Latest / Financial Survival Network / From Wall Street to Rental Freedom - Sayam Ibrahim #6194

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From Wall Street to Rental Freedom - Sayam Ibrahim #6194 · Financial Survival Network

• 0:00
  Speaker 1: All right, you can go in there lock at a house
• 0:02
  Speaker 1: for a great price. You solved their situation, so it's
• 0:05
  Speaker 1: a win win for both sides. Now there's code violations
• 0:09
  Speaker 1: that you can target. You with code violations, you can
• 0:11
  Speaker 1: target people that go through probate and are inheriting a house.
• 0:15
  Speaker 1: Those are all great, but there's three that have been
• 0:18
  Speaker 1: very successful for me and my business over the years.
• 0:20
  Speaker 1: And I teach our mentees. I teach ours two as
• 0:22
  Speaker 1: this all the time to just target these three and
• 0:25
  Speaker 1: you can build a very successful real estate business.
• 0:27
  Speaker 2: You are listening to Carrie. Let'sa's Financial survival Network where
• 0:30
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• 0:34
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• 0:38
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• 0:43
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• 0:47
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• 0:54
  Speaker 1: And welcome.
• 0:55
  Speaker 3: You are listening to and watching the Financial Survival Network.
• 0:59
  Speaker 3: I'm your host, Carrie. We're still in the first week
• 1:01
  Speaker 3: of December. I can't believe that this year is almost gone.
• 1:07
  Speaker 3: And met some amazing people, one of which you're going
• 1:10
  Speaker 3: to hear from now. And basically we have similar backgrounds.
• 1:15
  Speaker 3: We both started out in New Jersey and we both
• 1:19
  Speaker 3: fled to Florida and have no regrets about it. His
• 1:23
  Speaker 3: name is Siam Ibrahim, and Siam, it's great to have
• 1:28
  Speaker 3: you on the show. Man. I had like the best
• 1:30
  Speaker 3: pre call with you. Inspiring story. Here a family child
• 1:38
  Speaker 3: of immigrants, basically dedicated yourself to education, graduated from a
• 1:46
  Speaker 3: near Ivy League school, some would say better than an
• 1:49
  Speaker 3: Ivy League school, and here you are doing real estate.
• 1:54
  Speaker 3: The last person, my last guest on this show. He
• 1:57
  Speaker 3: is a petroleum engineer working for Shell Oil and he's
• 2:01
  Speaker 3: in real estate. So how did that in? My friend,
• 2:06
  Speaker 3: how did it happen?
• 2:07
  Speaker 1: Yes, So I thank you for that amazing insure and
• 2:09
  Speaker 1: I really appreciate being on the show. You know, I've
• 2:11
  Speaker 1: been in real estate now for fifteen years, but I
• 2:13
  Speaker 1: didn't always do that, So, you know, grew up in
• 2:15
  Speaker 1: New York and Jersey as a kid raised by two
• 2:17
  Speaker 1: immigrant parents. My mother is from the Dominic Republic, my
• 2:20
  Speaker 1: father's from Ethiopia, and they both met in New York City,
• 2:23
  Speaker 1: right the melting pot of the world. And growing up
• 2:27
  Speaker 1: me and my two younger brothers, we were always forced
• 2:30
  Speaker 1: to put our heads in the books. When friends were
• 2:32
  Speaker 1: outside playing basketball are on their bike. My dad was like, no,
• 2:35
  Speaker 1: take out a book and read the book. And at
• 2:37
  Speaker 1: the time I hated him for it, all right. I
• 2:39
  Speaker 1: remember so many times crying, not wanting to do it.
• 2:42
  Speaker 1: But it paid off in the end because it got us.
• 2:44
  Speaker 1: It got me a full scholarship to college. I ended
• 2:47
  Speaker 1: up going to Georgiana University. I became a Jackie Robinson
• 2:50
  Speaker 1: Scholar as a result, which ended up leading to me
• 2:52
  Speaker 1: getting a job on Wall Street. I'm working for one
• 2:54
  Speaker 1: of the major you know, investment banks on the Street.
• 2:57
  Speaker 1: I did that for a bit, but I absolutely I hated.
• 3:00
  Speaker 1: I worked eighty twel hundred hours a week and I
• 3:03
  Speaker 1: just didn't like the vibe and in the lifestyle there.
• 3:05
  Speaker 1: I mean I had to be there five am, but
• 3:07
  Speaker 1: winning leave before eleven pm. Money through Saturday, and then
• 3:10
  Speaker 1: they asked me after a year to come in for
• 3:12
  Speaker 1: short ten hour workdays on Sundays. So those about that
• 3:16
  Speaker 1: time that I knew this is not how I wanted
• 3:17
  Speaker 1: to spend the next twenty thirty years of my life.
• 3:19
  Speaker 1: But it really came down to one moment where I
• 3:21
  Speaker 1: wanted to get married to my now wife and I
• 3:24
  Speaker 1: gave my boss a few heads up notice a few
• 3:27
  Speaker 1: months has up noticed that I was going to take
• 3:28
  Speaker 1: a couple of weeks off to get married, and he said,
• 3:30
  Speaker 1: no problem. When the time came, he said, hey, I
• 3:32
  Speaker 1: think I need you to reschedule your your wedding because
• 3:35
  Speaker 1: we have We're way too busy right now. It's busy season.
• 3:38
  Speaker 1: My god, yeah, brilliant exactly. So I literally sad a
• 3:43
  Speaker 1: step back and I said, no, I can't do that, right.
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  Speaker 3: He wanted to kill this guy or what I was like,
• 3:49
  Speaker 3: ge hen kill one on the verge of it.
• 3:52
  Speaker 1: I was like, I can't do that. So I literally
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  Speaker 1: quit Wall Street cold Turkey. Right. My parents, my dad particularly,
• 3:59
  Speaker 1: told me, you're crazy. You give up every opportunity to
• 4:01
  Speaker 1: becoming a millionaire. You had every two thing laid out
• 4:03
  Speaker 1: in front of you, and you left for a woman.
• 4:05
  Speaker 1: That's what my Chad helped me, right, And so you know,
• 4:09
  Speaker 1: we kind of lost touch about a year where he
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  Speaker 1: almost wanted to sell me. But I think the result
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  Speaker 1: was the right thing. I think it was the right
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  Speaker 1: action at the time because fifteen years later, I've not
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  Speaker 1: only you know, bidden real estate, but I've purchased over
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  Speaker 1: one thousand and four in real estate on properties. I've
• 4:24
  Speaker 1: transacted over a quarter billion dollars in real estate and
• 4:27
  Speaker 1: built a rental portfolio of over six hundred doors in
• 4:31
  Speaker 1: various states, including a hotel and the Dominican Republic. So
• 4:34
  Speaker 1: you know, I think it was the right decision.
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  Speaker 3: Right And now your times and I bet you're not working,
• 4:42
  Speaker 3: you know, one hundred hours a week. And if you
• 4:44
  Speaker 3: do it's it's something you love and you're happy doing it, Zach.
• 4:49
  Speaker 1: I'm doing it for myself if I do right. So
• 4:51
  Speaker 1: beautiful thing about real estate it gives you time freedom.
• 4:54
  Speaker 1: So what if I want to put the time in,
• 4:55
  Speaker 1: if I want to go hard, if I want to
• 4:56
  Speaker 1: go aggressive and grow and stretch and really you know,
• 4:59
  Speaker 1: grow business, I can do that. If I want to
• 5:01
  Speaker 1: live a nice lifestyle, I can do that as well,
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  Speaker 1: and take the time and spend the time of all
• 5:06
  Speaker 1: the things I want to do. So real estate's been,
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  Speaker 1: you know, very fortunate for me and my family.
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  Speaker 3: All right, So you think anyone can do this or
• 5:14
  Speaker 3: you just a genius.
• 5:15
  Speaker 1: No, absolutely everyone can do it. Real estate is actually
• 5:18
  Speaker 1: very easy. A lot of people that are in real
• 5:21
  Speaker 1: estate that are you know, at the big the big
• 5:22
  Speaker 1: guys in the top. They try to make it sound
• 5:24
  Speaker 1: complex by throwing terms out like cap rate right, you know,
• 5:28
  Speaker 1: accelerated depreciation, and it's there to keep regular people scared
• 5:33
  Speaker 1: and confused about real estate. When you break it down,
• 5:36
  Speaker 1: it's very simple. You need to buy a property at
• 5:39
  Speaker 1: a good price, you rent it the property, and you
• 5:41
  Speaker 1: can sell it or rent it and make cash well,
• 5:44
  Speaker 1: and all the other details in between it are just
• 5:47
  Speaker 1: noise right that you can figure out later. Your main
• 5:51
  Speaker 1: focus as a new person wanting to get into real
• 5:53
  Speaker 1: estate should be on acquisitions. How do I find my first,
• 5:56
  Speaker 1: my second, my third grade property? The money everything thing
• 6:00
  Speaker 1: else will kind of fall into place because money follows
• 6:02
  Speaker 1: deals in real estate.
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  Speaker 3: So where are you doing your deals? Mostly in Florida
• 6:07
  Speaker 3: or Mitch Mart if you like. We do quite a
• 6:11
  Speaker 3: few deals in South Florida. We've done deals in Central Florida.
• 6:13
  Speaker 1: We do a lot of deals in the Atlanta area,
• 6:16
  Speaker 1: and and the bulk of our business has been in
• 6:19
  Speaker 1: in throughout Ohio, Cleveland, Columbus, Dayton, Lima, Toledo, Ohio has
• 6:25
  Speaker 1: been phenomenal. The Midwest is great because the the yields,
• 6:29
  Speaker 1: the rois are just phenomenal. Compared to other parts of
• 6:32
  Speaker 1: the country. Your entry point versus what you get on
• 6:34
  Speaker 1: rent or what you can return and we would sell
• 6:37
  Speaker 1: that property is just the gap is huge, which you
• 6:40
  Speaker 1: don't see in many of.
• 6:40
  Speaker 3: The markets, right, So better than in Florida, which has
• 6:43
  Speaker 3: been a very hot market as of late. What do
• 6:47
  Speaker 3: you feel about the condos now in Florida? They're getting killed,
• 6:50
  Speaker 3: aren't they.
• 6:51
  Speaker 1: Yeah. I've done some condos, but I wouldn't recommend new
• 6:55
  Speaker 1: investors to go out and buy condos. There's a lot
• 6:58
  Speaker 1: of there's a lot of regulations that come with that.
• 7:00
  Speaker 1: They have the condo commandos right that think they have
• 7:02
  Speaker 1: all the power and tell you what to do. I
• 7:05
  Speaker 1: actually have a funny story if you're okay with me sharing,
• 7:06
  Speaker 1: bring it about like condo I did here in South Florida.
• 7:10
  Speaker 1: I bought a condo a couple of years back in
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  Speaker 1: western Florida, and I bought it in October and I
• 7:14
  Speaker 1: went to go start the renovations, and the condo commando,
• 7:17
  Speaker 1: the condo president, said you can't do any renovations from
• 7:20
  Speaker 1: October to April because the snowbirds are here. We don't
• 7:23
  Speaker 1: want to disturb them. And I was like, so I said,
• 7:29
  Speaker 1: no problem, I'll send the guys home. I told them, hey,
• 7:30
  Speaker 1: come back tomorrow. We're doing this all with hand tools,
• 7:33
  Speaker 1: no power tools. We're going to keep the noise down.
• 7:35
  Speaker 1: It costs me a little bit more, but I got
• 7:36
  Speaker 1: the job done, sold and make their profit. But you know,
• 7:39
  Speaker 1: things like that, you have, you know reserve issues for
• 7:42
  Speaker 1: your end buyer financing, you have, you know, credit score requirements,
• 7:46
  Speaker 1: you have all it make it very tough to make
• 7:48
  Speaker 1: a deal work when it's a condo. And I'm not
• 7:50
  Speaker 1: saying you can't make money with it, but as a
• 7:52
  Speaker 1: new investor, like single family homes, they're easy, they're liquid,
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  Speaker 1: there's a huge demand for it, and you limit your
• 7:58
  Speaker 1: your your restrictions on your resale.
• 8:00
  Speaker 3: Yeah. So because all the problems with insurance and everything else.
• 8:07
  Speaker 3: So how do you find the properties? And I know
• 8:10
  Speaker 3: that's what all of you out there want to hear. Yeah, exactly.
• 8:13
  Speaker 3: So there's a lot of ways you can find properties.
• 8:15
  Speaker 3: The main thing is you want to find a situation
• 8:18
  Speaker 3: that will make a seller motivated to need to sell
• 8:21
  Speaker 3: and as and due to their motivation, due to their
• 8:23
  Speaker 3: level of distress. All right, you can go in there,
• 8:26
  Speaker 3: lock the house for a great price, you solve their situation,
• 8:30
  Speaker 3: so it's a win win for both sides. Now, there's
• 8:33
  Speaker 3: code violations that you can you can target people code violations,
• 8:35
  Speaker 3: you can.
• 8:36
  Speaker 1: Target people that you know go through probate and are
• 8:39
  Speaker 1: inheriting a house. Those are all great, but there's three
• 8:42
  Speaker 1: that have been very successful for me and my business
• 8:44
  Speaker 1: over the years, and I teach our mentees. I teach
• 8:46
  Speaker 1: our students this all the time to just target these
• 8:49
  Speaker 1: three and you can build a very successful real estate business.
• 8:51
  Speaker 1: The first is one that nobody else is doing, and
• 8:55
  Speaker 1: it's something I think your listeners would do very well with.
• 8:58
  Speaker 1: Is you go to your local water department where you
• 9:00
  Speaker 1: pay the water bill for your house, right and you ask, hey,
• 9:04
  Speaker 1: do you have a list of delinquent water bills that
• 9:07
  Speaker 1: are published that you guys you share. If they do, great,
• 9:11
  Speaker 1: get that If they don't. You can also to the
• 9:13
  Speaker 1: recorder's office for your county and look up recent utility
• 9:17
  Speaker 1: lians filed. Same thing, okay, because if a utility bill
• 9:21
  Speaker 1: goes gets high, the county will file a lien to
• 9:23
  Speaker 1: make sure to get paid, and you resell it or
• 9:25
  Speaker 1: refinance the house, and you target that list people that
• 9:28
  Speaker 1: are three thousand, four thousand, or five thousand dollars behind
• 9:32
  Speaker 1: their water bill. Number one, it means that they're financially distressed.
• 9:36
  Speaker 3: Yeah.
• 9:36
  Speaker 1: Number Now, if the water bill is four or five
• 9:38
  Speaker 1: thousand dollars, it probably means that the water's off at
• 9:41
  Speaker 1: the house, all right, And if the water's off, it's
• 9:44
  Speaker 1: more like.
• 9:44
  Speaker 3: People means nobody's there, right exactly.
• 9:47
  Speaker 1: Exactly, all right, this is open water if you go
• 9:51
  Speaker 1: fishing with because nobody targets this list of cellops. Get
• 9:55
  Speaker 1: this list, you'll skip trace this list. There's a lot
• 9:57
  Speaker 1: of software you can do.
• 9:58
  Speaker 3: Beneverda expert in that man recovering attorney.
• 10:03
  Speaker 1: Exactly. It's not that hard. People think it is been
• 10:06
  Speaker 1: she very easy. This software been verified on bad skip
• 10:10
  Speaker 1: trace depending on if you're doing one or multiple that
• 10:12
  Speaker 1: you can get the owner's contact information and then you
• 10:14
  Speaker 1: reach out to them and make a deal. So de
• 10:17
  Speaker 1: linkud war bills the second best one. And I know
• 10:20
  Speaker 1: you did a deal that was from a tax deed
• 10:22
  Speaker 1: right past? Is you target that the lake went tax list?
• 10:27
  Speaker 1: All right? Sort Now you might be thinking, I'm gonna
• 10:30
  Speaker 1: go wait at that auction and I'm gonna bid I'm
• 10:32
  Speaker 1: gonna buy that property for cheap, and yes you can
• 10:34
  Speaker 1: get a deal, but guess what, there's a lot of
• 10:37
  Speaker 1: other people just like Harry, they're bidding on those properties.
• 10:40
  Speaker 3: Ors I know tell me about have been out bid
• 10:43
  Speaker 3: dozens of times. Here map exactly.
• 10:45
  Speaker 1: There's a whole lot of competition. You can get a
• 10:47
  Speaker 1: great deal, but there's a lot of competition there. I
• 10:49
  Speaker 1: like to get that the Linkelin tax list and market
• 10:51
  Speaker 1: to those people six weeks eight weeks before that auction date.
• 10:55
  Speaker 1: Try to get them on the phone, have an conversation,
• 10:59
  Speaker 1: strike a deal that will allow them to pay off
• 11:01
  Speaker 1: the taxes and put some money in their pocket so
• 11:03
  Speaker 1: they can move on to the next situation in life,
• 11:05
  Speaker 1: all right, with some money in the pocket and stress free,
• 11:07
  Speaker 1: right now? What's nice about this is an eighty conversation
• 11:10
  Speaker 1: and all those people waiting for the auction never get
• 11:13
  Speaker 1: she'd been on the house. You get to buy pass,
• 11:16
  Speaker 1: so should be beat them exactly?
• 11:19
  Speaker 3: So, uh like, what's your what's your batting average for
• 11:23
  Speaker 3: these because I assume a lot of people are doing
• 11:25
  Speaker 3: similar things. I know for the tax deed list, the
• 11:29
  Speaker 3: tax deed foreclosure list, you know everybody's after it.
• 11:34
  Speaker 1: Sure, sure, there's quite a few be going after the
• 11:36
  Speaker 1: tax ded list, but for the dilemma water list, there's
• 11:38
  Speaker 1: no one going after that, right, I mean I did
• 11:41
  Speaker 1: this list and called one hundred people with a span
• 11:43
  Speaker 1: of thirty days, and we're able to host or deals
• 11:46
  Speaker 1: off of one hundred of the delinquent water lists in
• 11:48
  Speaker 1: the thirty days. Right, So if you want to buy one,
• 11:51
  Speaker 1: you could, you can, you can, you can bat very high, right,
• 11:54
  Speaker 1: you can do it. I have a great you know,
• 11:56
  Speaker 1: a great ratio of accepted offers to to offers made
• 12:00
  Speaker 1: if you on average, on average, if you're dealing on
• 12:03
  Speaker 1: a property on the MLS, my numbers have been I
• 12:06
  Speaker 1: make twenty five offers on average to get a deal
• 12:09
  Speaker 1: if it's on the MLS on the open market, when
• 12:11
  Speaker 1: I'm direct to owner, we had a tax d list.
• 12:15
  Speaker 1: The delinquent water list or retiring landloads is when we
• 12:18
  Speaker 1: love to target as well. That drops to below ten
• 12:22
  Speaker 1: offers on average to get a deal. Now I may
• 12:24
  Speaker 1: do marketing to two hundred owners to speak to ten
• 12:28
  Speaker 1: to fifteen owners to close a deal. So the numbers
• 12:31
  Speaker 1: work very well in your favorite all right.
• 12:34
  Speaker 3: I like it. I like it a lot. I like
• 12:36
  Speaker 3: the water thing. I never thought of that one. But
• 12:38
  Speaker 3: that's pretty cool. Yeah, so all right, and then you
• 12:44
  Speaker 3: get it. Obviously it's going to be a fixer upper,
• 12:47
  Speaker 3: right more times than not, but not always. Sometimes you'll
• 12:50
  Speaker 3: get a great deal, but usually yes, you've got to
• 12:52
  Speaker 3: do some renovations to get it to the full retail better. Right,
• 12:55
  Speaker 3: But are you buying its sight unseen?
• 12:57
  Speaker 1: Mostly no, I always look at these properties. That's the beauty.
• 13:01
  Speaker 1: That's the beauty of doing it before the auction. If
• 13:03
  Speaker 1: you buy the auction, got to buy its sight unseen.
• 13:05
  Speaker 1: You can't get inside, right. But if you do a
• 13:07
  Speaker 1: deal before the auction, either you or someone that you
• 13:10
  Speaker 1: sent can actually walk the property, get a good repair
• 13:13
  Speaker 1: estimate on it all right, and be able to know
• 13:15
  Speaker 1: where you where you need to be to make the
• 13:17
  Speaker 1: deal work. So if you if you do it in
• 13:20
  Speaker 1: a city or state that you're not in, what I
• 13:21
  Speaker 1: would recommend is you employing realtors to be on your
• 13:24
  Speaker 1: team and say, hey, miss hey, miss realtor, I negos
• 13:27
  Speaker 1: in this deal right with Kerrie Lutz okay in in
• 13:31
  Speaker 1: New Jersey? Okay, uh? And would you be able to
• 13:35
  Speaker 1: walk the property, take a video and give me a
• 13:37
  Speaker 1: list of repairs you think are needed to get so
• 13:39
  Speaker 1: you can sell this property and get top dollar for it.
• 13:42
  Speaker 1: You'll find that most newer realtors that are hungry for
• 13:44
  Speaker 1: business are willing to get this up work hoping to
• 13:47
  Speaker 1: get the business. And you know, and you'll you'll still
• 13:50
  Speaker 1: be alt to lais these properties and get a good
• 13:51
  Speaker 1: idea of it you need. I love it, so yeah.
• 13:55
  Speaker 3: I for a while it was consulting to a guy
• 13:59
  Speaker 3: who was teaching a course and foreclosures in Florida online
• 14:04
  Speaker 3: foreclosures back in the earlier part of the decade, before
• 14:08
  Speaker 3: anyone knew you could just go on and we would
• 14:11
  Speaker 3: go to Lee County and look at these and the
• 14:14
  Speaker 3: you know, like they always left the door open somehow, right,
• 14:19
  Speaker 3: We always managed to get in there somehow and take
• 14:22
  Speaker 3: obviously nobody. They were empty structures. We weren't going into
• 14:27
  Speaker 3: people's homes. Well that's pretty cool. Well, I know that
• 14:31
  Speaker 3: if you're listening here, you're going to want to get
• 14:33
  Speaker 3: in touch with Sam and you're going to want to
• 14:36
  Speaker 3: find out how you can do this. So where do
• 14:39
  Speaker 3: we find you?
• 14:39
  Speaker 1: Sam? Absolutely so. Look, I'm on ig so on Instagram.
• 14:44
  Speaker 1: It's I am dot period sim sa ym all right,
• 14:48
  Speaker 1: that's my ig name saying for TikTok, and I also
• 14:51
  Speaker 1: have a YouTube page that we recently started, so we're
• 14:54
  Speaker 1: still growing it. All right, it's Professor Siam Ibrahim. But
• 14:57
  Speaker 1: what I want to do for all of your listeners
• 14:59
  Speaker 1: is I'm to give you got the phone number. I'm
• 15:01
  Speaker 1: gonna give all your listeners a free class right on
• 15:04
  Speaker 1: funding the different ways you can strategically and creatively fund
• 15:09
  Speaker 1: your first real estate transaction because you don't need a
• 15:12
  Speaker 1: lot of money to do real estate, because there's a
• 15:14
  Speaker 1: lot out there for real estate. So all your listeners
• 15:17
  Speaker 1: all they need to do is text hero h g
• 15:20
  Speaker 1: R to six eight nine two one five seven six
• 15:24
  Speaker 1: sixty four and you're gonna get to get access to
• 15:26
  Speaker 1: our free course on funding, our millionaire funding course, so
• 15:29
  Speaker 1: you'll understand how you can fund your first, second, third,
• 15:32
  Speaker 1: and your tenth real estate deal without avingues all your
• 15:35
  Speaker 1: money to do it.
• 15:36
  Speaker 3: All right, sounds great, It's in the show notes, and
• 15:40
  Speaker 3: take a look. While you're on the site Financial Survival
• 15:42
  Speaker 3: Network dot com, sign up for our free newsletter, like
• 15:47
  Speaker 3: over sixty thousand other FSN community members have, and Sion
• 15:53
  Speaker 3: will definitely have you back on again. There's a question
• 15:56
  Speaker 3: for Siam myself. Shoot me an email, kl at care
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  Speaker 3: dot com. Appreciate you coming on.
• 16:02
  Speaker 2: Thank you so much, Thanks for listening to Carrie Letz's
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  Speaker 2: Financial Survival Network, your solution to today's trying times. For
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  Speaker 2: Network now more than ever,