How to Create $10k Per Month Rental Cash Flow, Starting From Scratch
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- Опубликовано: 31 май 2024
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🎙️ Episode 309 - Discover two different paths to financial independence through real estate with 2 captivating case studies. Meet Liz and Tom in St. Louis and Tiffany and Darius in the Bay Area. Their unique journeys applying REI tools strategically with a plan. Join me and uncover the keys to long-term equity and financial freedom.
📄Show Notes:
www.coachcarson.com/scratchto...
🎬 Timestamps:
0:00 - Intro
0:33 - Behind the scenes
1:21 - Topic my new book
3:41 - Liz and Tom's intro
5:19 - From year 0 to 7
17:37 - Liz & Tom's scoreboard
20:42 - Liz & Tom's wealth
22:30 - Tiffany & Darius year 0 to 10
28:22 - Fork in the road
33:29 - Tiffany & Darius' final numbers
36:31 - Which journey resonates?
🔗 Coach's Recommended Links:
How to Find & Negotiate Seller Financing Real Estate Deals (Parts 1 & 2): www.coachcarson.com/seller-fi...
How to Pay Off Your Rental Property Mortgage Early - The Rental Debt Snowball:
• How to Pay Off Your Re...
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www.coachcarson.com/toolkit-yt/
🖥️ My Real Estate Courses: courses.coachcarson.com
🔵 30 Days to a Better Rental Investor
🔵 Creative Financing for Real Estate Investors
📚 My Books:
📘 The Small & Mighty Real Estate Investor:
www.coachcarson.com/smallandm...
📙 Retire Early with Real Estate:
www.coachcarson.com/retiremen...
💰 DealMachine - Software to help you buy more real estate deals:
www.coachcarson.com/dealmachi...
✅Subscribe for more videos about real estate investing:
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🌐 For everything else: www.CoachCarson.com
5 buildings, 20 units, and self managing. I just hit enough after 9 years, I just turned 51 and I'm retiring from my job.
Thanks Coach for your videos!
Congrats! Great story.
Amazing! Congrats William. I'm sure that's been a lot of work to get where you are. Celebrate!
@@CoachChadCarson Thank you very much for the effort put into this quality video.
@@CoachChadCarson Love your video. I have some charts at my community section; real estate related.
thank you for the feedback! My editor Mike and I are trying hard!🙏
I wish someone should have made this video 10 years back. ❤
These are the best videos on the subject. Some dude that has two kinds of dads has a channel with the same chart every video that doesn't even address the title of the video. This stuff is awesome.
A starter here 🙋🏻♂️I have been listening to a lot of REI content since last year and this seems one of the safest way to get started in real estate. Thanks for putting the long run prospective and showing it what it actually takes to build wealth through real estate coach.
Glad you're here on the channel! Welcome and thank you. And this is a more steady approach to wealth building. Does take some work, but I like that it's simple and straight forward.
This was so so helpful. The two very difference case studies were great. Thank you.
Enormously helpful! It’s so rare to see real numbers shared and I appreciated that you showed two contrasting examples: one focused more on cash flowing properties and more modest home prices and one that showed how people challenged by high housing prices might also pursue this journey. Love your content!!
thank you Laila! I always appreciate your feedback.
Simply awesome video. Thank you 😊
Another great video !!
this was awesome!! thx coach
Awesome episode, thank you! 😊
Glad you enjoyed it!
Thanks coach Chad.
Great content, thank you.
This was helpful
I’m in the RUclips watching phase - the phase before you get started. I am happy to learn as much as I can before I get in
You got this!
This is a great show! Thanks Coach 🎉🎉🎉
Thanks Derek!
I am exitet to listen to this video. Thanks Carson!!!
Thanks Luis!
Great explanation
Truly inspire people like myself and my wife coach! We are following your footsteps one year at a time. Currently at 4 homes, but plan to add 2 more next year. Thanks again for all the clear, precise content you put out. God bless.
so happy to hear it, Paul! congrats on your progress and best of luck with the next steps. I'll be here!
Well i started like the second example, both my second home, and I got stuck there just because I don’t know what to do, but I have built equity, credit, and I’m ready for the next step. Just sure where to go invest so this helps me motivate and take the next step.
Coach, you always give very valuable real estate investing tips. I appreciate all your knowledge.
Gargle for that throat!
I'm happy to say it got better a few days after recording. Definitely gargled a lot! Thank you for watching and for your feedback. 🙏
1 duplex with an adu. 2xs equity than mortgage and cashflowing. Going for #2. Tri-state area. Thanks coach
congrats! That's an awesome start. Keep rolling and good luck!
I love your videos brother! By the way is there any videos of you explaining how an FHA loan works ?
Fha loan CAn get you a 3.5% down payment on a house. The condition is that you must live there for 1 year. Permissible up to a 4 unit property. So you can rent the other units but you must live in one for 1 year and the rentals cannot be short term.
Not a morning person either , I sleep at 5-6 am lol , coach , what do u know about , slow flipping & maybe some other I know strategies that people don’t talk about
Thx
Im on 4 properties using my VA loans. 3 of the 4 are rentals. Im making 750, 1000, and on another 750 which pays off my mortgage on my 4th property. All of the rentals are 3% fixed 30yrs and my current primary is 6% fixed 30yrs . Im heavy in cash and i want to turn my primary into another rental one day soon. Im not sure what to do with 150k. Do i use it to pay down my current property at 6% intrest this would drop my payments to $1450 a month from $2450 currently. At that price i can turn arround and rent that house at 2450 or more. Or i use that 150k pay down the current rentals and recast the loans increasing my cash flow. So many choices, not sure whats best. 🤔 thanks , im 38 and freakin tired of working. Looking for the quickest option.
I have equipment I'm selling and should have 125k in a few months. Got a job making 86k/yr before taxes. Anyway possible to get up to 5-10 homes and start getting 5-10k/mo income in a faster time frame than this video? Will renting or flipping be better?
This is probably one of my favorite videos/podcasts from you. I love the strategies you lay out. I’m in a different situation in that I have 12 SFHs and a duplex totaling over $1,000,000 in equity but I’m trying to optimize at this point to maximize cash flow. Maybe I could send you the details on my portfolio and you can make a video detailing what you’d do to optimize 😊
thank you Daniel! send me an email at podcast@coachcarson.com and maybe we can record it live:)
@@CoachChadCarson I will. Thanks!
@@CoachChadCarson I sent an email. I hope you got it.
I just want to say thanks for taking the time to break these concepts down for us little guys. I am just getting started and I have found your channel to be very informative. I know this might be outside of your wheelhouse, but I am curious to know if you have any thoughts on where things are going with interest rates and if there are any good strategies for real estate investing when rates are going up. I bring this up because another guy I follow explains how for the last forty years interest rates have been declining and the future forty years looks to be the opposite. Many thanks again for what you do.
I agree that the last 40 years had a HUGE tail wind because of falling interest rates. It inflated property values and made it easier to cash flow with refinances.
I'm not good at predicting. But I wouldn't be surprised if we're in an era a little like the 70s and 80s. On and off again inflation, rising and then falling interest rates. So, sort of a roller coaster ride.
But investors make money with turbulence. It's primarily about controlling and getting creative with financing. that's something I'll talk about a lot on the channel going forward.
Starter here. 20 years old have 2 rentals, make 70k a year on my current job. Currently have between 40-50% equity on one of the homes (80-100k). Should I sell it to purchase more or keep it as a backup incase of any financial troubles?
You're doing better than most 40 year olds (better than me). Time is on your side. Analyze how your cash flows from the properties stands and your ROI. You can build more equity, stack up more reserves, and make a decision a couple of years ahead... A decision to grow using your one of your properties as your bank. But don't sell them. They will serve you well and still serve you as a backup in case of future distress.
It could better to look into a 1031 exchange. Utilize that equity to purchase 1 or two different homes without paying taxes. The rules are a little tricky on it but it can give you the most benefits with what you have
You can give it to me if you want.
Pretty close to my goal. 1 year investment 9 to go 😊
Buy what at these rates and inflation?
I am currently a starter. Do you have an episode talking about how you started? If so what episode is it?
This video shares my story: www.coachcarson.com/getstartednomoney/
I also tell a more of my story in my book The Small and Mighty Real Estate Investor. amzn.to/3Zv6VEF
Coach - where do you like going for your private money? Friends and family? Professional references?
I've found private money lenders at real estate meetups / REIA groups, networking with other local business owners, taking classes (a professor), networking with other local professionals, and family/friends.
Makes sense…I really need some guidance on raising private money. I am well aware of different interest rate/equity combos. I have pitch decks. I have the networking pitch. “I help people get a x% return on their money backed by real estate.” I need to move into higher net worth circles I think
How did their emi evolved when they bought new properties? Not clear on that aspect. Can they qualify for new loan while they are paying existing loans.
Yes, they just have to season the rent on their rentals. Then most of it (usually about 70%) counts as positive income towards their DTI/debt-to-income ratio. I assume that's what you were asking.
Hey Coach! Great video! Do you do consultations? I need some help with my current situation- thanks!
Not at the moment, but I will soon. If you want to get on this waiting list I'll let you know first. Thanks for your interest and for watching: coach-carson-llc.ck.page/9413e0b2fb
Thank you!@@CoachChadCarson
Well I only have one rental, very good strategy for growth
that's a great start! Congrats.
Hi
I am in Uk found your book on Amazon audiobooks £7.99 for the book Small and Mighty Real Estate Investor. How can I get the free bonus comes with the book?
u should do a vid like this for ,low ish,, income ppl ,,like 48,000 and down per year,, great vid,, keep up the great work
Thanks for the feedback
Thanks for this. Very interesting to see the numbers. I think I was a bit delusional as to the numbers. I thought someone with 10 properties would be earning much much more than 10k / month.
It's possible with larger properties or with short-term rentals. In terms of cash flow / equity, real estate can be stronger than other asset classes like stocks or bonds - depending on where you buy. But you've still got to build for a while.
Is there areas with 200k for house our days?
Yes. Just not in the big cities on the east and west coasts.
☄️🔥
Good video. Would be a great video if you could do this again, except assume a rising interest rate environment. In other words, start in the 70s, so to speak, and pretend interest rates rise for 10 years. Also add in current home price to income/salary ratios. That video would be pure gold.
@@alliallison4935 Good question. The point is that the 2020s look to be far more similar to the 1970s vs the period between 1980-2020 where interest rates constantly declined. In other words, it's reasonable to assume that the 10 year projection here (one of the major assumptions of this video) is unlikely given current interest rate policy, 2023 average salary to median price homes, etc. Given such, simply change the assumptions to a stagflationary world in order to come up with real world future numbers. We all should be looking through the windshield rather than the rear view mirror when investing. Even if my assumptions are incorrect as you allude to, the exercise would nevertheless be interesting and perhaps even life saving for many.
@@randyrandall2148Thanks for the suggestion. I like these what-if type videos and just helping us all think through scenarios. So, I'll give that some thought for a future one.
Houses in my area are garbage and being listed at their weight in gold. We have a ton of old real estate investors that are all trying to cash out at the same time and have flooded our market with their retirement dream prices.
I have $72k heloc that I'm wanting to use to buy a property but all of them in that range need bulldozed and rebuilt 😂 I don't want to use the heloc for a down payment. Heloc to purchase and renovate then refinance into a mortgage.
What could their cash flow be if they sold the properties and put the 2.5 million down on a $10 million apartment complex? 🤔
I just want 2k a month rental. Could live many places for that
no doubt! That's a great goal.
Keep going deep coach without the details and specifics and examples.
$519k sold. You pay ordinary income!
not in this case.
When you sell long term investments like rentals, your gain is taxed at capital gains tax rates. And your depreciation recapture is taxed at ordinary income tax rates, up to 25%. See this video for a more detailed explanation: ruclips.net/video/SgNXl8eqa2U/видео.htmlsi=iaTs7Us0pmN_exQU