Business
Lashauna is pretty new to the real estate world, and while Ryan sees that status as an opportunity to guide her to success, others might see that as a chance to take advantage of her inexperience. This is where wholesalers have snuck in, trying to convince Lashauna to go along with deals that are unfavorable to her. Thankfully, Ryan is here to back her up and protect her best interests. With some tips from Ryan and a little bit of practice, Lashauna can cut out some of these middlemen that are dragging her down and get straight to making profitable deals herself. Today Ryan’s speaking to Lashauna about the best ways to navigate the market while staying wary of people who can ultimately kill a deal or cut her profit margin. As Lashauna explores deeper and deeper into the real estate world, she’s come across concepts that she’s unfamiliar with and needs to fill those gaps before she can really get her foot in the door. Ryan is here to address those and answer some of the most popular questions that are stuck in the minds of new investors. Ryan knows that everyone you meet during a real estate transaction is out for their own paycheck, and because of that, you need to be extra careful to protect yours. Wholesalers, real estate agents, contractors, etc., each have their place in transactions. While they can be a great help at times, they can also be an enormous weight on investors’ shoulders. The trick is finding the balance, and that’s what we’re covering in this special episode of Coach’s Corner. In addition to what we just mentioned, Ryan is also covering the following topics that can help anyone on their own investment journey: When to hire a real estate agent. Property inspections. Appraisals. Title insurance and title companies. Scope of work. Material lists and material grades. Project management. “The best thing is to always put your earnest money down and give yourself as long as you can and always make it refundable. Then negotiate with the seller to get the longest terms you can.” —Ryan G. Wright Podcast Summary: 1:02 - Getting to know Lashauna, her story, and what motivates her. 3:34 - Ryan’s overview of wholesalers, and the pros and cons of working with them. 7:37 - Searching for a property with a real estate agent and without one. 8:32 - The ins and outs of title insurance. 9:41 - The differences between property inspections and appraisals. 12:47 - It’s almost closing time. Should I use a title company or a lawyer? 15:07 - Earnest money: ensuring that I can get it back. 16:48 - Overview of the scope of work. 17:13 - Talking about materials lists and keeping an eye on the general contractor. 18:54 - Why I should care about different grades of building materials. 20:35 - How to know if there’s a lien on a property. 22:36 - Finding value estimates, equity, comparables, and more in Investor’s Edge. 24:29 - Ensuring that you’re targeting the right areas by looking at price ranges. 25:55 - The advantages of having a project manager. 26:58 - Wrapping up with Lashauna.