Rehab Projects! 🏡| Wholesaling Real Estate
August 10, 2022
What's up YouTube? My name is Graylan Stewart. Thanks for joining me. This is my work Wednesday vlog series that I try to do on Wednesdays, just kind of telling you where I'm at on my journey of real estate. My channel is all about wholesaling. So, our main exit strategy on every day that we lock up is to wholesale it.
But we also end up doing some hotels, some fix and flips and of course we do buy and hold because we want the long term wealth. So that's really what it's all about is to try to buy you know, buy back your time stop trading time for money, you know, have time freedom and financial freedom and we did that through real estate specifically buying hold. So anyways, so this is work Wednesday like I said my blog just telling you what's happening. Obviously, I'm in my backyard on my back patio here in Colorado the beautiful day.
I think it's in the, I don't even know in the seventies right now and we are in I don't even know close to, well, still early august I guess almost mid August but yeah, beautiful today, supposed to be in the nineties, which is pretty warm for here. So, but you know, as far as real estate goes, man, I've been super busy lately we did finish up fix and flip. You know, I had three, I had three different ▪ major projects going in Oklahoma City. So, if you're new to my channel, you know, welcome.
But if you're not, you've been following me for a little while, you know, that most of my investing is in Oklahoma City now. We wholesale, we wholesale nationwide. but we've even honed that in lately to trying to do mostly Oklahoma City ▪ we are going back to the virtual, you know, nationwide model soon, but we just try to focus our efforts most recently in Oklahoma City again.
But, I always do buying holes and fix and flips in Oklahoma city exclusively just because I know the area really well and I've got a lot of people there that can help me boots on the ground and different things if I needed it. Right? Just makes it a little bit easier. it is 700 plus miles away. But you know, I feel like we've done pretty well doing that virtually from a distance, but ▪ you know, as I said, we still wholesale anywhere, but we do a lot of volume in Oklahoma City anyways. So, we've had three major projects going over the last several months.
Well, one of which I bought last june so we're in august now, so you can see 14 month project which I've done a video on before. It's an actual Airbnb. it's a way bigger, bigger project than I ever dreamed of. it's, it's been crazy stressful, you know, to say the least, but at the same time, ▪ you know, it's gonna be fun. but yeah, I bought that deal last June paid more than I should have. I was hoping I could do just a little above lipstick deal more like a low remodel type of thing. But then we found out, you know, all kinds of bad news, right?
So, we just dealt with the bad news as we went along. But we are on the home stretch now. Flooring started yesterday. H Vac just got finished yesterday as well, like completely finished. We've got of course we added on, half of the house is brand new. Most of the house is brand new, but half of it is literally from the ground up. Brand new. Grant, it's going in in about a week. So that'll be nice when that's finished. But yeah, all new, everything literally. But I'm hoping, you know, since it's an Airbnb, I'm gonna obviously go down there personally to move the furniture and you know, all the things in.
So, I'm hoping to do that within the next couple of weeks. I was actually supposed to have a hip surgery a week or so ago and I actually put that off, you know, because of this project. It's not a it's not a crazy surgery but it is a long process as far as healing goes, they tell me it's a labrum or liberal however you say that tear in my hip but ▪ you know, they said it's pretty brutal recovery and I was like, well ▪ I definitely can't be on crutches ▪ going to try to move into this house, you know, Airbnb in the house.
So, I put it off to September 20th. So hopefully the goal is within the next couple of weeks I'll be able to go down there and move all the stuff in. So that would give me a place to say what I'm Oklahoma City since we have a lot of projects. They're my kids are there got a lot of family there, of course, lifetime. My friends there obviously because I grew up there. So, it's a place for me to stay without having to stay in a hotel.
But also, a place to make money when I'm not there because you know, I'm only there every couple of months or so typically. So, you can probably hear because I'm on the top deck of my house right now and below me is a walk out basement, which we have a hot tub on. So, the hot tub is automatically what do you call it? Self cleans and whatever it does, all kinds of stuff, right? Just super high end hot tubs. So I don't know if you can hear it or not, but it just actually turned on. So, it's a little bit louder out here.
Hopefully it doesn't affect the video sound quality since I'm using a decent mike. But nevertheless, so that Airbnb, hopefully we're moving in that soon. I've also got we had a fix and flip property in Chickasha Oklahoma which is actually where I went to college and where I met my wife. So that's a project that we actually finished a couple of months ago. We finally got, we're finally almost, well actually we yeah, I forgot the time goes by so fast when you're in this business, so many moving parts.
We actually closed on that property last Friday I believe Thursday or Friday something along those lines. I think it was last Thursday. So that was really good you know because a lot of these deals, you know that I buy, I use private money lender, hard money lender sometimes you know a line of credit at my bank or things like that or cash if I need to, I try not to ever use my own money, but at the same time it's really hard.
A lot of times people won't finance your rehabs. But on this particular deal in Chickasha Oklahoma I did get a private money lender to finance the entire thing in 20 K in rehab. Which I ended up spending probably 28 K in rehab. So it's about eight grand out of pocket. But nevertheless, once she's paid off and everything you know, we got, I don't know, $56,000 check deposited ▪ which wasn't a huge deal, you know, because ▪ probably ▪ ▪ yeah, probably 15 or so of that is paying myself back plus, you know, the fees and all that, you know, out of pocket or whatever.
But it was still a good deal, you know, at least at least a 30 35 K profit, which can't complain completely virtual and hands off all I had to do was manage the contractor, which is really good and pretty much managed himself. So that turned out okay, we've got a project in Yukon Oklahoma. I think we bought, I bought this deal in February or so February or March somewhere along those lines. and it was pretty much a lipstick rehab. When I say lipstick rehab. I'm talking about paint flooring.
Like we paint everything, we paint all the trim and all the walls. Of course, we do all new flooring. So it looks pretty much like a brand new house. Right? And then of course we cleaned it up, trim the, you know, bushes, tore some of the bushes out. It's got an above ground pool so we completely put a new liner in, you know, cleaned it out really good.
Made it look new again and just really made the lawn nice and crisp, you know with clean cuts as far as trimming and edging and mowing and all that. So, it looks like a really nice house and we actually painted the brick on this house. I've done that on several houses now and it looks really good. It totally transforms the house. makes it, you know, from the old school to something new and modern. So, and that's fairly inexpensive depending on who you get.
But I mean you can do that for most cases probably 567 grand, something like that because the pain is pretty expensive. You know, you're talking about, who knows? It's probably a good 10 gallons of paint cause you got to do several coats and 10 gallons but 10 5 gallon buckets probably, I don't even know to be honest. I have no idea. I just pulled that out of my, out of my head real quick.
But it's a lot of paint, I know that we spent several $1000 on paint and then the rest was labor. So probably six or seven grand to get a whole exterior painted, but it completely transformed the house gives you great curb appeal and that kind of thing. Anyways, that property we finished, we're almost to the finish line on that. I think that's closing on.
I don't know, sometime ▪ around the 25th or so, 20th to the 25th of this month, august, so that would be nice. Actually, didn't get that rehab financed. So I got the purchase price financed. but I've got a lot out of pocket on that deal because I think we ended up spending probably get 35,000 on that house only because we actually, you know, painting the brick and all that as well.
But yeah, it was a little bit bigger project. It's a little bigger house, you know, around 2000 square feet, but it's a nice house, four bedrooms, two full bathrooms, nice semi open concept. But yeah, it turned out really nice. So hopefully we'll get get that close in here in a couple of weeks and get all my money back plus, ▪ you know, another get 30 40 in profit.
So anyways, but yeah, right now I've been working on, you know, I'm doing, I'm totally ▪ ▪ I don't even know how to put it, but I'm starting over on my whole, you know, coaching program that I have currently cause I don't really have a coaching program. I have online digital course and you know, paperwork that you can buy and, and I've got a free course, you know, and, ▪ and you know, marketing facebook, organic course.
I'm completely redoing all that. I'm changing the entire thing to where it's all gonna be, ▪ you know, just different, it's gonna be a higher ticket purchase, but it's gonna be more hold holding your hand and walking you through how to actually get deals and how to do it consistently and I'll be there for accountability and you know, it'll be like a six week program.
So, I'm working on that. I've been doing that a lot lately. I've been pretty busy besides the wholesaling business and of course we've been holding a lot of deals lately. We've got a new disco manager starting We still have our current discipline management. We have a second one because we just have too many deals. You know I think a couple weeks ago I told you we got 39 or something crazy. 40 in escrow we're down to 30 30 or 31 now. Which is good.
There's still a lot of properties we gotta move though so it's a lot for one person to handle. You know because I've been helping her a lot lately just because it's too much. So, the new girl starts on the 15th which I'm excited about can't wait because that's gonna be a game changer ▪ for us because we need that help. But yeah so 30 in escrow is still a lot but hoping to get that lower. but you know it's a good problem to because that just means more money, right?
But we have to be able to sell these deals, you know it's one thing to acquisition them and go through all that process but if you can't sell them what good is it? Right so we've been bottlenecked at that for several months now. But that problem is hopefully gonna go away here really quick. So anyways other than that guys just staying busy trying you know always refining my systems and processes and getting the right people hired.
So we're always hiring now. Finally figured out you have to be constantly hiring for all positions, you know, because people leave, people don't work out that you want to work out. And if you're growing you gotta hire more people. That's just the name of the game. So, we're always doing that now. But yeah, that's really it just telling you about those three projects. Had no clue what I was even gonna talk about. But that's why it's a vlog, right?
And then where we're at currently in the wholesale business, we're doing really good closing, you know, a couple of deals a week which we want to increase that as well. I'm hoping to close. You know, I want to get to a point where we're actually closing ▪ something every day. That would be that's my goal. That would be nice if it's not every day. Maybe I'm closing a couple every other day.
But the point is I want to be able to close, you know like five or six of these deals every single week because we can do that ▪ that can sustain us with huge profits and finance our fix and flips, buying holds, you know, things like that. We are launching a whole new creative Creative finance I guess is whatever you wanna call it creative ways to get deals.
So, our whole team is actually getting on a zoom call today with an industry expert that I met a year or so ago and he's been in the game a long time, you know, teaching creative finance. So, we're gonna start embracing that more because it's coming guys, you know, whether you wanna believe it or not, we are in a recession right now. media is not really telling you that, but this is a full home, pretty much recession.
And you know, the housing market obviously has softened and it's not crashed and I'm not sure if it will or not, I don't know, but I do know one thing ▪ things are gonna change, People are gonna start foreclosing or facing foreclosure, you know, because they can't suddenly afford their house or whatever, especially now, now we've got the interest rate super high, ▪ that doesn't mean that they're gonna stop buying, but now they can't buy as big of a house, right? They can't afford as much. So, I do think something's coming where we're gonna have opportunity to do more creative finance deals, you know, to help people get out of their situations. So, because not that's the thing too, not everything always works out as a cash deal.
So, you have to have these other options, you know, like we have no ovations now that we've been doing for, I don't even know, a year and a half. Almost two years now. innovations are great because it gives them a second option if cash doesn't work. We can put more money in their pocket and typically more money in ours at the same time. But then creative finances even better. You know, that's getting, getting houses, you know, for little to no money at all, to where they finance it to us, or we just take over their payments, things like that. So, anyways, guys rambled on long enough. Thanks for joining me. I appreciate you. stay tuned, keep watching. I'll keep doing videos just for you guys. Anyways. Thanks a lot. And I'll see you next time.