– Hey guys, Lex over here, and I’m standing with Paul, my student, in front of the first
rental he’s just picked up. We’re in a town called
Port St. Lucie, Florida. And Paul just purchased
this property for $121,000. – Mm-hmm, that’s right. – And you’re planning
on making it a rental? – Yes. Just gonna–
– Do a little bit of repairs. – Do a little repairs, and you know. Put new countertops, new
mirrors and stuff like that. And just repaint it inside. And do some cosmetic, and fix the roof. And then rent it out. – Okay, good. And I noticed you mentioned
some houses over here on the street going as much as $200,000 You paid $121,000 for this, but what do you think
this will appraise for? – This will appraise for,
right now, for at least $160,000 – Okay.
– At least. I mean, from the minimum of the two that I did the high and low. – Okay.
– Yeah. – So you go to the bank,
and it appraises at $160,000 and the bank gives you,
let’s say 80% of that, which is what, $128,000?
– $128,000 yes. You pay off the hard money loan to me. – Right. – You’ve got yourself
a cash-flowing rental, And you go on and you do another deal. – Right, then I’m gonna
take the $20,000 that I make, or whatever it is, and I’m going to jump right into another deal. – Okay, good.
– I hope, so. – Awesome, awesome, all right. – Do some more bandit signs. – Exactly, congratulations. And guys, if you’re watching this, you could be doing this too. So congrats, Paul. – It works, I can’t thank Lex enough. You know, I’ve seen it work with other people, and it’s great. I love it. So far, so good. – All right, excellent.
– All right, see you later. – Glad you’re happy. All right, see you guys later.