✅ ✅ Attend our FREE "How to buy your first rental property masterclass" to learn how to start investing in real estate in 2024: www.goodsweethomes.com/how-to-buy-your-first-rental-property-masterclass/
It has to be said that as long as space remains limited, housing will always have value as a hard asset, so no matter when and where you begin investing you will see benefits, and even if the market's in a choppy state and you do see some minor losses, the lessons you'll learn throughout your investment journey will be worth the downpayment.
I think a great way to start is your backyard and garage, especially in areas that are extremely expensive. I am dipping my hands into building ADUs. I am about to finish with my garage, which was converted into a Jr. ADU. My next step is to build an ADU in the backyard. I am located in CA.
Hi Sean, what's your opinion about investing in retirement accounts vs real estate? Did you max out your retirement accounts and used the extra funds for real estate? Or did you go all in on real estate? Would love to hear your strategy
Great question! I'm a big fan of all things Roth related and tried to max out my accounts (Roth IRA first, then Roth 401k if possible). Eventually, I started flipping houses and buying rental properties and had to dial back on my retirement accounts. It's good to have a mixture of both. The best part is that I don't touch my retirement accounts at all and they've been growing steadily over time.
Hey man. Seen a lot of crying about this so please feel free to make a short about this: IRS allows a 10k withdrawal from IRA accounts within your lifetime penalty free to be used for purchase, construction or "reconstruction" of first home. From one's day job, Put money into 401k and get the company matching, then roll it over into a Traditional IRA (penalty free), then pull it out penalty free to use for home down payment. (You will owe income taxes in the year you do it, no penalty) I just did this in Year 2022, it works and is fully supported by TaxAct and other software for reporting what happened. Love your channel, keep holding people accountable.
@@seanlovesrealestate Keeping money in them just means you pay more later... it is LITERALLY the optimal move especially with the whiners crying they don't have down payment
I realized that the secret to making a million is saving for a better investment. I always tell myself you don't need that new Maserati or that vacation just yet. That mindset helped me make more money investing. For example last year I invested 80k in stocks and made about $246k, but guess what? I put it all back and traded again and now I am rounding up close to a million.
*Amazing content. You are still the best! It's been a year since I found ways to improve my finances and by working with a recognized professional, I was able to achieve financial independence. I have to say this; “As long as you have determination and work hard, you can achieve anything you set your mind to.”*
i think it's simplifying it by saying we just ear passive income with little hassle. The heart of REI is about management. Property management of 34 units remotely in even more than 2/3 states is not little hassle. I manage a lot more units than that and it's plenty hassle.
I think a big difference is that we don't manage the properties ourselves. We hire professional property management to handle the day to day operations and only get involved for major issues.
Your emphasis on community and team-building in real estate investing is spot on. Integration into a community of real estate investors provides support and knowledge-sharing opportunities.
My aunt passed away, and I inherited part of her portfolio and cash savings. I'm 38 years old, and everyone always tells me to invest. So, what stocks are good long-term investments? My sole big plan is to use my gains to buy a house in five years.
Don’t come to UA-cam looking for UA-cam advise, instead contact a fiduciary for proper guidance.Don’t come to UA-cam looking for UA-cam advise, instead contact a fiduciary for proper guidance.
Same, I just use UA-cam for research purposes, I run all my major investment through an investment adviser, the market is just too unstable to handle things on your own.
@@thomasbetts01People don't often realize how financial advisors are important. Records from the last 60 years shows that people who usually work with advisors earn more than people who don't. I've worked with one for 15 years, with her assistance I've achieved alot including a 7-figure size portfolio
I mean if you start up a small business and put 20% into investments then 20% into re-investments in your business and the rest can be for tax and bills and anything else you have to pay for to keep
All 3. I would say you should have a Roth IRA established you slowly contribute to. But if you have the capital for real estate, research what type of investment you’re going for. I want an area that’s appreciating quick, buying one that has all the structurally sound stuff but maybe a bathroom and kitchen you can remodel. Live in it for a while, now rent it out. You can buy some townhouse in Florida and rent it out for a ton more than the price
who cares what they ditch lol. If they aren't rapidly growing and depend on a bunch of US business guess who doesn't give a shit. now you just have to pay a billion v bucks for an iPhone lol 🤡🤡
Great question! There's a lot of components that go into this so I'll break it down here: 1) The banks will consider 75% of your gross rents towards your income, so it helps when it comes to debt/income ratio 2) The bigger limiting factor tends to be the number of conventional loans (10), so my wife and I typically get loans with just one person on the note. 3) multifamily units (2-4 units) count as one property, so this way, you can buy multiple units with just loan. 4) After a certain point, you can't get a conventional loan anymore, so that's when you can start looking into commercial and DSCR loans. These have worse rates and worse terms, but they help get the job done. I have videos about them in my channel if you want to learn more about them!
My Dad's a property manager, but he's retiring soon. I recommend looking up property management companies on Yelp and Google and calling them to see if they're a good fit for you.
I’m not telling u to completely forgot about money js don’t let it mentally effect you it’s good to have a little side hustle something like cutting grass or something light
Stay focused on money , childhood is nothing very rarely will you have friends from 13 to age of 40 Really is at 13 your fun is all coz of parental sacrifices . This is coming from someone who wishes at 13 was thinking of getting rich n not from child dream of being actor or pro wrestler rtc
Interesting. So this is why people are increasingly being priced out of housing. Because the wealthy who are able to have 34 real estate properties go to markets and states that are cheaper to become landlords, and dry up those real estate markets, gate keeping the middle class. Even once you get past the astronomical increases in cost of living, you have to contend with people who solely focus on amassing as much wealth as possible. Good to know! Very informative channel. Subscribed.
I don't doubt your strategies work, but I see the same thing so often: "I have no money, and live check to check.. how can I get a foot in?" "Well, start budgeting and begin saving so you.." "..assuming you didn't hear me.. I live check to check. Meaning I have no disposable income.." I have never found an answer to this catch 22. You need money to make money, but many people can't get out of this spiral. Is there any advice on this conundrum?
There are 2 ways to get out of the cycle, but neither are going to be easy. Option 1 is to get a higher paying job. Maybe this requires you to go back to school to get trained in a higher paying profession, or maybe you just need to have the courage to ask for a raise from your boss. Option 2 is to start a side hustle that brings in more money. Try to do things that are scalable that don't take up more of your time. Good luck!
@@seanlovesrealestate So.. success is based on the whim of your boss, or do a side hustle? Best side hustles are illegal. Decent profit per effort put in. The people I work with seem more and more to want to lean into this field as legitimate work doesn't seem to cover their needs anymore. And the payout is much less than the work put in, so it doesn't feel worth it. And the idea of 'start a side hustle'; I love to death. So many people suggest it, but never offer guidance on how to do this, or where to begin, or even decide what you're going to do. Tate, Wallace, Marcus, so many 'inspirational' influencers/millionaires make these comments and never specify anything.
Sean, how do you think if I buy out of state rental property before I buy primary residence? Also, can the income generated by home #1 be qualified for mortgage of future property?
@breezeadele banks look at your DTI or “Debt to Income” ratio when issuing a loan. The income you generate from the property will most likely not help you because of the debt you carry for that same property. As long as it’s rented out, you can have your debt serviced by a professional servicing company and have 75% of that property's debt removed after 1 year, and 100% removed after 2 years. I own 13 properties and still rent my personal residence so I know the struggle!
It's possible to buy rentals first, but most of the investors I know (myself included) purchased our primary residence before buying rentals. It's a personal choice.
Is it possible to invest in real estate while renting an apartment? I can't afford to buy a house in my area on a single income, but I can in my home state.
Hi Sean, I am 18 years old and lost my mom about half a year ago and I am going to receive some money soon. Do you think it would be smart to hold and grow my money in stocks for a few years while I am in college and then invest in rental properties afterwards, or should I go straight for real estate investing first? This was a great video!
Great episode Sean 🌟 With today's sky-high interest rates and soaring home prices, your breakdown of entering the real estate market from scratch is super relevant. I appreciate the focus on practical steps like financial preparedness and building a network through meetups and conferences. What would you recommend as the best ways to approach financing options in this high-interest rate environment? Any specific tips for negotiating better terms with lenders would be hugely beneficial! Keep these insights coming!
I'm a single, 43-year-old father who resides in Hamburg. If everything continues to go well for me, I intend to retire at age 50. I couldn't be happier right now than I am that I just bought my first house last month. I'm so happy that I made wise choices that altered my life forever.
Salutations, dude. At your age, you're doing extremely well. I'm 54 years old, and right now my finances are a mess. Any helpful advice would be greatly appreciated in helping to mold my life. I want to buy a home of my own.
I've been following your journey for a while now, and I'm constantly inspired by your insights and experiences. Your videos have been a goldmine of knowledge for me One thing that has always intrigued me about real estate investing is what happens after the sale. It's clear you've got the buying and selling game down, but what about the ongoing challenges of property management? Have you ever encountered unexpected hurdles, like tricky tenants or maintenance issues, that really tested your skills? I'm also curious if you've ever considered taking your investment properties to the next level with construction or renovations? It seems like a logical step to increase property value, but maybe there are reasons why you haven't ventured into that territory yet. I'd love to hear your thoughts on this! Keep up the fantastic work on your channel. Your content is not only informative but also incredibly engaging. Looking forward to your next video!
Thanks for watching! And yes, we've had challenges with some of our properties after we close on them. It's usually based on the tenant pool so one lesson that we've learned is to stay far away from really cheap markets because the tenants there generally create a lot of issues. We remodel about 1 house a year but it is more capital and time intensive. Thanks for your awesome questions!
I recommend starting by investing in stocks to build up your savings to eventually get into buying properties. It takes a while for sure, but getting into real estate investing is one of the most stable ways of preserving and growing your wealth!
@@seanlovesrealestate What about all the expenses that come with owning a property-interest, taxes, insurance, maintenance? Sure, you can rent it out and cover all of that with the rent, but any unexpected expenses (broken AC or special assessment from HOA) will inevitably end up eating up a big chunk of your “profit”. And if you sell it and invest the proceeds into another property, it will most likely be at a higher price and higher cost of financing, so how much cash profit are you really making?
I went to school for engineering but it had nothing to do with real estate. The best "program" was going to local meetup groups and hanging out with other investors.
I am looking for my 1st investment property. It will be on the coast for peak and off season rental. Looking at possible dipping into and old IRA from an old employer. Know that i will have to pay fees since not of age yet, but i think the return on investment in long run will outweigh the fees for that year. Also, looking at taking out a HLOC to use only iff needed for repairs or payment when vacant. What are your thoughts on both?
I think you can roll over the funds into a self-directed IRA and then invest from there so that you don't have to take the penalty (talk to a financial consultant first to see if this is a good idea). Right now most banks are only offering HELOCs on primary homes, but it can be a good tool to have if you need spare cash.
Hi Sean I am just starting with real estate I inherited 3 units in Greece but two of them need renovation, I was thinking of getting 2 small loans for the renovations, and after I am done rent all 3 of them and try to buy a 4th one using the 3 previous as guarantee as well the income from the 3 units to get the loan for the 4th purchase. What do you thing about the strategy? I am not entirely sure about the refinancing method here in Greece but I am still exploring it.
Tbh it depends on your situation. You can't get an FHA loan for investment properties (unless you live in one of the units) and the MIP is an additional cost that you'll have to pay for the lifetime of the loan. I'd prefer to put 20% down if I had the choice but it's up to you
Max Kaiser is up 20 billion percent since 2011. Let that sink in. How’s real estate treating you with all the additional costs and pain that doesn’t come with Bitcoin?
This is a really interesting topic! Your content is both enjoyable and valuable! If you want I'd love to collaborate on content that educates your audience about generating passive income through triple net properties. I'm in the NNN property business for over 15 years.
That's a great idea! We've been incorporating AI for many parts of our business, but we haven't used it for investing yet. I'm sure there are ways to use it but I haven't done so quite yet.
Not gonna lie, it'd be pretty hard. The best case scenario is if you bought a property in the East Bay that can be house hacked or rented out as a fully furnished unit. I've seen it done before but it's definitely harder than if you just went out of state.
Your real estate insights are fascinating. Our faith-based channel focuses on Airbnb passive income. I appreciate your valuable insights on the challenging real estate market. Keep up the great work with your educational content! 🙏
I recommend starting a business that can produce cash flow as soon as possible (i.e. selling products and services vs trying to create an app that will dethrone Facebook). Keep your expenses at a reasonable level and don't quit your full-time job until you have traction. Good luck!
How do you manage properties in states you don’t live in? What do companies typically charge? How do you avoid some of the nightmares I’ve heard about?
Debatable, we don't usually buy houses that are in livable condition and put in a lot of money to make them rent ready. These are houses that most people wouldn't buy as their first home unless they have experience with construction.
@seanlovesrealestate I'm talking about people scalping all the real estate and putting it up for rent instead of selling it. There is a low supply now because people treated a necessity like an investment. People don't want to rent but we are forced to because a few people take all the real estate from everyone else. I just graduated college and now have a high paying job but I still can't afford a house just because I was born too late. I can't start a family like I wanted to. Just at least understand what problems our current generation is facing. We are screwed from the start. This greed is why the American Dream was killed for us. We have no hope anymore
This is fucking ridiculous smdh it's like absolutely impossible. I literally grew up extremely poor, I had no father, got taken away into DCF, then somehow went back to my mother's at age 7, she was a alcoholic, druggie, never taught anything. School doesn't teach you any of this shit. Now 34, I have a basic job at a hotel as a janitor. I make 15 an hour, I have a 7 year old daughter. I live by myself and barely make enough to survive. Every single week I go atleast 2 days without eating so my daughter has a roof over her head and a meal for her. I'm sick of my life. I went to court and fought for my daughter. I spent every pennies for a lawyer. I'm sick of being at the bottom and these videos just confirm that I'll always be broke. I screwed up my credit when I was young, I don't have any emergency money, I swear I have 3 dollars in my bank account. Ha!!! What a joke! Life is so hard and so confusing. How tf could I ever get out of this hole!,!?? I work 2 jobs. Other job is side work for my landlord to knock off some rent money. But im not getting anywhere. N this rental investor, landlord, etc is out of the picture for me. Smh wish I had smart great parents who taught me something. Whatever
@@seanlovesrealestatenot necessary but would it help? Aren’t there fees associated with working with real estate agents? If I was one, that would be one less expense yes? Did the knowledge help you understand/find good properties???
Sean, you don't buy properties with a negative cash flow. You don't buy properties that break even. I want a 30% profit. Otherwise no. There's repairs and maintenance. I can get 0 at the bank.
@@seanlovesrealestate I am talking about the growing investment culture in properties. It was never like this back then. It has ruined families living and future. Even general rent has gone up because of this.
High interest rates make it harder than usual to start, but you can always start learning the different strategies by going to local meetups. Then when interest rates drop, you'll be able to hop on in right away!
I have no money tho literally a poor person struggling I've tried boat loads of these different strategies of making money online long enough to go up to straight three months with no profits coming in I even once decided to write a book I did get a job but due to fowl play by others I lost it and now I'm back to square one with not much money real estate has been intriguing and I fort that I would have been able to get into but the problem still lingers I have no money to actually buy a house to start so ik it might be impossible but with hope I'll need advice on what I should do now cause I'm afraid I'll fail and fall even deeper in poverty past this month but just before I the clock runs out for me I'll need advice please!!
Keep your chin up! I don't think you should get into real estate investing at this time since it's going to take up a lot of your free cash to buy a property in the first place. It might be better for you to find a side hustle that works well for you and focus on growing that to gain extra income first. Good luck!
Can't help with the interest rates though, but I help Real Estate Investors get off-market properties by using a bunch of outreach methods like E-mail marketing, SMS and Social media direct messages. Basically we line up a list of realtors of your required location and hit them with constant outreach to get the best options for Investors to choose from. Can even find Money lenders with the best deals. Interested guys can hit me up in the comments to know more ⬇
✅ ✅ Attend our FREE "How to buy your first rental property masterclass" to learn how to start investing in real estate in 2024: www.goodsweethomes.com/how-to-buy-your-first-rental-property-masterclass/
It has to be said that as long as space remains limited, housing will always have value as a hard asset, so no matter when and where you begin investing you will see benefits, and even if the market's in a choppy state and you do see some minor losses, the lessons you'll learn throughout your investment journey will be worth the downpayment.
Very well said! 💯
Simply just not true. You can own a house but its not an asset unless its making you money.
@@CommanderRichrich dad poor dad approves this message
@@MrJosh066717 thats where I got it from lol. Read that book awhile ago and have been tryna learn since then
Would love to see some numbers on your properties - cash on cash return, cashflow, maintenance, capital expenditures etc
I have an upcoming video for my airbnb. This might be of help where I talked about my fourplex deal - ua-cam.com/video/2Kt6CUJu4jE/v-deo.html
Real estate investing: A journey of learning, growing, and building financial stability
Am 21 years old from Nigeria but i don know where to start but i will keep researching
Hey i am a 20 year old from India It would be so nice to find out What are your observations? , and how far have you come in ur research
I think a great way to start is your backyard and garage, especially in areas that are extremely expensive. I am dipping my hands into building ADUs. I am about to finish with my garage, which was converted into a Jr. ADU. My next step is to build an ADU in the backyard. I am located in CA.
that's amazing!
Hi Sean, what's your opinion about investing in retirement accounts vs real estate? Did you max out your retirement accounts and used the extra funds for real estate? Or did you go all in on real estate? Would love to hear your strategy
Great question! I'm a big fan of all things Roth related and tried to max out my accounts (Roth IRA first, then Roth 401k if possible). Eventually, I started flipping houses and buying rental properties and had to dial back on my retirement accounts. It's good to have a mixture of both. The best part is that I don't touch my retirement accounts at all and they've been growing steadily over time.
@@seanlovesrealestate Thanks for the reply Sean, makes sense! I like the idea of diversifying like you suggest
@@seanlovesrealestatecan foreigners also invest in retirement account?
@@alberto7455 Yes, anyone can invest in retirement accounts. Go to a bank, an investment firm, or your workplace.
You can’t eat your shingles.
Hey man. Seen a lot of crying about this so please feel free to make a short about this:
IRS allows a 10k withdrawal from IRA accounts within your lifetime penalty free to be used for purchase, construction or "reconstruction" of first home.
From one's day job, Put money into 401k and get the company matching, then roll it over into a Traditional IRA (penalty free), then pull it out penalty free to use for home down payment. (You will owe income taxes in the year you do it, no penalty)
I just did this in Year 2022, it works and is fully supported by TaxAct and other software for reporting what happened.
Love your channel, keep holding people accountable.
That's awesome! I never used this since I wanted to keep as much money in my tax advantaged accounts as possible, but I know several people who have!
@@seanlovesrealestate Keeping money in them just means you pay more later... it is LITERALLY the optimal move especially with the whiners crying they don't have down payment
I realized that the secret to making a million is saving for a better investment. I always tell myself you don't need that new Maserati or that vacation just yet. That mindset helped me make more money investing. For example last year I invested 80k in stocks and made about $246k, but guess what? I put it all back and traded again and now I am rounding up close to a million.
*Amazing content. You are still the best! It's been a year since I found ways to improve my finances and by working with a recognized professional, I was able to achieve financial independence. I have to say this; “As long as you have determination and work hard, you can achieve anything you set your mind to.”*
i think it's simplifying it by saying we just ear passive income with little hassle. The heart of REI is about management. Property management of 34 units remotely in even more than 2/3 states is not little hassle. I manage a lot more units than that and it's plenty hassle.
I think a big difference is that we don't manage the properties ourselves. We hire professional property management to handle the day to day operations and only get involved for major issues.
Your emphasis on community and team-building in real estate investing is spot on. Integration into a community of real estate investors provides support and knowledge-sharing opportunities.
My aunt passed away, and I inherited part of her portfolio and cash savings. I'm 38 years old, and everyone always tells me to invest. So, what stocks are good long-term investments? My sole big plan is to use my gains to buy a house in five years.
You're lucky, I would use that to invest heavily in tech stocks and dividend portfolios.
Don’t come to UA-cam looking for UA-cam advise, instead contact a fiduciary for proper guidance.Don’t come to UA-cam looking for UA-cam advise, instead contact a fiduciary for proper guidance.
Same, I just use UA-cam for research purposes, I run all my major investment through an investment adviser, the market is just too unstable to handle things on your own.
Being a PML is hands down way better option, IMO. More profit, faster and more secure than stocks.
@@thomasbetts01People don't often realize how financial advisors are important. Records from the last 60 years shows that people who usually work with advisors earn more than people who don't. I've worked with one for 15 years, with her assistance I've achieved alot including a 7-figure size portfolio
I am 12 and going to 13 and my dad keeps telling me to learn to invest or do some stock market so I guess I’m with him
Increase your knowledge while you’re young! You got this!
Thanks Sean I will try my best👍
I mean if you start up a small business and put 20% into investments then 20% into re-investments in your business and the rest can be for tax and bills and anything else you have to pay for to keep
This is all really cool but I am just confused should I invest in stocks or real estate, or if I should just put my money into a retirement account?
All 3. I would say you should have a Roth IRA established you slowly contribute to. But if you have the capital for real estate, research what type of investment you’re going for. I want an area that’s appreciating quick, buying one that has all the structurally sound stuff but maybe a bathroom and kitchen you can remodel. Live in it for a while, now rent it out. You can buy some townhouse in Florida and rent it out for a ton more than the price
25 countries ditched the u s dollar last year alone.keep stackin em up!!
who cares what they ditch lol. If they aren't rapidly growing and depend on a bunch of US business guess who doesn't give a shit. now you just have to pay a billion v bucks for an iPhone lol 🤡🤡
Have a good property manager is better than having a good property!!!
Yup, but it's also a bit of a mix of both. A great manager working on a bad property is also a recipe for disaster.
@@seanlovesrealestate I should rephrase this as "Having a good property manager is just as good as having a good property"
What do you think about property management software as a compromise between DIY and hiring a PM?
@@ritamc90would love to hear the answer to this
if you own 34 units how does the bank keep lending you money , wont your debt to income ratio prevent the banks from lending
Great question! There's a lot of components that go into this so I'll break it down here:
1) The banks will consider 75% of your gross rents towards your income, so it helps when it comes to debt/income ratio
2) The bigger limiting factor tends to be the number of conventional loans (10), so my wife and I typically get loans with just one person on the note.
3) multifamily units (2-4 units) count as one property, so this way, you can buy multiple units with just loan.
4) After a certain point, you can't get a conventional loan anymore, so that's when you can start looking into commercial and DSCR loans. These have worse rates and worse terms, but they help get the job done.
I have videos about them in my channel if you want to learn more about them!
Do you have advice for a kid who wants to be successful in life? Should I keep on learning about investing and business?
Don’t stop learning. The earlier you invest, the better. ☺️
Focus primarily on investments and do your passions as a hobby. I did the reverse and feel behind.
Have a good day/night everyone
You too!
Appreciate you watching! ☺️
What property management do you recommend for the Bay Area? Thanks
Funding is available for real estate investing?
My Dad's a property manager, but he's retiring soon. I recommend looking up property management companies on Yelp and Google and calling them to see if they're a good fit for you.
What kind of funding do you need? (Conventional, Hard Money, DSCR?)
I’m 13 watching this because my dad does this and I’m very confused
Bro pls ik u wanna get rich but pls enjoy ur child hood forgot about making money for now (as long as u don’t need it)
@@sscarto thanks man
I’m not telling u to completely forgot about money js don’t let it mentally effect you it’s good to have a little side hustle something like cutting grass or something light
Stay focused on money , childhood is nothing very rarely will you have friends from 13 to age of 40
Really is at 13 your fun is all coz of parental sacrifices .
This is coming from someone who wishes at 13 was thinking of getting rich n not from child dream of being actor or pro wrestler rtc
@@walkerbot6059Naaa bro focus more on money bow thats one thing i regret if i just started sooner then i would know better and more
Interesting. So this is why people are increasingly being priced out of housing. Because the wealthy who are able to have 34 real estate properties go to markets and states that are cheaper to become landlords, and dry up those real estate markets, gate keeping the middle class. Even once you get past the astronomical increases in cost of living, you have to contend with people who solely focus on amassing as much wealth as possible. Good to know!
Very informative channel. Subscribed.
Good vid!😊
Thanks for watching!
So ein wichtiges Thema, gut erklärt.
I don't doubt your strategies work, but I see the same thing so often:
"I have no money, and live check to check.. how can I get a foot in?"
"Well, start budgeting and begin saving so you.."
"..assuming you didn't hear me.. I live check to check. Meaning I have no disposable income.."
I have never found an answer to this catch 22. You need money to make money, but many people can't get out of this spiral. Is there any advice on this conundrum?
There are 2 ways to get out of the cycle, but neither are going to be easy.
Option 1 is to get a higher paying job. Maybe this requires you to go back to school to get trained in a higher paying profession, or maybe you just need to have the courage to ask for a raise from your boss.
Option 2 is to start a side hustle that brings in more money. Try to do things that are scalable that don't take up more of your time.
Good luck!
@@seanlovesrealestate So.. success is based on the whim of your boss, or do a side hustle? Best side hustles are illegal. Decent profit per effort put in. The people I work with seem more and more to want to lean into this field as legitimate work doesn't seem to cover their needs anymore. And the payout is much less than the work put in, so it doesn't feel worth it. And the idea of 'start a side hustle'; I love to death. So many people suggest it, but never offer guidance on how to do this, or where to begin, or even decide what you're going to do. Tate, Wallace, Marcus, so many 'inspirational' influencers/millionaires make these comments and never specify anything.
The video was interesting, but I really like the last note
Great insights on starting fresh in real estate. Thanks!
Thanks for watching!
Sean, how do you think if I buy out of state rental property before I buy primary residence? Also, can the income generated by home #1 be qualified for mortgage of future property?
@breezeadele banks look at your DTI or “Debt to Income” ratio when issuing a loan. The income you generate from the property will most likely not help you because of the debt you carry for that same property. As long as it’s rented out, you can have your debt serviced by a professional servicing company and have 75% of that property's debt removed after 1 year, and 100% removed after 2 years. I own 13 properties and still rent my personal residence so I know the struggle!
It's possible to buy rentals first, but most of the investors I know (myself included) purchased our primary residence before buying rentals. It's a personal choice.
@@bosellibrothersrealestatecan you elaborate? How is the debt removed and are there any downsides to this? I’ve never heard of it
Very informative! Thank you!
You are so welcome! ☺️
No matter what is the market situation there will always be a good strategy that we can take advatage. This is a good one!
For sure! Thanks for watching!
Is it possible to invest in real estate while renting an apartment? I can't afford to buy a house in my area on a single income, but I can in my home state.
Yes! As long as it’s a good buy
Real estate is the way to go! 💰💰
Which country is good for investment in real estate right now also how should i do it
We haven’t tried investing in other countries at the moment. Our rentals are all in the US
Great video. Im 18 and almost done highschool. I don't have a bank account yet so that's where I'll get started.
Sounds like a plan!
That was amazing
Thanks for watching! ☺️
Where can I get the excel sheet? It doesn’t show up in the video
I made a separate video “how to find the best cities”
Hi Sean, I am 18 years old and lost my mom about half a year ago and I am going to receive some money soon. Do you think it would be smart to hold and grow my money in stocks for a few years while I am in college and then invest in rental properties afterwards, or should I go straight for real estate investing first? This was a great video!
Great episode Sean 🌟 With today's sky-high interest rates and soaring home prices, your breakdown of entering the real estate market from scratch is super relevant. I appreciate the focus on practical steps like financial preparedness and building a network through meetups and conferences. What would you recommend as the best ways to approach financing options in this high-interest rate environment? Any specific tips for negotiating better terms with lenders would be hugely beneficial! Keep these insights coming!
I'm a single, 43-year-old father who resides in Hamburg. If everything continues to go well for me, I intend to retire at age 50. I couldn't be happier right now than I am that I just bought my first house last month. I'm so happy that I made wise choices that altered my life forever.
Salutations, dude. At your age, you're doing extremely well. I'm 54 years old, and right now my finances are a mess. Any helpful advice would be greatly appreciated in helping to mold my life. I want to buy a home of my own.
I've been following your journey for a while now, and I'm constantly inspired by your insights and experiences. Your videos have been a goldmine of knowledge for me
One thing that has always intrigued me about real estate investing is what happens after the sale. It's clear you've got the buying and selling game down, but what about the ongoing challenges of property management? Have you ever encountered unexpected hurdles, like tricky tenants or maintenance issues, that really tested your skills?
I'm also curious if you've ever considered taking your investment properties to the next level with construction or renovations? It seems like a logical step to increase property value, but maybe there are reasons why you haven't ventured into that territory yet. I'd love to hear your thoughts on this!
Keep up the fantastic work on your channel. Your content is not only informative but also incredibly engaging. Looking forward to your next video!
Thanks for watching! And yes, we've had challenges with some of our properties after we close on them. It's usually based on the tenant pool so one lesson that we've learned is to stay far away from really cheap markets because the tenants there generally create a lot of issues. We remodel about 1 house a year but it is more capital and time intensive. Thanks for your awesome questions!
Step one - save 20% down for a property. Okay, I’m out
Step two - tie it up in an illiquid asset with high leverage
I recommend starting by investing in stocks to build up your savings to eventually get into buying properties. It takes a while for sure, but getting into real estate investing is one of the most stable ways of preserving and growing your wealth!
@@seanlovesrealestate What about all the expenses that come with owning a property-interest, taxes, insurance, maintenance? Sure, you can rent it out and cover all of that with the rent, but any unexpected expenses (broken AC or special assessment from HOA) will inevitably end up eating up a big chunk of your “profit”. And if you sell it and invest the proceeds into another property, it will most likely be at a higher price and higher cost of financing, so how much cash profit are you really making?
If the property is for commercial purposes, i.e., this is not your primary dwelling, you will probably need to put down 30%. That was my experience.
I’d say, use a FHA loan with 3.5% down, and wait a few years to refinance.
I need money for food.
I need food for protein.
I need protein to get my heart pumping.
Which I need to get oxygen to my brain.
So I can live!
Technically you can live off of the Earth for free, but having money makes it much easier :)
did u ever goto college for real estate or did you ever take a program that you feel really really benefitted you?
I went to school for engineering but it had nothing to do with real estate. The best "program" was going to local meetup groups and hanging out with other investors.
I am looking for my 1st investment property. It will be on the coast for peak and off season rental. Looking at possible dipping into and old IRA from an old employer. Know that i will have to pay fees since not of age yet, but i think the return on investment in long run will outweigh the fees for that year. Also, looking at taking out a HLOC to use only iff needed for repairs or payment when vacant. What are your thoughts on both?
I think you can roll over the funds into a self-directed IRA and then invest from there so that you don't have to take the penalty (talk to a financial consultant first to see if this is a good idea). Right now most banks are only offering HELOCs on primary homes, but it can be a good tool to have if you need spare cash.
Sean how does that work??
Like you need to put higher down payment then put high on furniture so would get a higher cash flow..
That's if you go the "fully furnished" route. And yes, it requires more money up front.
Hi Sean I am just starting with real estate I inherited 3 units in Greece but two of them need renovation, I was thinking of getting 2 small loans for the renovations, and after I am done rent all 3 of them and try to buy a 4th one using the 3 previous as guarantee as well the income from the 3 units to get the loan for the 4th purchase. What do you thing about the strategy? I am not entirely sure about the refinancing method here in Greece but I am still exploring it.
That sounds like a good idea. Definitely speak to a local lender first to see if your strategy will fly.
I can't find your free money quiz that you talked about in one of your shorts. Can you share the link?
Hey! Try this link. quiz.tryinteract.com/#/63991a2f324a660016d6e0fd
What is your opinion on turnkeys?
Thank you for the educational videos!
You’re welcome. ☺️
Hi Sean! I was wondering if there are any calculators you use to calculate if a property can cash flow. Do you have any that you recommend?
You can get mine for 50% off! sharonsean.teachable.com/p/property-analysis-calculator?coupon_code=SEANYT50&product_id=2808384
Very good video, inspiring 😍
Thank you so much!
You didn’t talk about fha wld u recommend taking a fha or waiting till u can afford a 20% down payment
Tbh it depends on your situation. You can't get an FHA loan for investment properties (unless you live in one of the units) and the MIP is an additional cost that you'll have to pay for the lifetime of the loan. I'd prefer to put 20% down if I had the choice but it's up to you
@@seanlovesrealestate ty!
Great advice
Max Kaiser is up 20 billion percent since 2011. Let that sink in.
How’s real estate treating you with all the additional costs and pain that doesn’t come with Bitcoin?
This is a really interesting topic! Your content is both enjoyable and valuable! If you want I'd love to collaborate on content that educates your audience about generating passive income through triple net properties. I'm in the NNN property business for over 15 years.
can you make a video about, how we can use AI in real estate. Would you recommend it. Is it better or should we not use AI in real estate
That's a great idea! We've been incorporating AI for many parts of our business, but we haven't used it for investing yet. I'm sure there are ways to use it but I haven't done so quite yet.
sean i live in perth can you make a video about Australia real-estate
Hey, sorry but I only have properties in the US and share what I know based on my experiences.
What did he said in 1:06
You just need to make some tweaks to your strategy
Have you invest any units in the Bay Area recently? Can you get cash flow in the Bay Area with 20% down? Please comment.
Lol 😂 no chance
Not gonna lie, it'd be pretty hard. The best case scenario is if you bought a property in the East Bay that can be house hacked or rented out as a fully furnished unit. I've seen it done before but it's definitely harder than if you just went out of state.
Your real estate insights are fascinating. Our faith-based channel focuses on Airbnb passive income. I appreciate your valuable insights on the challenging real estate market. Keep up the great work with your educational content! 🙏
Thanks!
Would an engineer make enough to invest in index funds and real estate
Definitely. Although I complain about my old career, it did give me enough to save and invest so that I could eventually leave it.
Subscribed! ❤
Welcome to the channel! ☺️
What if you don’t have any money how do you get enough to invest
Start by building good saving and budgeting habits!
work...
Syndication is the most profitable way to invest in real estate for me.
Thanks for sharing your take on this!
Finding the ideal partnership can be challenging. What platform are you using?
I literally can’t stand people who made a living off RE prior to 2023, trying to give advice to people trying to buy in 2024.
Why not? Have you tried to implement any of the steps that I mentioned in the video?
How do you scare?
Do you have advice for staring and running a business
I recommend starting a business that can produce cash flow as soon as possible (i.e. selling products and services vs trying to create an app that will dethrone Facebook). Keep your expenses at a reasonable level and don't quit your full-time job until you have traction. Good luck!
I want to try and invest but I rent right now.
Start attending local meetups and network with investors in your community
Hi
Hello! Welcome to the channel!
@@seanlovesrealestate thanks!
How do you manage properties in states you don’t live in? What do companies typically charge? How do you avoid some of the nightmares I’ve heard about?
Honestly, people like you that buy and rent out properties is why I can't afford a home
Debatable, we don't usually buy houses that are in livable condition and put in a lot of money to make them rent ready. These are houses that most people wouldn't buy as their first home unless they have experience with construction.
@seanlovesrealestate I'm talking about people scalping all the real estate and putting it up for rent instead of selling it. There is a low supply now because people treated a necessity like an investment. People don't want to rent but we are forced to because a few people take all the real estate from everyone else. I just graduated college and now have a high paying job but I still can't afford a house just because I was born too late. I can't start a family like I wanted to. Just at least understand what problems our current generation is facing. We are screwed from the start. This greed is why the American Dream was killed for us. We have no hope anymore
interesting
This is fucking ridiculous smdh it's like absolutely impossible. I literally grew up extremely poor, I had no father, got taken away into DCF, then somehow went back to my mother's at age 7, she was a alcoholic, druggie, never taught anything. School doesn't teach you any of this shit. Now 34, I have a basic job at a hotel as a janitor. I make 15 an hour, I have a 7 year old daughter. I live by myself and barely make enough to survive. Every single week I go atleast 2 days without eating so my daughter has a roof over her head and a meal for her. I'm sick of my life. I went to court and fought for my daughter. I spent every pennies for a lawyer. I'm sick of being at the bottom and these videos just confirm that I'll always be broke. I screwed up my credit when I was young, I don't have any emergency money, I swear I have 3 dollars in my bank account. Ha!!! What a joke! Life is so hard and so confusing. How tf could I ever get out of this hole!,!?? I work 2 jobs. Other job is side work for my landlord to knock off some rent money. But im not getting anywhere. N this rental investor, landlord, etc is out of the picture for me. Smh wish I had smart great parents who taught me something. Whatever
That's informative 👍 but please understand not everyone follows English please speak slowly and clearly 🙂🇮🇳
Thanks for the feedback. You may also turn on the captions and adjust the playback speed to .75 or .5. ☺️
@@seanlovesrealestate ok👍
What the heck did he said? 1:06
Hi there!! Did you start off as a real estate agent? Do you recommend being one to begin investing?
Technically, I was, but I don't think it helped my investing career. It's not necessary to start investing.
@@seanlovesrealestatenot necessary but would it help? Aren’t there fees associated with working with real estate agents? If I was one, that would be one less expense yes? Did the knowledge help you understand/find good properties???
Being a 20 and doesn't understand what property investment actually is
Sean, you don't buy properties with a negative cash flow. You don't buy properties that break even. I want a 30% profit. Otherwise no. There's repairs and maintenance. I can get 0 at the bank.
That's true, we definitely recommend that people start by buying properties that are cash flow positive!
Okay so you’re saying you need to have a larger down payment to make worthwhile gains. Which doesn’t cater to the broke person just starting. Nice
Part of starting is saving and preparing yourself to buy your first rental property
👏🏽👏🏽
🙌🏻
Looking at purchasing a rental this year at age 21
Oh wow! I wish you all the best 👌🏼
can you make a living off of this? i’m 18 and i want to get into it
First!
Sorry but your fourth-
This real estate investment culture has ruined society's general living needs. An unfortunate time we live in.
Landlords have existed since the dawn of time.
@@seanlovesrealestate I am talking about the growing investment culture in properties. It was never like this back then. It has ruined families living and future. Even general rent has gone up because of this.
Unfortunately $150,000 wouldn't get you an empty lot where I live.
That's why we looked out of state to buy our first few rental properties. If we outsource the management anyways, it doesn't matter where we buy!
Man I thought this vid was posted like a year ago
This is a new video I just recorded. ☺️
I am in Europe and finding reasonable priced good deals is very hard.
We just came back from our Eurotrip and I can definitely agree to that!
I'm a web developer looking to build my portfolio by offering my services to those in need of a website. This is a great opportunity for both of us!
Hello.. I may need your help
Good thing there isn’t bank interst in Sweden, that means even anyone in another religion [for example islam] can do that? I don’t know.
The investments I like to deal with are the ones that have a high ROI, these truly help me feel like I'm getting the best from my investment.
I love real estate but interest rates are extremely out of order for black people
High interest rates make it harder than usual to start, but you can always start learning the different strategies by going to local meetups. Then when interest rates drop, you'll be able to hop on in right away!
I have no money tho literally a poor person struggling I've tried boat loads of these different strategies of making money online long enough to go up to straight three months with no profits coming in I even once decided to write a book I did get a job but due to fowl play by others I lost it and now I'm back to square one with not much money real estate has been intriguing and I fort that I would have been able to get into but the problem still lingers I have no money to actually buy a house to start so ik it might be impossible but with hope I'll need advice on what I should do now cause I'm afraid I'll fail and fall even deeper in poverty past this month but just before I the clock runs out for me I'll need advice please!!
Keep your chin up! I don't think you should get into real estate investing at this time since it's going to take up a lot of your free cash to buy a property in the first place. It might be better for you to find a side hustle that works well for you and focus on growing that to gain extra income first. Good luck!
PIN ME IM FIRST
first
Can't help with the interest rates though, but I help Real Estate Investors get off-market properties by using a bunch of outreach methods like E-mail marketing, SMS and Social media direct messages. Basically we line up a list of realtors of your required location and hit them with constant outreach to get the best options for Investors to choose from. Can even find Money lenders with the best deals. Interested guys can hit me up in the comments to know more ⬇
Hi Sean, any email ID to reach for more questions
Hey! You can shoot me an email at hello@goodsweethomes.com or use this link. www.goodsweethomes.com/contact/