In this first episode, podcast host Scott Jelinek, introduces listeners to The Ugly Truth About Real Estate Investing and tells the story of how he became a full-time, successful real estate investor.
Key Takeaways:
[:42] Scott plans to teach some unconventional things that will be much different from what most people are teaching, because he has seen the good, the bad and the ugly in this business.
[1:00] Scott will answer listener questions, conduct interviews and share tips.
[1:34] Scott has wanted to do a podcast for a long time.
[1:52] Scott grew up on Long Island, and dropped out of high school to work full time, when he was 17.
[2:30] At work, Scott met some soldiers who convinced him to join the army. That was a great experience, but not what he wanted for a career.
[3:35] Scott moved to Virginia, and still lives there.
[4:33] Scott started his first business mowing lawns, at the age of 19.
[5:29] Scott bought his first house in 1994, and learned his first lessons about real estate.
[7:02] Scott bought his second house just a few months after the first.
[7:55] What was the "McDonald's plan," and why didn't it work the way Scott thought it would?
[8:40] Scott almost quit with ten houses, but then he had lunch with a friend, who taught him about lease options.
[8:55] In 2001, Scott was introduced to wholesaling, and made $10,000 on his first assignment, on accident.
[11:41] Scott has been investing in real estate for more than twenty years, has done between 600 and 700 deals, and currently owns 74 rental properties, 20 of which are free and clear; and 40 will be free and clear within the next three to five years.
[12:16] Scott's average assignment is $19,000.
[12:24] Scott takes 12 weeks of vacation with his family each year.
[13:11] What does Scott have to say about the Great Recession?
[13:50] Scott doesn't teach a "leverage model."
[14:25] On the next episode Scott will interview Antonio Edwards.
Mentioned in This Episode:
