Jayendra’s life looked a lot different 3 years ago…
For starters, he got laid off…
He also wanted to invest money in something, but he didn’t have any money to invest. This did not stop him from finding a way to make it happen.
Jayendra put a sign in his friend’s store: “I buy houses” and included his phone number. That day he got a call from a lady trying to sell her house! Now he had a deal, but no money to get the deal.
Jayendra did what anyone would do who needs money but doesn’t have any…
He asked for it. He asked friends and family to invest in this deal with him…and it’s a good thing he did. They ended up making 3x what they invested in the property! Jayendra was hooked.
One deal led to another and 3 years later he has 30 deals under his belt. Jayendra still uses private lenders and even found one on MyHouseDeals—as well as a recent deal he’s turning into a rental property.
Listen to our conversation with Jayendra to hear more about the deal AND the lender he found on MyHouseDeals and his tips for new investors plus…
- How to screen for the best tenants
- Tips to get started with private lenders
- How to choose a good rental property
NOTE: Jayendra is a premium member, he received a FULL refund of his upfront membership fee for simply doing a deal! Find out more about our premium membership here.
Tell us about yourself…
How did you get into real estate investing?
I’ve been in real estate for three years now with almost 30 deals done. My background is in healthcare, but I was eventually laid off. I was looking to invest money which I didn’t have, but was able to find it.
My last deal was from MyHouseDeals.com. I got interested in real estate investing by watching real estate shows on TV. I saw an opportunity to grow along with helping people. It was a chance to start a business and have freedom. The first deal I did was very profitable and encouraged me to do the next one and I was lucky enough to have a good friend who helped me out when getting started.
What’s your primary investing strategy?
My investing strategy is to buy the properties with cash, refinance it at a bank, and then rent it out. Probably a third of my deals are buy and hold. I have a guy who helps me out with small things and whatever I need which helps a lot.
What is your process for finding tenants?
I always do tenant screening first. I screen them for their last five years of employment history, where they stayed during that time and financial history. If I approve them I’ll meet with them and have them agree to stay at the property for at least two years. People are usually looking for a good and stable place.
How did you get started as an investor?
The first deal I did was in Texas City. To get it, I put signs out at my friend’s store and got a response that same day. I went to see the property and she just wanted the price for the land because the house was burnt and very small. Since it was my first deal, I needed advice so I called a friend and he agreed it was a great deal and suggested I go for it.
The problem was that I didn’t have any money. I found a partner who paid half of the selling price to help me out, but I couldn’t even pay half! Then I called my brother and he agreed to pay the other half if we’d split the profits and I did all of the work. With the two guys helping me finance the property, I was able to do my first deal. It ended up being very profitable and I sold it for three times what we invested within a week.
After that the same lady who sold me the house referred me to another property. That led to doing eight properties via referrals. Building great relationships with people is so important. I always ask my friends for help with financing and that’s how I’ve been able to do so many deals. Last year I ran out of friends, so that’s why I used the MyHouseDeals site to find a lender. She was so nice and I learned a lot from her.
How was the process of finding lender on MyHouseDeals?
I went to the resources section on MyHouseDeals in order to find a private lender. There’s great education there. The site encourages you to call potential lenders instead of email, but I was shy. I emailed almost 60 lenders and got around 10 responses. Those didn’t work out because they didn’t have the right money or time needed.
That’s when I knew I needed to pick up the phone.
I called people all over the nation. I found a lady in Houston and we met. We clicked and when we visited the property she loved it. She was nice enough to have no points in the terms and low interest for me.
My main learning point was after the rehab was done I was not able to sell it. I wanted to refinance it but ran into timing issues. It ended up coming down to her saying she needed the money or to give her the property. It was very stressful because she wanted everything up front. She ended up increasing the interest rate and charged me a couple of points. My loan finally got approved and I was able to pay everything, thankfully.
For newcomers this is a huge lesson to be aware of because I learned the hard way. Know all of the terms in the beginning and payment options so you don’t make mistakes. We still have a great relationship I just needed to know more in the beginning.
Do you have any final tips?
If you want to get into real estate, access all the free education out there. There are also many clubs and associations around. There is no need to spend money on education in the beginning. Make good friends and good impressions on people.
You don’t necessarily need money, but you do need resources. Friends are the best resource you can have. MyHouseDeals is also a great resource. I would eventually pay for education when you can afford it. Try to learn everyday and work at your own comfortable pace. Books are a great resource as well.