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JP Kilduff’s First Real Estate Deal | Jay Conner, The Private Money Authority

JP’s first real estate deal was a flip but unfortunately, this rehab when south. 

To make up for all the losses he took a couple of wholesale deals. His greatest lesson learned on this first deal: “not to give up all your power to your contractor”.

John Paul Kilduff is a serial entrepreneur with a very successful Wholesaling, Rehabbing, and Rental business in New Jersey, Pennsylvania, and Florida.

In just 5 years he has completed more than 100 transactions including building a rental portfolio with over 40+ units. In 2020 John Paul founded a Social Media Management and Skip Tracing business that helps busy Real Estate Entrepreneurs drive more leads into their business.

John Paul has been a Real Estate and Marketing coach for a national real estate education company where has personally coached 1000+ real estate investors.

He has done all of this while serving as a Drill Instructor and Cyber Security Officer in the United States Coast Guard and has recently retired to Williamsburg, Virginia.

For more valuable information click on this link and watch the complete episode: https://youtu.be/iZau4DWToBg- “100+ deals plus 40+ rentals – Get Inspired with JP Kilduff – Real Estate Investing With Jay Conner”

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Jay Conner has been investing in Real Estate for over 15 years. He typically makes 2 deals a month. He has bought and sold over 400 homes.

He had an 800 credit score and the bank closed his LOC. He needed to find a new source of funding. In the past eight years, Jay has never missed a deal because of funding.

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DISCLAIMER: Jay Conner is not a financial advisor, real estate broker, licensed mortgage broker, certified financial planner, licensed attorney nor a certified public accountant, therefore consult with a professional prior to making any real estate investing.

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Jay Conner:

Did you start out wholesaling? Is that how you started your real estate investing career?

John Paul Kilduff:

My very first deal was a flip. I got my first flip about two weeks into becoming a real estate investor. I went through training, a real estate education program, and two weeks into that program I got my first deal and it happened to be a rehab. But the rehab quickly went South. And so I picked up my first couple of wholesales thereafter to try to make up for all the losses that I took on my first flip.

Jay Conner:

What are the big lessons learned on your first flip that you would recommend to folks not to make the same mistakes?

John Paul Kilduff:

It would be not to give up your power to the contractor, getting into the business and starting out. I think, the contracting part of things a lot of it is confusing and daunting and overwhelming. Whether it’s private money or contracting or marketing, but with the contracting side of it, for me personally I didn’t know a lot about swinging hammers and everything that went into construction. And so I quickly gave my contractor the benefit of the doubt and gave them the power to do what they want. And they blew smoke as much as anybody’s ever blown smoke. And they ran off, I gave him a $5,000 deposit for a roof and he ran with that. And then, one of the estimates that he gave me, he said that the septic system was good to go when it had failed. So that was $20,000 that I didn’t anticipate. So, the lesson that I learned was the system that we have in place now to vet and hire contractors, have a five step system that all contractors have to go through, no matter what, there’s no compromise in order for them to do work with us.

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