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Dec. 10, 2022

Ep 293: Doing A Live In Flip For High Profitablilty With Chad Dougherty

Ep 293: Doing A Live In Flip For High Profitablilty With Chad Dougherty

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Transcript

0:00 Hey we're we're episode we have a special guest Mr. Chad Doherty's of cool they still talk about a cool deal break down and go ahead Mr. Chen She got ready let's hear it 0:12 first off I want to introduce stonking because dogs never go down anyways talk about my first live in flip actually my first VA live in flip VLAN so I bought this house in El Paso as a short sale a short sale so somehow I got it on the cusp I bought it for it was $132,000 on a VA loan through a short sale no it does not ever work out literally can't do that against me. But so I got it for that much and then after after three we live there for just shy of three years I didn't do a lot of work to basically painted it and replace the countertops but that deal we lived in it's a nice area town I put nothing down actually think I collected a little bit money at closing. But a little bit of money at closing my payments were super crazy low because it's VA loan and in Texas we are veterans get a huge tax break on the property taxes. So I was paying like 600 bucks a month to live in this two story four bedroom house that's fully remodeled, fairly remodeled. And super nice area town. And anyway, so we live there for because for it's my homestead so for two years after that there's no capital gains. It's a non taxable event after that. So bought it right before the market went up. market went up kept going up I kept delaying selling it. Got a wholesaler to sell me I found it I found a really good house and it's out of town. It's bigger on the mountain single storey brick house with a pool that we got in the meantime, we sold the other one so remember I bought it for 132 We actually ended up selling and I think I put a total of 35,000 into the house by the end of it because we updated the yards we saw I think for 289 I think so in a pocket away $130,000 Cash tax free that's why I love absolutely love the live in flip. And we're doing again with this one when we just got we got it for 180 And before I even did anything it appraised for 350 and I've done stuff to it now I love to flip it just a complete side hustle where you just kind of make the house you live in nicer and you'd have to get a deal right? But it's it's the ones it's two years it's non taxable. That's the reason people do the burn is so they can get tax free money out but just sell a thing because it's non taxable event when you still burn it but there's no like 3:10 heavy heavy leveraged your VA loan multiple times. 3:14 I have I've used it three times. It's available right now. Let's do it again. I don't know well, he's on the next one. But I haven't available my house right now we refinance into a conventional because it makes sense out of the hard money that the term game that we can do it immediately. 3:33 Everybody that has VA loans leverage that thing as many times as possible, and it's good. It's 3:40 down low interest, but normally you can have super low credit up here. 3:49 Yeah, didn't you buy ranch tunes at the ranch you bought 3:52 no I've sold that ranch I flipped it made like I didn't make as much I told you that that was the biggest deal. That one we made 98 on the ranch but those increases 4:07 and those deal that's why that was your biggest deal on the ranch. 4:11 No The biggest one was that house I don't think again there's been several others that were around it but that was the biggest one right now the biggest one is I don't own the biggest one yet but there's one that I have I'm gonna get owner finance to me hopefully January I think we're supposed to close Medical Center and I'm super 4:36 excited whenever you get that close to bring it back. 4:40 Numbers are insane. Like it's like that's a retirement deal. But yeah, that in the house I'm in right now again the live in flip is that house already has apparently so they say like 190 in equity. So just fucking awesome. That's more that's as much as about For. 5:01 Yeah, and for everybody here, like I said, different levels, your VA loan, whenever you do that the medical building wants to bring it back talk about that deal. Yeah, absolutely. And this is where I think we're if you do bigger deals, bigger payoffs bigger cash flow is just as much work as the small deals. And it's just as more work as small deals, but, 5:23 but you should practice with the small fields. Because if you go in and you fuck up a $700,000 agent doesn't want a potential profit deal. Because you didn't get your reps and I mean, you can mess up a 2000 review, who cares? But, you know, get your reps in, go go to go to the car dealership, practice, practice buying a car, those people spend if you can't afford formal sales training, I'm a big proponent of card on you. But if you can't afford it, go to cars, car dealership, right, buying a car, tell your significant other that you're doing this and to tell you you're an idiot when it comes on buying the car that way you can fully commit in your soul to doing this. Yeah, set some ridiculous parameters and if you can get it take it for another test drive tear to your sniff No, other than they'll tell you no, but you did it and you got to you get to hear you get to hear their sales pitch you get to hear things that you don't like things that you do like and the way I would rate myself because I literally do this is Grant way I read myself is by who what level of person I can get to come talk to me at the table. So if you get the initial guy cool, he probably sucks their manager. Alright, cool. Somebody from finance, come talk to you. That's and that's gonna get the owner to come sit with you. You did a fantastic job and you're you. You're doing good. They don't think that you're full of shit. You know, you're doing a great job negotiating. But anyways, that's that's what I was doing. It's so much fun to just being able to completely commit to that. 7:02 Hopefully this episode, go check us out. Like I said, we do episodes like this. Everyone's around so they're periodically placed out. Thanks for your time. Mr. Chad Doherty and I will send you a hat and a hoodie soon, and Anthony's gonna send you a cup. 7:19 So yes, I appreciate you. Thanks so much. Thanks. 7:23 Thanks, man. Everybody, go check us out. Leave us a review. Go check us out. And we'll see you on the other side next episode like you

Daniel Esteban Martinez Profile Photo

Daniel Esteban Martinez

Host/ Ceo/ Speaker

I have been an entrepreneur since 2018. I come from a regular home just like most people. My dad worked on the roads in the Chicago area for over 30 years. He always taught me to work with my brain, instead of my body. Your body can only take so much abuse. I learned so much from my father. He always pushed me to work smarter and not harder.

I have owned and operated a trucking business for 2 years. I started learning real estate in 2019. Fell into the Data & Skiptracing business in 2020. My partner Anthony & I started Hivemind in 2021.

I have done a ton of different jobs coming up from painting, to door-to-door sales, telemarketing, truck driving, and loading trailers. What I learned most is that I want to stay in the digital business space. The leverage you can have delivering digital products to the marketplace can yield limitless possibilites.

I started The List Guys in 2020. It is a data and skiptracing service. We provide seller and buyers list nationwide. My clients have been getting great results and I am proud to help people killing it.

I started the Hive in 2021 with my partner Anthony Gaona. It is a real estate and business mastermind. It also comes with a all in one CRM, that can host unlimited websites and users.

Starting the Hivemind has been an amazing journey so far. Seeing one of our users make his 6 figure month in June 2021 leveraging our software, I know there will be plenty more to come!

Anthony Gaona Profile Photo

Anthony Gaona

Host/ Ceo/ Speaker

Hi! I am Anthony Gaona.
I’ve been in digital marketing for almost 15 years.I grew up in construction working for my dad when I was only 12 years old. Normally we had a ton of work or no work at all so a lot of my free time was spent learning how to generate leads.

It didn’t take very long for me to master online marketing because I became absolutely obsessed with it. For the last 15 years I’ve been generating construction based leads. At first I was running the projects myself. This led to sub-contracting all of the excess projects and eventually wholesaling the leads off to other construction companies.

One day I was preparing to build a single family residence for myself. In mid December, 2018, a simple YouTube search led me to the term wholesaling and the rest is history. The plan was to use my construction background to start flipping houses. By January 1st of 2019 I launched several marketing campaigns both on and offline for real estate seller leads.

Within about 4-5 weeks I had my first real estate contract locked up. It didn’t take long for me get a land lead where I made almost a full year’s pay on a single transaction. This came from a land lead and that forever changed my life.

I ran low volume larger land deals for the first two years of my real estate career. Like anyone who has been in real estate investing for an extended period of time, I started thinking about scaling my business.

Instead of deciding to vertically integrated and start hiring I imagined a model where I would teach my real estate investing methods to others. This would free up my personal bandwidth and allow for unlimited large scale transactions.

Currently our operations are expanding globally. The goal is to identify one person per major US Market that we can build a team around and drive traffic to so we can close high volume transactions together.

You can learn more about our vision and join our free mastermind by joining hivemind CRM on Facebook and all social channels

Chad Dougherty Profile Photo

Chad Dougherty

CEO

Chad Dougherty is a Real Estate Investor and coach, Marine Corps veteran, Husband and father of 2. After leaving the military and with a baby on the way, he decided to go all in on himself to ensure his family would never grow up in the same underprivileged conditions he experienced. In 2018, he dedicated his focus to Real Estate, he was broke and had to hustle for every dollar and recover after every failure. Now 4 years later, he is a real estate professional that controls over 4 million dollars worth of real estate. He is passionate about working with people that want to create a lifestyle and set an example that their family or business should follow.