@@RickyBobby213 no LLC this is my first property! I heard they won’t let you buy a house through an LLC until you have multiple assets. You can always move property into the umbrella company.
Started watching BiggerPockets over the weekend, and my husband and I are putting in our 1st offer tomorrow. It might not get accepted, but I'm so glad that we finally did something instead of just talking about it.
ABSOLUTELY. Just spent 1000$ on a wanna be seminar that asked me.to spend more money. 10K Tax lien code. Sales....sales....sales....u sales and more up sales
I work for the department of defense for the Navy and I have always been looking for financial freedom. I am 21 years old now and plan on doing extensive research and continue watching bigger pockets to achieve my financial goal. I get paid very little for what I do but I have been binge watching these videos and plan on saving a little more for a first time property so it can have the snowball affect and I can buy many more. This is THE turning point of my life and I am so ready.
I know a broker who gave me a good signal and I just laugh and wave it off to my own peril lol cos that signal gave my friend some pretty good million and the only reason I didn’t take it seriously was simply cos it was a free info so I never took it real lol that was one of my biggest lost till date
The greatest part about this video is not the info you shared, its not that you can achieve anything in 90 days or less or anything that can profit anyone. It is the fact that you actually sit and take the time to do what you do to help others get where they want or need to be. And thats priceless. Thanks Bran. Keep doing what you do.
Eddie if you think this is great you need to read the book investing with no money or no money let's get it I feel like this guy is going to change my life
I'm obsessed with RE Investing. Scared to death and don't really have the answers i need but i am studying constantly and looking to buy my first property
The number one way to overcome your concerns and apprehensions is to continue learning studying like you are. Back before i got started it seemed like a daunting endeavor and one that could have huge costs if i failed or had a misstep. But continuing to learn and work towards understanding the ins and out of investing allowed me to overcome most of my fears because i learned the answers and solutions to what concerned me. Now my biggest concern is that i can't buy enough fast enough or find a deal with the exact spread i'm looking for. You will get there too one day. My first video on my channel was me talking about wanting rentals and unsure of how i would do it. Now 3 years later i'm up to 4 rentals and 5 units making a bunch of money and trying to get to 10! keep after it you stud.
Brandon, thanks for the knowledge and enlightenment here. I lost my mom during the pandemic and her last wish for me to become a millionaire and get out out our lower middle class life, possibly help kids with healthcare in India. I was figuring out how to become successful and i came across this video, and i feel I’m already excited and confident to give my all into this and shine. Im grateful to you and looking forward to meet amazingly inspiring people in this community. Happy Holidays and good luck my friends
great title btw, the "in less than 90 days" caught my attention more than anything bc I am looking to purchase my first mobile home in LA somewhat soon. Thank u for the most informative vids about real estate here on youtube
You forgot another low or no money down strategy, especially for younger people. 1st time home buyer - 3% down and get roommates to pay rent - so they pay your mortgage. But thank you for sharing all your wonderful knowledge.
My niche is buy and hold single family in a super cheap area. In central Georgia, I have bought 4 houses for $63,000, 98, 44, and $18,500. Cash flow average $190. Next strategy is to convert and expand the detached garage on one property to a 1-bed living unit. Intend to pay cash, about 20,000 projected rent 500.
@@chadschulman2954 I just closed on the 3rd & 4th last week so need to go down there and get them opened. After that, planning, zoning meetings, blueprints, contractors, etc will take a few months, but hope to begin in about September
Brandon Turner, David Greene, and BiggerPockets inspired me to build my real estate portfolio. They have motivated me to make financial and investing videos to teach people what I have learned along the way.
I was saving to buy my 1st rental this year, I own 1 single family now where I rent out 2 of the 3 rooms and save all the rent for the next house.. Right as I put in a few offeres for a new place, I had a sweet pipe burst that is now costing my about 20k...(goodbye down payment) Well I guess I’ll save for another 6 months and hope that I don’t have another major repair.
Yea I don’t want to take student loans out for her, so it’s all been cash. I also max out my IRA every month and invest another 10k into a personal brokerage. Then I save rent /15% of my income for rental properties. The market is wild, in my area, so I’m not in a hurry persay. But I have a preapproval and pre under written up to a 350k So I’m just looking for that awesome deal , but I’m looking for something good by the numbers and those are not easy to find. But yes I’m looking hard everyday and keeping an open mind.
Dayton Ohio representing I just wanted to say I have been working on my construction company to make money to invest more I'm already a real estate investor and I am struggling in this current market but you guys have made me get ready to make that next push thanks guys and you guys are really funny keep it up
Thank you! 😊 I took notes. I am one of those people who does crossfit lol and my plan is to apply the same consistency, perseverance, determination, courage, patience I apply in Crossfit (it takes a lot)
I'm currently doing the brrr method. When it comes to refinancing your mortgage will go up. My payment went from $850 to $1,800 a month. Cash out was $130k. Going to use it to fix n flipp a small cabin in San Bernardino California mountains. Great video Brandon!
I think a big part of becoming accomplished in anything is the switch from short term gratification to long term gratification, by changing small habits that are easy to change, doing the things you know you should be doing, when you need to do them. Adding just one good habit at a day and building upon that mindset, we can become just as addicted to achieving our long term goals as we were to trading them for our short term gratification.
Why people won’t take action? The complexity and amount of details, numbers and risks. People wanted sureness, and investing is full of uncertainties and ball of hard works. People are afraid of failure and being ripped off
What do i do when there are many houses up for rent how do i compete vs everyone else. Thats always been my fear. The fear of not being able to rent a house out and it just eating away at my savings paying 2 mortgages
Alright. Challenge Accepted. I got started educating myself recently, never bought a property and come from a poorer background. Ill be back to give you an update.
@@chadschulman2954 since I was 12 yrs old brother I'm 30 now. Real estate was something I was always interested in. I had to educate myself properly to truly see the fruit
yes it is an actual business. after around 5 properties which is right where i'm at right now, you need to form an LLC for your own protection and to make sure that your assets are safe from some crazy attorney looking to sue you. As you gain more rentals, it takes more time to manage them and handle the repairs and showings and all of that. Sure you can have a property manager do that but usually you still play an active role in what you are doing especially if you are in the acquisition stage and trying to get more properties. my main job i'm a police officer from 9-5. But in my spare time i study, research and work real estate to try to go from where i'm at with 4 rentals to 10.
As a veteran that used to jump out of airplanes and do hard things in the middle of the night I’m so grateful I did that because now there is no such thing as a hard job. Big reason why so many veterans are so successful cus everything after the military ALWAYS has positivity attached to it. Shoveling horse shit? Nobody trying to kill me? I’m in
This is great info. I would like to share my personal "Hurdles" or basically what I want 100% in order before I make my first purchase. : 1. Payments. What program do we use to collect payment? 2. Bookkeeping. Ties into 1. I would like to see way that this is simplified. 3. Paper work. Not 100% on everything needed and would like insights on that. I would like to have all form in order, for best to worst case. Example 10k units and I have 10k ready to rent renters, to eviction being starting and handed super-fast. 4. Lawyers. Ties into step 3. Best way people found them? Would like a lawyer to not only look at my lease but to be to standby for evictions. 5. LLC. This is a work in progress but I will have this set up
Multi family Starting with a 203k loan rehabbing a duplex to create immediate equity in order to to immediately refinance heloc into my next property !
I really needed to hear this video. I live in Boston MA and the market here is just super expensive. But, have to keep pushing to find something. Looking in the outskirts of the city now. Aiming to close my first deal.
any videos on financing tax and strategy? lets say you have $350,000 in trapped equity and want to buy your first rental for $125,000. is it smarter to refi for 50K so you have a down payment. is it smarter to refi the total 125K and buy cash? tax benefits on having 2 loans? you will never get the same interest on the rental home you have on your first.
i wouldn't recommend buying any of your properties with all cash. That locks up a lot of capital that you could use to buy other rentals. I would say do a cash out refi on your trapped equity and then put 20% to 30% down on whatever you are looking at purchasing making sure that the rents cover the mortgage, taxes insurance, vacancies and maintenance and some left over for profit. you can deduct the interest you pay on your rentals for your taxes as well as repairs and management costs. I did a tax video on my duplex last year. I filed for extension this year otherwise i'll be doing a tax video on my having 3 rentals out of state and how that affected my taxes. just waiting for my CPA to get back to me with the info.
@@MillennialMike theirs a real answer. Everyone says " plus the tax breaks" but no one says what they are! The tax breaks are deduction on interest paid on the loan. That makes sense. Thanks
Personal notes: - find your why - - find a location, learn that market/area like crazy. Ask people - find real estate deals, (realtor.com Zillow,) and find hidden potential. (Cosmetic fixing) * you don’t need the best deal at first, just go do something and build momentum Advanced leads: * off market deals: driving and looking around for people who might want to sell and build a personal CRM. Ask them if they want to sell, and all them to follow up with them. Ask them if they have any other properties they want to sell. * direct mail marketing, ( list source. PropStream) mail/call them . Large funnel like 1000+ people “ skiptracing” the art of finding info of people - every property has a “Home run” deal that makes it a good deal. 4. Process: the individual steps you take to success L.A.P.S.: Leads: contacting people Analysis : calls answered & deals analyzed Pursue: making offers Success: kick ass Wholesaling: finding a cheap deal, finding someone who will pay more for the deal, receive finders comp
@@MillennialMike Right now in my area houses are selling so high that I wouldn’t be able to get any cash flow. I am just stacking paper and waiting for the crash.
Please share your thoughts on this. My tenant wants to put an above ground swimming pool in the back yard of my rental. It will kill the yard, and I'm concerned about the liability. Thoughts?
You are the property owner. Simply tell them it is not permitted. Your liability concerns are valid. Additionally; you will likely be stuck with the hassle and expense of disposing of the pool when they move out. No upside for you in allowing the pool.
30 houses seen. 2 offers rejected. Third offer ACCEPTED today on a Duplex, Pittsburgh PA!! 21 years old, I owe all thanks to bigger pockets!
Mad respect brother! All luck to you and your future success ☀️✍🏽🔥
@@AA-iv2mx yo thank you!! Waiting to hear back from the sellers agent today! 🙏🏼🤞🏼
Good job bro. Good luck in the journey
That's wassup bro.
That's amazing..
BTW do you have an LLC? If so, was it easy to set up? I'm looking for property out in PA. Thanks beforehand
@@RickyBobby213 no LLC this is my first property! I heard they won’t let you buy a house through an LLC until you have multiple assets. You can always move property into the umbrella company.
Started watching BiggerPockets over the weekend, and my husband and I are putting in our 1st offer tomorrow. It might not get accepted, but I'm so glad that we finally did something instead of just talking about it.
This is where I'm at, we feel like we can only.learn so much just watching were ready to get started. Thanks for sharing.
@D G Your
Joojo
Iioeoojo hjjokj
@UCKd84WFeCNmnvvZQ1t8OmGQ 😄😄😄😄😄😄🗽
I’m 16 and I’m already starting to save the money to buy my first property. I’m glad I found BP so I can make sure I do it right
Amazing! Keep going Noah you can be a millionaire at a young age!
I'm excited to see BP going back to basics by giving us newbies some love!
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#Yeses!!!!!!!
ABSOLUTELY.
Just spent 1000$ on a wanna be seminar that asked me.to spend more money. 10K
Tax lien code. Sales....sales....sales....u sales and more up sales
I work for the department of defense for the Navy and I have always been looking for financial freedom. I am 21 years old now and plan on doing extensive research and continue watching bigger pockets to achieve my financial goal. I get paid very little for what I do but I have been binge watching these videos and plan on saving a little more for a first time property so it can have the snowball affect and I can buy many more. This is THE turning point of my life and I am so ready.
Thanks for the comment don't forget to hit the subscription button
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This is the information people pay the big bucks for $$ and it's given freely?!!! Brand you're an excellent teacher!
I know a broker who gave me a good signal and I just laugh and wave it off to my own peril lol cos that signal gave my friend some pretty good million and the only reason I didn’t take it seriously was simply cos it was a free info so I never took it real lol that was one of my biggest lost till date
*Thanks *For The Comment Ensure You Text My Proffesional Broker on Whatsapp For More Strategies*
*+>
@@helenpaul8071 Quit spamming.
The greatest part about this video is not the info you shared, its not that you can achieve anything in 90 days or less or anything that can profit anyone. It is the fact that you actually sit and take the time to do what you do to help others get where they want or need to be. And thats priceless. Thanks Bran. Keep doing what you do.
"I am not a super intelligent guy, I just figured it out." 👏🏼
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Eddie if you think this is great you need to read the book investing with no money or no money let's get it I feel like this guy is going to change my life
I'm obsessed with RE Investing. Scared to death and don't really have the answers i need but i am studying constantly and looking to buy my first property
The number one way to overcome your concerns and apprehensions is to continue learning studying like you are. Back before i got started it seemed like a daunting endeavor and one that could have huge costs if i failed or had a misstep. But continuing to learn and work towards understanding the ins and out of investing allowed me to overcome most of my fears because i learned the answers and solutions to what concerned me. Now my biggest concern is that i can't buy enough fast enough or find a deal with the exact spread i'm looking for. You will get there too one day. My first video on my channel was me talking about wanting rentals and unsure of how i would do it. Now 3 years later i'm up to 4 rentals and 5 units making a bunch of money and trying to get to 10! keep after it you stud.
@@MillennialMike thank you brother! Truly appreciate this
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Dont fall victim to Analysis Paralysis
Brandon, thanks for the knowledge and enlightenment here.
I lost my mom during the pandemic and her last wish for me to become a millionaire and get out out our lower middle class life, possibly help kids with healthcare in India.
I was figuring out how to become successful and i came across this video, and i feel I’m already excited and confident to give my all into this and shine.
Im grateful to you and looking forward to meet amazingly inspiring people in this community.
Happy Holidays and good luck my friends
great title btw, the "in less than 90 days" caught my attention more than anything bc I am looking to purchase my first mobile home in LA somewhat soon.
Thank u for the most informative vids about real estate here on youtube
Are you new into it?
*Thanks For The Comment Ensure You Text My Proffesional Broker on Whatsapp For More Strategies*....
You forgot another low or no money down strategy, especially for younger people. 1st time home buyer - 3% down and get roommates to pay rent - so they pay your mortgage. But thank you for sharing all your wonderful knowledge.
I have developed a passion for real estate investing. I started my journey pre pandemic and I don't regret it!
My niche is buy and hold single family in a super cheap area. In central Georgia, I have bought 4 houses for $63,000, 98, 44, and $18,500. Cash flow average $190. Next strategy is to convert and expand the detached garage on one property to a 1-bed living unit. Intend to pay cash, about 20,000 projected rent 500.
That nice. When do you plan on converting it tho
@@chadschulman2954 I just closed on the 3rd & 4th last week so need to go down there and get them opened. After that, planning, zoning meetings, blueprints, contractors, etc will take a few months, but hope to begin in about September
@@1960markN don’t you think it’s far?
@@chadschulman2954 ... not sure what you mean by far-- do you mean not soon enough?
@@1960markN yeah.
"If you hang around the barber shop long enough, sooner or later, you are going to get a hair cut.":)
As a barber and a realtor! I approve of this message! 🙌🏾
As a Denzel Washington fan and a property owner, I approve of this message as well 👍👍🤙🤙
And if you hang around even longer you’ll become a barber
Bars!
You might even start cutting hair
I gotta say, your excitement and passion is contagious!
Bought the journal today! Don't worry I'll leave a review 🙄😂 you're awesome Brandon, love the transparency. BP info is already changing my life 🙏🏼
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My new favorite channel, I love this brother!! I'm buying his books on Amazon
Me too, I got the BRRRR book by David Greene.
*Thanks For The Comment Ensure You Text My Proffesional Broker on Whatsapp For More Strategies*....
Brandon Turner, David Greene, and BiggerPockets inspired me to build my real estate portfolio. They have motivated me to make financial and investing videos to teach people what I have learned along the way.
Thank you so much for releasing this to everyone!
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40:48 Every property has a number that makes it a good deal.
*Thanks For The Comment Ensure You Text My Proffesional Broker on Whatsapp For More Strategies*....
Man they way you break down and simplify to the lay man term is incredible.
We are brand new but recently closed on our 1st property. Thank you, Brandon😊
I was saving to buy my 1st rental this year, I own 1 single family now where I rent out 2 of the 3 rooms and save all the rent for the next house..
Right as I put in a few offeres for a new place, I had a sweet pipe burst that is now costing my about 20k...(goodbye down payment)
Well I guess I’ll save for another 6 months and hope that I don’t have another major repair.
Why you saving up. You can find a little investment and catch up
@@chadschulman2954 wife is currently in school and I don’t want to risk to much until she is done. 1 more year then I’m more risk tolerate.
@@ericsiel1480 that’s true. You don’t wish to spend more. So it’s better
@@ericsiel1480 but a side investment will be nice tho lol. I’m just saying out of my own understanding
Yea I don’t want to take student loans out for her, so it’s all been cash. I also max out my IRA every month and invest another 10k into a personal brokerage. Then I save rent /15% of my income for rental properties.
The market is wild, in my area, so I’m not in a hurry persay. But I have a preapproval and pre under written up to a 350k
So I’m just looking for that awesome deal , but I’m looking for something good by the numbers and those are not easy to find.
But yes I’m looking hard everyday and keeping an open mind.
Video Starts at 20:08 ... Roughly
Thanks buddy.
thanks
👍🏾
Great step-by-step. Thanks Brandon! I WILL buy my first rental property in 90 days!
*Thanks For The Comment Ensure You Text My Proffesional Broker on Whatsapp For More Strategies*....
Dayton Ohio representing I just wanted to say I have been working on my construction company to make money to invest more I'm already a real estate investor and I am struggling in this current market but you guys have made me get ready to make that next push thanks guys and you guys are really funny keep it up
I love your system. Thanks for sharing. More motivation is what I need
Thank you! 😊 I took notes. I am one of those people who does crossfit lol and my plan is to apply the same consistency, perseverance, determination, courage, patience I apply in Crossfit (it takes a lot)
I'm currently doing the brrr method. When it comes to refinancing your mortgage will go up. My payment went from $850 to $1,800 a month. Cash out was $130k. Going to use it to fix n flipp a small cabin in San Bernardino California mountains. Great video Brandon!
Great lesson! I'm a newbie. And am just starting my REI journey. This last hour was so informative. Thank you.
*bigerpockets@gmail com*
I think a big part of becoming accomplished in anything is the switch from short term gratification to long term gratification, by changing small habits that are easy to change, doing the things you know you should be doing, when you need to do them. Adding just one good habit at a day and building upon that mindset, we can become just as addicted to achieving our long term goals as we were to trading them for our short term gratification.
*Thanks For The Comment Ensure You Text My Proffesional Broker on Whatsapp For More Strategies*....
Leverage everything, mindset, time, network, opm
49:49 - great walk-through of the rental property calculator on BP's website. Thanks!
*Thanks For The Comment Ensure You Text My Proffesional Broker on Whatsapp For More Strategies*.....
Totally bookmarked Batchleads, thanks team!
*Thanks For The Comment Ensure You Text My Proffesional Broker on Whatsapp For More Strategies*..
This is gold. Couldn’t have come at a better time for me thank you so much
*Thanks For The Comment Ensure You Text My Proffesional Broker on Whatsapp For More Strategies*..
Hi everyone I just signed up for the webinar and I’m so excited to take this to the next level. Can’t wait my journey has just begun
This helped me in major ways. Thank you for creating amazing and genuine content. Keep doing what your'e doing.
( *bigerpockets@gmail com* )
This is gold! Challenge accepted.. 🏆 👏👏
This is an awesome and great webinar. Thank you Emmi
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You’re definitely my favorite RUclips University Professor 🤎🤎🤎🤎🤎💪🏽💪🏽
Thank you Biggerpocets, This is a billion-dollar business idea...Greatly appreciate..
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I know you have done videos about all this before, but thanks for doing it again for the refresher!
Why people won’t take action? The complexity and amount of details, numbers and risks. People wanted sureness, and investing is full of uncertainties and ball of hard works. People are afraid of failure and being ripped off
I don’t know if this has already done, however I would find it super useful if you could walk through your first property
fyi my youtubing skills have gotten better over time. my first videos are such low quality. INFO is good though.
I’m 15 years old and I’m thanking u because your helping me to prepare for being a Millionaire
Incredible content. Absolute cherry on top with the Jim Rohn quote at the end
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What do i do when there are many houses up for rent how do i compete vs everyone else. Thats always been my fear. The fear of not being able to rent a house out and it just eating away at my savings paying 2 mortgages
I'm 17 and I saved enough money for a rental property but I'm waiting till I turn 18 so I can start making offers and start investing
Alright. Challenge Accepted. I got started educating myself recently, never bought a property and come from a poorer background. Ill be back to give you an update.
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You inspire me!!! Thank you so much.
Here a guy from Spain trying to invest in the US. I have several properties in Spain but I'm trying to expand other markets.
How do you intend on expanding it
LET'S TALK MY BROTHER!
@@ansonvilla1871 that’s it, lol. Have you ever invested?
@@chadschulman2954 since I was 12 yrs old brother I'm 30 now. Real estate was something I was always interested in. I had to educate myself properly to truly see the fruit
How about yourself?
To those facing doubt self doubt and loneliness you’ve got this 🤙🏾.
This was good reinforcement. Thank you!
I’m 50 and managed to finally save up saving $5000, what market should I start in?
Thank you for this podcast! It's a great way to get started in the real estate investment phase of my life!
Who even are you
@@yehudahbeck4993 her name is sabrina casiyass
@@gabrielsilvas692 😂😂
@@castellanos9924 lmao i mean he asked
Thank you for this knowledge
For me it’s money you have to have money to get started in real estate and that’s the number one reason why I haven’t started.
Have you started yet? That's my problem 😕
I often see people referring to real estate investing as a business...Do people make it an actual business in some way? Or just a term commonly used?
yes it is an actual business. after around 5 properties which is right where i'm at right now, you need to form an LLC for your own protection and to make sure that your assets are safe from some crazy attorney looking to sue you. As you gain more rentals, it takes more time to manage them and handle the repairs and showings and all of that. Sure you can have a property manager do that but usually you still play an active role in what you are doing especially if you are in the acquisition stage and trying to get more properties. my main job i'm a police officer from 9-5. But in my spare time i study, research and work real estate to try to go from where i'm at with 4 rentals to 10.
As a veteran that used to jump out of airplanes and do hard things in the middle of the night I’m so grateful I did that because now there is no such thing as a hard job. Big reason why so many veterans are so successful cus everything after the military ALWAYS has positivity attached to it. Shoveling horse shit? Nobody trying to kill me? I’m in
Ppl are listing duplexes at $160k a door and said duplexes rents are below market 🤦🏾♂️
This is great info. I would like to share my personal "Hurdles" or basically what I want 100% in order before I make my first purchase. :
1. Payments. What program do we use to collect payment?
2. Bookkeeping. Ties into 1. I would like to see way that this is simplified.
3. Paper work. Not 100% on everything needed and would like insights on that. I would like to have all form in order, for best to worst case. Example 10k units and I have 10k ready to rent renters, to eviction being starting and handed super-fast.
4. Lawyers. Ties into step 3. Best way people found them? Would like a lawyer to not only look at my lease but to be to standby for evictions.
5. LLC. This is a work in progress but I will have this set up
WHOA - dunked a basketball? Didn't see that one coming man.
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Excellent. Thank you, Brandon!
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Tried your property assessor interface filled out everything but it won’t allow for finishing up the report the button is grayed out
I’m just over here waiting for the “gray paint phase” to be over lol. Especially in states with cold dreary weather!
Brilliant, thank you sooo much!🥰
I learned so much from this video, thanks!
Awesome stuff!
Inspiring and passionate
31:25 "Chip and Joanna Gaines gray" you make me laugh man 😂
Multi family
Starting with a 203k loan rehabbing a duplex to create immediate equity in order to to immediately refinance heloc into my next property !
It is amazing that this wealth of knowledge is free. Why can’t our schools teach this
I really needed to hear this video. I live in Boston MA and the market here is just super expensive. But, have to keep pushing to find something. Looking in the outskirts of the city now. Aiming to close my first deal.
(Bigerpockets@gmail.com)
True guidance. Until unless we study the market we will not get the right way to succeed. Thank you.
( *bigerpockets@gmail com* )
first?
I’m first!! Thank you so much for these videos Brandon
Yup
Who are the 112 people who gave this a thumbs down?? Really, this man is spoon feeding you how to increase your wealth
Ty brothers 🙏💙
Those taxes are accurate for NJ. I live in MD and my taxes are $3500 a year for a condo
any videos on financing tax and strategy? lets say you have $350,000 in trapped equity and want to buy your first rental for $125,000. is it smarter to refi for 50K so you have a down payment. is it smarter to refi the total 125K and buy cash? tax benefits on having 2 loans? you will never get the same interest on the rental home you have on your first.
i wouldn't recommend buying any of your properties with all cash. That locks up a lot of capital that you could use to buy other rentals. I would say do a cash out refi on your trapped equity and then put 20% to 30% down on whatever you are looking at purchasing making sure that the rents cover the mortgage, taxes insurance, vacancies and maintenance and some left over for profit. you can deduct the interest you pay on your rentals for your taxes as well as repairs and management costs. I did a tax video on my duplex last year. I filed for extension this year otherwise i'll be doing a tax video on my having 3 rentals out of state and how that affected my taxes. just waiting for my CPA to get back to me with the info.
@@MillennialMike theirs a real answer. Everyone says " plus the tax breaks" but no one says what they are! The tax breaks are deduction on interest paid on the loan. That makes sense. Thanks
Lmao I love how you always say “I’m going back to watching Dancing with the stars” 🤣🤣🤣
Right?! Could also be, "I'm just gonna go back to playing Call of Duty."
WOuld be nice if you included the Episode # in the title
I subscribed when I heard you pronounce niche correctly. Thank you. You're doing the Lord's work.
Personal notes:
- find your why
-
- find a location, learn that market/area like crazy. Ask people
- find real estate deals, (realtor.com Zillow,) and find hidden potential. (Cosmetic fixing)
* you don’t need the best deal at first, just go do something and build momentum
Advanced leads:
* off market deals: driving and looking around for people who might want to sell and build a personal CRM. Ask them if they want to sell, and all them to follow up with them. Ask them if they have any other properties they want to sell.
* direct mail marketing, ( list source. PropStream) mail/call them . Large funnel like 1000+ people
“ skiptracing” the art of finding info of people
- every property has a “Home run” deal that makes it a good deal.
4. Process: the individual steps you take to success
L.A.P.S.:
Leads: contacting people
Analysis : calls answered & deals analyzed
Pursue: making offers
Success: kick ass
Wholesaling: finding a cheap deal, finding someone who will pay more for the deal, receive finders comp
You are amazing man. Thank you for this invaluable info! 🙏🏼
Thanks alot for this video, a great tool
You nailed it in the last few minutes. I'm just afraid. Afraid of failure and of losing money, which I don't have a lot of.
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Me too😔
Is there anyway I can use my money that locked up in a lira account. But it is not in the market.
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Great info. Thank you 🙏
That place in Anchorage AK needs a bunch of foundation work and Boilers. A good friend of mine bought it.
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48:00 wholesaling
I love hypothetical situations. I thrive on the "What If?"
Hey guys, should I open a business account once I purchase my property? Or just another checking account?
Good question. I want to know too.
"Will working for me feel easy or hard?" - David
Legit.
I am hoping to get my 8th rental property this year.
you stud! i'm at number 4 hoping to be a legend like you one day
@@MillennialMike
I will tell you Mike, it doesn’t look like i am going to get that 8th one. The market is terrible right now.
@@jasonadkins1455 bro we can do this! i'm gonna get number 5 you gonna get number 8. what market are you in?
@@MillennialMike
Right now in my area houses are selling so high that I wouldn’t be able to get any cash flow. I am just stacking paper and waiting for the crash.
Hi can you please tell us how to buy property in Europe?
Got 3 units, working towards a 4th. Not worth me going corporate until I get to 6 units minimum.
I accept this challenge. This is a great video. Thank u
Please share your thoughts on this.
My tenant wants to put an above ground swimming pool in the back yard of my rental.
It will kill the yard, and I'm concerned about the liability. Thoughts?
You are the property owner. Simply tell them it is not permitted. Your liability concerns are valid. Additionally; you will likely be stuck with the hassle and expense of disposing of the pool when they move out. No upside for you in allowing the pool.
Jack,
Very simple.
No.
Really loves dancing with the stars lol
You should interview Jorge Contreras Airbnb investor, so you can make him explain everything live.
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