For you to learn from Brandon Elliot means he is an elite in his field. He is indeed an authority in real estate and credit utilization. He has been on the top 100 in Finance of 2020 and has unique investing strategies in real estate. He uses his capabilities to open the eyes of many real estate enthusiasts.
Many enthusiasts who feel unfortunate to get capital to start can now loosen up, knowing they can invest with little money. What makes him unique is utilizing credit to invest in real estate. Anyone can now quickly start in real estate using credit, a tactic Brandon explains exclusively in a weekly podcast he hosts called Ready. Set. Go. and a consulting firm, Credit Counsel Elite. He has proven results utilizing credit to invest in real estate and implementing the BRRRR Strategy.
Besides real estate, Brandon owns several thriving businesses that include credit repair, trade lines company, Walmart Automation Stores, and private mentorships with high profile students like former NFL player Dean Rogers, Terry Thayer, and Nick Perry. His business success is due to his dedication to learning real estate- reading books, listening to podcasts, watching YouTube videos, and even investing in mentorships, all while working two restaurant jobs back-to-back. In 2015 with $35,000 that he saved and with the help of credit, Brandon was able to purchase his first rental property.
His onset in real estate meant more significant projects early into the industry. His portfolio has 20+ plus doors, consisting of 2,3, and 4 residential multifamily units. Brandon is currently doing ground-up construction on a duplex he has acquired, adding 2 ADUs in the back, turning into another 4-Plex. Here are five steps you could implement to get started in real estate.
Pick Your Strategy
There are 30+ ways to make money in real estate such as wholesaling, BRRRR Strategy, land, commercial, subject to, or fix & flips. Spend a little bit of time educating yourself with each of the options to understand from beginning to end what each one entails clearly. Anticipate spending no more than 30 to 60 minutes max learning each process. Learn everything you can on that Strategy through books, podcasts, and YouTube videos, and attend REIA groups to meet other investors utilizing the same method. You could then deep dive plus get laser beam focus into the education of the Strategy of your choice so that you can confidently and successfully pull off that Strategy. 3 to 6 months of continuous education should prepare you enough to take action!
Find Your Location
After finding your Strategy, you will want to pick a location where that Strategy can work. When selecting a place that will suit your plan the best, you should aim for three things: job growth, population growth, and something unique about the area. There are several resources to find the analytics for both job and population growth, such as usa.com, census.gov, citydata.com, and bestplaces.net. For example, you want to Google population growth by 20% in one year unless it’s in a big city like LA or San Diego, cut it down to half at only 10% growth.
Let People Know What You’re Doing
It would help if you were networking with everyone in the area, and I mean everyone. These people could be real estate brokers, real estate agents, wholesalers, lenders, banks, chambers of commerce, police departments, libraries, local schools like universities. It could also be fire departments, local REIA groups (if they don’t have one, create one), local coffee shops, local restaurants, etc. It’s essential to be very clear on precisely what property you’re searching for so that those you speak to can help you find properties specifically for your Strategy.
Once you have all of your relationships built and know what you’re looking for precisely, you should be getting many leads coming in. At this point, it comes down to running your numbers using the napkin approach, meaning don’t overcomplicate it as you still don’t have a deal yet under contract. You need to put your offers out there.
After finally getting a deal under contract, you should be meeting with several contractors to see what needs to be done and compare apples to apples. This time, you could start reaching out to your banks, private/hard money lenders, and all of your cash resources to identify the best financial Strategy to utilize on this project. During the due diligence period, you are looking for every reason not to buy this deal under the sun. However, suppose you find more negative reasons that you cannot fix than good reasons for buying. In that case, you should either: back out of the deal, assign to a different investor who can make the project work, or readjust your original offer to make it more favorable.
To learn more about building and leveraging business credit or improving your score, reach out to Brandon:
Text Creditto (609) 231-9018
Instagram: @BrandonElliottInvestments https://www.instagram.com/brandonelliottinvestments/
Podcast: https://podcasts.apple.com/us/podcast/ready-set-go-real-estate-investing-podcas t/id1341397059?mt=2
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