Don't seek your peer's approval. Young people have a disease of often asking friends if what they are doing is "cool". You don't need peer approval. You probably won't be the most popular among people your age when you are focusing on your dreams as opposed to being the life of the party. Your real friends will support your drive to improve your financial life. The others will drift away and it won't be a big deal anyway. Find a way to release yourself from the need to have peer approval.
Wow, that statement is so true Phil, and thank God, I'm pass that stash. Anyway back to business, Phil the Owner financing and the Subject too, are these best to use with Pre-foreclosures, and is this allow in every state?
Hey Phil, I am a new investor it is so amazing that you are teaching this in schools I would love to teach this in schools and colleges one day ! Thank you for the content.
You are an excellent teacher.The type of knowledge you are rendering for free here is what one can not get from the professors even after years of college education. Thank you!
I like all your video. Very informative and truthfully. Thank you for sharing your knowledge and wisdom about real estate. We just bought the beach house in RI state but the opportunity for Rent present. I didnot plan to become passive real estate investment. So I am trying to watch all your videos on UA-cam. Thank you.
Actually, my main concern is not that you would be focused on fancy cars, hot girls or partying, but that you would require peer approval. Most people must have approval from friends and family, especially those under age 25, before they do anything out of the ordinary. It sounds like that is not a problem for you. Congratulations! And hopefully by providing you with hours of college level real estate education videos for free as well as one on one personal advice, it reveals my character :)
I've been strolling slides in with social security income for the past 20 years and can barely make it. I didn't do much of anything, have much of I never thought I'd have anything. Now with my older years I want something, need something and have something to leave behind for my daughter! Finally I think I think I have found something I believe I can grasp and I can get something have something and be something and leave something substantial 🤗 behind for my daughter!!! All because of this book, it's information and it's author.!!!!. To him, thank you very much for the information and the chance to be somebody and to be proud of myself, thank you, thank you so very, very much !!!!!!!! Respectfully, ALBERT A. EDWARDS
I used Phil’s advice from one of his videos when I sold my last flip. I had a few issues that needed fixed on the property. Instead of fixing the problems I wrote a check to the buyers at closing as credit to complete the transaction without hassle. Sold the house with the existing problems!
The students were way less than enthusiastic, i wish we had a great speaker like this when i was getting my degree at MTSU. i would have probably started in real estate much sooner!
Im 38. I have purchased 2 homes outright. My first house was paid in full in 3yrs. I currently own a duplex, paid in cash and currently renting both sides. I inherited nothing. Ive never made more than $15.50/hr. It's about financial intelligence and creativity. Real estate is great for profit, as well as owning business. Tax breaks are key
@@justkeshawnn pay off any debt you currently have. Use your credit to purchase things, and or rent/lease to own if you don't have any credit. Make the seller your bank
This was a very motivated video I'm typically a motivated person in general but thank you for this! I'm 23 and I'm so excited about starting my real estate business
Very appreciative of your immensely precise and insightful practical knowledge that you put out that could be absorbed and applied. It's almost like taking classes from instructors who scream and rant and fill up time with motivation talks mumbo jumbo but no real substance. Your videos are starkly different with real steps one can take right now. Very thankful for your efforts and time and truly remarkable gifted teaching
Thank God I bumped onto this. With a passion in real estate agency business and right up preparing a business plan for my yet to launch company on the same, am home on this channel. You are such an expert on this sir.👏
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I'm totally hooked on your videos. No one else doing vids on these subjects comes even close to you when it comes to clear, organized and concise delivery of the right information. Thank you for what you do.
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Hey man nice video I'm currently 18 years old and wanna get in the investing business I start working in 4 days full time , no school , no debt. Hopefully I'm successful within a year of saving. Nice video !
I am 49 and have just started my real estate journey. I know I'm not too late - by any means. However, I am envious of the 3 of you for finding this out early in life. My 2 cents: Just sponge up all the RE education you possibly can. Not just from the awesome Phil Pustejovsky, but all material you can get your hands until you can make wise decisions.
Good luck everyone, and thanks for sharing the motivation throughout the RE community, I have noticed lots of this through my surfing/researching. That's what I'm working on Choi, just trying to funnel as much information relating to RE, financing, and etc into my brain. So far so good, but still have LOTS to learn. Especially when I've never owned a property yet, so my learning curve is whatever I can find on the internet from credible sources. I guess the "on the job training" will begin when I pull the trigger on a small mortgage. Good luck guys, hope we all succeed and achieve our goals. We have a awesome community and support, we never have an unanswered question in the RE community, its beautiful.
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This guy actually provided EXAMPLES of the answer to this question in UNDER 10 MINS!!.. instead of ripping people off @ $200 a pop while rambling on about irrelevant crap over the course of a 3-day “education” seminar (which in reality, consists of little more than ‘pep-talk’ & ‘sales pitches’ as opposed to any real concise or implementable instruction.) THANK YOU PHIL!! 😃SUB’d!!
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The deals are out there, and the skills you can learn by watching great videos like this. Nice lecture, Phil- I just hope your students apply what they've learned!
You are the best yet. I am so glad I found your channel Looks like you love to spread knowledge . A lot people are stingy. If you charge it is worth it. Just my 5cents LOL
I'm 17 and watching you explain this subject is amazing. I actually get it. I've always been poor. Upper poor but still not middle class and I want to buy a home and rent it out to some people. My father and me will try and do this together. Any tips for a 17 year old? lol
Great great video! Great information! I am so very grateful to have found your channel! I am beginning tax lien purchases for rentals and flips in Ohio and Texas and your information on student rentals is awesome! Thanks for sharing!
You can always ask the realtor if they would ask the seller if they would do any creative financing on the purchase. Remember that if the agent gets their 3% commission, they will do whatever. But if you try to "get creative" with their commission, you're calls will stop being returned ;)
This is very interesting to watch. I'm interesting in buying a home but my income only $1500 and i need to support my family too. Not sure when I can buy. My credit is really good though.
ABSOLUTELY! Typically, we do Subject To deals when the seller is a payment (or a few payments) behind. We use the down payment from the Rent to Own Tenant Buyer to cover the back payments.
Phil, just want to say thank you for taking the time to share the valuable knowledge you've gained. Not everyone does that, you made this real estate learning curve even more easier. Thank you, thank you, thank you!! God bless.
I am including those items as well. Most mortgages on residential loans include taxes and insurance and then in the cases where HOA dues are involved, that certain goes against the cash flow. As far as maintenance, that really depends on how you structure the deal with the tenant. If you construct the deal correctly, you can make the tenant responsible for all maintenance items.
don't so it. It's a stupid idea. he's only getting $4,800 a year but he has to pay $1000 out each year for property taxes, then there's additional fines like if appliances go out, and what about home owners insurance? If he doesnt pay it he's screwed if there's a disaster, if he does pay it that's roughly about another $1000 taken out each year. Roughly $2000 a year is NOT worth it considering ALL the risks involved, if one of the renters decided to trash the property he would be fucked. If he had no insurance he'd be fucked. If he was somehow unable to pay off the original owners he. would. be .fucked. and. in. debt.
Washington State. Watch my video "Is Flipping Real Estate Illegal?" for more insight on the wacky and what I consider unconstitutional real estate laws of Washington State.
I'm an UCF student, Economics major. Graduating this fall 2016. Learning to wholesale real estate in the Orlando area recently, trying to reach your level Phil
Thanks for posting this video!! Huge help. I'm 18 right now and I have no money at the moment so this was exactly what I needed. Also, what are your thoughts on me starting out at an early age? Do you think it's advisable?
Ahhh, that's the million dollar question. Finding good deals. You have to target motivated sellers. It's an art that is every changing and collectively, my team and I spend hundreds of thousands of dollars in marketing costs to master it. Most businesses in America fail due to an inability to generate solid leads. In that video, I do slip in a great technique for finding these deals.
If it were me I'd contact everyone involved in the transactions. Meaning I'd go where the people who hold property. The bank, title company, the county and auctions.
This topic of how to hold real estate, whether in a trust, an LLC, personally, has many dimensions and depends on many factors. There is no cookie-cutter approach. In certain states, Trusts defeat their own purpose, whereas in others, they are great for anonymity (but that is it). LLCs provide liability protection but they sometimes create massive state business tax bills, as in Tennessee. Owning personally can work so long as you have a solid liability insurance policy to protect you.
thankyou, i've learned so much from this.. it's also proven me i'm sort of doing it right! i started a hotel in africa and talked with the owner.. i just invested a little bit to upgrade the property but he stayed the owner.. i directly rented it out to tourists and earned. the only problem was that he saw the opportunity as well and he kicked me out. :(
52:35 I dont understand, putting money up for a second mortgage on this property if doing a lease option on it. Phil is always very Informative and fun, great lecture for Newbies! Subscribed! JQP
Are you asking me if you can take over this seller's property subject to his existing financing? The better person to ask this question of is the seller him/herself. Will the seller allow you to take over the payments of their existing mortgage?
your videos are incredibly inspiring! I definitely have the burning desire. Only time will tell if I have the persistence. So far, you are my mentor! haha Thank you
Actually both Oregon and Tennessee are the top 3 states that receive food stamp or SNAP for its social welfare program. The difference is that Tennessee, as a red state, pays less in federal taxes than Oregon does.
The lease option can be for as long as you negotiate. If you want to truly become the owner, don't go the lease option route. Instead, you would have to do an owner finance or subject to creative financing arrangement.
Phil....I'm a quiet fan of yours - have been for yours. THIS video is, in my humble opinion. the best of the bunch. Why? Relatively unscripted. You clearly are a seasoned guy and a great teacher. Great with audiences. But the thing I respect most is you come across as genuine and credible. As for me, I'm a retired Army guy who, about mid-way through his military life, started moonlighting as an investor (inspired by Carlton Sheets at the time). I've "only" been into about 20 deals or so as a principle party (and many more as a non-principle). Keep up the great work, Brotha. Carlton Sheets sets a high bar, but given your style you'll certainly give his legacy a run for his money!
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Hi Phil, Great advices, I'm from Europe - Luxemburg and i would be amazed to find someone hwo can give such advises based our laws. Thank you for sharing this.
Hello Phill! I love your videos. I just graduated with a finance degree but I love real estate but I don't have good income. Which of the options that you brought up do you think is the best
Sean, I'm not sure what circles you frequent in the real estate world but a "Deed" is short for a "Warranty Deed" or a "Quitclaim Deed" or for foreclosures, a "Special Warranty Deed" or in California, a "Grant Deed". A Deed is short for an recorded instrument used to transfer title. On the other hand, a "Deed of Trust" is not a promissory note, but a recorded instrument to secure the loan to the property. Some states use a mortgage instead of a Deed of Trust for that.
Phil, thanks for posting these videos. They are encouraging and had no idea you could buy houses without money and credit. I mean, WOW! I'm ready to learn more and eventually try it. I do have a question, maybe I just haven't gone far enough in the videos to hear the answer. Okay, so I go to a real estate attorney for documents with a deal I just made with owners of a home. What kind of fee am I looking at by going to an attorney to get those documents? What is the process?
Hi Phil how do I go about advertising my unit to college students? Do I call the local colleges in my area? And what department do I speak with Human Resources. I really love this idea..
I’m here simply because many people are selling programs way too high.. no one these days are giving back anything and are selling EVERYTHING! Thank you
First of all, let me just start off by saying, I loved this video. It was very informative,and I love you respond on youtube to questions. I have a few questions: If someone is desperate, and you offer to lease their home, why would they agree if they can lease their home themselves? If I tell a homeowner I will take over their payments and lease it out, then they can do the same, correct? Also, do you have more video explaining the land trust? I am going to be purchasing your book asap. Do you ever come to Houston?
Maybe they don't know how to lease a property. Maybe they don't want to. As for my appearances in Houston, I usually only travel to see family. I have family in Houston. I was last there back in October. But as for traveling to teach...not anymore. Thanks to technology, I don't need to do that anymore.
I rarely mention anything about how to find truly motivated sellers to the general public. I relegate those tips to just my personal mentoring students. But in this video, I described how driving around works well and also, I have a video on "How to Get Motivated Sellers" using Craigslist in my UA-cam channel
Your sir, are awesome. This video has completely changed my point of view on home ownership, rentals, and leases. Thanks for this amazing insight! Do you have anymore videos like this?
Anything eats into profits. land lord is a business, it's an easy one most times but just like any business, there are expenses. If you own a store, you buy merchandise to sell, restaurants require food, etc... It's about building a portfolio. The one property won't line your pockets for the rest of your life, it'll help insulate them though.
I never owned a house but i know real estate is king. My dad went bankrupt but kept his office building that has 4 apartments. He never struggled for long. My mom was a real estate agent for years and had some nice checks come in. She wasn't rich or anything but loved talking to people and helping them. She found a good real estate company that didn't steal her money. She paid very little back to them because their business model wasn't based on sucking off the agents. They weren't a big company that did tons of advertising. The owners were agents and rich so they treated the agents well and other agents migrated to work with them.
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Owner Financing; 4:44
Subject to Financing: 12:45
Lease Option: 24:21
Not all heroes wear capes
You deserve the like ! Jaja
Thank you so much! God bless you!
I’m the 100th like btw
Im flagging your comment..., so I can refer to it easier ... :) Lol
this guy is legit he doesn't bs he gets straight to the point and gives great advice.
4:44 With Owner Financing, what guarantee does the owner have if you can't pay the monthly payment?! sounds like BS to me.
Don't seek your peer's approval. Young people have a disease of often asking friends if what they are doing is "cool". You don't need peer approval. You probably won't be the most popular among people your age when you are focusing on your dreams as opposed to being the life of the party. Your real friends will support your drive to improve your financial life. The others will drift away and it won't be a big deal anyway. Find a way to release yourself from the need to have peer approval.
Hey man you went to the same school as Skip Bayless the sports journalist that's so cool
I have a friend that this system you using could really help! 👍🏼
Thank you for sharing
I really felt this 💯
I feel like I didn't understand the with or with out?
Wow, that statement is so true Phil, and thank God, I'm pass that stash. Anyway back to business, Phil the Owner financing and the Subject too, are these best to use with Pre-foreclosures, and is this allow in every state?
This lecture was taught at the University of Central Florida. I have been doing this for a very, very long time. It's as real as real estate.
I desperately need your help, is this still accurate?
@@yennifercabrera7473 Absolutely
@@freedom_mentorThen can you email me at yennifercabrera0022@gmail.com
Hey Phil, I am a new investor it is so amazing that you are teaching this in schools I would love to teach this in schools and colleges one day ! Thank you for the content.
You are an excellent teacher.The type of knowledge you are rendering for free here is what one can not get from the professors even after years of college education. Thank you!
I like all your video. Very informative and truthfully. Thank you for sharing your knowledge and wisdom about real estate. We just bought the beach house in RI state but the opportunity for Rent present. I didnot plan to become passive real estate investment. So I am trying to watch all your videos on UA-cam. Thank you.
I’ve learned more in this video than some people would sell you for a thousand; this guy is the real deal!
Actually, my main concern is not that you would be focused on fancy cars, hot girls or partying, but that you would require peer approval. Most people must have approval from friends and family, especially those under age 25, before they do anything out of the ordinary. It sounds like that is not a problem for you. Congratulations! And hopefully by providing you with hours of college level real estate education videos for free as well as one on one personal advice, it reveals my character :)
Thank you!! Most who make it keep it a secret and keep everyone else in the dark and in poverty! God bless you.
I've been strolling slides in with social security income for the past 20 years and can barely make it. I didn't do much of anything, have much of I never thought I'd have anything. Now with my older years I want something, need something and have something to leave behind for my daughter! Finally I think I think I have found something I believe I can grasp and I can get something have something and be something and leave something substantial 🤗 behind for my daughter!!! All because of this book, it's information and it's author.!!!!. To him, thank you very much for the information and the chance to be somebody and to be proud of myself, thank you, thank you so very, very much !!!!!!!! Respectfully, ALBERT A. EDWARDS
I used Phil’s advice from one of his videos when I sold my last flip. I had a few issues that needed fixed on the property. Instead of fixing the problems I wrote a check to the buyers at closing as credit to complete the transaction without hassle. Sold the house with the existing problems!
paul burdi That's actually a win for the buyers.
The students were way less than enthusiastic, i wish we had a great speaker like this when i was getting my degree at MTSU. i would have probably started in real estate much sooner!
Dewayne Beard , I know , his audience is on downers or something. I wish my teachers were half as exciting. and good-looking in college
College kids. Too cool to be enthusiastic.
Bunch of dumbnuts who's waiting to waste money on themself and their friends just to look cool.
I mean it could mean they are just not into real estate. Its not for everyone.
That is Central Florida, it’s not a go getter place.
Owner finance. Subject to. Lease options. Leave name of deed in trust. GOT IT!
I am only 7min, in and I am FREAKING excited already THANK YOU..
Dream Projects freaking excited? That's so cute! I say that the first step in real estate investing is to dream!!!
Dream Projects
Freeport N.Y
Dream Projects communism
Sorry
Ana Q communism
Sorry
No property ownership
Consider yourself lucky to get a bunk bed on the ground
Three years have gone by. How much have you made? $$$ ?
This video was absolutely brilliant. You just earned a new long term subscriber and book buyer. Thanks Phil.
hey man, I am 12 years old and have a passion for real estate.
I already have made my plans for the future
deep batra Good work. Keep it up!
deep batra
nice thats great
Listen I was 12 and did too. Start saving money and you will have the cash plus you can do things this man is talking about.
Best testimonial ever! GOOD LUCK!
Damn
Im 38. I have purchased 2 homes outright. My first house was paid in full in 3yrs. I currently own a duplex, paid in cash and currently renting both sides. I inherited nothing. Ive never made more than $15.50/hr. It's about financial intelligence and creativity. Real estate is great for profit, as well as owning business. Tax breaks are key
any tips, i’m only 17. I turn 18 in may and hope to rent out a property.
@@justkeshawnn pay off any debt you currently have. Use your credit to purchase things, and or rent/lease to own if you don't have any credit. Make the seller your bank
This was a very motivated video I'm typically a motivated person in general but thank you for this! I'm 23 and I'm so excited about starting my real estate business
Very appreciative of your immensely precise and insightful practical knowledge that you put out that could be absorbed and applied. It's almost like taking classes from instructors who scream and rant and fill up time with motivation talks mumbo jumbo but no real substance. Your videos are starkly different with real steps one can take right now. Very thankful for your efforts and time and truly remarkable gifted teaching
Thank God I bumped onto this. With a passion in real estate agency business and right up preparing a business plan for my yet to launch company on the same, am home on this channel. You are such an expert on this sir.👏
Thank you Phil. This video has motivated me beyond belief!!!
Real informative so tired of paying rent and being dictated to
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I've done a ton of deals with my students in California. It's one of our most profitable states in which we do creative real estate investing.
I would love to hang with you for 3 months,see what i could learn sir.
GREAT VIDEO! Lost track of time and I would watch it all over again!
Phil, You're awesome. Your energy and passion for the subject is positively infectious!
I'm totally hooked on your videos. No one else doing vids on these subjects comes even close to you when it comes to clear, organized and concise delivery of the right information. Thank you for what you do.
I like this guy. Great info and education.
Watching this 8 years after post. Must mean I really need this.
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Hey man nice video I'm currently 18 years old and wanna get in the investing business I start working in 4 days full time , no school , no debt. Hopefully I'm successful within a year of saving. Nice video !
Smart . I'm in the exact same boat as you. Very smart and there are plenty of reasons why .
Same other than I'm 21, working right now and saving up. Trying to save for a cheap SFH or duplex right now.
Hope the both of you are successful !
I am 49 and have just started my real estate journey. I know I'm not too late - by any means. However, I am envious of the 3 of you for finding this out early in life.
My 2 cents: Just sponge up all the RE education you possibly can. Not just from the awesome Phil Pustejovsky, but all material you can get your hands until you can make wise decisions.
Good luck everyone, and thanks for sharing the motivation throughout the RE community, I have noticed lots of this through my surfing/researching.
That's what I'm working on Choi, just trying to funnel as much information relating to RE, financing, and etc into my brain. So far so good, but still have LOTS to learn. Especially when I've never owned a property yet, so my learning curve is whatever I can find on the internet from credible sources. I guess the "on the job training" will begin when I pull the trigger on a small mortgage. Good luck guys, hope we all succeed and achieve our goals. We have a awesome community and support, we never have an unanswered question in the RE community, its beautiful.
This video answered a bunch of questions for me. Great info.
Absolutely one of the best explanations out there! Thanks Phil!
Wow, you are a great instructor, one of the best I"ve heard in RE!
7 years after and this is still motivating people like me.
And it is exactly what my Apprentices and I do everyday. Everything described in this video is still applicable today.
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@@TommyleeATGMAILDOTcom-ws3wg how do I start what do I do
This guy actually provided EXAMPLES of the answer to this question in UNDER 10 MINS!!.. instead of ripping people off @ $200 a pop while rambling on about irrelevant crap over the course of a 3-day “education” seminar (which in reality, consists of little more than ‘pep-talk’ & ‘sales pitches’ as opposed to any real concise or implementable instruction.) THANK YOU PHIL!! 😃SUB’d!!
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Phil the king of Real Estate Brilliant video and i really appreciated your effort .....
May god bless you in your business
I really like your strong commentary on real estate Phil-you've really have inspired me. Thx
The deals are out there, and the skills you can learn by watching great videos like this. Nice lecture, Phil- I just hope your students apply what they've learned!
@59:00 "take down those signs man". 😄😄😄😄😄 that accent was funny as hell Phil. I couldnt stop laughing.
You were sure right about it being a good time to buy in Nov. 2012
Who keeps up the insurance on the hous
You are the best yet. I am so glad I found your channel Looks like you love to spread knowledge . A lot people are stingy. If you charge it is worth it. Just my 5cents LOL
Maybe it's his way of giving back. This world lacks generosity.
+foxybrown2 This is def the best channel for the topic
brendagbrooksorder dvd frommy. phone
foxybrown2
He will reap goodness for sure!!
I'm 17 and watching you explain this subject is amazing. I actually get it. I've always been poor. Upper poor but still not middle class and I want to buy a home and rent it out to some people. My father and me will try and do this together. Any tips for a 17 year old? lol
How do you cover emergencies in a rental if poor?
@@raygordonteacheschess5501 just call a plumber. Simple. Otherwise insurance will do
You are an amazing speaker and teacher. It's no wonder you are successful!
Marnu B ---He's hamdsome to ;). No uhs and umms in a person's speech also go a long way
Posting the room for rent on Craigslist with some nice photos worked for me!
Pretty much all of it. We've done deals in CT. Great state to do this business.
Great great video! Great information! I am so very grateful to have found your channel! I am beginning tax lien purchases for rentals and flips in Ohio and Texas and your information on student rentals is awesome! Thanks for sharing!
thank you so much for this. thought about doing real estate for years. I was afraid of not having enough finances to pull it off!!!!
Sharon Miller
That is a tax question. Please refer to a CPA to give you the correct details on that.
You can always ask the realtor if they would ask the seller if they would do any creative financing on the purchase. Remember that if the agent gets their 3% commission, they will do whatever. But if you try to "get creative" with their commission, you're calls will stop being returned ;)
wow man , this's been an eye opener ...live rented,been looking to buy ...education is everything
This should be called buy homes without bank loan
Truth
I'm not religious...but this guy is a gift from God
Thank you Phil....great wisdon dont stop sharing...
Thank you Phil ..Great info.
This is very interesting to watch. I'm interesting in buying a home but my income only $1500 and i need to support my family too. Not sure when I can buy. My credit is really good though.
ABSOLUTELY! Typically, we do Subject To deals when the seller is a payment (or a few payments) behind. We use the down payment from the Rent to Own Tenant Buyer to cover the back payments.
Watch my video "Should Real Estate Investors Get a Real Estate License?"
Phil, just want to say thank you for taking the time to share the valuable knowledge you've gained. Not everyone does that, you made this real estate learning curve even more easier. Thank you, thank you, thank you!! God bless.
Why would you go to standard, traditional finance company who would require 25% down when the seller is agreeing to do a lease purchase?
I am including those items as well. Most mortgages on residential loans include taxes and insurance and then in the cases where HOA dues are involved, that certain goes against the cash flow. As far as maintenance, that really depends on how you structure the deal with the tenant. If you construct the deal correctly, you can make the tenant responsible for all maintenance items.
Hi
I am Tanzanian , thanks bro
Now days monst of young in Tz learn alot from
You Teacher
God bless you
true we are together
Me i am in the disability i would love to do it love the way you explain this program
I need to start doing this. I worked with a real estate investor this past week and he's got 20 properties in Los Angeles.
Josh V. p9p
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don't so it. It's a stupid idea.
he's only getting $4,800 a year but he has to pay $1000 out each year for property taxes, then there's additional fines like if appliances go out, and what about home owners insurance? If he doesnt pay it he's screwed if there's a disaster, if he does pay it that's roughly about another $1000 taken out each year.
Roughly $2000 a year is NOT worth it considering ALL the risks involved, if one of the renters decided to trash the property he would be fucked. If he had no insurance he'd be fucked. If he was somehow unable to pay off the original owners he. would. be .fucked. and. in. debt.
AMAZING VIDEO! ONE OF THE BEST OF UA-cam.
Phil you are great you enlightening me I consider you a very useful mentor .
thank you for this video. i took so many notes. im from toronto. can you come here and teach. you seem like fun...and honest
Washington State. Watch my video "Is Flipping Real Estate Illegal?" for more insight on the wacky and what I consider unconstitutional real estate laws of Washington State.
Phil, your videos are great... Glad I have you on here to subscribe to. Inspirational and informative. Thank you
I'm an UCF student, Economics major. Graduating this fall 2016. Learning to wholesale real estate in the Orlando area recently, trying to reach your level Phil
SIMPLIFIED+STRAIGHT TO THE POINT+HUMOR= NEW SUBSCRIBER!!! SO GLAD I FOUND YOUR CHANNEL😀😀😀
thank you for schooling me on how to become the lender and how to use rent to own.
This is a great video, I read your book and you have an amazing gift. Thank you so much for helping us out 🙏
Thanks for posting this video!! Huge help. I'm 18 right now and I have no money at the moment so this was exactly what I needed. Also, what are your thoughts on me starting out at an early age? Do you think it's advisable?
Yes he's all for it. Just be educated like you're doing, watching these vids
Ahhh, that's the million dollar question. Finding good deals. You have to target motivated sellers. It's an art that is every changing and collectively, my team and I spend hundreds of thousands of dollars in marketing costs to master it. Most businesses in America fail due to an inability to generate solid leads. In that video, I do slip in a great technique for finding these deals.
If it were me I'd contact everyone involved in the transactions. Meaning I'd go where the people who hold property. The bank, title company, the county and auctions.
This topic of how to hold real estate, whether in a trust, an LLC, personally, has many dimensions and depends on many factors. There is no cookie-cutter approach. In certain states, Trusts defeat their own purpose, whereas in others, they are great for anonymity (but that is it). LLCs provide liability protection but they sometimes create massive state business tax bills, as in Tennessee. Owning personally can work so long as you have a solid liability insurance policy to protect you.
This is a great speaker, I see myself talking knowledge like this and you made me love real estate for sure and thank you very much
thankyou, i've learned so much from this.. it's also proven me i'm sort of doing it right! i started a hotel in africa and talked with the owner.. i just invested a little bit to upgrade the property but he stayed the owner.. i directly rented it out to tourists and earned. the only problem was that he saw the opportunity as well and he kicked me out. :(
Andromeda awww that's sad , all the best for your future endeavours , this experience shall help you.
Andromeda
“Africans”
You should have got the deed sign in your name
52:35 I dont understand, putting money up for a second mortgage on this property if doing a lease option on it. Phil is always very Informative and fun, great lecture for Newbies! Subscribed! JQP
so your mortgage is $900 you rent $1000. $1200 per year profit if nothing needs fix, tenants pays every month. small margin to work with.
Increase the rent... problem solved
Are you asking me if you can take over this seller's property subject to his existing financing? The better person to ask this question of is the seller him/herself. Will the seller allow you to take over the payments of their existing mortgage?
Thank you for all of your assistance, i will watch video again and try to find some motivated sellers.
your videos are incredibly inspiring! I definitely have the burning desire. Only time will tell if I have the persistence. So far, you are my mentor! haha
Thank you
I want to learn more from you thank you so much for sharing your experience and God bless you and your family
Actually both Oregon and Tennessee are the top 3 states that receive food stamp or SNAP for its social welfare program. The difference is that Tennessee, as a red state, pays less in federal taxes than Oregon does.
ewroylong top 3 but you only listed 2
The lease option can be for as long as you negotiate. If you want to truly become the owner, don't go the lease option route. Instead, you would have to do an owner finance or subject to creative financing arrangement.
Phil....I'm a quiet fan of yours - have been for yours. THIS video is, in my humble opinion. the best of the bunch. Why? Relatively unscripted. You clearly are a seasoned guy and a great teacher. Great with audiences. But the thing I respect most is you come across as genuine and credible. As for me, I'm a retired Army guy who, about mid-way through his military life, started moonlighting as an investor (inspired by Carlton Sheets at the time). I've "only" been into about 20 deals or so as a principle party (and many more as a non-principle). Keep up the great work, Brotha. Carlton Sheets sets a high bar, but given your style you'll certainly give his legacy a run for his money!
Carlton is a great guy! Thanks for your comment.
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Hi Phil,
Great advices, I'm from Europe - Luxemburg and i would be amazed to find someone hwo can give such advises based our laws.
Thank you for sharing this.
Hello Phill! I love your videos. I just graduated with a finance degree but I love real estate but I don't have good income. Which of the options that you brought up do you think is the best
All of them. It depends on the deal. Watch this video for more clarity on this whole subject: ua-cam.com/video/ZvZuISt_f0E/v-deo.html
Someone in my class bought his home from a retired homeowner and he pays him mortgage.
Sean, I'm not sure what circles you frequent in the real estate world but a "Deed" is short for a "Warranty Deed" or a "Quitclaim Deed" or for foreclosures, a "Special Warranty Deed" or in California, a "Grant Deed". A Deed is short for an recorded instrument used to transfer title. On the other hand, a "Deed of Trust" is not a promissory note, but a recorded instrument to secure the loan to the property. Some states use a mortgage instead of a Deed of Trust for that.
Thank you Phil.. Love your personality
Who’s watching in 2019 wishing they would have bought more RE in 2012!
We are in 2019 and I'm waiting on the crash
@@ladyplantzalot6987 What upcoming crash are you referring to if I may please ask?
@@unlimitedpotential8073 real estate has cycles I am waiting for the prices to crash .
@@ladyplantzalot6987 ah right i hear ya
LadyPlantz Alot the cost of build a house is still high, still cheaper to buy a built house than build your own home. Now Is still a good time
Phil, thanks for posting these videos. They are encouraging and had no idea you could buy houses without money and credit. I mean, WOW! I'm ready to learn more and eventually try it.
I do have a question, maybe I just haven't gone far enough in the videos to hear the answer. Okay, so I go to a real estate attorney for documents with a deal I just made with owners of a home. What kind of fee am I looking at by going to an attorney to get those documents? What is the process?
Depends on the attorney and the way he is compensated.
Hi Phil how do I go about advertising my unit to college students? Do I call the local colleges in my area? And what department do I speak with Human Resources. I really love this idea..
I’m here simply because many people are selling programs way too high.. no one these days are giving back anything and are selling EVERYTHING! Thank you
Great Info Phil, will make it happen to get your mentoring asap!! Thanks and keep sharing, "to those that give much, much will be receive"
First of all, let me just start off by saying, I loved this video. It was very informative,and I love you respond on youtube to questions. I have a few questions: If someone is desperate, and you offer to lease their home, why would they agree if they can lease their home themselves? If I tell a homeowner I will take over their payments and lease it out, then they can do the same, correct? Also, do you have more video explaining the land trust? I am going to be purchasing your book asap. Do you ever come to Houston?
Maybe they don't know how to lease a property. Maybe they don't want to. As for my appearances in Houston, I usually only travel to see family. I have family in Houston. I was last there back in October. But as for traveling to teach...not anymore. Thanks to technology, I don't need to do that anymore.
I rarely mention anything about how to find truly motivated sellers to the general public. I relegate those tips to just my personal mentoring students. But in this video, I described how driving around works well and also, I have a video on "How to Get Motivated Sellers" using Craigslist in my UA-cam channel
me pick me i'm having fun! Love this stuff! Your a great teacher Phil !
You should win an award 👊
Your sir, are awesome. This video has completely changed my point of view on home ownership, rentals, and leases. Thanks for this amazing insight! Do you have anymore videos like this?
this is really a good video. THANKS A LOT PHIL.
I didn't watch the full video but I just paid a lot to get an new ac unit for my house. something like that or other repairs would eat into profits
Anything eats into profits. land lord is a business, it's an easy one most times but just like any business, there are expenses. If you own a store, you buy merchandise to sell, restaurants require food, etc... It's about building a portfolio. The one property won't line your pockets for the rest of your life, it'll help insulate them though.
Love this video! It has helped clear up a lot of questions that I had about jumping in to real estate investing! Thanks for sharing your knowledge.
Yes, "How to be a Real Estate Investor" is available on Amazon. And I am confused by your question...who is asking you for $25,000?
I have no money but I want to start buying realestate
I never owned a house but i know real estate is king. My dad went bankrupt but kept his office building that has 4 apartments. He never struggled for long. My mom was a real estate agent for years and had some nice checks come in. She wasn't rich or anything but loved talking to people and helping them.
She found a good real estate company that didn't steal her money. She paid very little back to them because their business model wasn't based on sucking off the agents. They weren't a big company that did tons of advertising. The owners were agents and rich so they treated the agents well and other agents migrated to work with them.
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