How to NOT Invest in Real Estate with JL Collins
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- Опубликовано: 28 май 2024
- When most people think of JL Collins, they think of smart stock and index fund investing. In his classic, The Simple Path to Wealth, JL lays out the foundational path that investors can follow to secure financial freedom simply, easily, and without a ton of stress. So it may come to many FI chasers’ surprise that JL has written a new book on real estate investing, and not index funds, the stock market, or our current state of high inflation.
In, How I Lost Money in Real Estate Before It Was Fashionable, JL lays out, quite candidly, how not to invest in real estate. And before you get mad about that type of advice on a BiggerPockets Podcast, please note that JL isn’t saying to NOT invest in real estate, but to invest in real estate in a smarter way than he did.
JL is the first to admit that real estate is a phenomenal way to build wealth, create passive income, and retire early. But, if you haven’t fulfilled your 250+ hours of real estate investing education, you probably shouldn’t be purchasing income properties. In today’s show, you’ll hear JL explicitly list out all the mistakes he made when investing, and how you can mitigate these risks and come out profitable instead!
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Catch Up on JL’s Past Episodes of The BiggerPockets Money Podcast:
Episode 20: www.biggerpockets.com/blog/bi...
Episode 116: www.biggerpockets.com/blog/bi...
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Visit JL’s Website and Grab His Books:
Website: jlcollinsnh.com/
How I Lost Money in Real Estate Before It Was Fashionable: www.amazon.com/Lost-Money-Est...
The Simple Path to Wealth: www.amazon.com/Simple-Path-We...
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10 Lethal Mistakes to Avoid on Your First Real Estate Investment:
www.biggerpockets.com/blog/20...
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6 Rules for Managing Your Contractors:
www.biggerpockets.com/blog/20...
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Want to Be a Guest on the BiggerPockets Money Show? Apply Here:
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Scott: www.biggerpockets.com/users/s...
Mindy: www.biggerpockets.com/users/m...
Episode 285
Show notes at: www.biggerpockets.com/blog/mo...
00:00 Intro
03:33 A Decade of "Stagflation"
08:00 How to NOT Handle a Home Renovation
25:05 Staying Cautious in a Hot Housing Market
33:04 Five-Figure Losses on One Apartment
43:44 Capital Gains and IRS Troubles
47:17 Real Estate Mistakes to Avoid
59:07 Dealing with Investor Stress
01:02:57 JL's Newest Book
01:10:45 Taking JL's Lessons to Heart
I have watched what a new investor can go through. My friends bought a small apartment building in a lower income area. The headaches - druggies with guns, kids that ruined brand new carpet & appliances, single moms not paying rent & you see three small children & feel awful evicting them after six months not paying. I watched them really going through a lot with their ‘investment’. After 4 years they sold it...made 10k but it wasn’t worth the hassles.
Part of real estate research should def be reading your First Time Home Buyer The Complete Playbook to Avoiding Rookie Mistakes book!!!
Where do we get the book?
Great conversation! So glad JL shared his story. My first real estate venture I got mixed up with a group that did a similar thing in Indianapolis - sold D/F class properties to naïve investors, never rehabbed them or did so sparingly, then took that money and paid investors “rent” to keep them buying more (most of my houses never had tenants, plenty of squatters)Set myself back for years but recently crawled out of it. I have been so embarrassed to admit the mistakes I made, but JL wasn’t ruined by it. He still turned out to be really successful and I will be too.
You will be alright in the end prudence
You will be alright in the end prudence
Just love when JL is on! Great convo guys!! 🤩😍
It sounds like Jim lost money to a scam. Not to real estate.
Always enjoy J. L. Collins. Very good information.
Being forced to close escrow is a joke if the seller ends up selling for more to the next buyer. Ask your lawyer but if they are not damaged, they have a problem suing you.
I really enjoyed the 1st 20 minutes of this guy's story this guy's story and think it's important that people realize thatt real estate is not just a short term or a 2 or 3 year investment but one that might last 10 or 15 years. What I don't think is a fair representation is why he complains about having to pay for a property whose accelerated depreciation gave him benefits then complains later...
Mention to the boss back there what funding you have on the table and I match it. I will need that first item picked maxed. 1guy will pay. Paid card no limit. Watch by the business of the card I choose. I look for future involvement for my involvement with this web location. Hopefully no trouble was cause. Thanks for the time that you will spend behind scenes. Thanks.
The noise stud has to go! Can’t watch, gives me the creeps.
Interview to long. Get to the points would be nice.