Episode 135 - OG Triple OG Tyron McDaniel – How do you operate in a market where there are no comps?

On this episode Rashauna and I speak with the LEGEND Tyron McDaniel aka Houston Vintage Homes aka The Urban CEO.  Hear him explain why he invests in the hood, how he creates value in the hood and how he thinks we should control gentrification instead of just being angry about it.

Key points from the show!

Owner financing is how you get into the property not how you pay it off

Once you understand the financing behind real estate you can build or buy whatever you want

Started out as a secretary and grew into a mortgage broker

Sometimes the tenants you think aren’t good are good and the tenants who look good on paper are the worst tenants

Take pride in your neighborhood

I’m not worried about what the next guy is going to do, I’m worried about what I’m going to do

We aren’t going to displace you we are going to make it safe for you

The gentrification conversation needs to be more granular

Every home he creates he puts in something that you can’t buy

We need to go from being anti gentrification to be the controllers for how gentrification occurs in our communities

Know your market.

Buy for dirt value but don’t tear down the structure

There is a difference between what the lender thinks a developed hood home is and what we KNOW it is worth

Put it on the MLS on Wednesday and build up that showing list for that Saturday

Understand who your buyer is and understand what you lender is willing to lend

The agent takes over after the creation has take place

Lenders are looking for reasons to deny you

Spell out labor v material cost when approaching lender and specify where you are using lesser quality materials or higher quality materials

Submit your own comps and tell them why it is a comp

Most lenders are like the Bigger Pockets guys

I don’t listen to people who have just been making money the last four or five years in real estate

Amateurs negotiate only price

Ill give you top dollar if you give me my terms

Find Tyron on IG @houstonvintagehomes Twitter: @TyronMcDaniel

Find Rashauna: @rashaunascott on Twitter and IG

Charles/MIlli: @toddbilli @partnerwithmilli @todd.capital @blessablackman

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