Episode Details

Rick Solis is a master of evaluating properties and is currently the main appraiser for the Norris Group.  He's appraised over 12,000 properties, averaging more than 500 per year, has done 200 real estate transactions of his own and has been involved in around 250 loans.

From early beginnings buying his first rental property at the age of 20 and working as an appraiser for over 2 decades, Rick is the guy to talk to when you want to understand how to properly evaluate properties.  In part 1 of our interview we discuss his journey as well as his approach to long and short term real estate investing, specifically rental properties and dealing with tenants,

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Show Notes

In this episode we cover:

• Rick's work as the main real estate appraiser for the Norris Group
• The main way Rick finds deals today and why he doesn't use Direct Mail
• Why Rick prefers rental properties to flipping houses
• Rick's optimal time to sell a house
• What Rick looks for in a house when it is occupied and how he deals with existing tenants
• The eviction process and Rick's no-stress way to evict bad tenants
• Why it's important to factor in the worst-case-scenario when you get a deal from an unknown wholesaler
• What Rick looks for when he is evaluating properties as an appraiser
• Rick's approach to finding and analyzing comparables
• The difference between looking at comps as an appraiser vs. an investor

Memorable Quotes

• “When I'm flipping it's just for income.  When I think of myself as an investor, I'm trying to take the profit out of a sale and move if forward.” ~ Rick Solis
• “I hate rental houses” ~ Rick Solis [Tweet this!]
• “20% of our rentals provide 60% of the hassles” ~ Rick Solis [Tweet this!]
• “I hate selling a house between Holloween and Valentine's Day” ~ Rick Solis
• “If I'm discounting the rent, then they're taking care of the maintenance” ~ Rick Solis [Tweet this!]
• “There is nothing worse than doing a double rehab within a year” ~ Justin Williams [Tweet this!]
• “You have to wear pants to court, and I hate that” ~ Rick Solis [Tweet this!]
• “You don't need to know everything to get started in this business” ~ Justin Williams [Tweet this!]

Transcript

Click here to Read and Download the Transcript for Episode 18

Links and Resources

• Joe Lahore Investment Club

• Listen Now