I don't have 5 million in real estate but I already don't have to set my alarm if I don't want to most days lol. Congrats to her and her husband who it sounds like she could not have done this without do to him continuing to work and being able to reinvest all the cash flow, not to mention using his 401k. This really is a testament to how much you can do with a supportive spouse.
Her idea of acquiring properties by hospitals and most likely targeting the traveling medical field is perfect for short-medium term rentals. From my experience, tenants that work in this space have always seemed to be much more mindful of my property and have always kept good communication with me about any issues that arise. Another thing that has helped me tremendously with occupying my properties is offering deals for returning guests and for referrals. it gives a sense of comfort having recommended guests stay and the greatest part is that it’s all done organically by word of mouth .
I know this goes without saying, but David is a very wise man and really inspirational too. Thank you Rob and David for all the content you put in day in and out. I haven’t invested in a single property but I diligently watch all your videos and I will be getting ready to do my first purchase.
IRA - Took out funds from an IRA to buy a small rental in Stone Mountain, GA and sold it for 4x return. Haven’t managed to build a rental portfolio since then. Congratulations on your growth. Where do you find loans for these rental purchases?
When the interviewee says "So my husband started another company, a new company, so we just had ALL OF THIS EXTRA INCOME" then I think most viewers will just be like WTF, this is not MY situation.
Right! She was already rich to begin with. She was a stay at home mom. The avg woman has to work. Her strategy was to marry a high earning guy and use his capital to buy assets, which she happened upon by way of a very lucky string of events which could have only happened for an already rich person. Remove her relative randomly, asking her to work for them because she doesn't actually work and a doctor selling her a house for 50% off to start her portfolio never happens. They should have been interviewing her husband.
@user-xe7wc4nb3f how was she rich to begin with?? What a b.s. statement. They had to deplete their 401k and savings to buy a 80k house. Doesn't sound rich to me. Being a stay at home mom means you're rich?? Lol what?? They live in Oklahoma. He probably makes 75k a year. What a judgemental comment. She is clearly the brains behind it all. Why would they interview the husband?? A lot of bad assumptions on your part
@stevend481 you read too many fairytales my friend. The fact remains her husband, whether for her area or in general was a high income earner. That's they only way any of what she detailed could ever have transpired. Her skill is she was pretty enough to acquire the right guy. I imagine the vast majority of people watching this are men and the vast majority of us will never be in her starting situation. (74% of women won't either.) It's more likely that we would be the husband supporting our family. She should be on a dating channel talking to women about the value of choosing a great man and how he can change your life.
Making 110k a year, take home after taxes is 60k max a year for me. Im renting near work for 2850 monthly plus utilities 2 bedroom. After expenses barely can save 400 a month. Canada is a nightmare even with degree period
You should’ve asked how she bought so many houses so quickly. There’s no way you buy your 1st house by exhausting all savings & 401K to year two owning 10 homes making only $3500 in year one. Did she have an investor??
Love the Shmeedium concept! I relate to this story so well, as im also in PM and have learned a ton from being in the industry. Although, it was only after learning from BP that this real estate thing is so much more attainable than i ever thought, ... if you're willing to work hard in the beginning. We are almost finished with our 1st rehab and getting ready to get our appraisal soon! 🤞🤠
This story doesn't make any sense. She claims $200,000 per year/cash flow in three years. How is cash flow here defined? She admitted to using banks and credit unions to get the mortgages. Even at the former 3.5% to 4%, mortgages must be paid. Is she including these mortgage payments in cash flow? Is she including any of PITI? For me, just purchased a unit and with the 7% interest rates and now losing $400/month. The only reason I can justify its purchase is that I have another house that is fully paid for (I got that unit back in 2012) and with that cash flow of $1400/month, I am paying the $400 month loss and counting on the interest rates falling eventually, after doing a refinance. Of course, I am also counting on rent increases. With only 5.5 million in R/E, how much of it is paid off and how much does the bank own? There is something very strange about these numbers. These numbers don't happen in only three years.
Yes $200k a year is after deducting mortgage payments, taxes, insurance, vacancy, CapEx and maintenance. We would never purchase a property we would lose money on so that’s probably where the confusion is here 😃
Hello, So I would have a few questions if I may? Since you had no money how were you able to secure loans for investing in properties? What process did you use? Since no money in first year for a 80k property? Than you
I am an engineer, used to work construction in high-school and college. I'm saving to start building single family rentals. We are moving for my wife's work, she just graduated with her M.S. RN. The market we are moving to is INSANE. Crazy strong seasonal rental market. $60k+/season. I already priced out building homes for $200k that would sell for over $500k. A $200k investment gets a seasonal cash flow of $50k assuming we save $10k for maintenance, etc. If we could get traveling nurses to stay in them during the off season or do medium term rentals it could bring in another $15k. By avoiding debt, especially with high interest rates now, I eliminate the bank taking their cut and maximize the cash flow/profit for each house. I can do with 4 properties what she is discussing accomplishing with 59 properties. WAY easier to manage 4 properties vs 60. Granted they will be amassing equity extremely fast with so many properties as long as the market doesn't tank. I can't imagine risking possibly being upside-down on so many mortgages. I hope they have MASSIVE cash reserves just in case SHTF.
The parts when Brittany and Rob talked about nice things when you remodel are so overloocked! 90% of the investor and 99% of flippers just throw cheap stuff and ask top dollars! Disgusting behaviors. Thank you guys for a good episode.
Would love to hear what specific granite product is used? I had thought that quartz rather than granite was becoming essential, but I like the durability of granite, if there is a line that is acceptable to renters. Thanks!
@@janedawson1398 I'm not thrilled with the number and especially the quality of prospects on there. I hardly ever get responses when I actively send text messages and emails. 95% completely ignore. By reading inquiry descriptions, many seem picky and some are looking for really short stays like a month or two. They're basically looking for cheap Airbnbs. I keep on going back and forth on renewing. I renewed this year.
Robs "buy nice not thrice" is basically what we in the firearms world say when people ask us about attachments and training. I always say "buy once cry once" spend more for better quality, may hurt the wallet more than a cheaper alternative, but you get what you pay for usually. I love that saying. I apply it to most of what I do now.
What a competitor/Fighter! I learn from family members who works in the medical field that a patient’s attitude when receiving a diagnosis such as cancer is paramount to beat the odds. I’m happy for her and using the situation as a motivator is command-able. Best wishes to Brittney as she continues to crush her goals. I love the goal of having “no alarm clock”. David and Rob thanks for her on the show to share her story with the BP community.
Do you see that someone does ok if they’re like, it’s ok I had a long life but I’m not doing chemo! Or I hate doctors but I’m going to live life to the fullest.
Thank you so much! It was truly a life changing experience & I'm thankful I was able to come out better on the other side. I've heard from others that your attitude when you get devastating news really can help or hurt you, too!
What area are you investing in? Where I live houses start at $300K. I don't understand the part where you estimate the value of repairs. What final number you need for it to be worth or not to purchase?
Call me crazy but I've watched this video over and over again! Game on baby!! Thanks for the tips, for the advice! Incredible story! Hard work pays off! I love this channel
Ok so she bought a 80k property, the did a helock witch the interest varies, than they used all there 401k witch you pay a penalty, and they threw in all there savings my question is how much did that property generate?
I feel like all these amazing stories come from a different time in a different market. It’s like, “Here’s what you missed out on. If only you had started when the market was good. You missed your window. Too bad for you.”
Great content and congratulations on your success! Sorry if I missed this in the interview... How much all-in time do you spend running your real estate business (managing the 59 units, researching new properties, etc)?
@@brittanyswait hi brittany. When you cashed out your 401k , were you penalized since you are not at retirement age? Did they charge you a 10% penalty or did you do a 401k loan and repaid it as you go along?
Notice how David really digs deep with his follow-up questions so that he can probe valuable/actionable insights out of the guests. He could easily just blow through topics but instead he digs deep to get value out of the interviews. I love it!!
Hi this was amazing , so would you say someone stating to invest should start with a BRRR Single family house or duplex or four plex , appreciate the advice.
I typically tell people if they can house hack their first investment by using an FHA loan and getting a 4 plex that's the best route (considering the numbers work of course). If we had that option available to us we would have definitely done that for our first investment!
Such an awesome video! I totally relate to you Britany and your experience with cancer. It's life changing. So happy for you! I wanted to ask if the cost to furnish a house for mid term rental is tax deductible, in your experience?
Thank you!! We have a few properties and have been thinking of going into retirement and equity to finance additional opportunities. There’s so many 🔑🔑🔑 in this video. Appreciate it! Keep up the great work!
So I’m new to this channel. I help hearing people say I “ran the numbers and it made sense”. Where is a good place to start watching this channel from since I’m completely new here and in the real estate space?
The really old channels with Brandon and Josh, the guy who actually started BP and lived in Colorado. Watching Brandon as a beginner was what really fueled BiggerPockets.
Someone please me with some insight… how can someone buy two properties within one year using the brrr method. I hear you have to rent/refinance until after the year?? What am I missing? Also, for investment properties you need at min 20% down so you would have to bank that your cash out refi comes in higher so that you have enough for down payment.. someone guide me…
My wife and I, both in our 40s, married 14 years, 2 kids, only make 155K a year combined together. Only debt is the mortgage. We wouldn't know what to do with $400K a year. I'd like to see these people live on what we do. what could I do with this money to bring in more revenue for to cater for the kids?
Being low income and not having money but wanting to get into investing I'm thinking I'd rather buy old and cheap, and fix broken things over time. i.e. a few hundred here a few hundred there is easier than paying $180,000 upfront for a newer nicer property
Hey guys, I just want to ask....Is it really passive income though? I am not so sure everyone is meant to be a landlord. It isn't as passive as we make it seem even with the property management. Not to mention the $$ that property managers take along with being able to find a good property management company who also works with you to find the most cost effective, quality vendors. I know there'll be a ton of rebuttal on this but I have to make sure the novice investor knows, it's a lot of work and maybe one day it can be passive if you scale but when you're getting started and not big it is tough!
I would say it isn't passive, but neither are the stocks that you research, the job you work at, or the royalties collected from a product or idea. Personally I like real estate because in cheaper markets with higher cash flows (im in the Canadian Mid West), you need less money to get the cash flow compared to stocks. I'm looking at needing 100k in real estate downpayments ane cash reserves, to cashflow a few thousand a month; compared to 900k in stocks with a 4 or 5% dividend
I have some properties that are more passive then others but I don't manage my properties, I pay PMs to do that for me knowing I'm not maximizing my income. The hard part is finding a good property manager but that's what makes it passive for me. I spend 5 minutes a month per door just to go over the numbers when I have a good PM.
You should talk about the risks too, it’s not all easy. What about that this is all based on a red hot real estate market, as soon as it cools house evaluations go with it and so goes the value of the assets while your borrowing stay the same.
Seems like allot of properties to make $200 cash flow. 4 properties usually gives $100k for a long term rental in CA. What state and city do you buy your properties?
Brittany your insights gave me such great grasps of starting. As a mother, I agree that work was always more predetermined and measurable than parenting. Thank you for sharing. I wish you an easier fight in your health. Take care!
Thank you for such a wonderful interview and the conversation overall! On a side note, I'm in CA and wonder if you have an advise specific to the current--2023--California real estate investment market. With many new laws in place, it really brings a question if it worth starting RE investments journey in this state... Thank you!
Can anyone explain what she means when she is talking short term rental, medium term rental and long term. What are the time frames she is referring to? Thanks!
In general, short-term is less than 30 days (think airbnbs), medium term is 30 days or more (usually 3 month/6 month leases and furnished, think housing for traveling nurses, students, etc.) and long term is 1 year+ leases (standard apartment or rental homes).
To have all these properties, do you need a real estate license or brokerage license? Or are all these independently owned without the need of a real estate license?
Only the first rental property what she says makes sense. She bought it for a ticket. Sold it for 150 and then after that, there is so much of information which is left out, purposefully how she managed to. : How go from 1 to 2, 3, to 4 to 150 rentals , that’s the million dollar question, right now the banks need 30% down payment and the numbers not make sense at all. You’re not very profitable at all. This is really bunch of baloney to get UA-cam hits and make money on UA-cam.
Agreed. They always skip over the details. No explanation of how she scaled, where the money come from for each new purchase, how much is she cash flowing???? No one knows. I guess just ho out and buy properties, no money needed and collect rent.
Unfortunately in California, General Building contractors, although they have the experience and knowledge to re-roof a home, cannot legally do so. Has to be a roofing contractor. And in our area, the decks are more costly to replace or repair than a roof! So our 4 "walk-aways" are roofs, decks, septic and HVAC. These are usually the most costly items. Inside is cake!
Finding the right deal at the right price is the key. If the property wouldn't cash flow with the BRRRR method we would have to decide if we wanted to still purchase it. We have had properties that we left money into them because we knew they would appreciate enough over the next couple of years that we would be able to pull it all back out again. Also remember you aren't married to your loan rates. You can always refinance into a lower rate and cash flow higher once they come down a bit.
@@brittanyswait Hey thanks for the reply. I got a question for your expertise, Im a contractor in Iraq, I have my first rental under contract since this AM. I have to give them 10k in ernest money(houses go fast in MN) My realter is cool, his agency has property management, legal, construction people. So all needs are covered ILL have 500 a month cash flow after 160 taken for management fees. Its my first one the numbers all work out so its a huge win. I know the realter very well hes very knollagable professional, he makes deals. But since its first Im nervous. Its 400k im putting 124k down(theres some things to fix and fees) my personal house is payed off. But yea first time and nervous lol.
Shmedium…. As a fat man this term gets used a lot when my “clothes shrink” just got my first BRRRR. Looking to rent medium term to skilled workers staying out of town for months at a time. Lots going on in the area. Love all the info! Thank you!
If you're able to cash flow by doing that, then yes, it makes sense but if you just take the money to buy a new boat or a new car then no. It's pretty simple math.
I don't have 5 million in real estate but I already don't have to set my alarm if I don't want to most days lol. Congrats to her and her husband who it sounds like she could not have done this without do to him continuing to work and being able to reinvest all the cash flow, not to mention using his 401k. This really is a testament to how much you can do with a supportive spouse.
How do you not have to set an alarm?
Her idea of acquiring properties by hospitals and most likely targeting the traveling medical field is perfect for short-medium term rentals. From my experience, tenants that work in this space have always seemed to be much more mindful of my property and have always kept good communication with me about any issues that arise. Another thing that has helped me tremendously with occupying my properties is offering deals for returning guests and for referrals. it gives a sense of comfort having recommended guests stay and the greatest part is that it’s all done organically by word of mouth .
Come on be honest how can you apply acquiring properties without putting 30% down
👍
@@Jepi369 gotta spend money to make money
@@chiefkeef8902 which she clearly did not explain or purposefully hide , how she put 30% down
For 110
Units
@@Jepi369she kinda did though. Cashed in 401k and HELOC to acquire a cheap property worth 150k ARV. Combination of BRRR and Flips after
I know this goes without saying, but David is a very wise man and really inspirational too. Thank you Rob and David for all the content you put in day in and out. I haven’t invested in a single property but I diligently watch all your videos and I will be getting ready to do my first purchase.
IRA - Took out funds from an IRA to buy a small rental in Stone Mountain, GA and sold it for 4x return. Haven’t managed to build a rental portfolio since then. Congratulations on your growth.
Where do you find loans for these rental purchases?
When the interviewee says "So my husband started another company, a new company, so we just had ALL OF THIS EXTRA INCOME" then I think most viewers will just be like WTF, this is not MY situation.
💯
Right! She was already rich to begin with. She was a stay at home mom. The avg woman has to work. Her strategy was to marry a high earning guy and use his capital to buy assets, which she happened upon by way of a very lucky string of events which could have only happened for an already rich person. Remove her relative randomly, asking her to work for them because she doesn't actually work and a doctor selling her a house for 50% off to start her portfolio never happens. They should have been interviewing her husband.
@user-xe7wc4nb3f how was she rich to begin with?? What a b.s. statement. They had to deplete their 401k and savings to buy a 80k house. Doesn't sound rich to me. Being a stay at home mom means you're rich?? Lol what?? They live in Oklahoma. He probably makes 75k a year. What a judgemental comment. She is clearly the brains behind it all. Why would they interview the husband?? A lot of bad assumptions on your part
@stevend481 you read too many fairytales my friend. The fact remains her husband, whether for her area or in general was a high income earner. That's they only way any of what she detailed could ever have transpired. Her skill is she was pretty enough to acquire the right guy. I imagine the vast majority of people watching this are men and the vast majority of us will never be in her starting situation. (74% of women won't either.) It's more likely that we would be the husband supporting our family. She should be on a dating channel talking to women about the value of choosing a great man and how he can change your life.
Her strategy/methodology is still valuable to pull insight from.
Making 110k a year, take home after taxes is 60k max a year for me. Im renting near work for 2850 monthly plus utilities 2 bedroom. After expenses barely can save 400 a month. Canada is a nightmare even with degree period
You should’ve asked how she bought so many houses so quickly. There’s no way you buy your 1st house by exhausting all savings & 401K to year two owning 10 homes making only $3500 in year one. Did she have an investor??
Love the Shmeedium concept! I relate to this story so well, as im also in PM and have learned a ton from being in the industry. Although, it was only after learning from BP that this real estate thing is so much more attainable than i ever thought, ... if you're willing to work hard in the beginning. We are almost finished with our 1st rehab and getting ready to get our appraisal soon! 🤞🤠
This story doesn't make any sense. She claims $200,000 per year/cash flow in three years. How is cash flow here defined? She admitted to using banks and credit unions to get the mortgages. Even at the former 3.5% to 4%, mortgages must be paid. Is she including these mortgage payments in cash flow? Is she including any of PITI?
For me, just purchased a unit and with the 7% interest rates and now losing $400/month. The only reason I can justify its purchase is that I have another house that is fully paid for (I got that unit back in 2012) and with that cash flow of $1400/month, I am paying the $400 month loss and counting on the interest rates falling eventually, after doing a refinance. Of course, I am also counting on rent increases. With only 5.5 million in R/E, how much of it is paid off and how much does the bank own?
There is something very strange about these numbers. These numbers don't happen in only three years.
Yes $200k a year is after deducting mortgage payments, taxes, insurance, vacancy, CapEx and maintenance. We would never purchase a property we would lose money on so that’s probably where the confusion is here 😃
Hello,
So I would have a few questions if I may?
Since you had no money how were you able to secure loans for investing in properties?
What process did you use?
Since no money in first year for a 80k property?
Than you
u messed up lol why buy something doesn’t regenerate at least break even
I am an engineer, used to work construction in high-school and college. I'm saving to start building single family rentals. We are moving for my wife's work, she just graduated with her M.S. RN. The market we are moving to is INSANE. Crazy strong seasonal rental market. $60k+/season. I already priced out building homes for $200k that would sell for over $500k. A $200k investment gets a seasonal cash flow of $50k assuming we save $10k for maintenance, etc. If we could get traveling nurses to stay in them during the off season or do medium term rentals it could bring in another $15k. By avoiding debt, especially with high interest rates now, I eliminate the bank taking their cut and maximize the cash flow/profit for each house. I can do with 4 properties what she is discussing accomplishing with 59 properties. WAY easier to manage 4 properties vs 60. Granted they will be amassing equity extremely fast with so many properties as long as the market doesn't tank. I can't imagine risking possibly being upside-down on so many mortgages. I hope they have MASSIVE cash reserves just in case SHTF.
Exactly! Margins are scary.
What do you do if someone trashes your property. How do you reclaim that loss?
Yes. That’s more realistic: $5,000-$7,000 to furnish a short term rental
Every time I’m furnishing a home I always remember Rob’s “Buy nice not thrice” 😊
Where do you buy nice items at? Would like to show i have some style in my own property?😊
The parts when Brittany and Rob talked about nice things when you remodel are so overloocked! 90% of the investor and 99% of flippers just throw cheap stuff and ask top dollars! Disgusting behaviors. Thank you guys for a good episode.
Thanks so much! It's easier to sleep at night when you do things the right way :)
As far as design goes, what should we design-challenged people do?
Yes. Just closed on a house that sold for $125,000 5 years ago and sold for $250,000
I haven’t set an alarm for 30 years. It’s just as AWESOME as you think it would be. 🎯
I can’t wait!!
Where can you find medium rental rates?
Would love to hear what specific granite product is used? I had thought that quartz rather than granite was becoming essential, but I like the durability of granite, if there is a line that is acceptable to renters. Thanks!
I would actually love to use quartz instead because there is 0 maintenance on them! We just haven’t found a supplier that fits our budgets yet.
you don't need real quartz stone. There is fabricated quartz that looks nice and it's cheaper!
I’ve almost completely dropped Airbnb as a platform. Furnished Finder is on game!
There are loads of listings in my area but no reviews.
I’ve used furnished finder for my rental and it was fruitless.
@@janedawson1398 I wish you the best.
@@janedawson1398 I'm not thrilled with the number and especially the quality of prospects on there. I hardly ever get responses when I actively send text messages and emails. 95% completely ignore.
By reading inquiry descriptions, many seem picky and some are looking for really short stays like a month or two. They're basically looking for cheap Airbnbs.
I keep on going back and forth on renewing. I renewed this year.
She said she buys 1 or 2 bedroom for mid-term. But, did not say is it a house, condo, what type of property?? Can you please clarify?
They'll never clarify. Just crap follow up.
Robs "buy nice not thrice" is basically what we in the firearms world say when people ask us about attachments and training. I always say "buy once cry once" spend more for better quality, may hurt the wallet more than a cheaper alternative, but you get what you pay for usually. I love that saying. I apply it to most of what I do now.
What a competitor/Fighter! I learn from family members who works in the medical field that a patient’s attitude when receiving a diagnosis such as cancer is paramount to beat the odds. I’m happy for her and using the situation as a motivator is command-able. Best wishes to Brittney as she continues to crush her goals. I love the goal of having “no alarm clock”. David and Rob thanks for her on the show to share her story with the BP community.
Do you see that someone does ok if they’re like, it’s ok I had a long life but I’m not doing chemo! Or I hate doctors but I’m going to live life to the fullest.
Thank you so much! It was truly a life changing experience & I'm thankful I was able to come out better on the other side. I've heard from others that your attitude when you get devastating news really can help or hurt you, too!
What area are you investing in? Where I live houses start at $300K.
I don't understand the part where you estimate the value of repairs. What final number you need for it to be worth or not to purchase?
Call me crazy but I've watched this video over and over again! Game on baby!! Thanks for the tips, for the advice! Incredible story! Hard work pays off! I love this channel
Ok so she bought a 80k property, the did a helock witch the interest varies, than they used all there 401k witch you pay a penalty, and they threw in all there savings my question is how much did that property generate?
Brilliant !!! Well done. You guys are inspiration
Thank you!
I feel like all these amazing stories come from a different time in a different market. It’s like, “Here’s what you missed out on. If only you had started when the market was good. You missed your window. Too bad for you.”
@Brittany Swait, You are a champion and our hero! Amazing story, strength, and persistence! Kudos, and thank you! :boon
Thank you so much!! 😁
Question: is portfolio net worth equal to the total value of the portfolio or do I have to subtract the mortgages?
You would subtract what you owe on the properties to get the net worth 😁
Where can I go to learn how to get started in BRRR? Are there courses? Books?
are you guys on Rumble?
Great content and congratulations on your success!
Sorry if I missed this in the interview... How much all-in time do you spend running your real estate business (managing the 59 units, researching new properties, etc)?
Your risk of investing your 401K funds into real estate was brilliant!!
Thank you! It definitely paid off!! 😁
@@brittanyswait hi brittany. When you cashed out your 401k , were you penalized since you are not at retirement age? Did they charge you a 10% penalty or did you do a 401k loan and repaid it as you go along?
That was amazing. Massive kudos to Brittany! Great interview. Impressive stuff!
Loved this episode , and loved Brittney very inspiring
Hey guys! Great episode. What is the episode you guys mentioned about goal setting. I haven’t watched that one
OMG, she is GORGEOUS! Love her!
So how did she get her first property
Notice how David really digs deep with his follow-up questions so that he can probe valuable/actionable insights out of the guests. He could easily just blow through topics but instead he digs deep to get value out of the interviews. I love it!!
What is my actions to you or he paid money for you to post a positive review the bullshit review
This is the best video I have seen. Thank you Britany. I want to wake up when I want to.
Thank you so much!!
Hi this was amazing , so would you say someone stating to invest should start with a BRRR Single family house or duplex or four plex , appreciate the advice.
I typically tell people if they can house hack their first investment by using an FHA loan and getting a 4 plex that's the best route (considering the numbers work of course). If we had that option available to us we would have definitely done that for our first investment!
Is the 5mins location from hospital by foot or by car?
How can I get more information please?
Such an awesome video! I totally relate to you Britany and your experience with cancer. It's life changing. So happy for you! I wanted to ask if the cost to furnish a house for mid term rental is tax deductible, in your experience?
It is tax deductible. I furnish my long term rentals and I’ve deducted every piece of furnishing.
@@tommyboy7427 thank you so much! How do you convince your tax professional to do that? Ours wouldn't do it
Thank you!! We have a few properties and have been thinking of going into retirement and equity to finance additional opportunities. There’s so many 🔑🔑🔑 in this video. Appreciate it! Keep up the great work!
So I’m new to this channel. I help hearing people say I “ran the numbers and it made sense”. Where is a good place to start watching this channel from since I’m completely new here and in the real estate space?
The really old channels with Brandon and Josh, the guy who actually started BP and lived in Colorado. Watching Brandon as a beginner was what really fueled BiggerPockets.
Yes. Good highlight using $50,000 example
Someone please me with some insight… how can someone buy two properties within one year using the brrr method. I hear you have to rent/refinance until after the year?? What am I missing? Also, for investment properties you need at min 20% down so you would have to bank that your cash out refi comes in higher so that you have enough for down payment.. someone guide me…
My wife and I, both in our 40s, married 14 years, 2 kids, only make 155K a year combined together. Only debt is the mortgage. We wouldn't know what to do with $400K a year. I'd like to see these people live on what we do. what could I do with this money to bring in more revenue for to cater for the kids?
This was very inspirational! Thank you!
Thank you, Stefani!
I might have missed it but where did she say her location is for all these rentals?
She’s not making much cash flow per property. Year 1) $1,800 Year 2) $5,300 Year 3) $3,300. Am I missing something?
You probably are missing something but they'll never clarify. Crap follow up.
Being low income and not having money but wanting to get into investing I'm thinking I'd rather buy old and cheap, and fix broken things over time. i.e. a few hundred here a few hundred there is easier than paying $180,000 upfront for a newer nicer property
Hey guys, I just want to ask....Is it really passive income though? I am not so sure everyone is meant to be a landlord. It isn't as passive as we make it seem even with the property management. Not to mention the $$ that property managers take along with being able to find a good property management company who also works with you to find the most cost effective, quality vendors. I know there'll be a ton of rebuttal on this but I have to make sure the novice investor knows, it's a lot of work and maybe one day it can be passive if you scale but when you're getting started and not big it is tough!
None of it is passive.
It’s more passive then working a second job
I would say it isn't passive, but neither are the stocks that you research, the job you work at, or the royalties collected from a product or idea.
Personally I like real estate because in cheaper markets with higher cash flows (im in the Canadian Mid West), you need less money to get the cash flow compared to stocks. I'm looking at needing 100k in real estate downpayments ane cash reserves, to cashflow a few thousand a month; compared to 900k in stocks with a 4 or 5% dividend
I have some properties that are more passive then others but I don't manage my properties, I pay PMs to do that for me knowing I'm not maximizing my income. The hard part is finding a good property manager but that's what makes it passive for me. I spend 5 minutes a month per door just to go over the numbers when I have a good PM.
@@davidherrera6885 that sounds fair. Sounds like you are in it for appreciation more than cash flow - awesome! Finding a good PM is not easy I agree.
your honesty is very refreshing Brittany and I hope you're in great health now! Beautiful interview ALL! Thank you for the valuable information :)
Thank you so much, Marianne! 3 1/2 years in remission & feeling better than ever!
You should talk about the risks too, it’s not all easy. What about that this is all based on a red hot real estate market, as soon as it cools house evaluations go with it and so goes the value of the assets while your borrowing stay the same.
Seems like allot of properties to make $200 cash flow. 4 properties usually gives $100k for a long term rental in CA. What state and city do you buy your properties?
Brittany your insights gave me such great grasps of starting. As a mother, I agree that work was always more predetermined and measurable than parenting. Thank you for sharing. I wish you an easier fight in your health. Take care!
I wish you can remember the book she read that changed her whole mindset and her goals.
Are they buying these properties under LLCs?
Thank you for such a wonderful interview and the conversation overall! On a side note, I'm in CA and wonder if you have an advise specific to the current--2023--California real estate investment market. With many new laws in place, it really brings a question if it worth starting RE investments journey in this state... Thank you!
Good part 33:47 (note to self)
What is the Bur method?
Amazing content as always!
Can anyone explain what she means when she is talking short term rental, medium term rental and long term. What are the time frames she is referring to? Thanks!
In general, short-term is less than 30 days (think airbnbs), medium term is 30 days or more (usually 3 month/6 month leases and furnished, think housing for traveling nurses, students, etc.) and long term is 1 year+ leases (standard apartment or rental homes).
She did not mean survivor she meant competitor. 💪
Yesssss!!!
To have all these properties, do you need a real estate license or brokerage license? Or are all these independently owned without the need of a real estate license?
Can you please define medium term rentals?
Very interesting, thank you.
Great insight from this interview.
Only the first rental property what she says makes sense. She bought it for a ticket. Sold it for 150 and then after that, there is so much of information which is left out, purposefully how she managed to. : How go from 1 to 2, 3, to 4 to 150 rentals , that’s the million dollar question, right now the banks need 30% down payment and the numbers not make sense at all. You’re not very profitable at all. This is really bunch of baloney to get UA-cam hits and make money on UA-cam.
I’m a newbie investor. With not great credit. I have yet to put 30% down. And my margin still work. Maybe start searching elsewhere.
Agreed. They always skip over the details. No explanation of how she scaled, where the money come from for each new purchase, how much is she cash flowing???? No one knows. I guess just ho out and buy properties, no money needed and collect rent.
Do you think it is wise to sign up for a real estate mentorship program?
Good interview
What is the time frame that you mean by short and medium terms
Where is Brittany located?
What does BRRRR system mean
Unfortunately in California, General Building contractors, although they have the experience and knowledge to re-roof a home, cannot legally do so. Has to be a roofing contractor. And in our area, the decks are more costly to replace or repair than a roof! So our 4 "walk-aways" are roofs, decks, septic and HVAC. These are usually the most costly items. Inside is cake!
Bring you goals up girl!
The 6:30am alarm clock!!! I'm already pulling into the parking lot at work at that time (said with a big sigh).
Powering up the BRR with the shmedium rentals is genius.
How is there soooo much cashflow with constantly brrrr’ing out all the equity with these rates ?
Finding the right deal at the right price is the key. If the property wouldn't cash flow with the BRRRR method we would have to decide if we wanted to still purchase it. We have had properties that we left money into them because we knew they would appreciate enough over the next couple of years that we would be able to pull it all back out again. Also remember you aren't married to your loan rates. You can always refinance into a lower rate and cash flow higher once they come down a bit.
Awesome interview 🙌🏻
What an inspiring story Brittany ❤
Brittany's a beast! And a super awesome smile to match!
Thanks so much!! All those years of braces finally paid off 🤣
David can’t help making an analogy on Everything lol great episode!
Another great show ❤🎉
Amazing 👏 congrats 👏
Thank you!!
I need to follow some of these steps. Great information!
Great guest! She's an intelligent investor with a well-thought-out philosophy behind all her investment decisions.
Recap 44:36
Great podcast. I really related with her alot l. Thanks for this
I HATE galvanized plumbing, I redid my own plumbing a while ago and the pipes just disintegrated in my hands.
It’s the worst 😫
@@brittanyswait Hey thanks for the reply. I got a question for your expertise, Im a contractor in Iraq, I have my first rental under contract since this AM. I have to give them 10k in ernest money(houses go fast in MN) My realter is cool, his agency has property management, legal, construction people. So all needs are covered ILL have 500 a month cash flow after 160 taken for management fees. Its my first one the numbers all work out so its a huge win. I know the realter very well hes very knollagable professional, he makes deals. But since its first Im nervous. Its 400k im putting 124k down(theres some things to fix and fees) my personal house is payed off. But yea first time and nervous lol.
Shmedium…. As a fat man this term gets used a lot when my “clothes shrink” just got my first BRRRR. Looking to rent medium term to skilled workers staying out of town for months at a time. Lots going on in the area. Love all the info! Thank you!
Thank you! Clothes....rentals....we love all things shmedium over here! :)
I renovate properties (even for long term rentals) to be of a quality that I would be fine living in with my family.
Shout out to Clifton Strengths. 1. Competition 2. Future focused.
I dont see how people afford anything. I can't get a loan to get a house to house hack... Can barely afford rent.
If you get lucky that's a good way to start. I've been looking, brick walls everywhere.
So just over leverage the property you own by maxing out on a Heloc and drain your 401k… sounds like a really smart decision.
It's certainly a risk that not everyone is willing to take.
It’s about the mindset. You gotta know what you’re doing and where you’re going. It’s not for everyone
If you're able to cash flow by doing that, then yes, it makes sense but if you just take the money to buy a new boat or a new car then no. It's pretty simple math.
It’s all about the mindset, they took the risk and was successful and now cash flow 200k a year, well worth it.
Thankfully we turned that $50k risk into what we have no so well worth it!
Short vs middle length of term
There are no properties costing $80k where I live. Not they start at 500k plus