If the 1% rule doesn't work in your market, try this instead
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- Опубликовано: 31 май 2024
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🎙️ Episode 259 - Learn 5 ways you can still make real estate investing work even when the 1% rule doesn't work in your market.
📄 Show Notes: www.coachcarson.com/one-perce...
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🎬 Timestamps:
0:00 - Should you give up?
1:08 - 1% rule definition
3:11 - 1% doesn't always work
3:46 - Lower Price
5:18 - Change price range
7:27 - Change property type
8:28 - Change strategy
13:20 - Change financing
17:35 - The most obvious solution
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I used this strategy when I paid full asking for a property. I knew the property would be worth alot more in the future because of the location and schools. That particular property is now worth more than twice what I paid for it less than ten years later. I used the Dave Ramsey snowball method of paying this house off. Score!
All investing is an educated guess. You did very well! Congrats.
Thank you
Great video Coach, would really like to get to know about seller financing. Thanks
Great job. Not just sound bites.
Thank you for the information in this video. Excellent video. Rents fluctuate as you said so what tool do you use to assess the rent in different areas. Obviously this is important in calculations before buying. Zillow can indicate rents. Do you use zillow or another site? How did u know that rents in Clemson versus the rent 4 miles away.
Thanks for information I am still flip flopping on rental properties idea. I know one thing with what I do in the stock market is big and maybe with rental properties as a combo it could be big. Like stocks I see a home as to be thought of is it in the growth phase or income phase. Put as little in it to have others pay for it then when paid off by them or yourself depending on time frame it will be the income phase cash flow.
SC but opposite corner from Clemson is my roots. Been in Alabama since 2006. I'm going to subscribe.
Great info as always. Thanks coach!
Thanks Bart!
Just subscribed
love the white board videos!!
great video
thanks for watching!🙏
Thanks Coach always appreciate the videos. Hope you are enjoying living abroad.
thank you for watching and for the support. So far, so good in Spain!
I need some help here. I live in Belgrade Serbia here average salery is $500. In past few years properties has literally doubled in price(rental and buying). 60 year old 1 bedroom apartments all cost over $80 000 (and usually require more renovation) . At best it could be rented for $400, 1% rule seems to be totally unachievable especialy for not so old buildings. What should I do?
Thanks coach Carson. I needed this information as I am planning to purchase my very first rental property. I have been looking and most if not all that's in the market are below the 1% rule. With the other criteria you've mentioned, I am starting to be more open into considering properties on the list as I tbought if just looking at the 1%, getting one in this market right now with tne high interesy rates doesn't make sense to put an offer.
Glad it was helpful. And it sounds like you're looking at a broader picture of what makes a good deal, which is good. You've got to run all the numbers. Best of luck on that first deal!
@@CoachChadCarson thank you!
Bet you wish you could have locked in the interest rates last year with the rates these days lol
The last example just doesn't make sense, the numbers are either completely wrong or there's something that I'm missing that doesn't make sense.
On the seller financing example, after putting 50k down, and paying $1,125 a month over 30 years would only be $405k plus the $50k. Thats only $455,000 over 30m years. How does that make sense for the seller?
is brutal to follow the 1%now where i live here in Orlando Fl 😢
seens these strategies dont work for loans only if your a cash buyer? nobody loans to fix up a property
Great video and gave me a lot to think about. Have a question about rental market. My city is higher cost of living and has 23% renters and .2% available rentals. Would this city be a good rental market or is it usually better to look for other nearby towns with more renters and lower cost of living? Thanks Coach!
there are pluses and minuses in that market. The plus is that I bet there are few rental properties available. The renters probably fight over the few good options, so if you own a quality rental there you'll have an easy time keeping it full and raising rents over time. The challenge is probably the price to rent ratio. Prices will be high compared to rents. So, you may need to get creative with the type of property you find (small multiunits, ADUs, condos, etc) or with the financing (seller financing, lease options, subject-to, etc) in order to make a deal work initially. Hope that helps!
@@CoachChadCarson yes thank you that helps a lot!
Im in india , you're in luck if it's 0.3% return at this current time. 1% rental return sounds like a dream :)
I would use the stock market for better returns.
I have a request: Using your IRA to build a short term rental.
Interesting idea. Thanks for the topic suggestion. The highest challenge would be that you can't do active work for a property owned by your IRA. You would need to hire out everything which may reduce cash flow from what a lot of people expect from short term rentals
I own in my IRA and wish I didn’t. I don’t get depreciation which is a great benefit of owning real estate. I may sell my asset and use IRA for private lending so I can velocitize my money more effectively.
1% in Italy
what part of Italy?
the 7.0% int rate doesn't work for me
Yeah, it's a new paradigm. Creative financing becomes more important.