The Money Summit & Wealth Expo 2019 was held on May 18 at the SMX Convention Center featuring different experts from different fields covering stocks, funds, forex, and real estate. Topics covered were choosing the right kind of investment based on your investing style, managing and diversifying a portfolio, tips on stock trading from a pro, and lastly, how to choose your first investment property taught by Manuel “El Subastahero” Alleje.
The event was designed to educate and give direction to beginners in the world of investment. This conference is perfect for those simply curious and not sure how to get started, or individuals that have began their journey with a few years of experience. There was an interesting mix of attendees with college students, overseas workers, and entrepreneurs looking for pointers on how to become savvy at wealth building and wealth management.
In Manuel “El Subastahero” Alleje’s segment he shares what he has learned in purchasing properties with his decades of experience in the real estate industry. But not only does he share the basics, he also lectures the audience on the art of flipping bank foreclosed properties. He shares the considerations in buying, building, and selling cheap foreclosed properties to gain unbelievably good profits from.
An important tip he shares as you excitedly visit properties and choose your first investment is to be open minded about purchasing the most run down and tattered houses. This is because the more work the property requires, the stronger your bargaining power to get it at a lower price. He shares actual case studies of his past projects to show samples of the low purchase prices he’s paid due to the condition of the houses he’s flipped.
Building wealth in real estate doesn’t mean having to pay full price, leveraging in this business is a must; especially with foreclosed properties. A house and lot for sale at 3,000,000 only requires 20% to take possession of. The rest of your budget goes into improvements, which are variable in nature. Building and renovations allow for some room for creativity and seeing potential in a worn down space. At this point you first begin to cover the cost to repair or restore the essentials. Be sure not to get carried away with the trimmings and remember that you are not designing for yourself but for the property to be sold.
Manuel “El Subastahero” Alleje offers free mentoring to share his real estate investment tips and updates on his current projects. Just drop him a message on Facebook and let him know you’re interested to learn more.