In this engaging podcast episode, Brian sits down with Kevin Choe, a real estate investor who has carved out a niche in the realm of creative financing.
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Despite being relatively new to the real estate scene, Kevin, now 23 years old, has experienced remarkable success, particularly in the domain of creative financing deals.
Kevin's initial foray into real estate education involved learning about wholesaling through Graham Stephan's insightful KZfaq videos. Subsequently, under the guidance of a coach, he attempted SMS marketing, but it failed to yield results for an initial six-month period. Kevin pivoted his strategy to leverage Facebook Marketplace, where he engaged with distressed homeowners, resulting in his first successful deal within a mere two days. Brian says you don’t get rich off your first deal, you get rich because of your first deal.
Detailing his journey, Kevin shares how he consistently generated $8,000 to $10,000 monthly by reaching out to distressed homeowners on platforms like Facebook Marketplace and Craigslist. Faced with escalating competition, he adapted his approach, collaborating with seasoned real estate entrepreneur Pace Morby.
Brian underscores the importance of doubling down on effective tactics, such as strategically utilizing specific platforms for lead generation. Kevin's transition into creative finance involved targeting homeowners with specific criteria, including low-interest rates, no-money-down purchases, and a lack of equity in their homes. Kevin offers these sellers a mutually beneficial deal involving a few thousand dollars and a seamless transfer of the contract. His niche focuses on sellers who may not initially lean towards a subject-to (sub 2) deal but are compelled to accept Kevin's offer due to their unique circumstances.
As they delve into the dynamics of the real estate market in 2024, considering factors like interest rates and potential shifts during elections, Brian and Kevin stress the importance of financial preparedness when venturing into the intricate landscape of creative financing.