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Florida Project, VIP Program

The Making Money in Real Estate Team guests Micheal Dupes who is a developer in Florida.

If you want to make money in real estate, Joe mentioned that if you want to invest in real estate you have to check your credit first because the number one thing that matters in investing in real estate is your credit. If your credit stinks, you better not buy anything you need to get it better first because people look into your credit reports before they lend you money. Joe also mentioned that you have to be methodical in real estate and he even compared it to the game of monopoly. You have to buy a few houses first, do deal after deal and in the end you would be able to buy a hotel. You can’t just go and say you want to buy a hotel! In the real world, you should go to a financial or the learning curve of investing in real estate, accumulate your assets to buy yourself a hotel and don’t just settle on one or two houses.

A caller asked the team some advice on acquiring a second piece of property. He already bought a business — a condo and said that it’s doing great. While talking to Vincent, the caller, the team showed him the cons of having his condo rented out and the pros of investing in hotel-condo-resort business. If a renter missed a payment for two months, the landlord can’t get him out until after a long process which is different from when you’re in the condohotel business. If someone misses to pay for the room for a night, the door changes locks and the renter will be locked out and kicked out until he pays up.

When the caller hanged up, the team talked about his situation. Jake said that Vincent should have taken a loan one year after buying his property (since it got a $100,000 increase in worth) and bought his second property.

There had been other callers who asked about equity, refinancing and credit scores. Bottom line is Joe’s parting statement:

The first thing you need to get wealthy is say to yourself, look at the mirror and show yourself, third party person, and get a copy of your last bank statement and see how much your worth. I’m telling you, you might wanna slap yourself and throw up! So many times people don’t realize that hide yourselves under the sand and say ’it’s gonna get better someday’ unless you win the lotto, or get struck by lightning to become flash… it’s not gonna happen. The bottomline you need to take charge anybody can get wealthy, but focusing on getting in debt, on paying your bills off, and focusing on getting wealthy… it can be done. This is America, folks. How many immigrants come here within a decade and then he become wealthier with every single person that you know. And don’t listen to your Aunt Bertha/Uncle Tony ‘coz if they’re not wealthy how do you gonna get wealthy? So three percent of the world control 97 percent of all the money in the world, that’s a fact. So if you don’t do anything about it, no one else gonna do it for you. If you have any questions, concerns, or you want to take part of our VIP program, call 1-800-FUNDS34. You’ll speak to a licensed advisor to get you on the path in getting wealthy.

To get more information, you can call 1.800.FUNDS34 or apply online at Funds34.com Making Money in Real Estate with Joe Aldeguer radio show airs every Saturday on WLS 890AM Chicago’s Talk Station, 10:00 a.m. to 12 noon.