I Sold All My Real Estate, Here's Why....
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- Опубліковано 18 лис 2022
- Growing up there was nothing more than I wanted then to become a real estate investor. It took me all the way up until becoming a young adult at the age of 31 when I finally got the opportunity to buy my first real estate property. Initially I had no idea of what I was doing I just knew that if I purchase the property renovated it I can then sell it for a profit I always heard about a guys holding onto real estate and renting it out but unfortunately I did not have the luxury of doing that because I was not bankable. You see back then interest rates were about 15% for hard money sometimes even as high as 18%. and even if I was lucky enough to get a hard money loan what would I do with that there's no way I could turn a profit with those types of interest rates.
So the first two properties that I sold made me enough cash where I then started to buy homes on My Own It wasn't until 2014 that I got the opportunity to actually refinance out of them property. I still remember that day so clearly when I walked away from the closing Table after refinancing a property I had bought for $40,000 putting about $20,000 into it and then refinancing out of it for $75,000. Even though I didn't pull out any profit I felt it this was the beginning all the change I was looking for. By the way I let it later ended up selling that property for close to $500,000.
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Disclaimer: Everything I say on this channel is my opinion only and not meant to be taken as advice. All the information I share to buy Real Estate or invest is not be mistaken as a solicitation or recommendation. Always check with a licensed professional before making any investments. My link may contain affiliate links where I can receive compensation for any sales that may arise from any purchase.
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Blue state and their laws aren't landlord friendly.. To me that says it all
Another great video Luis! Our paths are so similar. Looking forward to coffee again in the near future my friend. Keep up the great content💪
What do you think about short-term rentals? Buying properties to Air bnb. I think property location and condition would be key as well as having a pool. I think Naples Park is perfect Location for Air bnb. Rarely has flooding and now that properties got flooded could be good buying opportunity. The issue is the county rule of bringing elevation up to code if go over 50% of county appraisers value of structure.
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Great information today. Thank you so much for sharing your knowledge with us. Hope that your numbers grow fast.
Blessings, Carlos ✝️🙏❤️😊❗️
Excellent, you've done what most of us can only dream of doing... congratulations to your success, thanks for sharing your story.
Amazing when you apply Common Sense... BRAVO 👏🏿
NJ is where i would have sold all my property also
Yep, NJ, NY and California - not landlord friendly states what-so-ever...
Cap rates in this environment make it senseless to buy investment properties.
@@gregs8685 a deal is always a deal my friend
@@feleciawallace8420 made millions in California and continue to. You just don’t know how to invest
You are betting that every one follows suit and prices drop so you can buy back at cheaper price. Not a good idea. Just look at long term data. Real estate always goes up especially when there so too much cash around. Past 2 years there has been %40 cash printed from all dollars ever printed
Good point, bu the fed is forcing us into a recession and we have already seen markets tumble 50-90 in the stock market. Real estate has a longer turn time so even if im wrong the properties I sold are already selling for less then I sold them for. Plus I really wanted to get my money out of NJ
@@CultureEstate you are not wrong. It is a smart move to sell some but not all. If cash becomes useless then its bettrr to have some assets as long as they are paid for
@@CultureEstate i agree about off loading nj property. Ny and nj are too risky of a rental market
The real estate game is changing. Now pension funds are investing into single family home rental communities. Look into this and you will see why real estate investors will need to follow a new model if the want to make steady profits going forward.
Keep voting Red my friend.
Yea if you want an oligarch running this country. Fool
Realestate may go down 50% but mortgage rates not.Now is 7-9% depends on credit.Cash is only temporary king until CBDC comes to place...lol
anything could happen even the crash of the dollar.
You wont see real estate collapse in Florida bcz demand is high bcz lot people are moving to this red state !
I get selling @ the top of the market. But, you gave up so much: Taxes, cash flow (presumably) and interest rates (if financed) that you'll never see again. Cheap financing was making you money, no matter what happened to appreciation. The biggest question though - what are you doing with all the proceeds to protect it against inflation?