All Forum Posts by: Devin Peterson

I don't ever talk bad about anybody but this was just a rather ugly experience I had. As most of you know, Grant Cardone is a mega real estate guru. He hosted a few twitter spaces the last couple nights to offer his input on other peoples lives and about their questions regarding REI. So, as someone just getting started (less than 2 years experience) - I'm excited, I'm ambitious, and I want to ask questions.

So I get called on finally after waiting for almost two hours between the two nights, we talk a little about his event he's trying to sell in Miami, I connect with him on that level - like, oh ya! I love Miami, lived there for years... blah blah just small talk. So I pose my question to him in front of maybe 500-600 people live on twitter spaces. Here it is:

"Grant, as someone who is just eager to get started in REI on my own, but I don't have a lot of capital what would you suggest? It sucks for me right now because as a Mortgage Loan Officer I wake up ever day and I help others pursue their REI missions - but none are my own. Don't get me wrong, I love my job - but 100% commission in an industry that's slow these days has me just getting by financially and I want to get started NOW. My girlfriend is in law school and our goal is to start REI by house hacking once she graduates and we have two streams of income (one more reliable of course)" - That was basically the gist of my question and remarks.

His answer... "Find a driver, if you don't have capital find someone who does and get in the car with them" I thought to myself, okay? but I can essentially ask anyone with money if they want to invest but I would almost feel as if I don't bring anything to the table (as I'm writing this I realize I do.) 

He asks me "How much do you make a month?" 

Me - " Well, the last two months have been great, about 5 loans a month and maybe 10K before taxes" But prior to that I have be getting by with maybe 1/2 closing a month if that?"

GC - "Well keep grinding and save to start" (this is obvious, but not insightful)

Anyway, while his answers and feedback were unclear and provided little to no use for me, I was removed from being a speaker and immediately he said LIVE in front of this crowd "That kid is a bullsh***er, a bullsh***er, bullsh***er . He's got his head wrapped around a punanni and he's just such a bullsh***er. I don't believe anything he says."

First off, what did I say? I was appalled.  Like utterly, and disgustingly appalled. An expert and massive RE investor who promotes himself to the world as someone who promises he can change your life, my success stories will make you rich, my methods work guaranteed salesman just ripped into me for a reason I really have no idea why. It hurt for a second, I won't lie but I guess I'm writing about this because I felt the need to share the story with a community full of other investors on the feedback and utter disrespect on my personal experience from a billionaire RE investor talking down to someone whos at the bottom.

Moral for me and the take away is I still never let anyone affect my direction or course of action. And, I really don't care at all but as someone who carries knowledge and has that much monumental success that bashes another individual to get a few laughs on his twitter space is childish and embarrassing. I have my REI plan and although I want to take action right now, its tough with little to no capital. That's all I wanted to talk about. Either way, I continue to work with my investor clients, LLCs, and syndications on finding the best financing possible for their next transaction because I love to. I'm just super eager to start my own now!

Nothing more folks, thanks for reading my rant!

Hey Matthew, There's a lot more involved in this question that you'd think! Which is a great thing - I'd break it down like this:

How much money besides DP - These are important conversations to have with your broker/lender. Depending on escrows, ufmip, & fees that will be the bottom line cash to close figure (if you want have a deeper conversation on this dm me)

secondly, as far as banks are concerned you yourself need to occupy the residence for at least 12 months. But in that time - study the comparables in your hood to get an idea of what you can charge (zillow, redfin, realtor.com helps - maybe dig a little deeper into it and find local property managers/landlords and ask them for comps in figures)

lastly, I would say in the current market - your reserves pool / capex should be somewhere around 10%. You should be able to find vacancy factor in your hood no problem

DM for more questions! I'm always happy to help

You only know your best answer based off your situation. If you need to the cash flow I would chase that. If you want to focus on equity growth make sure you do you surrounding area research and focus on the KPIs relative to appreciation and value (jobs, income, employment, etc.) Either way you can't lose!

Hi All,

I am finally getting around to introducing myself on the forums. I have been listening to the BP podcasts for years and following the great information this community has brought. A little about me, CT born but a Solfo man at heart! I lived in Miami for 5 years, graduated UM with BS in Economics. Currently living between St. Pete, FL and CT. I first started in the RE industry as LOA, since then I've held my MLO license for about 2 years now and I've loved every second of it.

My three passions are this. Mortgages, RE Investing, and Golf. I love the mortgage industry, not many people can stand it due to the complexity of its nature but if you ask my girlfriend, I literally crave the torture of working out a deal, she thinks I'm crazy! (In a loving way of course) I like the tough work of mortgage lending because its teaching me valuable lessons at the same time. No day is the same. I'll take on any deal a borrower or lead will present to me and find a way to make it work. I live for those challenges. Secondly, I live for the challenges of the mortgage and lending world so I can in turn share my knowledge and experience with world. And hopefully, provide some worthy examples of real life scenarios on how to make your mortgage experience easier, and REI a breeze!

I work with investors in all 50 states on deals. I primarily focus on beginner-medium/large investors with LLCs or individuals who have 1-50 rentals in their portfolio. I have been able to connect with the top non-bankable lenders, non-qm lenders, and DSCR wholesalers in the nation. So far, my web of connections through various account executives has been successful and I want to be there as a reliable mortgage broker partner for people.

On a personal note, my REI goals and strategies are focused on accumulating as many 2-4 units as possible through house hacking of primary financing. My girlfriend is finishing up her 2L year in law school, we established the goal of scaling our RE portfolio through this strategy all the way up to own massive commercial properties. (work smart, retire early, live fast, have fun!) I give myself one day a week to relax and let go of the world. Sundays are my golf days. You can catch me every Sunday morning (6AM most times!) getting 18 holes in. My number one goal in life is to complete the bucket list of my top 100 courses to travel to and play across the world.

And guess what!? RE investing is going to pay for it all!

Thanks All!