Willie Mandrell has been a buy & hold real estate investor out of Boston for the past 15 years. His niche is distressed three family buildings which he attempted to purchase at 60 cents on the dollar. From there, he fixes them up, rents them out, refinances shortly after, and repeats the process. He loves it.
In this episode, Willie shares how he turns undervalued and worn-out properties into sources of steady cash flows.
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What you'll learn in just 17 minutes from today's episode:
Learn how to knockout competition in the market
Find out tips for buying properties not from MLS or directly from sellers
Find out how you keep cash flowing from worn-out properties
Cash Flow Secrets: Real Estate, Investing & Wealth Management Principles They Failed To Teach by Willie Mandrell: https://www.amazon.com/Cash-Flow-Secrets-Management-Principles/dp/1734960906
01:38 - What his investment strategy is
04:24 - Where he finds his property deals
05:28 - Why he does not get properties from MLS or going directly to sellers
07:16 - The turnaround for his rehabbed properties
09:00 - Taking properties as vacant and what he does when there is tenancy involved
11:16 - What the cash flows look like for his properties
14:24 - How much is the rental for a three-bedroom house, and how much revenue do you get
"I do everything I can to make sure the building is delivered vacant. And if we don't have it vacant, what we do is allot cash for keys, and cash for keys is essentially just going back to the tenant and just buying them out." - Willie Mandrell
"I want to knock out a lot of the competition. If I was just looking for cosmetic renovations, paint, and carpet as we call it, then my competition is high because most investors can do that. What I go and look for is stuff that you won't even be able to live in, like a war zone." - Willie Mandrell
"What we're doing instead of chasing the market, trying to buy rent-ready stuff, we go and buy bad windows, bad roofs leaking heating systems or bad electrical needs to be updated." - Willie Mandrell
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