Transcription
So I've got seven days to buy a house in the United States of America using of my own.
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So that was a tough day yesterday. That was probably the most rejected I felt in 10 years. It reminded me of when I was 17 and I was starting out in proper size. We need to rethink what we get, what on earth we're gonna do and have it. How we're gonna, how are we even gonna get inside houses? Because without talking to people that actually want to sell their house in a serious, how we're gonna get a deal? I don't know. Yeah, I don't know. Matt, you said it, certainly this is hard. Everyone, everyone's seen how America's easy it is. Really, it's really tough. If you think about it, if you ring a state agent, you say, "All kind of even in England," and you said, "Kind of make a doing," normally they block. "Oh yeah, okay, we can you next week." That's no good for us, 'cause we need to get into the houses now. They're buying houses out here for like 16 grand, spend your 10 grand on them, and then selling them for 100. And then I'm covered trying to do a lease option agreement on them. Well, they're not interested. I, yeah, what's they are? Because they're not, they've got so made, so much money already. I'm struggling to find motivated sellers. Got stuck. Pyrite. Anyone's phoning me back now. Yesterday was really horribly annoying. I was winging everybody known was answering. I must have made about, I think it was 112 calls I dialed out and I spoke to about nine people, which sucked. Someone was calling me, they could be phoning me back to give me the house. "Hello, can I help?"
[Laughter]
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Okay, my name's back and now, yeah, boy hoarders. What I'm looking at, it's on for $85,000. What do you think is worth? Do you think it's worth about? Sure, sorry. What do you think you would rent out for as it is? If I bought it for $85,000 and rented out, what dirt can fetch for? Well, that sounds cool. I mean, I'd love to have a look around it and maybe meet another chat about what you've got. Are you, are you free tomorrow? No chance.
[Laughter]
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Well, I mean, maybe we can meet up on table brown. Is this property, if it is, if it looks good, maybe we could, maybe we could meet like tonight or something or tomorrow. So what did you say your name was? Marvin. Great name. I look forward to see, I look forward to meeting you and looking around the house. Layer chairs. Marvin, God bless. Oh, no, he just said that this property he's selling it, but he said that the owner has got a big mortgage of about sixty thousand and they, they really just want the mortgage and that's that. I'll just take over the mortgage. I'll just take over the mortgage, give him a little monthly payment and rent it out myself. It would run out for about a thousand pound a month, thousand dollars a month. So if I just give him a couple hundred pound a month, clear their mortgage by taking it on, agree to buy it for 85 down the line, I think we do like a deal with that. Exciting times.
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So we're here. How they made an important the 10 a.m. We've got another one at 11:00. She's the lady called this morning, the agent who sounded really nice and said, "Can we change it to 10:30?" We're a bit pushed. Go on. Just about. It's not a quarter to 11:00 and she's still not here. Do you know, like when you're trying to get somewhere, you like hit everything. So when we walked into this property, it was immediately obvious that we needed a lot of money to be spent on the property.
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How would, how would someone get this is a family house, right? It was left to them. And wow, so they had people like comest and somebody came in, bought their stuff and stored it here. So now in this part of Philadelphia, you can make a lot of money by buying cheap, fixing up and selling. And I definitely think this will be a fantastic investment property if you have some money to start off with doing this up. And it was done to a pretty decent standard. How much do you think?
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This is my personal opinion because it's such a good house, like, you know what I mean? You really could sell it to somebody. You know, I wouldn't do rooms. I don't know why. I think it just kind of takes away from sharing stuff. We're here. Sounds like though, take them. I think it would, the only way would work would be if you did it as a joint venture. But she could do that. The estate agent, the broker, I think that she should really try and do this as a joint venture where she does all the work, she oversees it, and get someone else to put the money in. In fact, I even suggested that she do that. I can't really see what a value I'm going to bring to this, this project. And I certainly can't see that I'm gonna be able to do it with no money for this challenge. We have no money at all. So it's definitely not gonna work for us. You subscribe to my YouTube channel. That is so cool. And what do you think of it? Did you like it?
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He, he records everything. I plan to follow me and recall me every, everything I do. He records me when I'm taking a shower. Maybe not shower, but it's a lot better than it was yesterday. Yeah, you know of him and he's just text aside. He's gonna meet us there, which is really good. We were gonna lock ourselves in, but he's gonna, he's gonna meet us there. It's always good to meet the owners and the agents because sometimes they have other properties. So really excited about this property because I know there's negative equity. So I'm going to really try and pitch a lease option agreement. Even if it's through the agent, I'm gonna try. I'm really going to go for a lease option agreement now. So let's see what happens. With were leave your pets. I'm installed, but it was just.
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This property is actually the perfect property for a lease option agreement. The seller, he doesn't want to be a landlord. He's got no equity in it at all. So even if he sells it for what he wants, which is about sixty-five thousand pounds, while the Tories paid his transfer fees, his broker fees, he's going to be left with nothing in his pocket.
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Only problem is that there's an estate agent in the way now. As it happens, Marvin, who's the estate agent, he's a really nice guy. He's happy to speak to the seller on our behalf. But the challenge is gonna be trying to get, well, he's pretty motivated. There is a matter of a mortgage that needs to be met, obviously, for to be happy to walk away and maybe walk away with almost 60K, nearly 57, I believe. Okay, so he basically, and we often, if we offered 57, possibly if you could offer a little higher because I think he want to walk away with just a little bit of cash, maybe just a couple grand. I mean, the thing is, we looked up our property about three speeds away, there's in similar condition, which is like 60K. Okay, well, I mean, we can be flexible as possible with the numbers. Well, you know, same time, you know, yes, the he must have meet. So basically, we just, if we just walk around, very little in his pocket, he must walk. Why with this property gone? Yeah, Phoebe can happen to be very happy, happy man. I don't get why doesn't just work it out. I think he's mad. At least option agreement. How much you get this house to be working? Yes, two years easily. 200. Okay, okay. So we've got an option to buy it for 75 or 85. And we refurbed it. And then in two years, you don't want to buy actually house. That house that I lost for him. Yeah, well, then wait. But then we lived with. Then we, we've just, we've just spent thousands of dollars on a property for nothing. And then he just takes it back. And then you sell it for a higher price. Won't just be problem. Academy depends on what he wants to do. I mean, if he just wants to get rid of this property and it doesn't want anymore, we can take it. We can take it on. We can take over the mortgage. We can give him the price he wants. Duck down the line. If it's fine. If he does, then that's also fine. I'm pretty confident if I was able to speak to the seller direct, I'll be able to get a deal with this property. But that's the only challenge. So I'm really crossing my fingers and hoping that this is the one. You guys aren't from the area. You don't know the area. So how will you know how to put a quality tenant in this property that you can actually manage from a distance? I think he would rather just take the cash offer. We've also got, you know, people come and still have showings. Still have interest. Yes, well, show round, show them around. Okay, if you can't sell it, let me stuck. We cannot even catch another like maybe 50, 55. No, no, no. All we can take over is mortgage. I really appreciate you. My phone. Oh, thank you very much. After a lot of hustling, sometimes it's good to just take a break and have a little rat. Breathe.
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Don't know how we're gonna do this. Really, really hard. What a day to be a. I mean, we get nervous on that side. If northern works, it's still to happen, it will happen. We have an exceptionally. And then he has a renter. Rent on it.