How to Invest in Expensive Real Estate Markets | The Truth About Gentrification

Don't forget to subscribe, leave a rating and a 5-star review. If you leave a 5-star rating and review, send me an email info@blackrealestatedialogue.com and I’ll send you a free training on finding and analyzing properties.

This episode is a panel interview from a recent live event in Los Angeles with Nick Gouché and Crystal Denmon. In addition to the interview, we also had Q&A with the audience!

Nick is the co-founder of Legacy Home Loans, the largest Black-led mortgage company in the country. Since 2019, the bank has helped 3300+ Black families become homeowners. Crystal got into real estate in South LA after being fired from her job in 2014. With little capital and a lot of time on her hands, she began wholesaling until she was able to transition into flipping houses.

Listen in as Nick and Crystal share how to use “smart leverage” (as opposed to overleveraging) to scale your portfolio, how to creatively finance your flips, and their thoughts on gentrification in Los Angeles.

Highlights

1) Real estate is a 7-10 year play. Before you start your investing career, make sure you have at least six months worth of savings set aside and that you prepare a “wealth creation account” to separate your personal funds from your business funds.

2) Hard money lenders will only cover up to around 90% of your financing, which means you’re responsible for that 10% difference plus carrying costs and “gas money” to get the rehab started. Private lenders, who can be in the form of family/peers, are able to close that 10% gap.

3) Ways to “sweeten the deal” and get your offer accepted include increasing the down payment if possible, taking advantage of mortgage programs like 3-2-1 buy downs, and shortening your contingency period.

How to find Nick Gouché
Instagram – @legacyhomeloans

How to find Crystal Denmon
Instagram – @socalflipgal

Get a free Landlord Insurance Quote from Steadily here

Get our new merch- https://blackrealestatedialogue.com/collections/all

Access all of our resources on our website- https://www.blackrealestatedialogue.com

Download my free guide Top 5 Down Payment Assistance Programs- https://bit.ly/dpassistance1

Get my New E-book How to Build Wealth in a Recession- https://bit.ly/bredrecessionguide

Learn how to invest out of state- https://www.outofstatemoney.com/ 

Text BRED to 74121 to join our VIP Text List and to get a free training