How to Become a Millionaire in Real Estate (Part. 1)
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- Опубліковано 3 чер 2024
- Want to know how to become a millionaire in real estate? You better ask the experts!
You probably know Brandon Turner and David Greene as multimillionaire real estate investors. What you may not know, is that a decade ago this was a very different story. Brandon didn’t grow up in a wealthy family, and by his 20s, had packed on about $20,000 of credit card debt while spending $1,000 more than he could afford each month. David grew up in a family where finances were a constant stressor, he later vowed to himself that he would never let money problems hurt him or the people he loves.
Now, both Brandon and David have made the long journey from rags to riches, and through investing in real estate they were able to pull themselves up by their bootstraps and reach financial independence. Today, we talk through the first five (of ten) steps that helped Brandon and David reach this financial feat.
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Episode 503
Show notes at: www.biggerpockets.com/show503
0:00 Intro
8:35 Quick Tip
10:46 #1: Aim for a Target
23:24 #2: Have a Scalable Income Source
34:15 #3: Fight Lifestyle Creep
41:14 #4: Buy Assets with Extra Income
54:33 #5: Stair-Stepping
59:15 Incorporating the BRRRR Strategy
1:02:52 Reviewing The First 5 Steps
What I love most about real estate that when you make that purchase you are helping dozens of people. You hire contractors, real estate agents tax professionals, lawn Care service, cleaning service and you also personally benefit financially. Also now family has a home that you provided.
God damn capitalism is amazing.
not according to the ungrateful renters (i.e "greedy" landlords).
Talk about a win win win win. If we could convey this message to the youth who have embraced socialism at an alarming rate.
I love your morality advice more than the real estate advice. I struggle with feeling guilty for wanting more bc my life is good. My husband and I do well enough financially…that is enough..right? I’m not greedy…I actually want to be able to pay it forward. Our family doesn’t have a great background but I want to show my family we can be more!
This episode hit home. "Teaching isn't scalable". I am a classroom teacher, heard that, and immediately signed up for a real estate course.
You guys are my hero. Because of BP and listening to you guys, I went from 2 homes to 7 homes the past 14 months, all SFHs. Next up is to expand and diversify my portfolio, and getting the Multifamily Millionaire from Brandon/Brian. You both are changing lives! Thank you!
Great topic! Thanks!
unreal content, thank you guys!
Several thoughts on this.
1. BiggerPockets has been such a refreshing source of information rather than the so called real estate "gurus" who for many years were trying to sell you an very expensive course.
2. Brandon and David are perfectly leveraging their BiggerPockets fan base by creating real estate syndicates for Brandon, starting a real estate brokerage firm for David, and selling books. Brandon is even doing training with Tarl Yarber where they charge people $6K for 6 days.
3. The only issue I have with Brandon and David is their podcast now are all about mindset rather then specific education on real estate.
Thank you this gold
Ep. 2 already pleaseeeeee!
three quick tips. i like it.
Thanks for sharing this great information for free. It's definitely the mindset of wanting to achieve success that is important
David is right on point about how real estate is just like WoW!! hahaha love it!
I’m in investor is well with a few rental properties and always looking to add additional. This was very valuable information I love the Jiu-Jitsu references I’m a purple belt in Detroit jujitsu Academy. keep training you guys are awesome🤙🏿
This is my first time hearing about the journal!! Thank you!
So good, man.
Great video! ...Question... putting money into Dividend ETFs. Is this an asset ?
Got lots of value from this video 😊
Great new video, hope everyone keeps up their goals of financial freedom.
3rd! Haven't watched a video in a while
Best content I've seen from BP in a while- this video applies to both newbies and pros alike! More of this, thanks!
I live in the Bay Area market and I would love to get to work and connect with you David.
So much gold
Great content! Stair-Stepping is definitely something that differentiates normal investors from successful investors. The challenge is always finding the deals that allow for Stair-Stepping, and still cash flows positively.
South Africa definitely has some other challenges than the US of A, but these concepts work in any market if you apply it correctly.
Great value as always! Thanks for the mentoring style you teach great principles!
looking a group sale of 5 duplex s 4 -4 each do I have to get 5 loans and qualify for each loan or does the income on all 10 qualify for the loan
A Midwest school teacher here. It's a great profession to practice real estate investing. Been doing it since 1998.
BP Thursday!
You guys are awesome! Thank you so much for sharing your story with us mortals. I just found you about 2 weeks ago and I'm listening everyday! 🙏
There is no group for the Intention Journal , or I could find it. Did anyone else find it? WHERE?
You guy’s are awesome thank you for this knowledge.
Forever great full for these men they made me wealthy
Good Stuff! Glad I knew and knew and understood my unfair advantage to scale.
Thanks guys, I’ve watched this episode 3 times. I am planning to buy I own my Monster house. I have 3 floors. I rent the bottom to my son, his wife and grandson. I plan on renting my main floor for $4,000. I am going to do a capitol improvement on level. Remove the claw foot tub and install a shower, add a kitchen and split one large room to 2. What do you all think? I live in the Bay Area and want to get in touch. Thank you all so much, Manny Rod
actually people do criticize those that try to stay healthy, they also often don't get invited to parties
Thank you Brandon and David great informations I'm living in st.petersburg Florida I'm One of your newbie, My thing is I'm looking on some muliti family units and duplexes and condos or flipping properties can you please suggest loan officer and a property agency in my area if any from bigger pockets please thank you.
Lets go 💪
Lol I literally grew up in the family that criticized people for eating healthy and going to the gym. Be careful what you say never happens. Great show keep up the good work!
Came over here from “one rental at a time” channel. Really appreciate this movement of Real people, Real stories, real success, and real advice. I don’t ever feel that gimmick vibe even when promoting a book or course. Thank you!
Where can I get cash for repairs
I want more boats. :)
Loved this episode. Pursuant with step #1. I am setting a goal to be a guest on one of the Bigger Pockets podcasts in 2022. Talk to you all soon 👍🏾
Open Door Capital. My company in RE is The Door Opener! Cool.
Hope whoever is reading this accomplishes financial FREEDOM, wealth, and is blessed with true happiness!
same to you brother !
@@bbcapital7953 ppp
Wow
Real estate photographer as scalable income?
“This aggression will not stand, man!” The Dude.
My future kids are going to thank me for investing time on this
You blindly invested in houses, the market blew up, your houses are worth another 100,000 each....you learned from the process, unknowingly. Then you write a book. It's always worked liked this, you guys are just young and blindly watched it happen
I could listen to this kind of content every day. Its free mentorship
Agreed! Such a great listen and definitely makes me feel more productive ... even if I'm just enjoying a morning coffee in bed haha
lifestyle creep is REAL! Thanks gentlemen.
Will lenders really let you buy a property every 3 months like they said?
I’m still a new subscriber, but what are your thoughts on Dave Ramsey’s approach? Isn’t there merit to growing slower with less debt in a safer way?
You can find out this answer in two previous podcasts where R. K. was on and explained the advice this person gives. There's value to all information but it's more for the general person with no goals to be wealthy, only debt free. In the real world you really need to have at least one major credit with a good credit score so you can take advantage of the free money that's given out. Money is a tool, learning how to master this tool is key to all success in building a wealth strategy for cash flow growth.
Debt free is a good approach for people who proved already they don’t have financial self-discipline. It’s not a wealth building strategy but is appropriate for many people.
No one rich did what he recommends, even Dave didn't do it, what he recommends is for people who CANT handle money properly
I believe you receive the first goal you going to your next one. Not working if you focus on so many different goals at the same time. Thank you love this show
Where can you buy a house in the mid west for $30K?
Kalamazoo Michigan. I wouldn't recommend buying in a state where there's no population or job growth just because it's cheap
Arizona, Texas and Florida are boomin. we Have good fundamentals like population and job growth. Which is allowing us to have rent and value growth which is gonna increase your net worth if you own properties here
Gary Indiana and some communities in Chicago
I understand the theory behind what you're saying about financial freedom, however I want to question your description of freedom. Is it really the best thing in the world to do what you want, when where and how you want? Life is born in the struggle, and I dont know anyone who is self made that didn't struggle. They struggle every day, and if you aren't continuing to struggle, I dont think you'll keep your wealth. I dont believe you can succeed in the game of life without struggle. Embrace the suck rather than avoiding it. IMO
Thank you
I believe freedom is being able to choose what struggles you put yourself through rather then having struggles forced on you. Financial freedom just gives you more control over that. The concept of financial freedom shouldnt be used just to sit on a beach tanning, but to be able to redirect your energy to the “struggles” that really matter, ie family, true purpose, etc.
Elon musk has more then enough money and could by all means do what he wants when he wants where he wants, but he continues to “struggle” by choosing to lead these massive companies and chase his vision for the future
@@aidenserne166 if your only attacking the problems you want to face it doesn't strengthen your skills or build resistance. Life is not about avoiding issues, its about embracing them and learning.
Doing what you want doesn't mean fcking off though. Doing what you want means having the freedom to do what you want and continuing to scale up and work hard or let your passive income take care of you. Personally, I don't think hard work is struggling. Struggling is when you don't have the money to pay for things you need regardless of how many hours you work at your job. Being financially free you no longer have to struggle.
Is it time for an update on this one?? 😅 im still a thousandaire 😊
Thanks Brandon and David for taking away my excuse 🤦🏾. Now I'll be forced to take action and become a millionaire. 😆👍
TL:DR version is take action in every aspect of your life in where you want to be and make it work for you. Without action you're stuck.
Buy assets with extra income is a central step, connected to many principles of sound investing.
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I love this so much but these metaphors are all over the place lol
You can also cycle down quickly. If fed raises the rates. Your property can flatline, but over long term it always goes up. Just like stocks.
ok I love hearing you guys. But all the examples seem to be in areas of super low prices. I live in the Bay Area in California.Can you please give examples of getting started here pleae? I am a single Dad of 2 kids and I pay a gross amount of Child support (2100 a month)even tho we are 50/50. I know its temporary but realistic. So the 3 plexes and 4 plexes I am looking at house hacking so getting started with are seemingly out of reach. HELP!
move out of that place. it's extremely expensive. it's not business, landlord or tax friendly. move to Arizona, Texas, Florida where your dollars go further. these states are experiencing population & job growth which is good for real estate owners.
after the military while making $17hr & then $24hr as a Corrections Officer i was able to save my income because i lived with my dad & then invest in small multifamily.
i own 22 apt units after 5 yrs. make $8k cash-flow, networth over $1mil because my dollars went further here in Arizona and i houses hacked & BRRRR'D 4-PLEX's.
you're living in one of the most unaffordable places states & cities. got to change your circumstances
@@johnnyb33good21 cannot move. 2 kids in school. Have to stuck around a few more years.
Move out before your kids are ruined forever. Actually, stay there and keep wondering.
@@JonPeerless yea. Cannot leave. The ex has a strong hold. California is not my 1st choice. I have a couple years til they graduate HS then I am out
So back to my original question.
And Jon dont be an a** Thanks.
@@demetrio2803 What if you were to move a little further out of the Bay area? does pricing get a lil better..If you don't have much cash you should look into using owner occupied loan for a a duplex, tripleX or 4 plexs? And use a
owner-occupied loan like FHA 3.5%?
You should talk with a mortgage broker and real estate agent to see what you can get preapproved for and with that you can start looking for properties. In your price range.
my goal not to become a millionaire it's just to be able to live comfortably and not worry about bills.
Look at the money as a freedom , build your cash flow so you have more time for yourself , family and friends , if for some strange reason you’ll become millionaire in that process … oh well…. Wasn’t your goal 😂
Never be ashamed for for skin color or working hard. People who focus on that are lower on the spectrum.
I’m 17 now. I really want to become a real estate agent at 18. Is this still a good option with how the market/ real estate environment is now?
If nothing else, you’ll have access to the true MLS and be able to look inside properties (with lockboxes) without waiting for anyone. And with the right systems in place you’ll have the potential to earn a lot of investment money. Key is to buddy up with or apprentice under a super-agent/broker.
People ALWAYS have to buy or sell homes, it's a job that simply won't go away
IMO healthcare is a good w2 to fund your way to self sufficiency. The money is only getting better.
Add wealth is so key and they are providing amazing gems 💎. This strategy truly works I brought my first property 2 years ago for 75k put 15k in to it and now its worth 150k, so that's 60k worth of equity made.
Thank you for teaching HOW to Lifestyle Creep.
Sorry guys, I am not planning to buy my Monster House, I own my Monster House.
Thanks guys, we are in a housing bubble where all prices are distorted...Besides having a fake stock market... I have invested in crypto and waiting for that to pop so I can buy some real estate when there is blood on the street the investor steps in...Buying now will just put you under water when the bubble pops...It has been my plan for a while now and just being patient... Your thoughts...
It sounds like you are giving more reasons to sit and wait for "the perfect moment". Perhaps jump in and start pursuing your goals now. You'll miss so many opportunities waiting for the "ideal time"
@@dillononsager3348 Why pay the premium for real estate when I can get it on sale... Patience grasshopper.
You seem genuine but those thumbnails are cringe
Brandon:
For you and ME, not for you and I.
Not of David and I. Of David and ME.
Please review objects of prepositions, indirect objects, and direct objects. You overuse the pronoun “I.”
I love your teachings!
Me love it too.
Bro these guys need to stop using fitness references when they don’t know anything about fitness 😂 they
Are so bad
You guys spent 8:43 minutes justifying having money. That is time i will not get back!