How to Retire in Three Years Through Real Estate Investing
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- čas přidán 27. 07. 2024
- Are you looking to retire in the next several years? Here's how real estate can get you there - no matter where you are starting from!
Check out Brandon’s #1 bestseller, Rental Property Investing, at www.BiggerPockets.com/RentalP... - Krátké a kreslené filmy
Have no idea why I am wacthing these vidios, I'm 11
jiggle billy looking like a creep asking a random 11 year old if they are a boy or a girl
Good job kid
Future millionaire
Sub
I wish I watched them when I was under 16.. at 42 it kinda hurt, though I still work toward...
Upset I’m seeing this 3 years after it was posted, Bigger Pockets is by far the most honest REAL way to learn and take action towards a real estate career!
Thanks Brandon for everything your doing!!!!
Yes, they're really good from what I've seen. I also really like the Meet Kevin channel
@@mikebevan1034 me too but they don't even reply comments or something.
Very disappointed. But thanks for the videos.
This is very much true. I am 28 and I did this in one year with 5 properties (duplexes) earning 5k in cashflow monthly
How
“Want to retire in 3 years? Buy 30 properties - Boom, you’re retired!” That’s the secret? He really cracked the code on this mystery.
Not 30 properties. 30 doors. So about 5 or 6 properties
@@chrisbrooks4885 ooh good fucking point brother yeah fuck you spoonwoman
Dude. It's a six minute teaser. You want to learn how to do it, you have to learn more.
well, the problem is not how much unit we need to buy, but how to get money to buy those 30 units?
I bought a 24 unit apartment complex and it was owner financed. No bank needed. I made my money on the purchase in other words it was worth much more than the value of my contracted price to purchase. I had the cash to close deal but if i did not have the cash I would have flipped to someone else or possibly taken a partner. I have bought many properties this way. I would advise don't assume anything until you actually have many deals under your belt.
dedek kurniawan exactly!
FlipAnythingUSA I don't understand if someone owns a 24 unit complex why would they sell to you and finance you as well? Unless the complex is doing horrible how do they benefit from this??
Will Echevarria There are hundreds of ways to make money in real estate. The person who sold this complex made money on it some how, probably purchased it dirt cheap at auction and are just reselling for a pretty large profit with owner financing.
@Will, good question to ask, especially in this market. People don't sell performing assets, so there's a good chance either you're paying too much for the property and thus taking on too much risk, OR there's something wrong with the property. On the residential side, you get the best deals from distressed sellers since they NEED to sell and will do so at a discount. Magically though, this logic seems to fly out the window when buying commercial properties lmao. If someone is selling you a commercial building and it's not under duress , or to POSSIBLY 1031 into another property, be very skeptical. Why sell a performing asset like a multi-unit apartment building? The people buying real estate at these inflated valuations because they listened to some guru hustler who makes more money selling programs than investing in real estate, will lose their ass once the next recession hits, interest rates go up, and unemployment skyrockets.
It's a viable plan, definitely. I've been in real estate since 2012 and have mostly been wholesaling. Looking back, I wish I'd picked up a few more rentals along the way. I've only got a few right now. But I've got a 5 year plan to retire: I'll wholesale 1-2 houses a month to pay my bills, do 5 flips a year and put that money into 5 rentals/year. At the end of 5 years, I'll have 25 properties with about 9 of them paid off. Cash flow will be about $110k/year at that point and will go up as I get additional houses paid off and rents increase.
wholesaling means finding someone who will sell to you at BELOW market rates when they can usually sell their house within hours or days with a sign in the yard- and at the SAME TIME finding a willing qualified buyer who will also buy RIGHT NOW. the odds of that happening is why every professional real estate investor i know laughs like crazy when you talk about the MYTH of wholesaling. it doesnt exist. if it did- you would be way better to have 2-4 financial partners- show them the house pencils out..buy it clean it fix it..then use that spread to take time and find a good buyer. which is what they all mostly do.!!
"If you want it bad enough, you will make it happen." Well, with that advice, he could have made it a 4 second vid. I would have laughed enough to press like.
If you want it bad enough...so why not say I'll cash flow $10,000 a month on every unit and have a million units at the end of this year? Why not? All you have to do is want it!!! What bullshit.
Soni💝
If you want it bad enough you can make a million dollars in two years. Lol what a fucking clown
MrHatch I know right .... I was like WTF 🤔 thanks
“Where there’s a will, there’s a way” -Napoleon Hill
Great video and thanks for breaking it down. This helped a lot!! Sometimes I need things broken down in simpler terms when I'm learning something new. Love all your videos Brandon.
thank you Brandon for breaking this process down into bite-size pieces that I am able to digest and understand. starting off slowly is a good idea for me.
Five properties in a year yeah, I think I can do it I know I could do it.
yes this process is excellent; let's apply it to our highest ideals
I watched the webinar, great answer brandon! I fall into this category, but for me i'd like to quit my job and do real estate investing full time. This is an awesome tip. Keep up the good work buddy!
Thanks Brandon, That was my question on last week webinar. I love this idea, all I need now is how to make it happen. I will keep you posted. Thanks again.
Man I cannot believe you still haven't tried to sell me anything, like a software that buys properties for me...Hahahah...I am a subscriber of your channel and you've never disappointed. Every video is as informative (if not more) than the last. Most people claim to want to help us, but the request funds from us. All you want is for everyone to just be successful and I love you for that bro. THANKS A BILLION!!!
Great info. The idea of counting backwards from retirement monthly income and determining how many units are needed to achieve that goal. Then further breaking down the goal into 1 year increments, up to the goal of 30 units. This planning method is a lot like the SMART Goal technique.
Another great video Brandon! And thanks for the on screen text. =D
Great video brandon...... realistic breakdown.
This is good. Thanks! Had to watch twice.
Brandon & BP thank you. Retirement looks less scary!!
buying my third house in the Midwest w/ about 600$ cash flow per (month) on every house - My goal is 5 thousand cash flow per month before I retire - That's about 9 - 10 homes
Keep it up.
You'll get there.
+Fab Maserati Thanks for the encouragement : )
Hi, can I ask how you buy these homes? Do you finance it somehow, if so, how? Or no money down? Thank you.
Yes I finance. (Have good credit, barley have any personal debt, have funds) I buy homes around 70 - 120.000$
Chsox203 Thank you very much. I am looking for creative ways to do it because my credit isn't very good, four kids and one income hasn't helped...Thank you.
Thank you so much for posting these videos, I have spent the last couple months taking what few spare hours i have of free time outside of work to research how to start investing in real estate and I don't know if I wasn't using correct keywords because all of my searches just lead me to pages or videos that talk about "hey real estate is a really profitable thing to invest in" but never gave how to's on how to start out in this business with nothing, and from the start I have years of experience with failed startup businesses but I picked up plenty of knowledge along the way and learned from failures. If your interested my future progress in this avenue let me know and I will be happy to create a testimonial video. Many thanks again.
Im so glad i found your channel
This video was posted 3 years ago.
IS HE RETIRED?
Lol of course not. This video is bullshit
@RealestRealist
He made the claim.
Did he back it up?
Go lick boots, butthead
@RealestRealist We are not negative. We just have common sense
he has over 100 cash flowing properties. He quit his day job and lives in Hawaii. He's not working for money at this point. He just works to do whatever he wants. That sounds retired to me.
@@aaajjworm 100 cash flowing properties is a pretty good start
Another amazing video motivating us to reach our goals by Mr. Turner! Thank you for breaking it down into simpler terms for us this video was super helpfull!
what I wanna understand is, I know they saying you should do a down payment and get a mortgage on a multifamily, but what about the units after? are you doing home equity loans? cause I know you cant just keep taking out mortgages in the same year, or are they saying to solely depend on opm from investors and others you find, any thanks would be great, thanks!
My cousin has 9 units and he makes EXACTLY $54k right now. Took him about 5 years, though.
9 doors??
I love this video! Thanks Brandon!
I agree with the math and finding houses that net cash flow isn’t too difficult but...
The problem is with such a thin net cash flow ($100-200 month) you are in dire risk of faulting with a moderate downturn in housing
When housing markets fall the owners and banks will flood the market with rentals therefore lowering rental prices
That + $200 a month on 30 units could turn into -100 on 30 units and you’re stuck
These types of plans can work but they are also very much the ones susceptible to bankruptcy
I’m not saying don’t chase your goals I’m suggesting for as many rosy stories you hear of there are 3-5 that fail miserably
So having more cash flow would solve the prob
We charge what we want for rent and the mortgage gets paid the same no matter what the housing market or economy look like. I'm not sure your point is very valid.
$150 is a pretty thin margin. Capital expenses of just a month of vacancy can take all your cash flow for the year.
I'm on 3500 a month at this point sir, thank you very much for your videos I'm learning.
How
Very helpful. I liked the Jim Rohn quote.
guys have the best videos
Such good info--thanks for sharing.
Just 30 units? That's it? Does that include 30 reliable tenants? Let's hope we have the backup cash in case anything goes wrong. Lol
Unfortunately I'm in Canada and we don't have properties ranging from 40000 to 150000. You'd be lucky to get in at 500000.
30 units or equivalent times 500,000$ yea that's realistic. Come on Brandon, this video needs more depth and must include a more realistic price point.
My portfolio is at two with decent cash flow but I'm tapped with financing and my consumer credit card debt is only 600$. I'm having a hard time finding financing for my third.
darwandoo
I just did a quick search on some properties in Canada some houses are worth 130,000 ? You know you don’t have to buy in the city you’re in right ? They have property managers so you can get a cheap rental property out of the way and have someone else manage
For all you new real estate buyers out there. I would say start small. Maybe give out room on rent in the house you currently living in. Start by saving more money on down payment. Then think of buying town homes or semi detached units. It's very hard to find a mortage for a second home unless you have a really good job and I mean job that pays 100k + a year.. and permanent.
Hey boss, remember me????? Well I'm about to close on 4 more triplex good Lord willing, thanks for this video, I watch it every week to remind me my goal. Thank you very much God bless you.
No one officially retires until they die true facts
Retire Re tire make tired again. The purpose is to achieve a goal and start a new one not to do nothing. I did nothing for quite a while and trust me , it is annoyingly boring and depressing. Not a good goal. Find what others need that you enjoy doing or find fascinating. Your calling. Then do that even if people say you can't or shouldnt. And never quit, transition maybe, but don't quit. Do it especially for the possible heavenly rewards, but it works better for here too far more than doing nothing does. Plus, the means to do nothing easily causes a lack of structure which is very dangerous for a human's psychological state of mind.
$100 a month per unit isn't worth the goddamn trouble! you're talking about going into an entire real estate transaction for a Max cash flow per year of $2,400?! Be careful with low cash flow when one or two months of vacancy wipes that out instantly
Depending where you are, you don't even need 30 units. 5 multifamily houses can suffice. I live in New Orleans. NO has A TON of multifamily doubles. its the main type of apartment that you'll find in NO as there aren't many complexes. Rent in NOLA for a 1 bedroom is like 900-1200. Assuming, you rented one side out, you can theoretically pay the mortgage, p&I, and taxes, and pretty much every other expense with one side of the property. The other side is total profit. So we're talking 800-1200 in profit for ONE property. ALOT of these houses are priced between 120k to 300k. My dad bought one a while ago. A lot of my friends down here also own some. My dad was making 900 off of one property. Just a bit of food for thought.
If I had the money to buy 5 units I would have been retired already.
He's not talking about being able to buy them outright. He's talking about having a down payment and having them on a loan. What he means by cash flow is that you have enough cash made each month to pay your loan plus make a little money past that. He doesn't own all the houses outright within a year. The rent is enough to pay the monthly loan plus give him some cash. You have to actually think about what he saying
@@jimbob6216 in order to get mortgage loans your income needs to be enough to cover all the payments. These videos are bullshit
Aidan Zephan Akakino 'o ka Lani Tsukiyama Much easier said than done. I live in Washington state, a down payment here isn’t just 25,000, You’re lookin at like 65,000 for one unit for 10% maybe 15% if it’s on the cheaper side.
@Aidan Zephan Akakino 'o ka Lani Tsukiyama The place you are looking are on the other side of the mountains. Yes, there is cheap land in Washington, but where that cheap land is there is also a lack of employment opportunities. You're most likely looking at Walla Walla, Yakima, Spokane, Preston, or many other small cities. The population tends to be older people or groups of immigrants or own a house near the farm they work at (that's really the only employment opportunity). The market for renting out there is next to nothing, if you want to make any passive income off of real estate in WA, you'd be hard-pressed to find anything that cheap on the side of the mountains with cities and employers. Also, I have 1.2k in Robinhood, I know how to invest and I enjoy investing. Not everything is as easy for everyone in different parts of the country.
@Aidan Zephan Akakino 'o ka Lani Tsukiyama I'm 19 years old, money works for the rich not the impoverished. I'm going to work my ass off so that by the time I'm in my thirties the dream I have now is much more obtainable; nonetheless, money is a requirement if you want to make money work for you. Trading single share stocks is a bad idea unless you plan on investing long term and know the company has a future, but even then ETFs and bonds are safer even if their ROI is lower. The employment opportunities aren't for me, theoretically I could live out there but I have a workaholic personality and desire a job to keep me busy for most of my day. If I want a job, I need a place on this side of the mountains. No bank will give you a loan for a downpayment over in those cities i mentioned because no one wants to rent out there, there's no market, that's why the land is so cheap, and where there is a market, the land is expensive. I get what you're saying, and I'll get there, but for most people this is not an immediate thing. 1k in the stock market is jack shit if I'm expecting a solid return within even a decade. People need to make money before they can make money make money for them.
Weak on valuable content, but you crushed it on the 7 advertising plugs. 🤨
It was never meant to do more than give broad strokes. They have an entire channel dedicated to the details.
What I want to know is where people are that started this plan three years ago and now they're faced with 50% tenants not paying rent and the states saying they can't evict them, sure you might be able to get a forbearance but you're still hugely overleveraged at that point
Working on obtaining rental #2
I going to do at least 3 deals of 2 plus units and a 20unit in 2019. So it can be done.
Hi great videos just had a question,Hey what if i find a motivated seller but he's already working with a real estate agent what should I do ? Walk away or still try to negotiate ??
This video is now 3 years old! Anyone retire? Or anyone financially independent
Heart Healthy Hustle by Jonathan Frederick
Me 🙋🏻♂️
Heart Healthy Hustle by Jonathan Frederick I just posted this same question!
Anyone who got excited and took this advice is going through foreclosure with tenants unable to pay rent
Nope. Lol
I live in New York where rent is high and properties can be bought for a good deal. There are 1/2 bed room condos going for 200k-450k in affluent neighborhoods where typical rent is 2500-4000 a month for a 1/2 bedroom condo. With a great interest rate for the loan, loan amounts could be 800 to 2k a month so, is this a good idea to buy or should I do a duplex or triplex?!?!
Where my fellow nerds at that new the answer was 30 before the first “Bueller”?
25% down payment required (plus reserves) for 2-4 unit properties financed with a conventional loan. Probably more if private or hard money plus higher interest. How many people are sitting on that kind of money? Those that makes a LOT more than $54k/yr
Exactly true. If you make 6 figures with no family and small bills, this can definately be done
So I'm married with 2 kids and one on the way. I have a full time job as a fire fighter/ paramedic and a part time job. I do this so we're not struggling, even though we could manage on just my full time. My problem is I cant really take much RISK in my current situation. If it was just me, I'd take lots of risks. Worst case, I end up living with my parents. But i have a family to support. It seems these videos are awesome if you're willing to take a risk, but I cannot put my family on the street if I fail as a real estate investor.
Just don’t mess up
That's an awesome shirt!
Bueller? Bueller? Ah you got me to laugh. Good vid.
You made me a believer man
Like your content 😘😘..
From India 🇮🇳.
your great thank you
I am friends with the CEO through the college of a construction company. Searching for Fixer up properties with equity in hand when buy. Searching for Single-family and see if can turn into duplex or triplex if enough equity to build a brick second story. Also Want to be NEar Tourist areas so could turn my Quad plex,triplex, or duplex into tourist housing try to sway monthly payment in 2 weeks rather then 4 this way I pay down loan faster. Another I'd wish to utilize is water recycling and solar.
imposible to do in the Los Angles area! lol one would need like 20 million dollar to buy 30 units that would be worth while
Some of you have missed the point of this video. Although it would help if the title mentioned that this is best used for commercial real estate (5+ units buildings). Whilst $150 is small for a house, on a 5-unit building that would be $750/month cash flow. Also once you start it will be progressively easier to do more deals and do bigger deals. You just need to expand beyond single family thinking and go for the commercial stuff.
I do disagree that $54,000/year is enough to "retire" on. For most major cities you would still need another job with that kind of income. Just a matter of scaling up again.
David Patrickson missed the point? He specifically describes 'family' units. Family units is not commercial.
Actually, it sounds like YOU missed the point of this video. He specifically says that 4500/month was a roundabout figure to cover all of your basic needs/bills but ultimately you have to decide what the target number is. And to be honest, in most areas of America, entire household incomes average at or below 54K already. Secondly, commercial real estate (5+ unit properties) requires a different type of loan, hence buying 4 or less is a lot easier to do for most people.
David Patrickson I avoid commercial and actually have a duplex and triplex. I believe that’s what he suggested for year 1 to get 5 units. I will either purchase a quadplex or a house this year which will secure my retirement. My return is several hundred per unit after mortgage and all expenses are paid. This reduces my overall monthly expenses which means I need far fewer units. Another consideration is how you live. My properties are in DC where the cost of living is steadily increasing, however I tend to live modest and prefer some level of minimalism. I also work full time which will help me pay the mortgage much sooner.
David Patrickson if you made 54k a year from real estate your taxable income would be much less. There's easy ways to write stuff off on your taxes in real estate. So you wouldn't be getting taxed much. And 54k a year? I mean dude that's the average income for 2 people working in 1 house. If you had that from 1 person you'd be doing alright. Rich? No. But anyone can live off of that.
I think all of you missed the point. Buying 30 units in three years is impossible. This video is bullshit
"Farcicle" . Is that an ice cream dessert?
I legit thought this was Dave Asprey for the first 15 seconds
SelfMad
okay 57 taking the challenge.
Good Video👍
My Goal! Is $10,000 a month in 5 years!
Thanks Brandon!
Bob Wright that’s literally my goal as well lol
Ambitious.
Not impossible though
What about the housing in Utah how can I tell if the market is going to pop or if i should by now?
Really unsure on how to build your unit counts. I have the opportunity to buy a 4 unit duplex. okay now i'm invested in that. if i do not have the cash to make a downpayment on a second rental property, how am i supposed to buy another unit? (new to this)
If I own $700,000 worth of real estate in two single-family homes in Los Angeles that's about 4,500 in rent before expenses, so yeah if I could pay off the mortgages on $700,000 in three years I'd be there
I feel like most of your advice is hypotheticals
LoL, me too!
Daniel Ricany he actually has 100 units sooooo he know what he’s talking about
It's real. Numbers dont lie.
@@PS-rb5fw then he has cash flow of 15,000 per month.
Pat Aherne yeah around that number which for most people is a lot of money and it’s semi passive income
This is awesome..
I use subsidies whenever available. That's guaranteed money from the government!
Great advice closing on 8 units now! Do I hear a dog collar in the background?
Very nice video
i have 2 homes in mexico city making me 500 a month each :) im good
Hey Could i contact you? I am currently in Mexico City working. I'm from NY though. I have about 30k Dollars saved up and am looking to get into real estate in the city. Wanted to see if you had any advice or things to be carfeul with.
Manny Sandoval I live in the southern area of Mexico City, just finished highschool, and I'm looking to get involved in real estate investing. I am fully fluent in English and Spanish. I'd love to get in contact with you.
Manny Sandoval you don't face problems from cartels or anything?
Manny Sandoval I’m in CDMX myself...let’s team and buy!
@Archie Bunker lmao that's how stupid some people are
Great vid #verywelldone
These investment properties require a 20 to 25% down payment. Let's say you're in it for 50k a unit and @ 30 units you'll need $300,000 too $375,000 for down payments each year. Not to mention if you earn $50,000 a year with no debt and you buy 2 fourplexs at 180k each in the first year, that's 72 to 90k down payment and maybe $1,800 to $2,000 a month getting close to 42% debt to income ratio. If a bank allowed you to leverage more debt based on the first years income I still don't see how you could do it.
I would strongly discourage anyone from getting into a partnership their first few years of real estate investing, guess it's a good way to leverage your assets but try to learn the ropes before you sign on the dotted line, I've heard too many horror stories of partnerships gone bad
i have not bought a home yet. is it possible to achieve this goal with a first time morgage loan?
How does one realistically manage 30 doors? I can't imagine the paperwork for that amount of activity...Please advise.....
Brandon, I have three rental units plus my primary residence. My issue with your hefty 30 unit goal is the vacancy rate. I'd loose sleep over how many tenants are gonna screw me at the end of each month. What's your safe guard for 30 units of rolling passive income. It sounds too risky to me. I do one deal at a time, get the wheels rolling then continue
we have a winner, snowball effect
Getting started in RE Investing, people on BP are trying to turn me away from doing such a thing if you are inexperienced. So how do you get into RE investing if people are telling you about the dark part. To a beginner, that can scare them off and make them not even think about doing such a thing. Not sure if BP is just BS or not. Everyone who chimed in on the forum seems helpful, but some just seem like they are turning you away when you ask beginner questions.
We make over 200k a year and paid off home and car debt and there is no way in hell we can afford 5 units a year. Maybe 1.
I don't consider being buried in debt (using other's people money) a valid retirement. How long to pay the debt off????
First of all , $150 of cashflow a month from a unit/ property is terrible. Bare minimum $500-600 from each. Seriously, you think average Joe will have money for downpayment plus closings cost plus immediate repairs on 5 properties or units in first year ??and 10 more the second year?? Unbelievable ignorance. If most people get to buy ONE property per year that would be a huge reason to celebrate.
can this also be achieved with reits?
Hey Brandon do you have any video or article about house hacking? Thanks
Should you be doing the repair?
If you pay cash and buy homes you can make more money faster.
Wow, you repeated what i just replied to above. I elaborate to much more detail this exact statement. Check it out.
Uhh... no
Kool...I want a video on how to retire in 2 yrs...
Andrew Zwolf there is a guy who bought 100 units in 2 years
I'll sale you my video on this for $20 bucks
Isn't 5 units allot for someone who never bought a home? Wouldn't it be more like 1 multi family for the first year then maybe 2 the following year? Then 4 the next? (That's my strategy for now.)
thats a great strategy. stacking works
Cool vid
Where do you get the money to buy that stuff?
Buy 5 units this month. "I don't see why not". I'll give you a reason. I don't have $50,000 x 5 to buy 5 units. There is no easy recipe for investing, and the cost and taxes are unreal in the real world. And people steal your stuff.
When I was 18 I borrowed £8,500,000 from the bank and bought a block of flats that where brand new, I had no money then.
It is easy, it is not fake. I burrowed the money to buy a block of flats because the bank agreed that I would be able to pay it back with in only 8 years and I have almost payed it all back in 6 years. I am going to be able to earn around 600,000-800,000 pounds a year once I have payed back the rest of the the money which will be in just under year as long as everything goes well. With that money I wont be buying a Bugatti, I will be buying more property which I can rent out to earn more.
Although my parents did pay an eight hundred thousand pound deposit which I am paying back gradually.
A million dollars is the same as 850,000 pounds I think and it is quite small in the financial world.
I borrowed money to invest, you are asking for an amount of money go and buy an iPhone and an xbox, that is not the correct way to live because you will never become financially successful. If you are talking about investing with that money you could not do property investment, you could do an online business or buy a load of lego and sell it on for 4 times the amount when it is not on sale but that would be a very low payed job that could almost never be full time. For property investment you could do nothing with twenty thousand pounds, it is useless.
First of all anyone can use Lego, it is for all ages, I play with it a lot. I see what you are saying about me having a fortunate background and I agree that it made the bank more comfortable about lending the money, but it is mainly what property you have found and how you could pay back the money, for example the block of flats I found were 0.3miles from the nearest train station and 0.8 miles from the nearest University so it was very good for student accommodation and because of that the bank lent the money without hesitating.
I was not just taking money, buying a property and seating back letting the money pour in, I was paying taxes for 107 2 bed apartments and paying the money to the bank, while working for my dad in his roofing company in New Zealand. Like the guy says on this video "it does not matter how much money you have but how much you want it".
ya... simply manage 30 units to retire, because managing 30 units is so easy.... Doable and smart yes. but not easy, and for sure the opposite of retirement.
He could simply hire a management company and be hands off. However, He could actualy make more with less. In my market 10 doors is around 15,000/month vs his 30 doors for 4500. Much easier to manage 10 doors than 30 doors while making over triple the profits. You have to find a certain markets to accomplish that. Now I'm sure the question will be were in the world can 10 doors garner 15,000/month and who has millions to purchase that.
The answer is 10 cheap Houses..... over time, not instantly. Not apartment doors. The next question is who can buy or pay off 10 houses cash. Answer = Buy extremely cheap and dedicate 10-15ys to pay them all off using the snow ball effect from all the combined rents to work to accomplish the feat. A six-figure income will help. I'm not there yet , but very close. Should be finished completely within 4yrs.
2008 didn't happen. Also the Fed didn't just raise interest rates again. If you watch enough HGTV you will become rich.
I love the can do attitude..but retirement? sounds like a full time job to me.. which is ok if that's your thing.
For rental business, is buying a house is better? Or buying multifamily condo is better?
one book im reading says the numbers work the best with a 4 plex especially if you owner occupy it to get the lowest interest rates and lowest down payment.. usually 1 yr occupancy required in loan and then move to another.
How to get enough money to even buy 1 property ? Win the lottery ? Lol .
I'm going for my first unit next year. Plan to have 3 in 5 years and 10 in 10 years. The idea is there it's just the initial cash flow requirement for the first property (nearly there)
Derek Dymond you got this bro! Same here. Working two jobs right now going to use the brrr method to get me going next year!
@@louisiusj how did it work out
Am i crazy? I keep doing the math on properties earning me around $700/month in cash flow, single family homes. That's not being over-zealous either. Property taxes, HoA, Property Mgt, Insurance, Mortage + Interest, Setting aside for Cap-ex/repairs, the whole pie. I take it those just must be solid ass deals?
Skiidzman I saw one that’s making 1200 after paying everything except for huge repairs and it just doesn’t make sense to me. It feels like I’m being lied to or there’s something I’m missing
Plus it’s being viewed by 30 people already on just one website. It is in the ghetto but idk
All this experts talk about the money espect but there is more to it. I been in real estate for 15 years. Manage 13 rentals and is brutal. There is no harder job than dealing with people(tenants) specialy to keep them paying their rent without violating rules and regulations. I would say that dealing and managing real estate is for people with very tick skin. But this guys only thank about the money part. Where is othere aspects; cost, fixing, taxes, legality, tenants chalenges, eviction, tenants filling BK so they will not get evicted. Tenants lawsuing landlords. All this guys talk as about money fantacies. They should talk about their own experiences.
Hector Serna that’s exactly how I feel too! He’s all about the hype
Hector Serna your tenants are who you allow to occupy your properties. Owning rentals is a lot of who you let into them. You have control on who rents from you and who doesn't. It sounds like to me you have a low set of standards to who is allowed to rent from you. I look at it this way. If you let your properties get run down or consistently let tenants get away with not paying rent than maybe you might want to look into a different line of work. I believe its about treating your tenants like human beings and not just an income stream. Treat your tenants like you would like to be treated fix issues quickly and don't blow off their issues. I honestly believe if you did a better screening process in the beginning and are quick to respond to a maintenance, or rule violation or regulation issue I believe that many of the issues you talk about would go away. I suggest maybe a self evaluation of how you go about your rental operation and see if some of your issues stem from something your doing instead of always trying to blame the tenant. Yes of course there are going to be bad tenants but I believe in if you follow a way of treating them as you would like to be treated I think you could lower the issues you have. May you have many blessing in your future enterprises. GOD BLESS
great book I just bought it... The only criticism I have of the book... is the exceptionally canadian guy who you hired to read the audio book... he talks 5 billion words per second
you actually fell for the it. lol... That's how he actualy makes his real money.
Good luck.
Great vid Brandon !!! That was a great vid to show the spouse, very easy to follow and easy math for beginners!!👌