people tend to get increases in pay the payments going to stay the same so it may affect the house that you can afford but
you probably don’t need to buy the entire house that you can afford anyway right.
Right and I think a big thing about it is people fearing a recession which eventually we have to have a recession.
[36:40] The idea that as long as you’re preparing as long as you’re saving up you have 6 months of mortgage payments or rent payments
in the bank on the chance that you get laid off should a recession come or should we ask just have to happen in your job
you don’t lose your house you don’t get work clothes I’m have six months to find a new job and then go back to meeting those payments and if you contact your words company.
Typically don’t wanna fall on your house they will work with you to make sure that you’re able to make payments,
and stay up on things even if that means lower payments for a little bit of time.
Sure yeah okay let me Circle back around to the the comforting because I’m sure I’m missing the boat here because when you talk about making home a comfortable place and that as a style trend for 2019,
maybe you need to tell me more what it means cuz I’m thinking just having a nice cushy overstuffed chair to sit down in when I get home.
[37:38] I think a lot of it comes from a trending book and and the concept of are going to pronounce it wrong the Danish concept.
Which is the idea being comfortable and cozy people really have taken to that idea even if you haven’t read the books about it.
Or anything like that kind of making it so that when you’re sitting on the couch or kind of curling up on the couch when friends come over a dinner party but if people coming over it’s kind of like there’s a lot more casual.
Hardee’s RR lot about people just been sitting around and being able to enjoy each other’s company,
lesson a posting kind of way but in a know we’re all family here.
Okay I think I like the hygge better than fengshui because I can understand you know I can understand whether it feels comfortable and cozy but fengshui I can’t tell if my desk or my chair or my
beds are oriented right according to the door and east north south east west and all that.
To be honest with you I’ve talked to these people and I’m this in their thinking.
[38:49] Really have any evidence to support this
earlier this year on the talk about feng shui particularly when you’re trying to sell your house I think a lot of it I don’t know that I necessarily subscribe to things right out much
but I think for a lot of people it’s for their own peace of mind as they’re trying to sell their house especially if they’ve been struggling with it
if they realize that they need to paint the door red or turn the bed to face another way to spell they’re trying to sell.
I think maybe it’s placebo effect maybe it really does work in and out of the energies that fires like it a little bit more
well if it helps you know I’m all for that we got time for one more question and I don’t know if you can really answer this I don’t want to give away any Trade Secrets of course but really
how do you decide what are the criteria for deciding the top 25 places to live.
[39:51] Tons of data points that I don’t even see the actual number it’s Hawks we factoring cost of living which looks at not only median mortgage payments and median rents in the metro area but also the average utility cost,
as well as cost of living and then we talk about desirability we survey Americans across the u.s. S600 how they consider the reputation of a city,
the place is like New York and La will ranked highly there and then maybe the the lesser-known.
Midwestern towns might not be as highly-ranked there we also look at timer
we look at a hospital quality of healthcare nearby
plethora of other data points of course speed.
[40:51] The best place to live which number one for 2018 has been Austin Texas for the second year in a row which it’s not going to be the individual persons preferred place to live.
But we located at it as kind of the best place for the most amount of people be able to live when you’re trying to whether you should move to New City for work or to be closer to family kind of all the data points that you want to,
think about it and you can look at the best places to live. We have the profiles up there with a lot of different data information and kind of.
[41:28] Raising a little bit more heavily if you hate a long commute I would not recommend.
Washington DC or Atlanta Georgia,
make your own list on your own
yeah I just had an idea you just spread this idea of the first of all before I ask about that idea when does the 2019 list come out.
[41:54] I should be early this is early in 2019 we don’t have a date yet this typically are within the first or by months
okay folks and you know I pay attention this stuff and I do everybody’s list so I’ll be covering this list when it comes out I bet you’re something that for you to throw to the math nerds over there and in your research Department what if
you identified say
se25 just to make it manageable not 5900 just 25 of the most important criteria for livability and let your readers
rank which ones are most important to them and then let that,
create its own algorithm to give the readers your personalized top 10 or 15 list of places you should consider living based on your room,
that would be great I would love to be able to kind of let people fiddle with the numbers a little bit themselves but we actually the way we waited all the information we can actually survey people as to what.
The most important criteria was and that is how we ended up determining your desirability.
Affordability is another significant portion.
[43:05] Okay well yeah if you would just said some you know Austin wouldn’t work for everybody and of course I’m thinking will it works for everybody wants to keep it weird but,
it’s ya I bet if somebody could create their own weight
not everybody has the ability to do an algorithm but if they could create their own ranking of importance of these things in and it might say hey Albuquerque New Mexico’s where you need to go cuz you’re going to love it there based on the things you identified as most important that’s kind of cool.
That would be great maybe.
Not know we’re not going to work on it here we have enough to do all right thank you so much for joining us today how do you want people to get in touch with you.
[43:48] You can meet me at Devon Thorsby or you can reach me at these Thorsby at usnews.com Thorsby Thorsby and Diaz in Devon,
all right deven thanks again we’ll talk soon.
[44:12] We did a one-day flip starter in Chattanooga Tennessee and lo and behold one of my old College friends came out to the event his name is Peter Faulkner and here’s what he had to say about the event.
[44:24] Peter Faulkner here I send it a one-day flip starter training session led by Rod.
[44:32] Amazed to see what has happened in Rogers life from the last 15 or plus years flipping over 800 houses and then this one.
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[45:51] Dot-com Legal Shield protection for every part of life.
[46:11] A couple of times a month on Thursday evening we do an online call with the members of the flipping America mentoring program people that were teaching around the country how to fix and flip houses
and occasionally will do a call that we open up
to the general public and earlier I mentioned on December 12th that that’s a Wednesday our regular Thursday call next week is going to be moved to a Wednesday so we can participate in the privy webinar
but tonight December 6th we’re going to open up to everyone as well and
this call tonight is going to be about something that’s relatively new to us here at flipping America and that is this opportunity to buy very low priced homes around the country for example.
This week we have a home in Birmingham for $10,000 we have a home in McKeesport Pennsylvania for 6700 visa-free bedroom houses tip.
[47:11] Sometimes too but the $6,700 house in McKeesport was sold yesterday and we had one in city I think that’s pronounce Du Quoin Illinois,
and maybe some of you all will want to correctly on that maybe you do kwon do. I don’t know but whatever it is we sold that house for $9,000 and Bessemer Alabama,
$10,000 and the other in.
[47:38] Somewhere in East st. Louis for graphic we have a couple of them there for just a writer at right around $10,000 we have,
come into this opportunity only recently and
I have had a gentleman or to sit with me at lunch on our Wednesday lunches and say hey I’m interested in these low price houses and buying them but I need you to kind of walk me through the process
and so here’s the honest fact of the matter folks I’m new to this I bought a couple of these myself and we are working the process that we.
Believe is going to result in us being able to sell these properties we’re going to use something known as an installment land contract or contract for deed now I know that if you do enough research about this
there’s going to be somebody out there that says contract for deed is an abusive thing
just about anybody with bad intentions can do just about anything in real estate to take advantage of other people okay that’s not the way we roll
but we’re going to give an opportunity for people to be able to move in the houses who may not be able to get a traditional loan because for one thing we are selling these houses we’re reselling these houses for less than most banks Would One loan anyway
for example the house in Saginaw Michigan I think,
my partner is going to sell that house for $28,000 so it’s it’s a great deal.
[49:04] Works out even with the return of just seven years the
a payment that the people make is less than their fair market rent they are going to be sold as handyman specials where the people move in and make their own repairs put in your own appliances
and I bet it in seven short years they can own that.
So we see it as a path to homeownership for some people who may not otherwise be on that path and also an opportunity is for
opportunity for us to make a few dollars in the process so some have been coming to me and in came to me at lunch
yesterday and asked a lot of questions about you know what to do with these properties and I had to say look we’re two months into it we’re figuring it out we’re working on it but if you want to buy one of these properties will be glad to sit down and tell you what we know
so that’s what we’re going to do tonight on the call.
And we’re going to tell you what we know and I want to invite you to join the call if you want all right now it is a zoom call and it’s already set up,
you can go to zoom. Us and the.
[50:11] ID number that you’re looking for is +43-894-780-0438.
also if you are driving don’t want you to stop and write that down don’t worry just give a call
do the national conference line leave your email address and Helen will get that link out to you via email so you can just click on it and join the call.
Or you can drop drop Helena line today Helen at flipping America network.com.
And she will take care of you and just say send me the link for the zoom call tonight you got to do it today now we are going to plan to record this Zoom call so you’ll be able to listen to it later on if you can’t make the live call tonight just let us know you’re interested.
And also ask Helen to put you on the VIP buyers list because all of this is relatively new opportunity here
it looks like we’re going to come into several of these every week and we’re glad to pass on this opportunity you know we’re hoping to be able to keep some but right now we’re we’re selling them as well
so so some keep something that’s kind of a good strategy in real estate all right.
[51:26] The number if you want to call is 404-369-1018 and right on cue.
We’ve got a question that we’ve actually kind of been hanging onto for a minute Leslie from Manhattan Kansas asked what is an installment land contract and how would I use it as an investor,
an installment land contract also known as a contract for deed or a land contract the land contract is it written legal contract or agreement used
to purchase real estate such as vacant land to house sometimes an apartment building or commercial building are other real property
a land contract is a form of seller financing it’s similar to a mortgage but rather than borrowing money from A lender or a bank to buy real estate the buyer makes payments to the real estate owner.
Or seller until the purchase price is paid in full a buyer and a seller both sign the land contract covering agreed-upon terms and conditions of the sale.
Phone satisfaction of all contract terms and conditions including payment of the purchase price over a specified time. The legal title of the property transfers from this seller to the buyer by way of a warranty deed are other deed used to convey title.
[52:42] So why would anybody want to use this while there are certain benefits to the buyers and benefits to the sellers and let me see if I can get into them for the buyers there may be a buyer interested in real estate for a real estate sale who but because of their credit history or some other reason
can’t obtain approval for I need mortgage.
The parties can enter into the sale by land contract so that the buyer makes monthly payments directly to the seller that helps the buyers out.
These are people who generally can’t go to a bank and get a loan the benefit to the seller the seller does not receive full purchase price upfront.
[53:18] You would if the buyer is going to use a mortgage or paid all cash but the seller may have more options for potential buyers this way.
The seller may be able to negotiate a higher purchase price on the property or you may be able to get a larger down payment.
Or you may also be able to get the buyer to make some repairs to the property which is kind of what we do with these low price properties were buying around the country.
If I’m a buyer I particularly like the idea that I don’t have to go to the normal qualification process and I can be in a home with the hope of homeownership at.
You know some sort of a payment that’s very similar to what I would make if I had a loan now.
[54:03] The people that I’ve spoken with over the years about land contracts in the people that taught me about it said structure that the contract so that their payment is higher than their mortgage payment would be if they got a regular loan.
Encourage them to fix their credit and qualify for a loan and pay you off I can understand that reasoning I certainly do.
But I also think that it like in the case of these low price homes for buying around the country their homes that need work.
And so we want to give the Fixer-Upper buyers and incentive to get in the property in part of that is a lower price than they would normally pay for rent or for a mortgage now.
A couple of things that I particularly like about this versus just renting the house out one thing is.
[54:53] Once you have executed this agreement the buyer has.
What is known as Equitable Title in the property that Equitable Title.
Can therefore be used to require them to repair and maintain the property they also ensure and pay property taxes on the property during this time because they have Equitable Title and.
And the other thing I like is the forfeiture clause,
when they if the buyer defaults and unsub never had anybody default on a contract for deed but if they did
we could then declare them tenants at sufferance and evict them in a way very similar to a dispossessory process with a tenant now.
Certain states have passed laws that changed some of this and they’re very particular guidelines you must follow particularly in Illinois Wisconsin Indiana
I possibly Main and Texas but for now,
the contract for deed is a very good way to if you have a property that needs a little work and it’s a long distance from you and
are you want to put someone in there but you don’t want to put a tenant because you don’t want to be dealing with broken toilets and and that sort of thing in the middle of the night.
For someone hundreds of miles away and it’s not economically feasible to hire a property management company for one house then a contract for deed is a great way to go just know that.
[56:22] At some point someone is going to follow through and pay off that house and then you won’t have the house anymore so as long as that’s okay then.
You’re good to go contract for deed a great way.
To sell a house and let me back up before I wrap this up and tell you another thing that I’ve done with contract for deed I have
put people in with the contract for deed that has a two-year term it has a regular payment
for the the two years and based on you know and interest rate and that sort of thing but there’s a balloon at the end of two years in other words they really have two years to get
their credit in shape and get the house refinance because two years ago
then in that case two years all I wanted to hold the house so I’ve had situations like that and there are a lot of varieties and and things that you can do.
[57:17] With a contract for deed and I think I’m about to run out of time I want to leave you with some encouraging daughter to today recently I celebrated a big birthday and it was a it was a big one with a zero at the end of it
fox sound like you I’m not getting any younger we’re all
progressing through this life and as you get through this life it’s easy to turn around and look and see that sometimes life has a way of beating it down
and I am thinking that there’s probably someone out there who is listening to my voice and you’ve been through an experience and.
It hasn’t gone well and life is beating you up a little bit hey folks.
[57:57] I want you to take heart because the sun’s going to come up tomorrow and if you hang in there you will too.
[58:05] All right just keep pressing on keep trying I think I may have inscribed on my Tombstone if I were going to have one the words.
[58:13] I’m getting better at this that’s a good way to live every day I’m getting better at this thing.
[58:52] I got a call today from Success magazine great things never come from Comfort zones.
[58:57] I like it and it’s brought to you by the foundation for Renewal working together with communities across this country to bring lasting life change and impact.
Find them on the web at renewal fund. Net and is always your gift in any amount is tax deductible and very much appreciated.
Thanks for listening my friends and we’ll talk again very soon.
[59:31] You’ve been listening to flipping America real estate investing for everyone if you have any questions about real estate send them to questions at flipping America network.com,
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