Jacob Davis

00:01

J T Davis, here with my man. Jared Evanson, What’s up, brother? What’s up? How was your weekend?

Jarod Evenson

00:07

My weekend was pretty cool. Spent a lot of times playing with the kids. We we’re I’m more looking forward to this weekend though. We’re going camping in Montana, so I’m going to be watching the coug game from like iPad sitting on the Clark Fork River. Uh, it’ll be a good time, but I’m looking forward to it

Jacob Davis

00:28

this weekend’s huge, yeah, yeah,

Jarod Evenson

00:31

especially after the big win last week, you know, route and text. It was an interesting win, like that game just, you know,

Jacob Davis

00:41

it felt like, it felt like it could shit. It could have gone the complete opposite direction, really quick, like, but thankfully, Texas Tech cannot hold on to the ball. I felt bad. I’ve almost felt bad for them, like they just could not just turnovers, like the Texas Tech fans, it was interesting just watching them, you know, like, I’m from the south. You know, I grew up in South Carolina originally, but then I moved to Colfax in high school, so I kind of grew up in the South. And football is people take football very seriously down there. It’s all, it’s like our religion. I’m not gonna lie, it’s like a religion. And I could just like watching the Texas Tech fans, man, they were so stressed out, like so they were so pissed that we were working them. But you know, they just, they kind of, they kind of shot themselves in the foot, you know. So anyways, yeah, Husky games going to be huge. Also had the fair this last weekend. The fair, I love the fair. It was a lot of fun, but the fair will take over your life.

Jarod Evenson

02:03

Yeah, I saw you do an ax throwing

Jacob Davis

02:07

well, and so now, you know, I learned all about like, animal like the there’s this whole like, you know, kit your kids showing animals thing, you know, and not to the country, getting some animals. I think we’re gonna get a I think we’re gonna get some goats, some goats. Yeah, I think my kids are gonna raise some goats. Net for the next, for next, either goats or sheep. We’re kind of on the fence. I did so I bid on a steer. I want to steer. No, really, dude, I want

Jarod Evenson

02:41

Where are you going to put that

Jacob Davis

02:46

No, So, yeah, I learned so much at the fair this year. It’s like, you know? So you got the auctioneer, and he’s like, you know? And so, yeah, and the and the kid is a Colfax kid. His dad’s also a realtor. Is So I bid on his steer, and I won 350 A pound. It’s like a 1200 pound steer or 1500 it was a lot of that’s great. 353 50, yeah. And then, so, you know, as a basically, what you can do, you don’t have to, like, take the meat and then, so you turn it, you know. And so when you win, then the auctioneer looks at you, you’re like, you know. And it’s so awesome. They got the cowboy hats on and Butch Booker, he’s doing, you know, dude, Bucha, awesome. And then and his son’s doing it now too. I think cotton.

Jarod Evenson

03:54

And the best they got, the best auction,

Jacob Davis

03:57

dude, I want to do an auction just to have those guys like, I mean, they’re, they’re just so cool. And then so they look at you and they’re like, you know, what do you want to do with the steer? And so what I did is I turned it and basically you just, so then you don’t really get the meat, you’re just kind of sponsoring. You’re like, donating money to, you know, just to show like, like, you know, support, I guess. And so it’s kind of cool. It’s a lot, it’s a lot of money. But like, you know, McGregor’s and like, Will Burrell is, and these companies, they’re all like, they kind of do that. They like, you know, turn it and it’s like, I think it’s a way to show support for the community.

Jarod Evenson

04:44

So who gets to meet when you turn it?

Jacob Davis

04:48

So they so the so basically, I think it’s like 660, or 70% of the steer you’re basically paying for, and then the remainder. Is sold at market price. It’s, you know, to so it’s kind of the meats sort of, so I don’t that whole thing, I don’t completely understand. But like, the kid gets the full amount, you know, they get paid. So anyways, it’s like, man, fair culture is it’s a whole thing.

Jarod Evenson

05:24

Yeah, it’s a new world.

Jacob Davis

05:28

Dude, you could make a lot of money at the fair.

Jarod Evenson

05:31

What are we going to sell?

Jacob Davis

05:35

So the guy next to me was set selling, um, picture buttons,

Jarod Evenson

05:42

dude, I just want to do two, like, I think we should set up a booth next year and just offer advice, just free advice, like two old Coots giving out advice. Like, we’ll have to wait a few years before we could just,

Jacob Davis

05:58

we could say donations, welcome, you know, hey, I did. So we did, you know, we did our booth, and we had, like, I think we had maybe 1000 or more people enter. I gotta look at the spreadsheet to win that. Yeti cooler and coug tickets, yeah.

Jarod Evenson

06:21

And then the winner.

Jacob Davis

06:23

Did you see that? So actually, it was my neighbor. It, you know, most people would think, Oh, they, they, you know, they cheated, or whatever. But I have a video of Natalie, my daughter, actually drawing the winner. And we were both like, because he didn’t put his last name on it. And we’re both like, and then I looked at the thing, and he wrote on the on the little thing we made, it said, just to hang out with Jake, because we we asked the question, do you have a realtor? Are you interested in buying a house, you know, or selling the house, and do you want us to contact you? And it was like, either the options were Heck yeah, or leave me alone. And he circled Heck yeah, but he’s not looking to buy a house. And then he wrote in just to hang out with Jake, yeah.

Jarod Evenson

07:18

So you knew, you knew,

Jacob Davis

07:19

so I know you’ve only got like, four minutes before you gotta run, but hey, I wanted to talk real quick about buying a duplex. Yeah, so I think with five extra minutes, was that I got?

Jarod Evenson

07:32

I just bought five minutes. We’re good,

Jacob Davis

07:35

oh, you got five minutes. Okay, so I was showing a house last night with a couple and turns out they’re actually a college students. And so we’re looking at things we started talking about, you know, the idea of buying a duplex so you live on one side, rent out the other. And I think you know, from my standpoint, I think you know, buyers are having a hard time trying to figure out how to afford to buy a home. My first property that I bought was a duplex, and so, you know, lived on one side, rented out the other. The duplex was both three bed one bath units. And so back then, I bought my duplex. Shows you how old I am. For 189,000 back in the day. And Pam harbor was my she was with call a banker at the time. Might have been associated brokers back in the day. Anyways, Pam harbor she, she helped me get into buying that duplex. And I remember, I think I bought it like the day that it hit the market. And I was like, oh yeah, this looks good. You know, I didn’t know anything about anything, but I trusted her and and so I bought this duplex, and we lived upstairs. I rented the downstairs for 850 a month back then. And then we also, we had a gal that she worked at where we worked. We both worked for facilities at WSU back in the day, and she worked there too. And so we rented one of the rooms upstairs where we were living for like 350 so my mortgage payment was like 1200 I think, at the time. And I mean, we basically had the mortgage covered. We quickly realized that having a random tenant living with us kind of suck. And so we ended early, you know, after like, a year of doing that, we’re like, oh, let’s we can have our own we can afford to have our own space. And so I think for young people that are trying to, or even older people, you know, if you’re trying to. Look for a way to afford buying a property. I think a duplex is a great way to go on your side of things. For financing a duplex. Is it harder to do that? Or how does that look it?

Jarod Evenson

10:13

Man, I think we don’t look at that option enough, because it’s not harder and it used to be in some respects, but really, I mean FHA loans three and a half percent down to buy a duplex. So that’s incredible like. And then if you need to count some of the expected rent, or the current rent from one side of the duplex to help you qualify for more house you can, which is also great. It’s just like the best tool to to get that first house when, when maybe buying the one you want just isn’t in your budget, maybe you qualify for the one you want, but you can’t stomach the payment, or maybe you need just a little bit more income to qualify for a little more house. Great. So duplexes are like, when I have someone call me and they say they’re interested in a duplex, I get excited because you know it, I know what that client’s gonna do, they’re gonna buy that duplex three or 4234, years later, they’re gonna go buy something else and and then they’re building this, you know, real estate portfolio, using that vehicle as the first tool to get them into home ownership. And I’ve never seen it not work out good for someone. So the hardest part was, I was finding a duplex A while ago, but I’m seeing them on the market now, and I’m seeing them even kind of sit for a little while, kind of shocking, yeah.

Jacob Davis

11:47

So I think there’s such a great opportunity to buy rental properties right now and live in them, because they’re a lot in Pullman, a lot of these properties have been just tore up from the floor up, if you know what I mean, like, they’re, they’re just, they’ve been, let, they’ve been kind of lived in hard. Because, you know, when you have a rental property, you’ve had renters in it for 1020, years and now, and you’ve never done maintenance on it. These properties are beat up, you know, and the sellers should that have these rental properties, should probably price them lower, in my mind, because buyers look at them and they’re like, overwhelmed. Instantly, they’re like, Oh my God, look at all this work. And so, I mean, I think, you know, I hear it all the time, oh so expensive to buy a home. It’s like, No, it’s not. You just got to work a little harder. You got to put some effort into it. The days of like locking in, buying a, you know, cream puff, you know, like a home that’s just totally dialed in, you know, it’s like, well, I mean, if you can afford to do that, great, but if you really want to own a home, you’re probably going to have to work for it. So, yeah,

Jarod Evenson

13:12

so it is effort in, baby, effort in, no, that’s good. You still have that duplex.

Jacob Davis

13:18

I do, yeah, still got that duplex. So we bought that duplex, and then, you know, we, while we’re living in, living in that the top unit, we bought a town home. And we, you know, while we’re buying that, we got the upstairs rented. So then that duplex is cash flow on, and it helps to pay for the payment on that town home that we bought, and then we moved into town home. And then, you know, we lived there for a few years, and then we wound up renting that town home out and moved into another duplex, rented one of those units out while we were living there. God bless my wife. She has had to move around a lot in Pullman. I’m not an easy guy to be married to. And so then so then we kept that duplex, um, and think we moved into our current home. And so, like you kind of, you know you, you sort of start building equity. You start building this portfolio. When I was like, hey, I want to buy a building to put my Woodbridge real estate office in, in the building, I was able to pull equity. Well, you actually helped me with this, right? I might have, yeah, yeah. No guy pulled. Equity out of two of those properties and then sold the town home and use that as a down payment to buy that building I’m in, which is big old building, big old building, like no money out of pocket.

Jarod Evenson

15:18

I mean, that’s crazy. What did that kid think you talked to that young couple. You talked to, think about the duplex. Idea was that, like, their will start spreading, going, Oh, that’s good idea.

Jacob Davis

15:27

Yeah, he’s kind of from a construction family. And I can tell you can kind of tell when it, when it makes sense to somebody, and they’ve, they’re already, you know, they’re already researching that. And, yeah, he seemed, they seem pretty interested. They didn’t seem scared away by a property that might need, like, foundation work or a new route, you know, because he’s already got, kind of, like, some, you know, people that can sort of like, help him through that. So, I mean, I told him it’s like that. It’s really the cheapest way for you to go through school is to have your family help you buy a property like so the the parents are probably gonna have to co sign on the loan, and then they’ll buy this property. He’ll work on it while he’s going to school, and then by the time he’s done with school. I mean, he’s a freshman, so he’s got three years. I mean, that property could double in value, because the property they’re looking at is, I mean, it needs some work. So not only will he save all that rent, rent money that he’d be paying, they’re probably gonna have a boatload of equity on top of it. So it’s like, why are, why aren’t people doing this? It’s crazy.

Jarod Evenson

16:48

Find a way. You gotta find a way. There’s way, there’s will, there’s way. No, that’s it. That’s it. And you mentioned it earlier. Is working to get to it. It’s great. It’s a vehicle. It isn’t thought about enough. You know, your first home, shouldn’t I mean, if it can be your dream home, good for you, but 90% of the time it’s more than 90% of time it’s not, it’s that vehicle to help you get into your next house.

Jacob Davis

17:13

So I think, you know, like Grant Cardone. Do you ever hear him talk about this? He’s like, you know, Grant Cardone, real estate investing expert. He’s like, it’s hilarious, because he’s like, You shouldn’t be buying a home. You should be buying a rental property.

Jarod Evenson

17:33

Like, thanks, Grant.

Jacob Davis

17:35

I think if you’re in your 20s, man, like, start buying these properties and like, kind of put off that whole your dream home thing. You know, it’s like, you don’t need your dream home in your 20s. You don’t even know what you’re doing.

Jarod Evenson

17:48

Wait, wait till you’re Yeah, you got Yeah,

Jacob Davis

17:52

I didn’t know what I was doing when I was in my,

Jarod Evenson

17:55

I’m 40 so Alright, brother, I gotta jump on a call. But I think, hey to our 10,000 viewers out there, you got questions about investment, you know, duplexes, three, you know, you can go up to a four Plex with the same type of financing terms. You know, for a first time buyer, whatever. FHA, conventional, whatever. So, holla at your boys, alright? Go Cougs,

Jacob Davis

18:19

sweet, go Cougs.

Jarod Evenson

18:24

All right, I gotta bounce.