0:00 I found my first deal. You guys are going to lose your steal. $17,000, six bedrooms, six bathrooms. show the picture. 5,100 square feet. It's a fixer-upper. What the ████ Bro, I could buy that outright. Let's buy it today, boys, and let's just do the studio here. Welcome back to another episode of Careful Boys. We got Min Win with us today. Um so, you were saying that you specialize in solving unique problems for people that are looking for a loan. Correct. What are some of the weirdest problems you've had to solve that are very unique? Most ████ up. Only Fans. Only Fans girl? Only Fans girls be they don't know that they they go to the bank, they get the Oh my gosh, I made all this money all of a sudden. They got good credit because because before they did Only Fans, they
0:51 had a sugar daddy. But now Only Fans came out, there is no sugar daddy they need. They have Only Fans. But now they have money, they have good credit, but they go to the banks, the banks can't give them loans. They come to me and I There's bank statement program, there's P&L programs. I have a a sugar No, my I don't have a sugar baby, but the client is a Let's go, man. Yeah. The sugar baby goes to a school around my house and I live close to Irvine. I'm just saying we're Close to Irvine. She She got this guy to give her almost like 600 grand. Oh my god. So, she doesn't have a job, she's in school. So, there's these P&L programs where you take the the amount of money in the account. It has to be sitting there for a while. So, this guy leaves money in her account and you do some math and this is how much the payment you can allow. be seasoned. Correct. How long? Three months? Couple like I think What do you mean it has to be seasoned? They have to put cumin powder, garlic
1:42 They they need to know that that money is real and it's in the account, not some straw buyer. Yeah. Uh okay. So, now she's she's at in school. I think she's on her second or third year and this guy left her like 600 grand. So, now she's buying a house and she doesn't have a job, she doesn't have anything. It's called an uh and L program. Why? You have to please your program. So, for you because uh you're able to get flexible and solve these problems cuz you have hell of loan products that you have access to. Or if I don't and I just know where to go, I tell people. So, all the times, the reason why people trust me, I'll tell them, "Hey, I can't do it, but go here." Like we're talking about builders, "Hey, go to the builder because they're going to give you this, but you can still send me your paperwork, I'll review." Or like, "Hey, if they are from another country," I'm like, "Hey, I would go to Cafe Bank for this one because they're going to give you this deal where" Question real quick, is my man Cafe Bank chill? Cafe Bank? If you balling, Cafe Bank's where to go. This might be on some meta financial ████ but like when a said sugar dude
2:33 gives her 600 grand, is that like a a gift? Is that not considered income that's taxable that like shows up in some sort of way? leaves it in her bank account. It's not like taxable money. That's tight. Leaves it in her bank account? It's like it's like his It's his money It's his money and her money in that account. It's like if you transfer if you transfer money to another account, it's still have a joint account. Yeah, they have a joint. Correct. Okay. That he's like uh an account holder of that. Interesting. Yeah. Wow. The pimpology. Can you Okay, so Well, that depends if if it's untaxed for him or not. That's what I'm saying. Can you So, we don't know Yeah, I don't that I don't know. I just know like, "Hey, he They have this account and she's in school, no job, decent credit, and she's able to" Let's say I make a like a a million dollars, right? And then I pay taxes on it. Afterwards, I have like 600 grand. Can I just open a joint account with Joe and then just put 600 grand in it and he
3:24 has full access to it and it's not considered income for him? Yeah. Cuz you're on the account. Sugar baby. Cuz you're gay. Sugar daddy, sugar baby. And you're gay. You guys are both gay. I told you you don't have to pay taxes. Falls under the homo clause. But if you deposit the 600k into the account and it's untaxed money, then you you're you're still subject to it personally. Yeah, that's what I'm saying. I already paid taxes on it. Oh, if Yeah, that's fine. Yeah, yeah, yeah, yeah. You guys have to kiss for the government so they know that you're real lovers. Well, you just have to open a joint account. Yeah, a joint account just makes It doesn't even matter if you're married. It's just two people on it so they can access the money no matter what. Boys, let's have some joint accounts. a real-life example of this, and this is what made my what made me think that my dad planned it all out. Uh well, he plays a long game. So, like 20 years
4:14 ago, he already put me as an account holder for all of his accounts. Wow. So, so my dad he passed away. When he passed away, I didn't have to go through any of the like probate type stuff or account those things for extra taxes or when I handle his situation, it's not like all these things go to the government and then I take care of it. I'm just already an account holder that he's already paid. So, mini mini tangent, does that only have to happen at opening the account? Or like for example, right now, let's say Yeah, like can like my dad add me to his bank bank account now? He He can do that or there's something called transfer on death. TOD. Same thing. And also different states Different states Different states have different things. So, for example, in Nevada, it's What is the ████ then the word called where you're ████ married no matter what?
5:05 Common law? Is it common law? Maybe. But you're in Nevada, you don't even have to do that with your wife cuz everything that's your property if you're married is her property Everything that's hers is yours. Community state. Community state. Community state. So, like um like when I went when I go and buy a gun, I'm like, "Oh, can I get it in Gio's name or my name?" The gun store's like, "In Nevada, it doesn't matter. What's yours is hers, what's hers is yours." Yeah. So, like it depends on state, too. Yeah. So, those are the So, those So, those are the challenges I see a lot of self-employed people buying homes now. More self-employed So, I solve a lot of self-employed problems. So, you know, people who have to go bank statements. And of course, guidelines change before they want 24 months. So, think about if you're doing OnlyFans, you've only been doing it for a year, you got to wait that second year. Now, you don't. After 12 months, you can buy. Wow. So, cuz you can have banking statements. That's what we talked about. So when it comes to poker players now, a lot of people they can buy homes now without paying cash
5:56 and they can get a home. Dude. Is it because you don't have to go to big banks and then you have different like people that are like funding it and and different organizations? Yeah, Wall Street's funding it cuz they they they have an appetite for it. Cuz think about this, you're buying a property and you're putting such a big down payment cuz the can't say her name but she put she put 30% down. So if you're buying something she put 30% down like I wouldn't want to take on that debt because if she she forecloses like do I get 30%? Yeah. So they're not going to do like 5% down like back in 2008. They're going to do 30, 40% down. 30% Yeah. That makes sense. That is really cool though cuz I think back in the day it's you could only get a house like the most convenient way to get a house is if you're a regular W-2 person. Right. And you have ████ 3 years at that job
6:48 which is why people like they don't want to leave their job cuz they you need to have like your tax returns for 3 years. So even if you ████ hate your boss but if you really want to buy a house you just got to deal with that ████ and you have to have 20% and there's like all these things that it takes to get a house but now with like all the different products you offer so many different ways you can do it. And the and the reason why the banks don't offer these programs cuz they are loaning think about if you bank there you want your money to be safely lent out cuz cuz you want it to come back to you, correct? So the bank's not going to loan out your money on the risk. Oh, that's nice of them. Yeah, if they do that they they don't want to take on that risk. I don't want to put my money in a bank and knowing they're going to loan it to Nick. Cuz I'm going to sit there and do nothing. He's got to ask his wife. But I I I think the big thing is that
7:38 people who can afford to buy a home right now are self-employed. They have the higher chance of buying a home right now because they don't they get to write off everything. So, they get to keep the majority of their money. So, now they're the ones buying, but now there wasn't a product for it. Now, there's products for it so that they can buy homes. The biggest one I see is that a lot of people they want to buy a home. Like, I have my wife, I have my kid check, I got to buy a home. Now, I got to go pay Uncle Sam 60, 70 thousand dollars in taxes just so I can buy a home. And if you do the math now, we had a guy like, you're going to pay 70 thousand or pay 500 dollars a month more um or pay 500 dollars a month in your taxes monthly payments, why don't you just buy a home, pay a higher interest rate? It makes more sense than to That's what That's what I had to do. So, for our first home, I think this was 20 15 or 16 or 17. They didn't have all these cool products. So, we went from a season of like me and Joe going like
8:30 deduct everything on our taxes, but so you show like you don't make any more money. To um I'm like, I was talking to our financial advisor. I'm like, "Hey, well, I think we're looking to buy a house." He was like, "Well, then for the next two or three years, you're just going to have to pay way more taxes so that you can be show that your your fill affordability is high." And then so you just have to eat the tax cost. But now you got so many products, you can kind of have the best of both worlds and deduct everything, but then if you have like a banking statement loan, then all that has to show is that you have enough money coming in. Oh, so you're still you're still you're still okay if you like wrote off egregious amounts They don't look They don't look at your tax returns. And you think about this. Let's say you Let's say you you owe you owe Uncle Sam 70,000 just so you can qualify to buy a home. I'd rather take that 70,000, put it into the principal of my house, and get a better deal. Cuz that's what I get scared about. And I'm like, "And then let's say you do have a higher rate, but if you work from home and you can allot out a certain part of your house as an office, now you
9:21 got that deduction on your interest rate, you have the Augusta law, you have like all these other laws now that like Five bedroom office? I rent my house to my LLC. And that's why it's worth going not to a bank. That's cool. One of the coolest loans, so we just did this for the other project we're working on, is DSCR loan. So, what's sick about a DSCR loan and you get underwritten in like 2 weeks. So, when you have a tax return, sometimes it takes like months. Back and forth. Let me see this financial document blah blah blah and you're like and if you're a whole if you're trying to get a house, it takes forever. Someone can outbid you in that time cuz it's taking like 3 months to get all the paperwork done. The DSCR loan, it's based off of the rentability of the house. So, let's say the house is like 200 if um they think or the bank thinks that you could they can rent this house for 200 I mean for $2,000 a month, that's what the mortgage is going to be. All you have to do is put down enough
10:11 where that's what the mortgage is. So, that if they seize the house, they know they can rent it and still cover the money that you owe them. And all that happens like that. Wow. So, you can get ████ pre-approval letters, you can get uh loan approved instantly and you don't have to send tax returns or anything like that. It's ████ sick. What kind of loan is this? DSCR. It's sick. That's why in these states now, that's why like I'm telling you these states where they're it's a 200, 300,000, it makes sense to be rent positive now because you can get a loan without showing any tax returns, it rents positive and that's how they're they're they're buying up these uh properties. And even and even in those situations, let's say you had like $200,000 to get a $200,000 house, you would still get a loan on it versus paying out. If it's $200,000, I wouldn't put more than 40,000 out of pocket. Wow. Always use other people's money. Always. I'd rather profit a little bit than tap all your money. So, we should rob a bank and use that
11:01 money. Man, I'm going to have to talk to you, bro. But You mean you got to talk to Tim. If you want to if you No, no, no. I got to talk to this guy. He's the prettiest girl at the ball right now. If you don't want to take that risk, I guess it there's a bank out there like you guys want to look it up, it's called Kiavi. Kiavi right now owns the market in these uh bridge hard money loans. So, they will loan you up to 75% of the after repair value. Let's say the home is 200,000. Wow. You just have to put 20,000 10% down. So, you're not tying in 200 grand. They'll give you money to buy the property and rehab the property. Wow. On this interest only for 12 months and then you convert it to a DSCR afterwards and you cash flow. So that's how they're buying and they're getting their money back out. Let's say you put in 10% down. So So think about this. $200,000, 10% down. 6 months later, you get that 20 grand back and you do it again. Q U Anthony, we can buy all of Cleveland. We can buy all of it.
11:51 But I mean on a hard money loan, what is that? Like 25% interest if you don't put it back in time? It has to cash like they're not going to loan you the money unless it makes sense. So you think about no matter what you find, if it doesn't rent positive or there's not equity, Key Office is not going to loan you the money. So it's like a what do you call it? A fail-safe or like a So their underwriters are making sure that you're doing like a rehab with a good cash flow to make sure like you're not making a dumb decision. But if you know how to underwrite, this is a ████ goldmine. Like if you're trying to do a ████ serial burring, this is a ████ goldmine. Then you just get your money back, you recycle it. At most you tie in a couple hundred bucks here and there. I mean a couple thousand bucks and then you do the next one, the next one, the next one. And they're interest only, they're they're hours of Interest only sick. Yeah, I was surprised at how good they are. And then you Well, if you're burring, it's interest only is what you kind of want, right? And then six And then now DSCR has has interest only loans and they have 40-year mortgages. So like to cuz they
12:43 It's all about cash flow now. Yeah, so sick. So think about you can buy a property. That's why if you if you have a little bit of money and you work hard and actually call and get these deals, then you're good. I got about like 50 bucks. And the coolest thing about this is if you have to rehab, pay for an owner-occupied only one. They're releasing the money in phases to pay your GC your general contractor. So you're not even fronting the rehab. They're giving you the money and they're releasing it in phases to pay your contractor. Wow. So they're like you're only out the the 10% in. That's crazy. Yeah. Is this all kind of like pretty new? Is this No, it's been around. Just these people don't talk about it. And then now I started doing them. And the reason I'm just telling you guys straight up cuz as a broker you do them, but eventually they're so big they don't care that if brokers tell them like F you afterwards cuz people go direct after that. A lot of people can just go direct. The fees are lower. Let's be honest here, like the fees are lower. Everything's a lot lower.
13:33 And everything's going to be like SoFi, like it's all digital. You could just plug in Do you do interest-only construction loans? That's what they do. That's what they do. Do you have access to it? I don't have access to that. That's like That's too crazy. I like working with you, though. I don't want to work with you. I don't want to work with Rusco. I don't know those guys. Damn, that's sick, though. That is pretty cool. The hack I think right now that I see a lot of Interesting. getting That makes a lot of sense, though, cuz then now like they could be like mini banks, and then if they can go direct to consumer, go digital, they don't have to pay all the staff that banks do. And then they're they're carving out that niche. Yeah, that's really smart, actually. And it's only a 12-month It's a 12-month, and then you refinance it into a a a DSCR. So, that's why you get That's why they allow They've already came up with a mathematical hack. It's like 75% ARV, you put 10%
14:24 down, you're at 65. The the DSCR will go up to 75 to 85, depending on if you are experienced. If you're experienced, then you can get that extra 10% love on it. Yeah. And now you're like getting money back while you're renting it out. So, you Do they have the link to the refi, or do you refi with them? They have it, but then you can also go to other people. That That point I would have brokering the DSCR would be cheaper. And when you pull the money out, you you go even with them, and then But if you do it for a while, you can get that extra 10% back. On top? Correct, cuz some banks will let you go to 85%. So, you buy at 75, you put 10% down, and then you can Most banks you can go back to 75, or some banks will go to 85 if you have experience. And that's the refi money, cuz it's tax-free, right? Yeah. Nice. It's not a taxable event. Nice. Man, that's crazy. But I mean, the the the the legwork here is finding the deal, and finding a
15:15 a thing with enough like margin, so that they will lend to you. Correct. Yeah. You just got to find it. But out there right now in Ohio, it's there. Yeah. So, how how how would someone like work out of state like that? Like does it make sense to like team up with with the agent in that state that can find you these specifics? Or is it like off-market deals that you got to go door-to-door, call like cold call, like like There's a There's agents that specialize in helping you find these, too. But in in in in Cleveland right now and in Philadelphia, they're just on the MLS. They're on Zillow because that the knowledge is just not there yet. They're like they don't have money now. I need my money now. Like you think about this, people are like I need my money now. I need my money now type of attitude. And they're not paying to rehab it. So, like if this is what it's worth right now without the rehab, I just need to
16:05 dump it. I don't have the money to to rehab it. Let me just put it on the market as is. That's interesting. Are you interested? I'm very interested. No, you're not, dude. You don't know me, dude. You're not You're not going to do it. Can we get him to sign Where do I sign? Z i l l o But honestly, even Zillow has so many tools on it now. There's ████ like uh there's Zestimate, their ████ rental meter or whatever. Zestimate? So, no, but it's a it's a good ballpark, right? So, if they're like um if you're looking like cuz a lot of it just has to do with playing a numbers game. Even if you cold call these people, you go 20 down uh 20 homes down the line and you just send lowball offers to all of them. All you need is one of them to bite. Mhm. To to go below the Zestimate and uh they're like, "Oh, yeah, yeah, this I'm trying to get rid of this house. If you
16:55 already have a buyer for me, whatever." Then you hit up the agent that's listed on there. Then there's the ████ rental meter. It tells you how much generally you can rent it for. And then you can kind of just search around, "Oh, cool. If I just like repaint Yeah, repaint this, maybe put a new counter in here or whatever. I spend like 10 Gs and I can now increase my rent by 500 bucks." If you look around and click around, you can do a lot of that work. Where before you have to know people and call people, uh it's so much easier than it was before. All right, dude. Everyone's starting to look Guys, I can't talk right now. I got to find some deals. I got to find some houses, guys. How about we do this? We find the best deals and then we we evaluate it on the spot. Let's do it. Let's find out, dude. That's what ████ you looking at? That's what I know. That's what I'm saying. We got to get out of here alive. Deal or no deal? Literally, people present and underwrite their deals and he tells you God, it's ████ up. You see that tree in the front? Yeah, those are little
17:45 branches. I've read that. Dude, these prices are crazy. Is it really over things like that? Like little details like that? Yeah. But he's so straight-up though. People are like, "Oh my god, I found my favorite house in Seattle, Washington. What do you think about that?" He goes, "No, look at the house. You can't There's no place to park cars." Like he's just straight He knows exactly what people want when they're, you know, like he's like very practical. I like when you roast people for not doing their homework, though. I found my first deal. You guys are going to lose your ████ here. $17,000, six bedrooms, six though. Show the picture. 5,100 square feet. It's a fixer-upper. What is that ████ Bro, I could buy that outright. Let's buy it today, boys, and let's just do the studio here. Yeah, I'll I'll tell you one thing. I'll tell you one thing. So, So, you got You guys know I was doing that public storage out in Ohio. We also
18:35 have a couple other properties lined up they want to scope out. One of them was this 40-unit apartment complex for 900 grand. Right? So, we're like, "Oh ████ that's a ████ steal." 40 units. It's over there everything is like a third-world state. So, everything is cheap. We go there and we show up to the property. We already know it's a fixer-upper like this. All the windows are boarded up, right? The minute we get about a foot away from the property, you hear little crackheads running out. At least 30 crackheads in there. So, you're like, "Oh, that's why some of these are like this." Where the problem isn't really the property, it's how do you get the human roaches out of there? Yeah, yeah, yeah, yeah, yeah. Yeah. Oh my god. Well, they got a deal on flamethrowers right now. But if you if you know how to solve that problem, the 17 G's a steal. You know that 17 G house, if it was in
19:26 Hawaii, that's a $1.2 million house. I just sent Bart this ████ crummy old house. It was for 995. In Hawaii. It and it looks like Can you Can you hear the sounds of the house? Dude, that's crazy. They don't have the crackheads, but it might as well be a crackhead. How much did you say this ████ was? 17,000. 17 grand. Would you buy that? Uh no, man. I think you have to also think about it. You have to the like all the other issues that comes with it. So, you have to think about all that. So, it's like But but the transient score is 50 out of 100. That's pretty good. The I know that's his transient. Oh. Right in the middle. Perfect. Is next to two Jamba Juices. Two of them? I don't know if they're Jamba Juices.
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