Using Lines of Credit to Kickstart Your Investing Career with Charlie Ashley | Rookie Podcast 20
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- Опубліковано 14 лип 2020
- Today: how Lexington, KY investor Charlie Ashley uses lines of credit and construction loans to build his portfolio while working full-time.
Charlie walks us through his year-long education phase, his first couple deals, and the expensive lessons he learned while renovating a property he lovingly calls "The Pit"!
Sure... finding deals is important. But today you'll learn how understanding financing has helped Charlie gain a lot of momentum quickly - and how every new investor can do the same.
Thanks for spending time with us every Wednesday. If you like what you hear, let us know with a rating and review in Apple Podcasts... or share this episode with a friend or family member!
Connect with Charlie:
Charlie's BiggerPockets Profile - www.biggerpockets.com/users/c...
Charlie's UA-cam Channel - / @charlie0313
Check the full show notes here: www.biggerpockets.com/rookie20
Hey I know that guy :-) Thank you so much for having me on!
Outstanding work Charlie! We’re on our second rehab and plan on selling this one (first was kept as a rental). Your story has me motivated to do two concurrent projects after this one. We’re learning a lot from our mistakes but I’ve been playing it very safe doing just one home at a time.
@@sdot7117 That's awesome!
Hey Charlie, you mentioned you had contractors cut drywall evry 16” on center? Next time, just double up the drywall. And btw, you said you have another project which the you have a room (attic) that is not insulated. Double check the records of the property and height from ceiling to finish floor. Typically, minimum 7’-0” head room to be legally a living space. 👍
36:30 financing
Such good info! Never giving up and finding creative ways to getting the deal done is so inspiring.
I love the credit line strategies!
This is one of the more genuine interviews done with solid info. Really hate those hyped up million dollar deal crap topics
Adorable, HILARIOUS (REALLLLY) INCREDIBLE info in this episode. I totally enjoyed it. SO FUN!!!
Thank you for sharing! 🙌
Great information. Thanks for posting. 💎💎💎
Epiphany “go out and look for a house” been talking about this but now is the time to go out and do it!
Saginaw, MI!! Small world!
Great podcast!
I’m watching a replay. It would have been nice to ask who the Construction Loan friendly banks name is.
People's Exchange Bank in Lexington KY
Ask Mr Mejia if one must obtain permits when adding extra rooms to a house
What was your best strategy with marketing yourself? Big question where did leads come from? Do you use propstream?
From experience your local banks are easier work with.
can we know which bank offered you heloc for 100 LTV
Hey can I get a dad that owned a property? Or heck anybody I know that own a property? That would finance it to me so I don't have to wait so long to meet these bank requirements? Must be nice to have that advantage. Nice story.
Excited for you to begin that process of building generational wealth! Your future children will appreciate your efforts now.
There are plenty of ways to do it my guy lol
@@hausauerj my point was some people ain’t lucky enough to have a free hand up advantage.
@@foxescouch9602 I know that part but some get to get free hand outs others have no advantage, no crutch. They have to dig themselves out of big holes to try to make it happen. A lot of ppl on the podcast start with a hand out from somebody they knew or was already set up by their parents or whatever. Just saying it ain’t that easy for a lot of ppl.
@@reinextdoor I'm in that boat my guy! Grew up poor and dropped out of highschool. Been through some hellacious jobs,, but I used the income to buy a building and now I'm starting to build wealth with my portfolio one step at a time! The good part about the podcasts is it shows you 100 different ways to start and you can see where everything ends just by looking at the people on the top
100% financed? What a sweet deal from a great bank. Can you please share the name of this bank?
People's Exchange Bank in Lexington KY
Whatever focus I had for real estate I lost it after the rookie hazing😂
There are several duplicates of videos in your "rookie" playlist.
This is "ROOKIES" what do you think it was?
sam son lol
Hmmm idk about this. I love the idea of levereging, but going to the limits of using this many lines of credit -- with not much reserves is extremely dangerous. A job loss, bad storm, suing, vacancy, *global pandemic*, could really screw you over. Not only that, but it doesn't sound like he was finding incredible deals... I mean an ARV of $137,000 -- and you put in $150K+? AND it has no potential of rental property? Basically just forced to rely on airbnb...which can't be doing well with this virus. Like I said, glad it's working for him... but yea this seems pretty damn risky.
Different strokes for different folks :-) This was my 'worst' deal but it's working out. Booked 28/31 days in July at around $85/night. Recent flips that sold put it at break even now ~$150k mark. Always going to be risks, just have to have a way to manage them.
@@charlie0313 Hey man, glad you found a way to make it work!
31:50 he said cut evry drywal in between studs? oh no! 🤦♂️ Next time, just double up the drywall
Had to do what the inspector said and go in between :-(
1st
Usually enjoy these videos of how to....but he bought it from his DAD!
Stopped watching after this was revealed!
Yeah what a loser
@@charlie0313 I'm a year late but I love how since you got your old man's help on the first deal you clearly have no good info to share. Just keep swinging, how many properties do you have now? All single family?
@@Gibb591 lol my Dad didn't put in any offers or manage renovations. 6 properties. 16 units. All SFH except one 12 unit. Did a flip right after this interview as well.
You are all poor people. I don't listen to poor people about money and life decisions.
And yet here you are.