The Real Estate Investing Club

The Key to Real Estate Investing Success with Jerilyn Walters | The Real Estate Investing Club #25

Transcript for “The Key to Real Estate Investing Success with Jerilyn Walters | The Real Estate Investing Club #25”

Gabriel Petersen 0:02
Hello and welcome to another episode of The Real Estate Investing club. Place investors go to learn tips, tricks and stories from other investors in the field. If you feel we provide value to you go ahead and hit that thumbs up, share whatever it may be. And if you’d like for us to cover a specific topic, let us know in the comments or reach out to us on our website. Today we have a very special guest. So buckle up, grab your pen and paper and enjoy the ride.

All right, we are live geralyn thank you very much for joining us today. How you doing?

Jerilyn Walters 0:39
I’m doing great. Thank you so much for asking me to join you because I love real estate investment. And I was actually as I was discussing you earlier, I’m just like I’m a conduit to actually have conversations with investors. Because I’ve been doing this for 22 years and I’ve owned my own company for eight years. And I’m up to 45 agents so I’m seeing a lot of investment Coming to the Florida market and I see a lot of the same errors and judgment. And I just thought it would be great if I could have an opportunity to discuss what I feel is the most important part about real estate investing. So I’m really glad that you invited me because it gives me a conduit to get it all out, you know, and to an audience that is in emotionally and financially invested in this form of passive and

you know, additional income stream.

Gabriel Petersen 1:31
Perfect, I love it. Well, I’m excited to to get into this to get us started though. Why don’t you tell everybody you know who you are, where you’re from and how you got started in real estate in the first place?

Jerilyn Walters 1:41
Well, my name is geralyn Walter, and I’m originally from Southern California. I came out to Florida to marry my fiance at the time. And he left me here went back to California and I had to come up with a vocation. And that happened about 22 years ago. So I thought I’m in a discretionary dollar market. So I had to come up with some type of a vocation when you’re in a discretionary dollar market, you’re really limited. So I could either sell tourist items, or work in a bar or restaurant or I could sell real estate. And so I went with the real estate aspect and my first year, it was one of those things that everybody hears, you know, do what you love, and you will excel and you’ll and you’ll enjoy every day. And after being a quarter pointed receiver in California after being a Playboy bunny in California after publishing magazine in California. By the time I got here, I you know, I’ve pretty much done a lot of things but I really didn’t know how to work for anybody. So real estate was perfect. My first year. And this was back, you know, before the crash, I was able to make 100 grand in sales and gross commission income. And I loved it. It was the most natural, effortless business. I understood every piece of it and 22 late years later, I own three offices. With 45 agents and I, myself have flipped seven homes in the last five years, because one of the things that I’ve discovered as an agent is that I have a lot of investors that come to me. And they’re all making money off of my knowledge bank. And I thought, Oh, you know, Why does everybody keep making money off of what it is? And I know what to do. Why not do it for myself and me individually? Did it by myself, and I have to tell you the first, is it okay, if I just tell you what’s going on? or? Yeah, but my first flip was this $600,000 duplex, but I couldn’t get anyone to buy. And I kept looking at him, like, I know this is a good project. So I thought, I’m going to undertake this myself, but I didn’t have a lot of cash flow. So I went to one of my long term customers that I had been flipping homes for, you know, only making the commission and I said, you know, why don’t we go in partners on this piece of property, you come up with the downpayment, the 20% down payment, I’ll get the owner to carry it for interest only for two years. So and I’ll come up with the balance, and it’ll give me it’ll go

Gabriel Petersen 4:09
financing at the first day.

Jerilyn Walters 4:10
I love financing. And so my, my investor who’s in Canada, put in the 20%, down to 120. And then we financed the 480 with the owner interest only for two years, and it was a duplex. So I always had somebody living in one of the units helping offset that cost. I then had to come up with the other hundred and 20. But I had two years to do it. I didn’t have to come up with it all in one lump sum because I didn’t have it, I would have put the 20% down and just moved out about my business. So over the period of 18 months, I had the tenant in there paying I did one unit at a time I fixed it up. I then took the tenant and I put a new tenant in the other side for more money and got rid of the tenants that wasn’t paying a lot of money. I fixed up that unit. And then we ended up selling it for a million to seven, five So that was my first flip. And I think the most important information that I can give anybody in the real estate investment business. Now this is different for a builder or developer, you know, they have their own formula, or for an individual, one of the best things you can do is understand what’s happening to that market tomorrow. And what’s coming in down the pike don’t look at what it’s doing yesterday or last year. You can’t you have to look you have to go to a knowledgeable agent in the area. And you have to say, Where are the homes selling, and they’re going up in value? Where is the new trend? What do you see happening? Different things like for instance, the city of del Rey, where I work out of is putting a new bike lanes in a certain area, they’re putting in electric charging stations, there’s a new restaurant, a new hotel going in, I’m like, Well, I really don’t need a lot of I don’t need to do a demographic study? Because I can see that Starbucks has done it for me. That’s right. So

Gabriel Petersen 6:06
I want to unpack this let’s let’s just go back real quick and just kind of I want to give a summary of how you got started because it’s it’s an awesome story everything you’ve said so far. So it sounds like you’re out in California, you’re with your, your with your fiance. You worked as in medical sales as a Playboy bunny even and then you came out here to Florida. You guys broke up and you’re like, what should I do? And so you decided to jump into real estate it turned out to be a perfect fit for your career a perfect fit for your personality. I’ve heard that a lot from other real estate investors and agents, it seems like there’s doesn’t seem to be some kind of personality fit there. So that’s great. And then you you know, over the years you found you got into your first investment investment as a duplex which was seller financed and that’s fantastic. I love hearing that. 600,000 you sold it for over a million and now you are working in so sounds like three offices as an agent, that that broker I own the company. I’m a broker Sorry.

Jerilyn Walters 7:00
Yeah, no, I own the company started the company myself with $900. Because then the crash came after I sold that. And I ended up in a little house, I was able to pay $105,000 for this little house, and the hurricane came. Oh, so now I find myself living in this little house in a neighborhood that I wouldn’t necessarily find myself in. But I thought, you know, doesn’t cost me anything to live here, the Hurricanes here. I’m just going to stay. And I’m going to fix up the house and I had a lot of people that would come by and go wire over here. I said, let me ask you a question. Can I pay you $100,000 a year to live in this house? Yeah, if you pay me $100,000 to live there. I’m like, I’m gonna sell this house for $200,000 more than I paid for it within 18 months. Oh, I’m like, yeah, yeah. And that’s what I did. I paid I bought it for 185 or 105. I put 80 into it, and I sold for 360. And so I got paid to live in that house while I was with them. Like it, I don’t have kids, you know, I just have, you know, big dogs. But you really have to. I have a lot of women that are in their mid and late 40s, who are divorced, the kids are out of the house. And they’re always trying to buy a home. And they don’t really quite have enough money to buy a home for the 20% down there. They’re putting in Laos, so they’re having to pay the PMI. And I’m like, you know, instead of getting everything you want, right this minute, why don’t we do a little bit of a compromise on a home that maybe doesn’t have everything you want and in two years or three years from now you have enough equity that you can now go buy another home. And it’s so difficult sometimes to get these women to understand that you know, it’s a plan. It’s not a forever It’s a three to five year plan. And I’ve had to step up I’ve gone from one house to the next house and next house in the next house. And now I bought a home over and boy Niles because I knew what was happening in boy I knew what was going on in the areas or two and a half years ago, I bought a 2700 square foot home for four and a quarter. It is now appraising at 849 two and a half years later well, because I knew what was happening with the trend, you know? And that’s what you have to do you, you you make your money when you buy you don’t make your money when you sell. You have to understand and stop nickel and diming me sellers. Oh, I made another two grand off. Can you make the spread? And the formula is 30% can I make? You know? 70%? Can I make 60% I have to look at it like that if I no matter what I put into it, can I can I make this amount of money on the way out. And now I’m making 60 points on my little house there because I’m gonna wait. And here’s the other thing I can put in a pool for 35 it’ll make me 75. So I make 40 grand off my $35,000 investment. So you have to know it’s absolutely important. Who’s your end users? Who’s your end buyer? Who is that person helping to pay for the house? Where are they going to get their money from? Can they afford to get the loan? You know who your end buyer is? is the most important thing when you’re buying an investment property? Who’s going to buy it from you? Are they going to be struggling to get the money? Isn’t in a neighborhood that’s going up in value? Or is it red? Is it readily available to the incoming flux of buyers that are coming into for me for Florida, who your end buyer is and where they’re going to get those those funds, and what they’ll pay for the house? That’s the most important thing.

Gabriel Petersen 10:38
So we do have a lot of a lot of new investors watching the show. So I mean, everything you’re saying right now is very pertinent to them. Especially so if you can kind of give them a piece of advice like when when somebody’s going out to look for an investment property, especially through brokers through agents. What is the process they should be following? I mean, you’re saying that they should be looking at into the future, they should be looking at trends. So how do they go about identifying those trends? And, and, and what’s the steps that they should be taking to find that this you know, 30% margin property that you’re talking about?

Jerilyn Walters 11:12
Well, the way that I do it because I do it for myself as well. So it’s easy to tell them how to get that done is for instance, I’m looking for homes in Jackson Hole Wyoming right now. So what I’m doing is I’m pulling it up on all the different platforms. And I’m looking at what the recent sales were in the area, and I’m looking to see what I can afford in the area. It’s the same thing. What happens with a buyer or an ambassador comes to my office now, I listen to what it is they’re looking for, understand how much cash flow they have, what the timeline is, how quickly they need to move it. You know, a lot of them will borrow money from someone else to do it. And then they’re kind of net has squeezed down their profits, if you could go to a fizbo and one of the things I’ve done with a fizbo, too and this I know I’m going on track, but one of the things I’ve done with the fizbo because I’ve done this as well because I had no money right? I had figured out what the hell to do. I went to a for sale by owner I knew that house would appraise it for 50. I offered the for sale by owner 400 with a $50,000 bonus coming back. So when I bought the house I have $50,000 in my bank account to make my to do my carrying costs. Interesting. Yeah, I’ve heard of that. That’s absolutely for sale by owner. You know, find out what that house will appraise for by doing all the comps in the area. And know that the comps in the area are going up in value prices are going up. Like right now we’re seeing 14 offers on the house one day we’re seeing them go over ask. So now it’s easy if I see another house in the neighborhood come up as under what I know I’m like well, let’s grab it because I already know what’s happening in that neighborhood. So you can do that with a for sale by owner

Gabriel Petersen 12:51
for fizz bows. So do you look I mean you pull your comps you try to figure out you know what, where the market is right now do you when you look at the physical price Do you also pull up their mortgages to make sure that because it sounds like you’re trying to grab the equity at the front end and then giving it to them and you know, at the back end once it’s appraised, and so do you? Do you go through and pull up their mortgages to make sure that they don’t have high balance or, or how does that work? Not my business. My business is what will the house appraised for

Jerilyn Walters 13:20
the house will appraise for 475 I’m going to offer them 400. That’s it. If you can’t take the 400 or the 425 I need to walk with 50 grand in my hand that that year because I needed something to do my carry for a year. I needed an extra cash flow I just put in the bank, I do automatic payments, and I don’t have to worry about the payment I just have to worry about what I need to do to get into the house. I end up making money on selling the house make money, but it’s on the on the fizz bows that I I guess maybe the the quote the answer to that question is the fizz bows that I look for and for everybody. Those are for sale by owners just in case people don’t know that. I don’t look for sure. Word sales and I look for Argos. You know, there’s so much work. And typically if there’s, here’s, here’s a key, here’s a key statement. If there’s a short sale or an reo, and that bad boy is sitting there on the banks books, that means it hasn’t sold. Okay? That means it in that neighborhood, nobody came along and bought it before it went into a short sale or before it went into foreclosure. There is no money to be made there. If it is, you’re gonna be using it out, you’re gonna be squeezing it out, because they could have sold it and walked with a little bit of money instead of having just the fact that it had Bert still tells me that all the comps in the area will support the bank accepting less. If the bank is not willing to accept less that means the comps in the area say it’s worth more money. Why are we buying something that the bank is willing to take less money on? I mean, not everyone thinks Oh, it’s a cheaper measure money. Don’t do that. Either. like to buy the $400,000 home in the $800,000 neighborhood. That’s the simplest formula there is. So, you know, the best thing to do is I like to stock neighborhoods. So what I’ll do is I’ll I do I love stalking neighborhoods, all I drive around neighborhoods areas, like I just went into lantana dia that I’m like, I’ve never seen this neighborhood before. But now I’m 22 years How can this be? And I’m, and on my phone. There’s an app that you can open up and see what’s available in the neighborhood and what has sold and what’s pending. So now if you know, even when I buy or even when I take my buyers out, I pull up the property appraisers map and I click on all the neighbors homes. This one sold for 500. This one sold for 600. This one sold for 400. This one is asking seven, that’s a bad deal. This one’s asking you to Okay, everybody around us only perform five. Okay? We can do that at two or three or even the high threes. You know by knowing what everybody else’s businesses and what they paid for that house allows you to understand who your end user is or buy or how much they’ll pay for that house. I remember what what people are paying and selling it for today is not six months from now. I’ll give you a for instance on that. I went in and had in December in November when the interest rates went down I had my at one of my houses um, refinanced and it came in like 649 679 I had it re appraised about maybe 40 days ago after COVID and because the interest rates were like 2.9 3.1 or something like that, I you know, let me go see what is coming in that it came in $200,000 higher in today’s market. I love it. So, so when you’re buying there, Sammy the stone cutter is not there with the price. Okay. And most areas, especially Florida now it’s a little different with the COVID and the taxes. implications and you know, the the cold and people moving quickly here and states playing. But in general, there’s a cyclical by cycle, right in in areas where you have schools and kids, it’ll be August, you know, into July or August, they got to hurry up and get their kids into school. So they see a lot of sales. And I find that in September, October, November, it’s a little slow for us. And then it picks up to December when people are down here. So for me, there’s the cyclical, and I think a lot of that goes

Gabriel Petersen 17:31
back to knowing knowing your market. I mean, you’ve said so many times that you really have to know the area that you’re working in, you have to know you know, the neighborhoods themselves. And we actually we get a lot of people who asked about out of state investing and and one of the big caveats for something like that is that you don’t know the neighborhood. And so I mean, everything you’re saying it sounds like it ties back into really knowing both the end buyer who’s going to be buying it which which really ties into you have to know where you’re buying you have to know that neighborhood itself in order to to know what’s an actual deal

Jerilyn Walters 18:03
every agent every real estate agent I tell them the most important thing is to know your inventory and know who the players are. Who are the builders who are the developers what’s going on in that neighborhood? And and follow the Starbucks I mean that’s it that’s a simple map follow the Starbucks right? Because they’re done demographic studies and you if there’s a Starbucks going in, you better get your little Fanny over there buy a house in that neighborhood.

Gabriel Petersen 18:29
I love that advice because I think it’s very it’s very important we use that we also invest in mobile home parks and so we Walmart we use the Walmart formula is what we call it if there’s a Walmart within 10 miles of the mobile home park we basically say okay, you know, due diligence done not really but we those

Unknown Speaker 18:47
are your people though Yeah, exactly. Yeah.

Gabriel Petersen 18:49
So So follow the corporation’s who I mean, they they have so much money they there, their due diligence is much better than anything we could possibly do. So I love that you said that because it’s a wholly true.

Jerilyn Walters 19:01
No, absolutely true. Oh, bless you. Um, you really need to, you know, at my age now, I mean, I’ve had so many I’ve had so many professions and again, this is my favorite. I people said, Well, why don’t you move to like La Jolla, or, or the Hamptons where you can make some really good money, and I can’t afford to relearn inventory, I don’t have the time. It’s taken 20 years to know the inventory. And that’s why you

Gabriel Petersen 19:29
should go to to an agent or broker. That’s what that’s why it helps for investors to go to agents and brokers is because they know the market better than you could ever possibly know the market. I mean, I work with brokers myself, and so I know that it is a very, it’s a very important thing to have in your back pocket. It’s a great player or member to have on your team because they know like yourself. They know the inventory. They know the market better than anybody else.

Jerilyn Walters 19:55
And if they’re good agents, they stand behind what they’ve done. So agents are here to advise and negotiate for you. They’re not here to make your decision. They’re not here to argue with anybody. They’re here to advise and negotiate. Now I had a buyer This is great today because I had a buyer yesterday that was buying a home it was 500,000. They went in, they bought it. I did not like the home. I don’t like the house, because I don’t want to get stuck with that house. Three years from now when they go to buy it. I’m going to get stuck with that house. I said, I I don’t like the house. I can’t I’m not gonna be able to sell this house. You’re going to be putting money into it for the next three years and you’re not going to get anything out of it. You’re gonna get exactly what you put into it. Can I please show you some other homes? Please, please show Well, you really loves the water. I said, I’m telling you now. I don’t like the house at all i because I’m responsible three years from now, and they’re gonna go why’d you sell me this house? And I’m like, yo, so I actually got them out of the house and got him into something else at 650 Okay, in a house and I know that about be worth 799 in three years, and he doesn’t have to do anything to it. So for all of those people that are making those two or $3,000 house payments, including taxes and insurance and all the other things, every time you make a payment, if you put $2,000 into something monthly, you should be getting something back for that. $2,000 I don’t care if it’s your Oh, I love my home, though. And I just really want it doesn’t matter. You’re putting $2,000 a month into something at the end of your tenure during that you should have more than $2,000 a month coming back to you. I mean, don’t you know? I don’t I don’t I have it. I love it. Okay, I’m happy for you. But you need to surround yourself with good neighbors who bring up the value of your neighborhood. neighbors who are buying their homes not living on credit all the time because that’s where you’re vulnerable to recession and downturns in the market. When you have 90% of my deals are cash When you have strong 25 30% down neighbors, people that aren’t overextending themselves, that protect your investment that protects your home, look at the cars in the neighborhood. Look at what the neighborhood selling for. understand if there’s a new neighborhood coming in next door, that’s going to put this one to shame. Maybe we might not want to do that, you know. So it’s all about the trends. The neighborhood, the most importantly, and you make your money when you buy and who your end user is, who are you going to sell your investment to? And you’ve got to make at least $50,000 on every investment, or it’s not worth your time. Take your time, find the right project. It will set the pace for every project in the future for yourself.

Gabriel Petersen 22:53
Perfect, I love it. And you know with that I’m gonna move us on because that is the perfect summary. I mean you could possibly give So far everything up to this point, I mean, it’s solid advice, take the time because really, I mean, you, you can’t, you can’t afford to make bad decisions and it does not make sense to invest in something that’s not going to be giving you a return. So with that this is a 25 minute episode. And so we do I do need to move it along just a little bit. So I want to jump into your specific experiences here. We all know real estate, it’s a rollercoaster you got your ups, you got your downs, both emotionally and physically. So kind of take us to one of the times, you know you’ve had a more than 20 year span, in real estate as a real estate broker agent. So you’ve got a lot of experience. So take us through one of the times where you know, you kind of hit the bottom of the trough and tell us you know, what was the biggest lesson that you pulled from that experience?

Jerilyn Walters 23:52
I’m going to tell you the biggest lesson I think every investor should pull from the experiences. Don’t pay too much for your money. Number one Even though they tell you use everybody else’s money, there is a way to use your own, especially when you have seller financing. So don’t always try to give your money away. But the biggest lesson I learned was the first two flips. I got taken advantage of by the contractors. I didn’t understand the value. I didn’t shop it I was so anxious to move along and and, and, and one of the things that I want to say to everybody out there that’s investing. I don’t care how long you’ve known that person. Don’t use your friends or family. You always Oh, you always compromise yourself because you don’t want to be the bad guy. And you always compromise your your dollars. It’s a business. This isn’t a family or friend get together. This is a business use people you don’t know that had been referred to you by other flippers or contractors. And once you get your team together, you take care of that team. You make sure that that plumber that you’re working with or that electrician you’re working with, if you can give them to other people while you don’t have a product available, keep those people working. Give them to your customers, give them to your friends, give them to your other contractors, separate yourself from your friends and family and become a business owner and use people that you can call up and you can have stern conversations with that you’re unhappy it’s difficult when they’re your friends and then of course you become you know, the the negative Nelly in the situation and you don’t want that you want a respected business relationship. And so my biggest mistake was my first two. I made the mistake because my contractors charged me way too much. And as I got more experienced, I understood and it took me 10 years to put together a team. I have my son I have my my plumber, I have my landscaper I have my painter, I have my contractor, and those guys every single time and I give them some here’s the Here’s the thing, people don’t want to share their contractors, you share them with just a few people and and when you call, they get on the phone and they show up because they appreciate all the business that you’ve given to them. I’ve had so many of them, thank me during the holidays, you have brought food to the table of my family, you have helped me Excel my business. So when I call them, they come and take care of it for me because I make my goal is to keep everybody working and making money. And when you get a good team around you, it is it makes you know what to expect. They’re not pointing the finger like the first two. Well, that’s because the plumber did this or that’s because the attrition did that I’m like what the hell. So once you get people that have accountability and and have good work ethic, don’t let them get away and take care of them at the holidays. When the holidays come. You take care of them. I always make sure you know because I’m I’m also a businesswoman. I give them like a $250 gift certificate to Home Depot because I want them to have better tools and they

Gabriel Petersen 27:07
love it. I love it.

Jerilyn Walters 27:07
I give them where, where they need to spend it and also makes it better for me. So I make sure I take care of my contractors at the end of the year my cleaning crew, my lawn people because when I have customers or I have a piece of property like if I have something being shown and I know I got to get it. I’ll call my landscaper latest I need it done tomorrow. I need it done before Saturday, and they’ll get out there and do it. So my the worst situation ever was in was having contractors I couldn’t trust. I’m with my money. And I had him spin me that did belong to me. Well, this was happening. So I thought I’d go ahead and open up the US and how was it he made the decision what was coming out of my wallet, who are you to make that decision, and then you’re the bad guy. So you get your team together and you take care of your team you make sure like during the code During the hurricanes, those are the people you reach out to or Do you need anything? I dropped off food I had food made and I dropped off food to to my contractors or my my cleaning people and stuff. I dropped it off at their homes. I made that effort. You know, because when it really comes down to it is great making money and I love what I’m doing. But I also love the people that I surround myself with helped me get to those points of success.

Gabriel Petersen 28:22
I love it. Yep. And that I mean, everything you just said is is I’ve experienced that myself. It is pure wisdom. Take care of the people that are on your team, like a good contractor is worth his weight and gold. You’re going to go through quite a few contractors that will hopefully you don’t have to but most likely you’re going to hit one or two contractors that aren’t, you know, that aren’t going to be you know, long term on your team. But once you find that person who’s reliable and who does quality work, really take care of them. I mean, it sounds like you’re taking care of them above and beyond you’re giving them giving them gifts reaching out to them on holidays. That is I love hearing that that’s that’s what keeps a team together. And then the other piece of advice you gave was don’t work with family, friends and family, which is also another great piece of advice because it’s, you know, as much as you like people it is difficult to, to establish those boundaries, and then maintain it in the business relationship. And so I think that is also a really good advice. Just Just don’t do it. Just don’t don’t work with friends and family.

Jerilyn Walters 29:22
Yeah, don’t go there.

Gabriel Petersen 29:24
Yeah. All right. I’m gonna move us on one more time. This time, I want to hear just a little bit more about you know, how you work individually. We all have those things that we do that that kind of, you know, defines our success. So if you could, you know, pinpoint one thing that you do that really, that really defines all the success that you’ve had so far, what would that have it be?

Jerilyn Walters 29:50
I get up on Saturday mornings, and Sunday mornings with my cup of coffee, my baseball cap and I drive neighborhoods. I watch sales. I have it set up automatically for myself and anyone who has a real estate agent, they should set them up. You you isolate four or five neighborhoods that you’re watching, you watch, you don’t just you know, you don’t want to back yourself in a corner, you want to have about four or five neighborhoods that you’re watching. And you set those up on on searches every day. And every day, those results of any type of change in that neighborhood on a on a listing or a home for sale. If anything like that comes up, you get notified. So I isolate, identify four or five neighborhoods. And then what I do is every weekend, I drive those neighborhoods. I get up in the morning, I love yard sales, because those people know everything in that neighborhood and they’re gonna know way more than you’ll ever know. Right? So I love putting on my Facebook app, got my coffee, I’m driving around, I stopped at yard sales. How’s it going today? What’s happening in the neighborhood? Are you moving? You know who’s having a yard sale? Typically, someone’s going to be moving right? So you want to kind of watch for that I also drive and see whose lawn hasn’t been mowed for a year. You know, I look at people whose shutters have been up for eight months. And I’m like that house is going, this house is going, and I identify four or five neighborhoods, I keep my reports on them. And then I drive them every weekend looking for an opportunity. And I go up and knock on doors. And I go back to the county appraisers and I look who people are up and I try to get ahold of them. Like, Hey, I noticed that, you know, nobody’s been in your home, are you thinking about selling it? You know, because if I can save them the commission by putting the deal together. Um, that’s what I want to do. I don’t advise buyers who aren’t licensed agents to do that. Get an agent on your team that will make the money on the sale. So maybe you get them to take a point or two off when they put the deal together because you found it you just need them to protect your butt. When you put your contract together, right. You need to make sure everything is there. Then you give them the listing when you go to sell that encourages them on a couple of numbers one helping make sure you get the right price on the purchase protecting you on that purchase. You’re going to reward them when you go to sell so now they’ve helped you make the right decision. So if you can’t sell the house they’re the ones that are going to get punished because they’re not gonna make any money. And then what does that really do? It encourages them to find more deals for you. Now you have no bird dog out there working just for you. And don’t want us to squeeze a nickel or dime out of them reward them for their efforts and you’ll get rewarded for for believing in them and investing in the properties so far self an agent have them set you up on four or five neighborhoods Did you like have them advise you whenever you go out to drive the neighborhoods if you find something, have them help you write it up and put it together? And then you give them the listing when you go to get rid of it. Don’t worry about that. Don’t Don’t you know and then then they’ll go find more projects for You and you want someone helping you that’s in the business. You have to look at the house. You have some knowledge, right? And you have to look at the house and go, okay. This is a two bedroom, two bath, three bedrooms are selling for this can’t go into the bedroom in here, where can I put it? What needs to be done? Okay, the roof needs to be done. It really should have a pool, there’s no garage. Okay, well, maybe this isn’t the right project. Let me go here. When I look at a house because I have so much experience. Now I look at it for my investors, I can tell you right off the bat, okay. This is what needs to be done. You know, this is, this is what i, this is what you need to do to sell it in this neighborhood. I have to, I have to tell them, this has to be a three bedroom, two and a half bath. That’s the only thing that’s going to sell in this neighborhood. So you have to have someone who can advise you on looking at a house and understanding what needs to be done to it that’ll come from experience with you. But it’s best if you have the same team over and over again the same age over and over again. So when you’re communicating, the communication is effective. And you have expectations of them and have expectations of you and they’re met each time. But you really have to have no you look at it, I can look at a house right off the bat and tell you exactly what needs to be done in that house. And what the return will be, because I’ve done it for so long. And and, and so that’s what I do daily. I’ve chosen to I already have two neighborhoods, by the way from my new investment. And I drive it all the time I watch what’s going on the market, how quickly it sells, you know, if it takes forever for something to sell, then maybe I need to kind of look at the other neighborhoods in a pitch, you know, I mean, so, watch the neighborhood, drive the neighborhood, see who’s out at six o’clock at night, who’s there on the weekends, if everyone’s parking on their lawn, probably not a good neighborhood, you know, but you won’t see that when you’re just looking online. You never see that.

Gabriel Petersen 34:56
Yep. All right, so we’re onto the last question. in one sentence, if you could give, you know, the geralyn, 20 years ago, one piece of advice, what would that piece of advice be?

Unknown Speaker 35:09
You should have done it sooner.

Gabriel Petersen 35:12
That’s funny, your multiple people have said that. I love that. That’s great. And so for everybody thinking about getting started in real estate investing, take that piece of advice. Get started today, go find yourself a broker, find some neighborhoods that you want to invest in, start driving around just like geralyn does. And you know, eventually something is gonna work out. All right, gentlemen, I really appreciate having you on. I know I can speak for everybody listening and watching that we appreciate all the wisdom that you shared with us today. If you know we all need to receive things. You’ve given us a lot today so somebody brought you something What would that what would you want them to bring you?

Jerilyn Walters 35:49
Um, I would like someone to bring me opportunity insight to new areas that maybe I haven’t been to. I would love for somebody to call me up and say Hey, I’m in Peoria, I don’t know, what can you do for me, I was in a hunt down a good agent for them, they might have two or three that are in the neighborhood, but I, I, I love. I love what I do. And I love to see people succeed in that. And I would give them maybe 10 little steps of doing it, you know, go find an agent who’s already doing it for somebody else. They already more and more because each agent needs about five or 10 investors, because that’s where they make their money. And either they’re an investment agent or they’re not an investment agent. You know, you can’t the luxury sales agents in the multi families, they’re not the same as the meat and potato guys with the feet on the ground. So if someone could bring me something is just opportunity to help them invest. I mean, I’m always looking for another ambassador. And I know a lot of agents that focus their business on that are also looking for that and I want to tell you, thank you so much for asking me because like I said earlier, I’ve been wanting to get this off my chest because I see so So many people were the agent sells in the house and then the agent disappears. And I’m like, that is so not right. You know. Um, so thank you for that and and I hope that the investors get out there. I love real estate, I think it’s one of the best investments you can make. I don’t have any money in the stock because I don’t understand the stock market. I’m going to invest what I know. And what I know is real estate. And I hope that you are successful and really know you make your money when you buy. Take your time to invest, try to use money that’s not going to cost you a lot of money and try to understand who your end buyer is. Those are the key points in my investments in my investments for myself.

Gabriel Petersen 37:44
Beautiful, I love it. And again, thank you for coming on today. If somebody did want to get in contact with you what would be the best way for them to do that?

Jerilyn Walters 37:52
They could go right to my website posh florida.com. My company’s called posh realty posh properties. We’re in del Rey Beach and ocean ridge and Boynton but My website is posche florida.com. spelled out Florida spelled out.

Gabriel Petersen 38:07
Perfect. Alright, so you guys heard it if you want to get in contact with geralyn go to posh, Florida calm spelled out, or I will put her link in profile in the show notes. Other than that again, thank you geralyn. We appreciate all the wisdom. And for everybody listening and watching. We’ll see you guys on the next episode.

Unknown Speaker 38:25
Thank you.

Gabriel Petersen 38:29
Thank you for joining us on The Real Estate Investing club. If you feel we provided value, we would appreciate it if you hit that thumbs up share with your friends online, whatever it may be. If you’d like to share or partner with us on an investment deal, we are always looking for quality projects, go to http://www.hp real estate investing club.com to get contact with one of our partners. Otherwise, I hope you guys have an absolutely fantastic day and I look forward to seeing you on the next episode.

Transcribed by https://otter.ai

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ABOUT THE REAL ESTATE INVESTING CLUB SHOW

The Real Estate Investing Club is a podcast and YouTube show where real estate investing professionals share their best advice, greatest stories, and favorite tips in real estate. Join us as we delve into every aspect of real estate investing – from self-storage, to mobile home parks, to single family rentals, to real estate syndication!

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Join us as we learn about these REI pro’s career peaks and valleys and the lessons they learned along the way!

Topics you’ll learn more about throughout our episodes:

– Using the BRRR strategy to buy income properties

– Flipping houses the right way, building quality housing and taking home a large payday

– Using hard money and bridge loans for real estate investments

– How to bounce back from bankruptcy and build a thriving empire in the wake of failure

– How to use property management companies to help scale your real estate business

– The best online and offline tools out there to take your real estate investing business to the next level

– How to do out of state investing without risking your shirt in the process

– Going from broke to 300+ deals in a month (really!)

– Investing in commercial real estate

– Stories about brand-new investors and the lesson’s they’re learning as they take on their very first flips and rentals

– How to use Google Ads and Facebook Ads to crush it in off market real estate marketing

– How to fill your pipeline with off market deals using direct mail, voiceless mail drops, and text blasting

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