This recession is most likely the result of an external factor. For the first time in decades, the United States is losing its clout as a federal reserve currency. They don't have any more economies to use to control inflation, and less money is being spent on stock and oil trading than in the past. They all lend support to the idea that a new multilateral world order is in the works.
Let's face it, increasing stock and index fund purchases during downturns and bear markets is unnerving. Which makes it very difficult for most people, like me, to do. It's challenging to incur the risk of investing the $1 million I have in an S&S.
That is correct. For the past 23 months, I've been in daily contact with a financial advisor. The difficult part of investing these days is determining when to sell or hold a company when it is trending. My supervisor can advise me on points of entry and exit in the sectors in which I am now active. I can't say I'm sorry because my profits increased by 63% in the third quarter of 2022.
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Most Americans find it hard to retire comfortably amid economy crisis. Some have close to nothing going into retirement, my question is, do I pull cash from my 401k and buy a house, or spread my money in stocks for cashflow? I'd love to afford my lifestyle after retirement?
Lately, I've been contemplating retirement, uncertain whether my 401(k) and IRA will ensure a secure future. I've also invested $200K in the stock market, experiencing fluctuations without substantial gains.
Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfolio management
Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 45% since Q2.
'Grace Adams Cook' , is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Recessions are part of the economic cycle, all you can do is make sure you're prepared and plan accordingly. I graduated into a recession (2009). My 1st job after college was aerial acrobat on cruise ships. Today I'm a VP at a global company, own 3 rental properties, invest in stocks and biz, built my own business, and have my net worth increase by $500k in the last 4 years.
Let's face it... buying more stocks & index funds during stock market corrections and bear markets is scary. Which makes it really hard to do for most people like me. I have 260k i want to transfer into an s&s isa but its hard to bite the bullet and do it.
You need a Financial Advisor my friend so you don't get ripped off in the market. They provide personalized advice to individuals based on their risk appetite, placing them among the best of the best. There are bad ones, but some with good track records can be very good.
There are a lot of independent advisors you might look into. But i work with Julie Anne Hoover and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her.
@@georgebarret Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I saved 5k last year and was on the path to buying a business with and SBA loan. Had set back after set back and fell into a rut. The last three weeks I’ve been back on the right path. I found your channel recently. You have rekindled my motivation to get back on track. Thank you so much. If anybody sees this comment, mention me at this time 1 year for now and hold me accountable to buy a business by the end of next summer. Thanks Codie! :) (edit: I’ll be 24 next month. So by 25 I want to achieve my goal)
I’ll do you one better. I just subscribed to your channel. So post your progress as you grow. I’ll be following in support and to hold you accountable. Cheers 💯🫡
I decided I’m going back to college in a few weeks to finish. It will take me 1 year. That may delay my plans to buy a business. But probably only for an extra year. I can still get there by the time I’m 26. I should double my income after college. I will keep you all updated. Hope all of you are well.
The problem we have is because Most people always taught that " you only need a good job to become rich " . These billionaires are operating on a whole other playbook that many don't even know exists.
" It is remarkable how much long term advantage people like us have gotten by trying to be consistently not stupid , instead of trying to be very intelligent."
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
@@RandyVincent808The Fin-Advisor I'm in touch with is "Karen L Nancy". She was interviewed on CNBC Television. You can use someone else, but for me her strategy works hence my result is good and she provides entry and exit point for the securities that I focus on.
I watch a lot of your stuff and it’s all great, but this video is probably one of my favorites. In my top 5 from you. Thank you Codie! Keep going!! 💯😎🤘🏼
Codie, I’ve watched this twice now and it still gets me how sad it is that you are so impressed by his 6 week vacation. He should be taking 4-5 months if he has so many properties and making so much money!!
Great information! Somehow UA-cam read my mind because I was thinking about starting a property management company. Signing up for your newsletter now. Thank you Peter!
@@eliot5220 I have a broker's license here in Ohio - you are correct, most states (but not all) require this. Typically it's pretty easy to get a RE license and then work under a RE broker until you can get your own broker's license. That's what I did. There are strategies to set it up as a win-win for the broker.
I’m a realtor but also own and manage a 4 unit. I’ve often thought about expanding my management services to other investors, but I’ve had some doubts involving time. Because the realtor stuff plus my W2 is rather time consuming.
Yes you can print money as a property manager. Most managers never figure out how. As an owner of a p.m. company I also have a general contracting company, a propert maintenance company, and an insurance agency.
So you think its a good idea. . to help a system you know is broken. . . to extort your countrymen for permission to have a home. . while all other life on earth lives rent and mortgage free?. . not very smart are you 💩
And the fact that, at least in CA, if you want to manage enough properties for this to actually be worth your time, you need a Broker’s license - which has a whole set of requirements (2 yrs life experience in the biz and study- then passing the test of course). You can manage up to 5 without the license here in CA, but that’s minimal earnings at an average of 8% per property - I agree the more lucrative ones present more repair challenges. Just a few thoughts after doing inspections for my brother’s PM biz for the last 8.5 yrs. It’s not a bad path, but they don’t even discuss the education or experience required here. That’s not something that happens overnight.
Form an LLC, open a operating account and a trust account. On the trust account you hold all the money that doesn't pertain to your business and NEVER touch that money which will be considered a crime.
Go speak to a lawyer who handles trusts. Even if someone on here responds to you, are you really going to take that as the gospel? Go ask someone who gets paid to do it lol
I love you Cody. You are a stickler for good posture and I'm a multifamily realtor and investor that's a stickler for pronouncing REAL-TOR correctly. It's not real-a-tor its REAL-TOR!!! I'm so tiled girl :)
To say real state doesn't handle inventory is technically wrong in my opinion. This is the part where one reads between the lines. A former client and owner of close to 270 properties one explained to me why he has close to 90k in inventory on replacements for his units. My former client explained that with the changes in trade you may have to wait even 90 days or over pay for some equipment. So, buying ahead and having inventory is abc on the business. Especially, because you can never wait for a renter without hot water as an example.
Know your State's Landlord/Tenant Laws. Some states give more rights to to tenants. Knowing the law and following your lease/rental contract to the the exact timelines. Any variations in some states will void your agreement giving all rights to the tenant.
It seems like the biggest risk during a recession is that people stop paying rent and it can take months to evict someone. And then they might trash the place out of resentment. What’s a good strategy to deal with that?
@@therealtrabo right but it can take a year or more for an eviction and you have to hire a lawyer and in the mean time you’re not getting any rent money.
@@ioanekaanapu5558 lol “just have money” yeah dude of course that’s the goal but if we’re starting out then being able to forfeit easily $20k+ for lost rental, legal fees, repairs, etc is going to hit hard unless you’re well on your way to wealth already. I’m not trying to be negative with my question but REALISTIC answers or ideas for someone starting out in the rental market is what I’m looking for.
Codie I like the colour of your hair and your matching eyebrows, really gives you a lift. Thank you so much for your great content and advice. I always enjoy your videos. I would love for you to tell me your thoughts on Equestrian Centres as businesses? Some more Property Management Businesses would be great.
I’m a fun CPA here in an accounting firm! Agree on its very similar to running an accounting firm. Love this! New info just cause I’m spreading some gifts in 2024- new rules for business owners registered with the Secretary of State - LLC owners. Business owners are required to file a BOI with Fin Cen starting 2024. Otherwise $500 a day penalty, $10,000 fine or 2 years in prison. You are welcome! Hope you get to 1million subs soon Codie!
Last time we rented a house over 20 years ago. Everything we did was threw the property management company. Never talked to the owner once, nor a realtor! I’m sure that’s why he hired a property management company in the first place?! So I’m confused by your realtor comment.🤔
Hey Codie! An idea! You mentioned in another video the No No businesses due its ROI and other hazards and one of them was Hotels or Hospitality businesses including restaurants. Now contrasting those business with this one in this video of managing properties. I have come across knowing that there are Management Companies who manage other people's hotel properties at a certain percentage of sales. Isn't that a good idea? However it is certainly a human resource intensive business. And managing people in a Semi-skilled industry can be challenging and nerve wrecking at times. I will be happy to get your input on this too. Thank you!
@user-codiesancheez I do not get it. There are so many other channels on the above link by clicking the profile picture. And those channels are not of my interest, neither I get to communicate with you.
Interesting video. Already licensed. Honestly, never considered property management, except for REO property - because the houses ultimately do get sold and off my books. Long term rentals is something else in terms of property management. I didn't think it was that lucrative to be honest and considered it a headache but location of property matters as stated in the video.
Google phone. Set up a Google phone number and forward it to your cell phone. Set them up for lots of different things. If you sell a business, the phone number and email go with it. If you ever have a problem with someone who won't stop calling you, just unforward the number that person has.
It surprises me why everybody gets really worked up about recession and inflation data. Inflation has always existed, and people have been using investments to beat the inflation. The stock market return, for example, always beats inflation. I heard of someone who invested $121k last October, and has grown the portfolio by more than $400k. I need recommendations that can give me similar return.
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
True. I first came across invest_ing in the market in 2019. Already sta shed about 80k in savings then, and the free money from the Government was pouring in, increasing inflation rate. I just got an advisor and kept the money there, just because I didn't want to keep the value of the money depreciating in the bank. Tbh, it's the best investment decision I've made since then.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
Haha. I definitely share your sentiment about these firms. When I was starting out, I checked out a couple of freelance investors online, so you could do the same. I personally work with Deborah Jean Dykstra , and she's really good.
The state you manage properties in makes ALL the difference in the world. I would never to PM in California and I'm a broker! We have a PM department and I see what they go through. California has sooooo many laws pertaining to PM and way too many laws protecting tenants. Any other state, I say go for it!!
Bad tenants are easy to deal with… treat them with respect and keep in mind what a lawyer would cost. Often times I calculate that up and offer that to them to vacate or whatever. Its been a game changer.
@@Rockwell108 my bad tenants don't want to leave. They cost me over 6k in damages. I was respectful and nice and so on but they took advantage of my kindness
Question: On your other video you spoke towards the collapse of the commercial real estate market due to shadow bank collapse. Does this affect rentals as well?
Besides a great credit score and a bank loan, a large one mind you, how you get your first two properties? I still didn't hear that from this conversation. Also, I don't get the allure of long term over short term.
Under the secret section. Can you explain how he has a 15% profit margin while making $300 in profit monthly per house? Is this for property management only? I feel like some details are missing.
Property management is one of the most stressful businesses you and your staff have to resolve problems 24/7. Deal with difficult tenants, owners, hoas… you have to know all the laws.. is not just about collecting rents and getting a fridge fixed
I tried with one house - and after the first month move in - they didn't pay - it was a horror show ... :( it took so many months to get them out that we defaulted on the low mortgage and lost the house. Now I won't even rent out an extra room
But won't you need a brigade of electricians and plumbers to fix these problems in so many properties and not only that you need to monitor that while the maintenance work is going on, nobody steels something from the tenants as some of them may be in their office or gone out buying groceries. Please guide me through these scenarios if you can. Thank you!
Super handy video! Glad it's on my radar now .Unfortunately, in my state in order to own/start a property management company, one has to have been a licensed real estate broker for 3 years in the last 5 years. Already a pretty big barrier to entry imo. I'm planning to get my broker's license in 2024, so will tuck this away as a future business venture to try.
I'm a property manager in the United Kingdom. Here the rental market is tightly regulated and thus you need to be up to speed on your compliance. At worst, it can be emotionally taxing work depending on the quality of landlords and tenants you're dealing with. However, that's really up to you and your level of competence about how you set up your business. Best of all, it's a financial sure shot and that's a great thing. 😊
Its funny how all these finance channels say buy real-estate when its at all time highs. You never buy at the top. This guys idea to manage properties for owners is a good way to start or just earn without the headache of owning properties. How do you find these owners to offer your property management services to.
SFH property values have only had big declines twice in the past 100 years. Are you gonna wait another 40 years to buy so you don’t “buy at all time highs?” The next time they crash they could start at a price 400-500% higher than they are now and even after that crash they will still be 200-250% higher than they are now. This way of thinking is a great way to stay poor and miss out.
@@CJ-gf3okThe issue with that is the fact that most real estate is highly leveraged, meaning it's usually bought with debt (mortgages), and if the market goes down you may have to evict your tenant but you're still responsible for paying the mortgage. And if you don't find another tenant in time you could find your property in foreclosure.
@@CJ-gf3ok who can afford to buy at these prices? and pay the high interest rates? Warren buffet says “fearful when others are greedy, and greedy when others are fearful. Now people are greedy so its not the time to buy.
Hello Codie Sanchez! I would recommend if you could please do some research on online colleges or popular course providers. Are they recession proof and do they have 90% rate of success? Thank you in advance!
I'm wondering the same thing. I know it's the case in California as well as Ohio. Peter is a R.E. Broker in Ohio (unless i've got the wrong Peter), but Codie says she buys these types of businesses and she didn't say she was licensed in RE. Maybe it's different in Texas? I'm wondering how do you get around having to be licensed or a broker to own a Prop Management Co.
Isn’t the compulsory collectives primary aspiration the abolition of property rights? fascinating original draft of the preamble was the pursuit of life, liberty and property. Your literal body being the ultimate property right🍀hands off without exceedingly justifiable cause.
Hi Codie, thank you for the Gems you always give us, you're loved. It would be much appreciated if you could drop the handles of these companies, so we could get ahold of them😁
This recession is most likely the result of an external factor. For the first time in decades, the United States is losing its clout as a federal reserve currency. They don't have any more economies to use to control inflation, and less money is being spent on stock and oil trading than in the past. They all lend support to the idea that a new multilateral world order is in the works.
Let's face it, increasing stock and index fund purchases during downturns and bear markets is unnerving. Which makes it very difficult for most people, like me, to do. It's challenging to incur the risk of investing the $1 million I have in an S&S.
That is correct. For the past 23 months, I've been in daily contact with a financial advisor. The difficult part of investing these days is determining when to sell or hold a company when it is trending. My supervisor can advise me on points of entry and exit in the sectors in which I am now active. I can't say I'm sorry because my profits increased by 63% in the third quarter of 2022.
Can you leave in details about your investment advisor here? I’m in dire need for one.
Her name is “Vivian Carol Gioia can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
Most Americans find it hard to retire comfortably amid economy crisis. Some have close to nothing going into retirement, my question is, do I pull cash from my 401k and buy a house, or spread my money in stocks for cashflow? I'd love to afford my lifestyle after retirement?
Lately, I've been contemplating retirement, uncertain whether my 401(k) and IRA will ensure a secure future. I've also invested $200K in the stock market, experiencing fluctuations without substantial gains.
Using a 401(k) or IRA is a valuable strategy for retirement planning, providing potential savings growth and tax advantages. While the stock market is promising, expert guidance is essential for effective portfolio management
Opting for an investment advisor is currently the optimal approach for navigating the stock market, particularly for those nearing retirement. I've been consulting with a coach for a while, and my portfolio has surged by 45% since Q2.
Market behavior can be complex and unpredictable. Mind if I ask you to recommend this particular coach to whom you have used their services?
'Grace Adams Cook' , is the licensed advisor I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Recessions are part of the economic cycle, all you can do is make sure you're prepared and plan accordingly. I graduated into a recession (2009). My 1st job after college was aerial acrobat on cruise ships. Today I'm a VP at a global company, own 3 rental properties, invest in stocks and biz, built my own business, and have my net worth increase by $500k in the last 4 years.
Let's face it... buying more stocks & index funds during stock market corrections and bear markets is scary. Which makes it really hard to do for most people like me. I have 260k i want to transfer into an s&s isa but its hard to bite the bullet and do it.
You need a Financial Advisor my friend so you don't get ripped off in the market. They provide personalized advice to individuals based on their risk appetite, placing them among the best of the best. There are bad ones, but some with good track records can be very good.
@@georgebarret Can you leave in details about your investment advisor here? I’m in dire need for one.
There are a lot of independent advisors you might look into. But i work with Julie Anne Hoover and I have been working together for nearly four years, and she is excellent. You could proceed with her if she satisfies your discretion. I endorse her.
@@georgebarret Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.
I saved 5k last year and was on the path to buying a business with and SBA loan. Had set back after set back and fell into a rut. The last three weeks I’ve been back on the right path. I found your channel recently. You have rekindled my motivation to get back on track. Thank you so much. If anybody sees this comment, mention me at this time 1 year for now and hold me accountable to buy a business by the end of next summer. Thanks Codie! :) (edit: I’ll be 24 next month. So by 25 I want to achieve my goal)
Same here! Gonna turn 24 in 3 wks and our goals ARE achieved one year from now! Wish you all the best! PS Maybe you want to connect for support :)
I’ll do you one better. I just subscribed to your channel. So post your progress as you grow. I’ll be following in support and to hold you accountable. Cheers 💯🫡
Do not. Get an SBA Loan
@@rachelbaltodano why not ?
I decided I’m going back to college in a few weeks to finish. It will take me 1 year. That may delay my plans to buy a business. But probably only for an extra year. I can still get there by the time I’m 26. I should double my income after college. I will keep you all updated. Hope all of you are well.
The problem we have is because Most people always taught that " you only need a good job to become rich " . These billionaires are operating on a whole other playbook that many don't even know exists.
" It is remarkable how much long term advantage people like us have gotten by trying to be consistently not stupid , instead of trying to be very intelligent."
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
Trading under the guidance of an expert is the best strategy for beginners.
@@AlbertWillie628Please who is the expert guiding you? I have lost so much as a beginner investing into stock without a proper guidance of an expert.
@@RandyVincent808The Fin-Advisor I'm in touch with is "Karen L Nancy". She was interviewed on CNBC Television. You can use someone else, but for me her strategy works hence my result is good and she provides entry and exit point for the securities that I focus on.
Is it just me or does Codie look like she is having the time of her life! Thanks for all nuggets Codie!
I watch a lot of your stuff and it’s all great, but this video is probably one of my favorites. In my top 5 from you. Thank you Codie! Keep going!! 💯😎🤘🏼
I'm here for this!!! Currently a property manager for an elderly community.
I did PM years ago and the key was a stable of on call repair people. Hard in current labor shortage.
400 contracts, and 700 is awesome 😎
Great job brother. ❤ Engineering rocks 💪😎
Codie, I’ve watched this twice now and it still gets me how sad it is that you are so impressed by his 6 week vacation. He should be taking 4-5 months if he has so many properties and making so much money!!
Loved doing this with you Codie! Video turned out awesome!
Great information! Somehow UA-cam read my mind because I was thinking about starting a property management company. Signing up for your newsletter now. Thank you Peter!
Reprimand her for disrespecting you in the intro, unnecessary and childish
@@czrog - You don't think they discussed that in advance?
Do you have a real estate license.
? Most states require it to manage property unless you own it
@@eliot5220 I have a broker's license here in Ohio - you are correct, most states (but not all) require this. Typically it's pretty easy to get a RE license and then work under a RE broker until you can get your own broker's license. That's what I did. There are strategies to set it up as a win-win for the broker.
I’m a realtor but also own and manage a 4 unit. I’ve often thought about expanding my management services to other investors, but I’ve had some doubts involving time. Because the realtor stuff plus my W2 is rather time consuming.
Yes you can print money as a property manager. Most managers never figure out how. As an owner of a p.m. company I also have a general contracting company, a propert maintenance company, and an insurance agency.
CoI
Smart Peter has a few of the same
Def trying to do this for my daughter and i
So you think its a good idea. . to help a system you know is broken. . . to extort your countrymen for permission to have a home. . while all other life on earth lives rent and mortgage free?. . not very smart are you 💩
The Trust Accounting is a HUGE consideration that most interested in Property Management NEED to understand.
And the fact that, at least in CA, if you want to manage enough properties for this to actually be worth your time, you need a Broker’s license - which has a whole set of requirements (2 yrs life experience in the biz and study- then passing the test of course).
You can manage up to 5 without the license here in CA, but that’s minimal earnings at an average of 8% per property - I agree the more lucrative ones present more repair challenges. Just a few thoughts after doing inspections for my brother’s PM biz for the last 8.5 yrs. It’s not a bad path, but they don’t even discuss the education or experience required here. That’s not something that happens overnight.
He mentioned Trust Accounting, Is it best to set up a trust first? If so please elaborate on how the structure is set up.
Thank you Codie
The best videos on that are found on two channels; Clint Coons and Anderson Business Advisors.
Form an LLC, open a operating account and a trust account. On the trust account you hold all the money that doesn't pertain to your business and NEVER touch that money which will be considered a crime.
Go speak to a lawyer who handles trusts. Even if someone on here responds to you, are you really going to take that as the gospel? Go ask someone who gets paid to do it lol
I love you Cody. You are a stickler for good posture and I'm a multifamily realtor and investor that's a stickler for pronouncing REAL-TOR correctly. It's not real-a-tor its REAL-TOR!!! I'm so tiled girl :)
To say real state doesn't handle inventory is technically wrong in my opinion. This is the part where one reads between the lines. A former client and owner of close to 270 properties one explained to me why he has close to 90k in inventory on replacements for his units. My former client explained that with the changes in trade you may have to wait even 90 days or over pay for some equipment. So, buying ahead and having inventory is abc on the business. Especially, because you can never wait for a renter without hot water as an example.
Know your State's Landlord/Tenant Laws. Some states give more rights to to tenants. Knowing the law and following your lease/rental contract to the the exact timelines. Any variations in some states will void your agreement giving all rights to the tenant.
You have a real talent of making really good quality videos(not just its content) thank you Codie!
It seems like the biggest risk during a recession is that people stop paying rent and it can take months to evict someone. And then they might trash the place out of resentment. What’s a good strategy to deal with that?
Legal action
@@therealtrabo right but it can take a year or more for an eviction and you have to hire a lawyer and in the mean time you’re not getting any rent money.
Just save up enough cash to handle the worst of the worst
@@ioanekaanapu5558 lol “just have money” yeah dude of course that’s the goal but if we’re starting out then being able to forfeit easily $20k+ for lost rental, legal fees, repairs, etc is going to hit hard unless you’re well on your way to wealth already. I’m not trying to be negative with my question but REALISTIC answers or ideas for someone starting out in the rental market is what I’m looking for.
Having a good local lawyer
Codie I like the colour of your hair and your matching eyebrows, really gives you a lift. Thank you so much for your great content and advice. I always enjoy your videos. I would love for you to tell me your thoughts on Equestrian Centres as businesses? Some more Property Management Businesses would be great.
I’m a fun CPA here in an accounting firm! Agree on its very similar to running an accounting firm. Love this!
New info just cause I’m spreading some gifts in 2024- new rules for business owners registered with the Secretary of State - LLC owners.
Business owners are required to file a BOI with Fin Cen starting 2024.
Otherwise $500 a day penalty, $10,000 fine or 2 years in prison.
You are welcome!
Hope you get to 1million subs soon Codie!
What’s a BOI?
👍👍👍Another great one Codie. I really enjoyed this. Thank Peter for us. 💡💡💡
Last time we rented a house over 20 years ago. Everything we did was threw the property management company. Never talked to the owner once, nor a realtor! I’m sure that’s why he hired a property management company in the first place?! So I’m confused by your realtor comment.🤔
Hey Codie! An idea! You mentioned in another video the No No businesses due its ROI and other hazards and one of them was Hotels or Hospitality businesses including restaurants. Now contrasting those business with this one in this video of managing properties. I have come across knowing that there are Management Companies who manage other people's hotel properties at a certain percentage of sales. Isn't that a good idea? However it is certainly a human resource intensive business. And managing people in a Semi-skilled industry can be challenging and nerve wrecking at times. I will be happy to get your input on this too. Thank you!
@user-codiesancheez I do not get it. There are so many other channels on the above link by clicking the profile picture. And those channels are not of my interest, neither I get to communicate with you.
Exactly what we’re looking for! Great info!
Great vid! Learned a few things about property management businesses. Thanks, Codie.
Codie Love your videos and your energy. Great addictive channel always worth a watch.
Interesting video. Already licensed. Honestly, never considered property management, except for REO property - because the houses ultimately do get sold and off my books. Long term rentals is something else in terms of property management. I didn't think it was that lucrative to be honest and considered it a headache but location of property matters as stated in the video.
I saw y’all filming this video. I live in one of the units a couple down. Small world.
Google phone. Set up a Google phone number and forward it to your cell phone. Set them up for lots of different things. If you sell a business, the phone number and email go with it. If you ever have a problem with someone who won't stop calling you, just unforward the number that person has.
Your videos are so helpful and informative. Thanks, Codie
It surprises me why everybody gets really worked up about recession and inflation data. Inflation has always existed, and people have been using investments to beat the inflation. The stock market return, for example, always beats inflation. I heard of someone who invested $121k last October, and has grown the portfolio by more than $400k. I need recommendations that can give me similar return.
I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $21k passively by just investing through an advisor, and I don't have to do much work. Inflation or no inflation, my finances remain secure. So I really don't blame people who panic.
True. I first came across invest_ing in the market in 2019. Already sta shed about 80k in savings then, and the free money from the Government was pouring in, increasing inflation rate. I just got an advisor and kept the money there, just because I didn't want to keep the value of the money depreciating in the bank. Tbh, it's the best investment decision I've made since then.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same.
Haha. I definitely share your sentiment about these firms. When I was starting out, I checked out a couple of freelance investors online, so you could do the same. I personally work with Deborah Jean Dykstra , and she's really good.
Thanks, I just googled her and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.
The state you manage properties in makes ALL the difference in the world. I would never to PM in California and I'm a broker! We have a PM department and I see what they go through. California has sooooo many laws pertaining to PM and way too many laws protecting tenants. Any other state, I say go for it!!
I wouldn't be surprised if NY is just as bad if not worse....
Anywhere I can learn more about this topic? Books and other resources?
Check out our newsletter on contrarian thinking on it.
Does Insurance cover if a Tenant damages the property out of resentment? Is there a rider for "Tenant Resentment Damages"?
I've met Eagle Scouts. It's not an easy achievement by any means! Kudos to him!
What about the real estate license. Some states require a real estate license to manage property that you don’t own.
That’s correct varies by state
Just study, pass the state test and get the license. Easy peacy😊
@@ElizabethGalarza1 I’m an investor so I don’t need a license. That’s for people that might want to do that.
If you get a bad tenant it's hell
Definitively
Bad tenants are easy to deal with… treat them with respect and keep in mind what a lawyer would cost. Often times I calculate that up and offer that to them to vacate or whatever. Its been a game changer.
@@Rockwell108 my bad tenants don't want to leave. They cost me over 6k in damages. I was respectful and nice and so on but they took advantage of my kindness
@@beaverfev you need a property manager
@@Rockwell108 I only have 1 property. To expensive. I'm taking them to the landlord ternary board to try and get them out
Awesome info…that is content that actually worth my time
Always amazing content, thanks! I've always thought property management was taking the worst of RE and focusing on that, but perhaps not
Yeah, me too. It looks like a lot has changed with technology and new available software
Hello Codie! Have you ever covered the Gym business with regards to manageability and rate of failure or success? Thanks!
Cody!….you are never a former Eagle Scout! :)
All of your videos bring really great information and it is getting just better, this is one of the best real and value videos I've seen, great work!
Question: On your other video you spoke towards the collapse of the commercial real estate market due to shadow bank collapse. Does this affect rentals as well?
WOW Great Information. Thanks Codie. Victor Da Connector (Balderas) Dallas Texas
Besides a great credit score and a bank loan, a large one mind you, how you get your first two properties? I still didn't hear that from this conversation. Also, I don't get the allure of long term over short term.
Both of you get into the nitty, gritty of it. Thank you. How much time does it take to manage maintenance of the properties? 700 units, Wow!
Under the secret section. Can you explain how he has a 15% profit margin while making $300 in profit monthly per house? Is this for property management only? I feel like some details are missing.
Bro the shade on the Eagle Scouts 😆 Eagle Scouts were the shit when I was growing up
So in many states you have to be state Licensed to manage rentals
Awesome video! This reinforces our plan to proceed with owning this type of business. Great insights and pro tips!
Do you have a real estate license?
@@eliot5220 gong through the education to get it by the end of the month? Why the question?
@@exhernandez because I wonder if your state requires a license for property management
@@eliot5220 Great point and thanks for the tip!
Loved the video thank you Codi and the boy scout Updated to a man scout😅
Property management is one of the most stressful businesses you and your staff have to resolve problems 24/7. Deal with difficult tenants, owners, hoas… you have to know all the laws.. is not just about collecting rents and getting a fridge fixed
Does a property manager own the properties? Or does he collect rent for the owner and take a percentage, I believe you said 15%
Loll Codie couldn’t wait to make that joke at the end 😂
Codie, that ring is beautiful. Love your content
I tried with one house - and after the first month move in - they didn't pay - it was a horror show ... :( it took so many months to get them out that we defaulted on the low mortgage and lost the house. Now I won't even rent out an extra room
But won't you need a brigade of electricians and plumbers to fix these problems in so many properties and not only that you need to monitor that while the maintenance work is going on, nobody steels something from the tenants as some of them may be in their office or gone out buying groceries. Please guide me through these scenarios if you can. Thank you!
Super handy video! Glad it's on my radar now .Unfortunately, in my state in order to own/start a property management company, one has to have been a licensed real estate broker for 3 years in the last 5 years. Already a pretty big barrier to entry imo. I'm planning to get my broker's license in 2024, so will tuck this away as a future business venture to try.
Brilliant insights and real world truths about the path to success in property management. Thanks for sharing this great info!
How about commercial facilities/property like warehouses, storage depots etc..?
Interesting 😎
Great video Codie. do you recommend any property management book or any mentor?
I'm a property manager in the United Kingdom. Here the rental market is tightly regulated and thus you need to be up to speed on your compliance.
At worst, it can be emotionally taxing work depending on the quality of landlords and tenants you're dealing with.
However, that's really up to you and your level of competence about how you set up your business. Best of all, it's a financial sure shot and that's a great thing. 😊
Its funny how all these finance channels say buy real-estate when its at all time highs. You never buy at the top. This guys idea to manage properties for owners is a good way to start or just earn without the headache of owning properties. How do you find these owners to offer your property management services to.
Absolutely correct agree with you all these u tube channels make it sound so so simple nothing could be further from the truth.
SFH property values have only had big declines twice in the past 100 years. Are you gonna wait another 40 years to buy so you don’t “buy at all time highs?” The next time they crash they could start at a price 400-500% higher than they are now and even after that crash they will still be 200-250% higher than they are now. This way of thinking is a great way to stay poor and miss out.
@@CJ-gf3okThe issue with that is the fact that most real estate is highly leveraged, meaning it's usually bought with debt (mortgages), and if the market goes down you may have to evict your tenant but you're still responsible for paying the mortgage. And if you don't find another tenant in time you could find your property in foreclosure.
@@CJ-gf3ok who can afford to buy at these prices? and pay the high interest rates? Warren buffet says “fearful when others are greedy, and greedy when others are fearful. Now people are greedy so its not the time to buy.
Property management is the headache. That’s why the owners hire them.
If you guys were to offer a real estate manager course, I'd buy it.
Excellent interviewing skills!
Can we get a link to the Notion board? I think that would help so many people!
Hi Codie 😊
You always have the BEST thoughts and information.
Very inspirational.
Thank you and God Bless,Carlos ✝️🙏❤️😊❗️
can you make a video on where how to find such a great video editor & managing your youtube business?
Hello Codie Sanchez! I would recommend if you could please do some research on online colleges or popular course providers. Are they recession proof and do they have 90% rate of success? Thank you in advance!
Notion is an incredible tool.
Thank you for what you do :)
Awesome video! Loved it.
Do you have to ge a realtor to manage properties? If so, do you have to be sponsored by a broker?
I'm wondering the same thing. I know it's the case in California as well as Ohio. Peter is a R.E. Broker in Ohio (unless i've got the wrong Peter), but Codie says she buys these types of businesses and she didn't say she was licensed in RE. Maybe it's different in Texas? I'm wondering how do you get around having to be licensed or a broker to own a Prop Management Co.
how do you become a property manager without any experience?
Currently running an insurance business, property management business may be another business to run
Could it be, that your main small business is producing youtube videos and selling courses, books, and checklists?
I'm interested in doing property management, but I have NO idea where to even begin. Any tips?
Do you have a recommendation for a book on Property Management?
As an Eagle Scout myself (‘05) I’m interested in this space for the off-market deals. How does one get started?
You’re an Eagle Scout for life!!
11:24 bossy woman are you. The look in his face says it all :D haha
Thank you codie
I need to get better at my lease renewal process
Insurance increases are eating up cash flow. How much more will insurance go up?
As an Eagle scout myself, I have been told when yoou say someone was an eagle scout, that person is dead.
What does a management company charge to take
over a property? These are contract based properties usually ?
It depends on the property
Starship Troopers reference... respect.
Love this video! Generational wealth is more appealing!
Isn’t the compulsory collectives primary aspiration the abolition of property rights? fascinating original draft of the preamble was the pursuit of life, liberty and property. Your literal body being the ultimate property right🍀hands off without exceedingly justifiable cause.
OMG. “Never give your cell phone number to a tenant” EVERRRRRR!!!!!!!! 😂😂😂
Good one Codie!
Hi Codie, thank you for the Gems you always give us, you're loved. It would be much appreciated if you could drop the handles of these companies, so we could get ahold of them😁
Thanks Cody
😎💵💷What an amazing Segment, great info and your guest seems really cool. 🏠
Luv the info and knowledge!
I know she’s married but I just wanna say Codie is a hottie🔥🔥🔥
Very informative,thank you.