HOW I INVESTED $3,500 and TURNED IT INTO $1.4 MILLION IN REAL ESTATE
Вставка
- Опубліковано 16 тра 2020
- HOW I INVESTED $3,500 and TURNED IT INTO $1,400,000 MILLION IN REAL ESTATE
► Limited Time - Get 4 FREE Stocks on WeBull (Deposit $100 and get 2 stocks valued up to $1600):
act.webull.com/kol-us/share.h...
Help support my my channel by subscribing and turning on notifications - lets grow my channel together!
-Follow me-
You can follow me on Instagram here...
/ richardfain28
-Follow me-
You can follow me on Twitter here...
/ richardfain28
RF Financial Consulting LLC
For financial mentoring & coaching services contact me on Instagram @richardfain28 or rffinancialconsulting28@gmail.com
DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
I'm an investor myself and for all of the newbies watching, this is sound advice.
RL M or Richard, but $100K properties in the US are not generally in prime RE markets. How do you address challenges in rental, devaluation etc. I think the example assumes a bunch: e.g., $100K spend (i.e., $500K property at 20% down) will probably net more per year in rental and appreciation than five $100K properties for the reasons mentioned above. It can't be assumed to be linear. Or am I missing something?
Either that or your 5% net calculation should be on property value in the first example not down payment.
@@noisycomment1990 Not to mention that the switch from buying one property outright to owning 5 properties on a mortgage means you have mortgage payments in which you are going to lose a few percentage points in interest.
RL M I wanna learn
leveraging a 100K property at 80% gives you a mortgage of 359/month (30 year fixed at 3.5%). the loan service alone would be 4308 of the hypothetical 5000 he referenced...
We all agree its a 15 minute video but many, I don't think, cought that this $3500 was 25 years ago. For me in crappy CA $100K wouldn't even buy you a small lot let alone a house. I got my property during the house crash in 2009 due to all the short sales i got mine for $235k now worth $700K but i spent 3 months living in the house complete remodel since it hadn't been touched from when it was build in 1957. The pipes, honestly, I don't know how they got any water in the house. Spent what I had in my savings and did 90% of the work myself. Had to save money. took 7 years to pay off and get my savings back. But there are risks and a few more minutes could of touched on repairs, code compliance, insurance, and for me I have a mandatory nonrefundable fee for a credit and background check if they are REALLY interested. The one rental is a few blocks from an elementary school. I am very strict on who i rent to. I even check out their present residence to see how they care for it. Even when i was young starting out and rented i took very good care and many time left it better than when we arrived. But I can do much of the work myself. If you cant then there is ADDED cost to prep the rental. You cant just put a % down unless you did what he did and live in the residence. Most are looking for that get rich quick fueled by these seminar and flippers not knowing the risk and work it actually takes.
I feel investors should be focusing on under-the-radar stocks, and considering the current rollercoaster nature of the stock market, Because 35% of my $270k portfolio comprises of plummeting stocks which were once revered and i don't know where to go here out of devastation.
Diversifying investments is, in my opinion, the safest option. By spreading their assets across asset types like bonds, real estate, and foreign equities, they can lessen the impact of a market collapse. Getting professional assistance is crucial.
Please how can I engage in this activity
The greater the passive income you can build, the freer you will become. Taking the first step is the hardest, but 7 house later living off passive income since June 6, 2016. You’ve got to start taking steps to achieve your goal.
All passive income ideas work as long as you put the work in. I focus more on cryptos, NFTs, real estate crowdfunding and IDOs. With the assistance of a financial consultant, I’m doing well for myself.
You can make a quick internet research with her name *Olivia Charlotte Oswald.* The rest of the information is there for you to read and get in touch.
This was your Best Gold Nugget of advice hands down ! Be Blessed
Bro you broke that down so simple for me to comprehend I appreciate you for the Info bro.
Thank you so much Richard with the value of this video 🙏🏾
Love the way you explain yourself.
Great job explaining everything,thank you!
I never usually comment but thanks for putting this information out there. Very helpful , respect .
I like how practical this is. Most people give some mythological theoretical way to invest in real estate. I will look into doing this with my Va Home loan
I just found you today and started watching your content. You are the man. I really dig and relate to everything you are saying
Watched quite a few vids in the past couple weeks. Subscribed today , keep up the the good work
Big Facts. I like the idea Richard, keeping me coming my brother ✌🏿.
Priceless information....Thank you!
So well explained and such good info 👍 thank you!!
Appreciate the knowledge RICH!✊🏾
Words of the day equity, appreciation and leverage i'm studying .
I imagine property management is a lot of work. Good informative video.
Thanks for making it so easy. Great job brotha.
Love the way you speak. Very clear and concise.
Real Estate provides cashflow, tax benefits, equity building, competitive risk-adjusted returns, and inflation protection on its own. Whether you invest in physical properties or REITs, real estate may help you diversify your portfolio and reduce volatility. Dividends are what got me into investing in REITs, great way to secure the accumulate wealth, I hold AMT, CCI & PSA. $290k in profits made in 2022.
Consistently investing in high quality dividend paying REITs & companies over the long term is a relatively easy strategy to create generational wealth. My "boring" REITs portfolio paid me over $4,000 in dividends last month.
Anyone have recommendations for a reliable monthly investment? I hope to ultimately supplement my income from work with a monthly income from investments. I will still make long-term investments, but it would be wonderful to have a little additional money each month.
@@MIchaelGuzman737 Even if we are not accustomed to such volatile markets with a little carnage, the widespread frenzy and worry are understandable given that the US Stock Market has been on its longest bull run in history. However, there are opportunities everywhere if you know where to look; with the help of an investment advisor whom helped diversify my portfolio I netted over $460k in profits the previous year.
@@Ammo-Hoarder Please let me know your investment adviser's name and how i can reach he/she?
I have "LISA ELLEN SHAW" as my investment advisor. She has a solid reputation in her field and is a true genius when it comes to diversified portfolios, which help portfolios be less vulnerable to market downturns. She may be a name you are already familiar with; a Newsweek piece helped me to do so. She's a Google-able person.
I had a feeling you were a southpaw. 👊🏾Great video as usual
Thanks, Rich👍🏾.
This was a good lesson
Thank you...I feel blessed to have learned this power-house information from your UA-cam video...A change is coming...I can feel it...
I really appreciate how he says his steps and simplifies it. Dumbs it down for the dummies 👍🏼 this is a great video
This helped me a lot!!!
I like that you do not use any fancy words. Simple English, very easy to understand. Very smooth and not rushed.
Thank you 🙏🏽. I’m glad you like the video
Thank you for sharing. Always great stuff on this channel.
Good stuff!👍🏾
I believe it would help me out thank u for the course
Great info.Thankyo Waht you doing is blessing a lot of people,Kep up.
This information was very helpful Richard thank you!
So many people these days giving advice on something they’ve never done. Good to see you are actually talking from real experience 👌
Facts alot of UA-camrs are very annoying when they make videos like that they need to be cancelled and videos removed youtube has become over saturated with false gurus and bullshit
@@DC-cz2sr “ false guru “meaning they try to get some cash from ignorant people ?? right ??
Who the F@@@ are you to pass judgment?
@@wakeupandliveonline Either way it's WRONG to trick(AKA)LYING. Have your mother ever taught you manners...BUT yet they know so not judging, just trying to understand how a human can destroy another just for "money"...just hope you can enjoy a great life in H E L _...or should I call them demons,monsters, or the devils dog? I dont see the use of calling them humans. Bc they don't wanna be one, just another money hungry demon out for no one but themselves. It's good to be selfish at times but to ruin many others? I'm just reading the cover of the book and can tell what God's judgment would be. AKA I'm just guessing what he would do but not judging. Look it my view just wanna help save another for God's kingdom, nothing more. But everyone today would and will see it as "JUDGING" Maybe bc they know what their doing or not. Either way we are humans and WE make our life. Just how I see it
Thank you for simplifying, I’m thinking of renting my place out and buying another property or two because of this video
Financially Free Firefighter nice and it looks like you have a head start on people your age, it definitely will pay off in the long run!
Rather OVERsimplified.
Thank you! This made it clear on how I can go about starting! God Bless
Thanks for this man. I’m 23 it’s time to invest my money
Thanks for this! I currently make £84k/yr. No investment and I work from home. I need to do something quick. What can I do?
Making £84k/yr and working from home is awesome. If you're looking for quick investment options, consider exploring cryptocurrencies. They offer potential growth and diversification. Just make sure to do your research and consult with an advisor
I’m very much aware of the great benefits of working with a pro but I haven't found one for myself.
@@LilyMorgan-yh2jj I totally get you! Finding the right pro can be challenging. I partner with Olivia charlotte Oswald on various projects, I found her on the CBNC interview, looked her up and we began our awesome partnership. Her services are exceptional.
Definitely grabbing this opportunity. Thanks so much, just found her webpage
Taking the first step is always tough, I made over 120k USD with a start of 30k in the last 7 months. Importance of investing cannot be overemphasized
Very informative . Thank you brother. God bless
Thank you for the help. Great detail !
This is a great layout. Would you mind making a video on how many headaches you had to deal with owning this many properties?
Thank you for sharing the knowledge with us Rich. It's greatly appreciated.
This video has been 🤯 Great content value, Mr Fain!
Awesome this is Gold compared to others presentations .You break it down and expose much .....others would have sold this info $$$$. Thank you .I will follow you for life
Great video. Very enlightening!
Wao!! This one sounded like a beautiful music to my ears. Thank you 😊
THANK YOU THANK YOU I REALLY APPRECIATE THE KNOWLEDGE YOU DROPPED KEEP CRUSHING IT I HAVE SUBSCRIBED AND HIT THE LIKE BUTTON
The best explanation of this method so far, thanks!
This is great as a gross overview. As someone that has multiple properties and can buy them for cash, I would say this. Be careful with over leverage. Key points are missing from this video. If you paid cash for one property then it’s yours and the only thing you pay is property tax and insurance if you want to. Let’s say you leveraged 5 properties then your paying all of that plus extra insurance, interest, and capital. You have to add maintenance costs, management, and what if a tenant refuses to pay or remains unoccupied for 2 months? The bank could care less leaving you broke or worst. Let’s add capital gains tax to every property plus closing and agent fees and you could see this is just a pipe dream. Also, it’s already been pointed out, this isn’t the same market right after the real estate bubble. You will be lucky to get a 3% appreciation on your property. Now this is the market that you have to have a 720+ credit score to apply for a loan and banks will not give you a loan if the see that you leveraged 4 prior houses on the money that took you years to raise. What you talked about in the beginning about how you moved from house to house is the way to go. Explore that more Richard.
I am working toward what you said at the end going from house to house. FICO is 720 but I just got laid off, getting UI. Can I still get an fha loan?
Trevonious11 they are usually looking for a years worth of steady income. If it’s for your personal home then they might work with you but it will be tough. I would save cash and wait till the winter season. Prices are usually lower then and hopefully by then you can get back on your feet.
I have made hundreds of thousands of dollars using leverage. Paying cash for properties means you lose out on a lot of those gains. Not only that but how long will it take you to save to buy one house? A typical rental property I buy is $100k. It would take 4-5 years of saving to buy one house.
The Part-time Landlord you can use leverage, it’s about not over doing it. I made over a million and it started with purchasing a 45k house and renting it out for 600 bucks a month. You make money on the purchase price and not appreciation. It’s dangerous for someone just starting out to go and put themselves in debt to the tits. Just living on good luck while hoping no one coughs around you at that point.
What caught my eye most was how he explained the profit of 5 homes like it was just that.
Firstly, I recommend emergency funds, so really, lets say you net 5K a year from a property, IMO, you should put at-least half of that away. A fridge breaks, A/C breaks, the home needs a roof, or anything like that, then you're in hot water. Also vacancy. So while it is money to play with, people forget that real-estate is a game, you can play it how you like, but the more risky you play it, the more you're risking getting burnt. If you're not saving up for a rainy day, when it eventually comes, you better figure something out, otherwise you will lose everything. Sometimes being slow and steady with your money is a good thing, so really, while you may have half of that money AVAILABLE, it shouldn't be used as clear profit.
I would at-least average 5K-10K in a savings for each house prior to taking the money on full net profit personally.
Secondly, what REALLY caught my eye was profit. 5K a year profit? That's $500 a month average in profit.
Now, lets just say hypothetically you can get a home for 100K flat. On a simple mortgage with a good interest rate, after prop taxes and home insurance, you're looking at roughly $700/month. Which means that you need to be able to rent out a 100K home for $1200/month.
Now, this could be location specific, but where I live (VA), in the city, a general 100K home will rent out for anywhere from $800-$1000/month.
Usually $1200/Month rentals are homes worth around 140K-180K where I live.
So I do think this matters. Of-course you could find a good neighborhood with a good deal, but if your home doesn't stand out, then the chances of charging $1200/Month for a basic 2-3BR house is pretty unlikely.
Especially if you're genuinely trying to buy 5 homes in a short amount of time. Good deals don't pop up 24/7.
So instead you're looking at a $300/month profit at most.
Average that out among 5 homes, that 25K drops to 15K/YR.
If you're setting aside half of that for a rainy day, then you're looking at 7K/YR until you're safe.
Thirdly, I would say that leveraging equity in a home is a bad play if you're over-leveraging, so assuming you're not over-leveraging here, it isn't always easy because that requires that you got a good deal. Its not impossible, but I wouldn't expect to buy a home and then leverage 20K of equity instantly, then repeat that 5X over in a short period of time.
A home will USUALLY be determined by its value, and most of the time when you're going to see that 20K in equity is by buying a home that needs to be fixed up, and you DIYing it instead of hiring people to do it, and saving yourself money in places like that, or finding a home so heavily depreciated that you know a contractor can fix it up and make you that money back.
I'm not saying its not possible, I just think its unrealistic to expect without giving yourself time to find deals and be patient.
I also would caution the optimism for something like that, 15K/YR really isn't shit. That's 7 year holds on those properties before you even return your initial 100K investment. Now yes, your home can increase in value. Here for example our homes in the city increase as much as 7%/YR. So yes, in 7 years your home may be worth, say, 130K. 30KX5=150K Profit.
150K for 7 years of time. Its not bad, but, I mean that's not really millionaire status, now is it? An entire decade to return 150K?
Especially if you're looking at monthly profit @ $300/month. You would need to have at-least 6X the 15K/YR to make 100K/YR comfortably. So realistically you need to spend roughly 600K to obtain 30 homes to net 100K/YR, your portfolio would be 3Mil in homes.
Now I could also break down flipping homes, using the equity while you own them, and playing the game up prior to that 3mil in homes, but I am just keeping it more simple here.
To conclude though, If your goal is to just live comfortably, and you could see yourself making 600K in 20 years and living off of your 100K/YR on your homes, then sure, its definitely not a bad investment, but if you want to be grant cardone status, or just anyone who has independence and lives a rich life, especially in a short period of time, you should probably understand that real-estate investing with $3500 that you saved up after working several years probably isn't the play here.
I'm not trying to discourage anyone from real-estate investing. What I am trying to say though is that you probably need to up your income first.
Real-estate is like dessert to your success. The meal must come first.
You don't really build wealth ground-up from realestate, its usually where you go once you have the money, its where you go to finish off your investments.
Of-course you can trade up properties and equity to become successful, but that's when you start the game with 300K+, not 3.5K.
It also depends on what game you're playing, the long-game or short game?
I'm in my 20's and I plan to retire by 35-40, so my plan involves millions of dollars a year on income from a business, in which I then funnel into real-estate, so think out your plan.
Real-estate is never better than business, but you trade the stress and income of business, from the passive income from housing. Its easier to own passively and isn't dependent on all the factors a business is.
Great vid
Just found your channel and it’s some great info. Love it!
Preach Brother. Thank you for the knowledge.
Finally. A video that’s not about a stimulus check.
HHahahahahahahahahha ahhh now I feel bad making a video about the stupid stimulus bill 🤣
You a fool if you believe this millionaire 40 inch television lmao
Joshua Figueroa I’m a millionaire and I have a 43 inch tv. That’s how u get there by saving lol but nah seriously it’s a good tv. LG. But once I move (moving out of state so I can reduce my rent by (50%) I’ll get a larger tv. But not yet.
@@joshuafigueroa2595 His wall isn't able to handle a bigger TV, and a lot of people don't even use the TV in the living room. So, why would you spend a lot on a TV that just collects dust
@@joshuafigueroa2595 FOOL
very good sir! thank you.
Keep up the good work I am learning everyday
Great vid. Thank you for sharing. I'm going to put that to work. I've been saving to do exactly what you just exhibited. Just came across your channel @4:20am est. New sub and thanks again.
Cool stuff my brother!
As an investor, I can say that this guy is taking sense and is not like other guys on youtube selling courses.
I always enjoy listening to your advices.
I really do appreciate 🙏🏽
Hit me up For more guide lines 👆
👆.....
Thanks for the video...my brother keep do ur thing
I’m always nervous to invest into real estate.. this broke it down
“Control”. You cannot complete this lecture without discussing Risk. Which is very important in decision making.
Richard like that good stuff.🖤🖤🖤🖤😎
Smart man ,no doubt...thanks my guy
That was a great video
This is my current plan that I've been working on! I'm so happy to see this confirmation, and I am 27 now. I'm excited! Although house prices in the Toronto area is outrageous, but where there's a will, there is a way.
Thanks!!
Wait for massive price drop. This is market top. I know from bitter experience. Making money in property is all about timing. Now is not the time. Please be careful
Dude I live in Seattle and the prices are astronomical
thats why you invest out of state. I Live in California, prices are insane but if I look at houses in the midwest like Texas they are so much cheaper. basically a 50-70% discount.
@@kevinford6420 when do you think will be the right time? or you dont have a specific time line
@@greyalien826 Price drops are ongoing right now, but sustained, constant drops, will really start when fake stock market corrects and debts are exposed. When I got caught out it took 2 years to drop fully. Don't be in too much of a rush to get in after that as prices will remain down for long time. Good luck.
Thank you for your advice. I'm really considering getting into this..
Wow thank you!! 🤯 I never heard of this strategy.
Thank you. Just what I needed to watch. My hubby and I are directors of our farm business and own property, plus small pensions. I am nearly 52, hubby is 55. We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.
consider financial planning
It really isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing.
I totally agree, I'm 60 and newly retired with about 1.2 million outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of the invt-advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.
mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc.
The advisor that guides me is Eileen Ruth Sparks, most likely the internet is where to find her basic info, just search her name. She's established.
I just bought my first investment property!! I am also 26 😂. I had this exact formula in mind to build my equity and portfolio. Wish me luck 🙏🏾
Good luck im trying to get my first as well but my credit is like 580 got to beef it up im a 1st time buyer with some cash though
Good luck and it is a great idea that I used to own three properties now in two states. And I am working on expanding to even more properties outside the USA.
I bought my house 3 years ago at 27. Now has about 100k in equity. You made a good choice.
May the force be with you!!!!
FHA ALL DAY
Good stuff. Thanks for posting.
OG you are the realest ever!!!!! This video was epic
Do you employ a property manager to handle the properties you own? When you first started investing into real estate to rent out, was it difficult to make the monthly mortgage payments? We own a duplex and I've been thinking of using your method. Thank you for your insightful and helpful videos.
I was thinking the same thing about the mortgage payments and then the cost to fix up the homes is he using his own money or a loan I was trying to figure the whole thing
Thank you.🙏
You come off very genuine... u explain things well.
I needed to hear that. I'm ready to start today.
I know a nice Jamaican lady who bought a multi family property in Brooklyn in the 70's. She then acquired another 15 similar properties. Her portfolio today is worth north of $25M. I'm working with her son to refinance the portfolio to build a maser planned development back home in Jamaica. Simple and powerful video !!
🇯🇲
Sounds good I'm a Jamaican living in Philadelphia and looking to invest into real estate here then Jamaica in the near future 👍
@@highenergy6718 link up
Peace yea she made very reallll Power Move.had to start from somewhere....she good money now.on way to take it to next Level!!!
Yeah, I live in the NYC area and my parents are immigrants from Croatia and the one regret my dad had was not investing in real estate back then. People forget that the city was going bankrupt and real estate was going for nothing. But, he was a house painter, who eventually started his own business but was afraid to take other risks. Here's one example, my dad had a contract to paint rental apartments in a wealthy town just north of nYC. The manager of the complex told my dad the building was going co-op and to buy an apartment or two (This was the late 1970s), a studio was going for $10K, a one bedroom $20K, a two bedroom $30K, and a 3 bedroom for $40K. Now the three bedroom apartment is worth about $500K.
Here's another one, a Polish neighbor of my parents, back in the 70's, his brother purchased a 3 story walk up between Madison and 5th Avenues around 90th street or so, each floor had two apartments. His brother renovated the top floor into one apartment for himself and the other apartments he rented out. He purchased the building for $48K at the time and now, he gets $48K per year just renting out one of the apartments. I can only imagine what that building is worth now if he were to sell it.
I know you should never live with regret, especially if you lived a good an honest life, but at the same time, you can look back and wish you've done things differently like my dad has. He always talks about that missed opportunity and he's 80 now.
Good video Richard. Leverage is powerful when it works in your favour.
Can you use a more realistic price range next time, like $250k?
Tru I banks not even lending you money these days for a home under 125k
Good stuff! I'm definitely going to reach out to you about this. Thank you
The math makes sense. Outside all the noise of you don't need money to get into real estate. You clearly showed you need money to sustain it. Thank you for sharing. Great Info.
My dude be flexing on us with his cars, he a real OG
In 14minutes, you didn’t explain how “you did it.” You simply gave an example of a perfect situation...
Exactly. Not many common folk have $100k laying around.
Most people don’t know the game to explain it properly when doing any business. It’s so many ways but a few important ways that sets the bar. Find some investors who are already wealthy pitch your story and let them get you to stardom. I did the do it myself stuff until the banks said your debt to income ratio is all bad. I found investors some who wanted money on returns some who just said give me my money back per month starting this day and time. Investors using there money now my money is how you make it. Now as an investor what he’s saying I will pick your brain too see if you have did your part in learning, researching etc. That is important to the investor so his game is important but it’s not how you make it starting out by no means and it’s 2020 it’s way better ways to wheel and deal!!! Hope this helps young lad
Did we watch the same video? He leveraged FHA on the basis of the low capital requirement. After accumulating equity within the first property, he leveraged that equity as the down payment on the mortgage for the subsequent property acquisition. Repeat, repeat, repeat, realize appreciation, million dollar+ portfolio and the true explicit out-of-pocket remains the initial 3.5%. Also, (presumably) cash flow the entire time. Then proposed some additional example deals using round numbers. We didn't watch the same video I guess
He said he bought a house /You need good credit/ he rent it out more than he pay he makes $500 a month Net meaning what he earned over what he pays..
There’s also a way to pay it off fast by paying double principle....
Yes sir. Real helpful. Thank you.
Thank you for the awesome information!! I thought I the title was going to be a click bait video because of the big house, Ferrari intro. I kinda skipped to the part where you actually get into it and I couldn't stop watching. Great valuable information. Thanks
I love how he drop that keyword jewel "CONTROL" and not OWN. Control everything own nothing build wealth over time
*There is so much money someone can get by buying their first home and then compounding that to a nice real estate portfolio.* 😉
wife wants to sell i said to her "no way hun..it stays in the family."
I agree man. In 2009 I didn’t even have all the money but I knew I had to buy. I bought two houses. I even had to eat my ego and ask a family member for money for one of the houses. One house went up by 200k, the other went up by 550k! I sold the 200k one to seed my index investing portfolio. I worked hard. 12 years -> 0 (actually negative NW) to 1.4M 👊🏼😎 and going strong man. Also convinced my wife to invest a year ago (it took me a decade to convince her lol). Now I’m moving into more rentals. Maybe commercial. Let’s see!
Aman Bansil If you don’t mind me asking, do you have a real estate license or do you need real estate license to do what you do ? I’m 18 and trying to go this route.
@@dequanjenkins3590 You don't need a license to own properties. You need a license to sell properties (a real estate agent license). I'm a real estate investor 'beginner' myself. I bought two properties, both of which appreciated quite nicely after the past recession. One of the was occupied by a renter, the other by my parents (and still is). It's all about Equity (how much money you have in the properties) and your Loans (Debt to Assets). The bank will decide if you have enough equity/collateral for them to give you more money. But, I'm now about to start buying more properties in the next 6-12 months to take advantage of the downturn. To do this, I'm going to make sure that I create an LLC first and buy proper insurance to cover myself. I'm going to place these properties in this LLC instead of owning them under my name. This way, if anything happens, I'm protected and my assets won't be touched. I haven't done this yet - but I will do this pretty soon. I'll try to document the entire process on my Channel. I'm also planning to document/make videos of the houses I buy on my channel also. Right now though, I'm waiting for the economic issues to take prices down as people default on loans later on in the year. By the way, I MIGHT also get a real estate agent license if I think that's something that I wanna do. It'll help me buy my own properties...my wife is going to study for that first, so, that'll be a lot of help to me. My past two properties were just bought at the right time and at the right locations.
Aman Bansil that’s awesome I’ve been thinking on capitalizing later this year but I have horrible credit just defaulted on a auto loan and only have 5 grand
thank you I needed that, I will like to have a one on one coaching with you, thank you this information really woke me up.
Thank you! this was really helpful. Im gonna have to get my research up but this is a great start.
Taking action is the key
funny how u didn't mention paying interest on borrowed money... cool video though, keep doing your thing brother
See I’m in the process right now, finding out that I need friends like him. Pass on good information to help other’s!!!!
Knowledge in "depth", nobody's doing this. You have a new subscriber.
thanks. definitely you are teaching me new ways of investing my money instead of giving it to somebody else to play with it.
You're doing a great job. Your investment analysis and insights has motivated me in so many areas of doing business. Now I also own a UA-cam channel where I teach similar investment and finance. Thank you Richard for your amazing contributions.
Yo!the shadow beard almost got you looking like a KOBE (RIP) round here... LOL.. but yo, good content love the info
True! He does
Lol
Thank you! You are so awesome for sharing this advice. Much appreciated. This is the gold nugget I needed.
You’re welcome
Wow at first i didnt understand hus method but as I continued watching the video it makes so sense , thank you sir well its hard work and no play for me ✌🏾
I wish I had been told this valuable information 20 years ago. Starting from scratch again at 57 after divorce and bankruptcy. Thanks Richard 🙏
Its never to late my friend don't despair. Your wealth is written for you. Your journey is unique to you and you alone. Everything happens for a reason ..keep your head up. Wishing you all the best. You are never alone.
Would you get married again?
@@Coronaboii88 if old Brent sat down with young Brent today, what would I say? Live your dreams and don’t let anybody tell you can’t.
Wishing you Prosperity, abundance and happiness. May miracles happen for you everyday of your life.It's never too late friend. Keep your head above the SKY!!!👊 🙏 💪
I think you did a great job on explaining the process. I'm curious about home repairs for 5 houses. It takes money to fix up things around the house.
As well as mortgage payments until rented...buy 3 and use the 40K to cover repairs and mortgages until you get them rented.
Brother, you just earn my subscription! Keep up the Awesome mission to help!
so proud of you brotha!
Thank you 🙏🏽
Pure Amazing. Thank you so much for the break down. I absolutely get it when you teach it this way!. I can’t wait to start.