How to Replace Your W2 Income with Rental Properties in Just 3 Years

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  • Опубликовано: 21 окт 2024

Комментарии • 105

  • @somedudeonyoutoob
    @somedudeonyoutoob 2 месяца назад +38

    42 doors for 4k in cash flow? that seems like too much work for so little money

    • @Getrich7777
      @Getrich7777 2 месяца назад +4

      He said that was the minimum he wanted to leave his job . He’s forshure making more with 42 doors

    • @donniebaer1992
      @donniebaer1992 2 месяца назад +5

      Right, I have 3 doors and have $1800 in cash flow in Pittsburgh. Before anyone says I don’t know cash flow, yes this is after expenses calculated in

    • @L0se__
      @L0se__ 2 месяца назад +7

      What about the equity that’s being built while cash flowing 4k consider it like a saving account

    • @donniebaer1992
      @donniebaer1992 2 месяца назад

      @@L0se__ equity is bonus, can’t bank on it. 4k a month is good cash flow but 42 doors should bring in more than that

    • @stevek9361
      @stevek9361 2 месяца назад

      ​@donniebaer1992 just bought my 3rd here in pittsburgh...42 doors is crazy right. I know if I had 20 doors here I'm quitting. You selling anything lol

  • @gisellmorales5007
    @gisellmorales5007 2 месяца назад +5

    This episode has opened up my mind to “control growth”. Sometimes I feel I need to kee buying. Right now I have 13 properties and cash flow above $8,000 x month net. I will get control growth mode to buy without rushing and only the best property possible. Thanks!!

  • @danushalameris8466
    @danushalameris8466 2 месяца назад +3

    Yes on the management follow-up episode. Love this.

  • @gisellmorales5007
    @gisellmorales5007 2 месяца назад +2

    Congratulation on your journey! Great interview! Both of you are great and thank you for sharing! I do not know many real estate investors and thru Bigger Pockets I am able to hear other great strategies…! Thanks!

  • @tressacramer9192
    @tressacramer9192 2 месяца назад +3

    Enjoyed this episode. Bravo to you for figuring it all out and working hard with your wife to achieve your goals.

  • @aaronmurphy8796
    @aaronmurphy8796 2 месяца назад +2

    Im cautiously optimistic that this Is actually gonna be about cash flow from longterm rentals .
    If so I’ll be super happy it seemed like bigger pockets didn’t do this anymore
    Thank you Henry !

  • @milenailieva1828
    @milenailieva1828 2 месяца назад +6

    Hello! Can you also discuss health care benefits as we all know it is so expensive. If you are quitting your job, I am assuming you are paying thousands of dollars for healthcare insurance.

    • @BlueSpoonFarm
      @BlueSpoonFarm 2 месяца назад

      Some states have affordable health insurance but payments are based on your income. NY has terrific health insurance if you are low income AND can prove it. Good luck if you can't find that proof.

    • @KM_1983
      @KM_1983 Месяц назад

      I guess if you need it… without kids… we just pay any medical bills… which is basically zero at 40 years old…. Also… without insurance… your bill is less than half… sometimes even a quarter of what the insurance cost is.

  • @thesnyderteam-lasvegas6614
    @thesnyderteam-lasvegas6614 2 месяца назад +3

    42 doors to make 4,000 cash flow is crazy.

  • @FinancialfitDiva
    @FinancialfitDiva 2 месяца назад +6

    I'm not a fan of his math. Leaving a job where he makes $60-80K per year to make a minimum of $48K imo is not the best. That $60-80K could easily equate to $78-104K when you factor in benefits like healthcare, vacation and retirement. I cash flow more than that and I would never dream of leaving my job for what I'm making now......

    • @stevend481
      @stevend481 2 месяца назад +4

      Did you listen to what he said? His job was demanding, being on the road away from family. No amount "benefits" is worth being away from family. He clearly wasn't happy. Now he has FREEDOM

  • @kambasuvereroberson-vc7yf
    @kambasuvereroberson-vc7yf 2 месяца назад +3

    Very inspiring

  • @bova57
    @bova57 2 месяца назад +3

    2024 goodluck starting out to get any multi. I got beat out 13 times now with me offering over 30k-60k

  • @jordanalexander9303
    @jordanalexander9303 2 месяца назад +1

    Did he say how he was coming up with the down payments to scale to 104 units? Was he just saving his cash flow or was he doing a cash out refinance on other properties?

    • @GrantFrancke
      @GrantFrancke 2 месяца назад +4

      A combination of both. While scaling we were putting EVERYTHING back into the properties and portfolio

    • @jordanalexander9303
      @jordanalexander9303 2 месяца назад +2

      @@GrantFranckethank you for the response! Looking to be in your shoes someday with achieving financial freedom.

  • @oco987
    @oco987 2 месяца назад +1

    I personally won’t borrow from my 401K. And I won’t allow my husband to do it either. I believe in keeping these classes separate

    • @kbeezy7417
      @kbeezy7417 2 месяца назад +4

      Best way to start if you don’t have the capital…I bought a foreclosure at a auction and flipped it…401k loan has turned into over 600k…I would of never started without it

  • @bmfairweather
    @bmfairweather 2 месяца назад +1

    If i’m not 3X’ng my monthly salary I’m not quitting my day job.

  • @jeffmack4561
    @jeffmack4561 2 месяца назад +2

    $8 Million in property value and just $48k/month in cash flow? Did I hear that correctly? Something’s off hear!

    • @YT_enjoyer7
      @YT_enjoyer7 2 месяца назад +1

      Cash flow is after all expenses. Kind of like your take home check. His property value is $8 million total (104 doors). If he was to sell, it is technically worth $8million.

    • @markgordon1135
      @markgordon1135 2 месяца назад

      He has a 7.2% return which is OK .

    • @stevend481
      @stevend481 2 месяца назад

      Thats $576,000 a year. Seems fair to me

  • @dustincardenas4014
    @dustincardenas4014 25 дней назад

    18 doors and $10,400 cash flow.

  • @omarsanchez8671
    @omarsanchez8671 2 месяца назад +1

    Man can’t to hear how he manages all those doors.

  • @MissBellaMe
    @MissBellaMe 2 месяца назад

    Why was he using conventional loans instead of dscr loans?

  • @bam5235
    @bam5235 2 месяца назад

    What VA is available and decent ?

  • @perseverance_5
    @perseverance_5 2 месяца назад +8

    It’s frustrating when host Henry Washington provides inconsistent stories about his first investment. In this episode, he mentions using his 401k money, while in another, he claims his first investment property was 100% bank financed. BiggerPockets, please establish clear ethics and standards. The audience trusts this channel, but these inconsistencies from Henry create doubts.

    • @OCRealEstateGuide
      @OCRealEstateGuide 2 месяца назад +10

      Henry has actually spoke about his first investment several times. He pulled money from his wife's 401K to use as the down payment and the small local bank financed the rest because it was such a good deal. He was then able to do more deals like that with his local bank to scale the business. He has mentioned this so many times he is probably telling a cliff note version of the story these days. But I think he has been very consistent with how he started.

    • @aeiou0123
      @aeiou0123 2 месяца назад +8

      U seem like u have a personal issue with him. Learn to listen more attentively

    • @janea276
      @janea276 2 месяца назад +2

      PLEASE keep your negative thoughts to yourself.

    •  2 месяца назад

      Sounds like a personal issue you have against him.

    • @Anonyme67
      @Anonyme67 Месяц назад

      😂😂😂😂😂😂

  • @Thoscorate
    @Thoscorate 2 месяца назад

    What is a VA? Or what does this mean

  • @nickburns3207
    @nickburns3207 2 месяца назад +7

    I wonder what his favorite band is.

  • @danahoward759
    @danahoward759 2 месяца назад

    Im a newbie. So, whats the difference betwen a commercial bank and every other bank?

    • @markcooke4866
      @markcooke4866 2 месяца назад +1

      Difference is in how the loan is held - a commercial loan is one where the bank loans their own money vs. conventional which gets sold by the lender.

    • @truthalonetriumphs6572
      @truthalonetriumphs6572 Месяц назад

      ​@@markcooke4866 the last part of your reply is confusing ... do you mean, it's sold by the bank to another lender?

    • @markcooke4866
      @markcooke4866 Месяц назад

      @@truthalonetriumphs6572 most, if not all, conventional residential mortgages are sold by the originating bank to another lender, then they're repackaged in bulk as mortgage-backed securities.

  • @barrybukowski3743
    @barrybukowski3743 2 месяца назад +1

    Yeah, you need at least 50 doors to make any kind of money. You will get wrecked by taxes and repairs.

    • @Red_Dead_Entertainment
      @Red_Dead_Entertainment 2 месяца назад +5

      You want to reduce your taxes by deducting allowable expenses. As a rental property owner, you can generally deduct your expenses for managing and maintaining the property, including payments that you make related to the property for:
      Advertising
      Auto and travel expenses
      Cleaning and maintenance
      Homeowners association (HOA) dues
      Insurance
      Legal and professional fees
      Mortgage interest
      Property management
      Property taxes
      Utilities and other services
      And no you dont need 50 doors to make money, 50 doors with $800 rent (each) is $40.000 monthly income , any costs against that (like loan on 50% of that portfolio as example ) is still nothing , you be still making 6 fiugres a month probably , complete passively as you would have money for manager at this point.

  • @QB-ul5lq
    @QB-ul5lq 2 месяца назад

    What’s his social media

  • @56TheAnimal
    @56TheAnimal Месяц назад

    Always heard BNSF Railroad stood for better not start a family.

  • @Omoloya1
    @Omoloya1 2 месяца назад +1

    Good ol RD,PD!😂❤

  • @cvzphotography
    @cvzphotography 2 месяца назад +2

    Don't borrow from your 401k! 😳

    • @dwatt8004
      @dwatt8004 2 месяца назад +2

      Completely disagree. 401k’s are for sheep.

    • @cvzphotography
      @cvzphotography 2 месяца назад

      @dwatt8004 I guess if you love paying more tax and penaties then live your best life. I've never heard a single bit of financial advice tell you to borrow from a 401k.

    • @MissBellaMe
      @MissBellaMe 2 месяца назад +3

      ​@@cvzphotography I agree not to borrow; you're better off cashing out and investing IF you have a solid plan. I would never borrow to go buy a car, or take a trip. I would cash out to invest in rental properties, though.

    • @user-ze4cx5sn5c
      @user-ze4cx5sn5c 2 месяца назад

      You can withdraw from your 401 as a 1st time home buyer penalty free

    • @markgordon1135
      @markgordon1135 2 месяца назад

      Sheep mentality

  • @jacobcamoza9446
    @jacobcamoza9446 2 месяца назад

    The exposure these people have to a rough market is wild. Sooo many people are too leveraged and when it goes sideways, watch out for all the bankruptcies.

    • @stevend481
      @stevend481 2 месяца назад +2

      If you have cash flow then what does it matter? Plus having reserves. Just ride it out. Rent doesn't go down. Plus he's putting 25% down which is conservative

  • @stallingsdeante
    @stallingsdeante 2 месяца назад

    Thats crazy

  • @MarshMakesComics
    @MarshMakesComics 2 месяца назад +1

    !

  • @duneme
    @duneme 2 месяца назад

    You want to talk to me!
    I went on Disability from an ATV accident and bought a few houses!
    Now my Wife and I are looking ahead for Retirement and The Rentals should pay for our Retirement!

    • @pt31601
      @pt31601 2 месяца назад

      I’m glad we could all subsidize your real estate career while you’re clearly capable of producing income.

  • @ChozenNYC
    @ChozenNYC 2 месяца назад

    When is 25% EVER conservative? Lol. I mean even if houses are 170k -300k tgats 39-60k down each purchase where is he constantly getting this capital from if even with that many doors a year and net cashflow around 42k a year? I mean thats pretty costly guys?

    • @aaronmurphy8796
      @aaronmurphy8796 2 месяца назад +2

      Because 25 percent down is a lot they are saying it’s conservative . A less conservative Idea would be trying to get deals with 90 percent leverage or more.
      It seems you agree the 25 would take more cash and be slower and harder so it seems you agree that it’s conservative .
      As far as it being costly -yes it is costly to build and operate a large rental portfolio

    • @stevend481
      @stevend481 2 месяца назад

      I house hack with 5% down. 25% is conservative

    • @ChozenNYC
      @ChozenNYC 2 месяца назад

      @@stevend481 what state bro? Im from ny

  • @sarahpettengill6560
    @sarahpettengill6560 2 месяца назад

    👏👏👏

  • @Vision3CC
    @Vision3CC 2 месяца назад +1

    Is this just rich dad, poor dad promo? Or is it really that motivational?

    • @meigatronl.7813
      @meigatronl.7813 2 месяца назад +3

      It felt like a slap in the face for me, shifted my entire perspective. There's a reason it's inspired so many people.

    • @tressacramer9192
      @tressacramer9192 2 месяца назад

      @@Vision3CC Read it and see how you think afterwards.

    • @FortLibertyFortBraggHomes
      @FortLibertyFortBraggHomes 2 месяца назад +1

      read it. I gave it to a friend over 20 years ago and to this day he says I changed his life by giving him that book. He is now such a smart investor.

  • @BG-gr6vc
    @BG-gr6vc 2 месяца назад +25

    In this market? Good f'in luck.

    • @brianarc2
      @brianarc2 2 месяца назад +3

      Hmmmm, I wonder if the market will be different in 3 years??? 🤔🤔🤔

    • @mohammedrashid8250
      @mohammedrashid8250 2 месяца назад +15

      I just purchased a property with 14 percent cash on cash return in Pittsburgh.
      Looking at real estate as a monolith across the country is silly. There are always good deals.

    • @donaldbiden9492
      @donaldbiden9492 2 месяца назад +3

      They love compounding on the problem with videos like this. It should be illegal to purchase homes as investments.

    • @wuwei473
      @wuwei473 2 месяца назад

      ​@@donaldbiden9492😂

    • @Dlclrh9011
      @Dlclrh9011 2 месяца назад +10

      @@donaldbiden9492from a person who lives in Vancouver , (3rd most expensive city in the world to live in) trust me when I say this, investor is NEVER the issues for housing crisis. It is the RED TAPE that government puts in place that makes the developers hard to build. Please educate yourself