The BIGGEST LIES in Real Estate
Вставка
- Опубліковано 4 тра 2024
- These are the biggest myths and lies when it comes to real estate investing, and my unbiased perspectives when it comes investing in real estate - enjoy! Add me on Instagram: GPStephan
Here is my Comprehensive, Step By Step guide on Real estate investing:
70% OFF UNTIL SUNDAY -The Real Estate Investing Blueprint: bit.ly/2W5tZZs
GET $50 OFF FOR A LIMITED TIME WITH COUPON CODE: THANKYOU50
The Real Estate Agent Academy: Learn how to start and grow your career as a Real Estate Agent to a Six-Figure Income, how to best build your network of clients, expand into luxury markets, and the exact steps I’ve used to grow my business from $0 to over $125 million in sales: goo.gl/UFpi4c
GET THE MERCH: www.GrahamStephanStore.com/
The first myth I hear is that “Renting a house is a bad idea - it’s always better to own your home.” Well, the thing is, when it comes to this, there’s absolutely not a one-size-fits-all approach. And these are the situations where I’d say people are better off RENTING instead of BUYING:
The first is that if they’re new to an area and don’t know if they’re going to like living there. In this case, you’re better off renting until you get to understand the area and figure out where you really want to be. This one is pretty self explanatory.
The second is if they don’t intend to keep the home for more than about 4-5 years. Here’s the reality. Holding real estate for 1-5 years is not a long enough time to guarantee you’ll have a positive return. We’ve been lucky to see a huge surge of appreciation over the last 7 years, but this is not normal and we’ve just come out of the worst recession we’ve seen in a long time. Realistically, your house is not going to be going up in value 10% per year…So this is why I recommend that people buy a home, who plan to hold on to it FOR AT LEAST 5-7 YEARS…this gives you the highest chance to rebound from any fluctuations in price. Anything under that, and you’re likely better off just renting.
The third reason you’d be better off renting is if you have a better use for your capital than tying it up in real estate. Real estate is great for solid, long term wealth preservation and growth…but it doesn’t compare to investing that money in your own business in terms of ROI. So for most people who run their own cash flowing business, they prefer to LEASE and have as much free cashflow left over as possible to re-invest.
The next myth that is SUPER COMMOM is that YOU CAN’T FIND A GOOD DEAL BUYING A HOUSE ON THE MLS. The truth is that the source of the deal does NOT matter, at all. I’ve seen INCREDIBLE deals come up on the MLS, and because they were improperly advertised, they were overlooked and an investor was able to scoop in with a great deal. It’s more important to actually find a good deal, than to focus on the SOURCE of that deal.
The next real estate investing “myth” out there is that having more units equals more profit….again, this is something I hear A LOT and it’s a misconception that I’d absolutely like to clear up. Lets make it very clear: Having more units does NOT mean you will make more money. Just because you have 10 units doesn’t mean that is a better investment than something with 2 units. When it comes to identifying a good investment, ALL that matter is how much money it makes after expenses, and how much you buy it for….that’s IT. I’ve seen HOUSES that are better investments than 10 unit buildings…and I’ve seen some 10 unit buildings as better investments as houses. It all comes down to the price you buy them for, that’s it.
The next misconception when it comes to real estate is that you can TIME THE MARKET. Yes, if you can time the market, you’re going to do REALLY well. But that’s not what real estate is about: you buy on how much cashflow you make every month, and how much equity you can get on the deal based on the facts of TODAY. It’s more important that you find the right deal TODAY, than hope the market crashes AND you buy in at the perfect time.
And finally, the last real estate myth we’re told is that it’s a full time job investing in real estate. And this one is a little yes, and a little no. When it comes to real estate investing, it can really be as hands on or hands off as you’d like…you can work as hard as you want, or outsource as much as you want as long as your rental numbers are strong enough.
My ENTIRE Camera and Recording Equipment:
www.amazon.com/shop/grahamste...
Favorite Credit Cards:
Chase Ink 100k Bonus Point Offer - www.referyourchasecard.com/21...
American Express Platinum - refer.amex.us/GRAHASOxHd?XLINK...
Does anybody feel like Graham is your friend that you haven't talked to in like two year?. I get that vibe every video.
Ahh thanks dude!
reptilesgamers00 yessss
Cause he speaks with such familiarity with his tone that you assume he's someone you know. Its actually something he probably picked up in Real Estate
Yes, it feels like talking to a more animated version of my brother. His personality is so familiar!
Same. More proof he is a genuine dude.
So glad you mentioned Myth 2! When I first started looking for my first rental property I thought I had to find this glorious deal off the market but had no idea where to start. The more I talked to people the more I found out majority of their first deals were from the MLS.
It’s so under rated!
I was unaware of this interviewer thanks I'll check it out
*NOTES*
The Biggest Lies in Real Estate
1. The Myth: It's bad to rent a home
2. You can't find a deal on MLS
3. More units, more profits
4. Wait for a crash before buying
5. Investing is a full time job
1. The Myth: It's bad to rent a home
-Situations where renting is better than buying
A. If you're new to an area. Get to know the area, figure out where you want to be
B. If you don't plan to keep your home for more than 4-5 years.
i. Owning a home for 1-5 years will hurt you selling it back
ii. Buying and selling a home is very expensive. You tie up your down payment, you're responsible for taxes, maintenance, paying all closing costs (+1% to house.), selling, you pay another 6%
iii. When selling, to break even, you need to sell for 7%-8% higher
C. If you have better use for your money to all the business owners. Invest in yourself above all else
2. Myth: You can't find a deal on MLS
: Multiple Listing Service
A. The source of the deal does not matter.
3. Myth: The more units, the more profit
A. When it comes to identifying a good investment there 2 THINGS:
i. How much a property makes after expenses
ii. How much you buy it for
B. ROI at the end of the day.
C. Preferably, fewer units for more money is the sweat spot
D. The higher the price point, the less turn over, the less problems, higher quality tenants
4. Myth: Waiting for a crash before buying
A. Everyone thinks this.
B. If you do time it, you'll make a lot of money
C. What matters...
1. Cash flow.
2. How much equity you can make off it based off the facts of today.
D. The people who wait, never buy.
E. It's more important to wait, and buy the deal today, than wait potential years/decades, and buy when it crashes
5. Myth: Investing is a full time job
A. No it's not.
B. Know your market. Know a good deal. Know your numbers. Then you'll be alright
C. Outsource what you can
Logan McNay Thank you
Myths Graham talked about in this video:
1. It is bad to rent a home
2. You can't find a deal on MLS
3. More units, more profits
4. Wait for a crash before buying
5. Investing is a full time job
Make sure to watch Graham's full video because he goes way more in depth.👍
You're Weclome!😁
Thanks, Ill watch tho
Yo thanks!
I was in a rush, thx
You are. atime saver
3. More units, does not mean more profits* but it does help if you get it cheap and it cashflows, I currently own a 4 family home.
4. No need to wait for a crash, if the property makes money with rent income*
I have an exam in a few hours... And here I am. Smashing that like button.
Good luck 🙌🏼
Don't wait to buy real estate, buy real estate and wait. Real estate is one of the greatest investments you could make. This is a kind of income that makes you rich even while you're sleeping! Thank you for the tips and advice! Would definitely want to dive in more about it. But as for now, we'd like to focus on our current business which is a cookie shop in our college town. When we first started it, we were living in our car with very little direction, just a huge passion to be successful. We just graduated college as well. We started a cookie shop out of a local bagel shop in their off hours at night. We were living in our car in the parking lot of the shop at the time with my boyfriend, Bran. It was a crazy experience but it worked! We became a success! And how we have our first storefront location (a second launching soon!) We started it to fund a year long backpacking trip around the world and to be successful while living the life of our dreams.
100% with you on that! Planning on buying my first investment property at 20! :)
Couldn't agree more
@Apollo Sun Awhh thank you!! :D If you subscribed to our channel, I hope you enjoy being a part of the journey to our second storefront location in Tampa, Fl! :D It's going to be a lot of hard work but I am sure we will hustle through!
@@AppleCrider Wow that's awesome!! I believe in you :D If you subscribed to my channel, I hope you enjoy being a part of the journey to our second storefront location in Tampa, Fl!
You are talking like 2008's Subprimes never happenned.
I’m at university, it’s a Friday night and I’m tipsy but I saw you uploaded so I’m stopping everything to watch this video aha
PRIORITIES
For those wondering the origins of all these Avocado Toast jokes, it all comes from millionaire Tim Gurner and his advice "Stop buying avocado toast if you want to buy a home."
bro I read that article, or was it a video? haha congrats on making it in @philion's video haha
Robert Iacob I read it on an article. And yeah I never watched philion before until someone told me I was on his latest video haha
Zachary Laid Finding Freedom I’ve been watching his stuff for over a year, haha Graham was right you are everywhere 😂
Zachary Laid Finding Freedom I think the Tim Gurner argument was that dont blow your money on stupid things, and some people refused to understand it. This is what I remember him saying: Milenials dont save money, they want to go to Europe every summer and buy avocado toast for 20 usd every day etc.... something about overpriced coffee... But the problem what he proposed was that they spend more than they should, and NOT AVOCADO.
@@janoszatik2157 Bro, it's called comedic oversimplification. Nobody is calling Gurner a hack or a scam artist.
Fantastic advice, love the channel Graham!
Thanks man!!
Thanks for making these videos Graham. I just acquired my first investment property here in West Texas and these videos gave me some helpful insight.
Love your videos. it has helped me get a view on the real state world. Now about to buy a rental property. Thank you :)
Congrats!!
Glad you cleared this up for those that didn’t know. There are so many misconceptions out there.
🙌🏼
Just heard you on bigger pockets! Its cool that i actually know you on UA-cam before the podcast! You are a great inspiration! You are a proof of how to be different than most people and have a positive perspective in everything you do! Hope one day we meet! I am going to get successful like you! I promise you! Hope alot of people do too! Thank you!
Loved seeing you on bigger pockets! Fun episode to listen to today
Thanks so much!!
Graham, could you do a video on what to look for in a real estate agent? How do you research them and what are the most important factors to look for? I love watching your videos! I've learned so much! Thank you. 🙂
Love this! There are definitely deals on the MLS! 5/10 of my properties were straight off the MLS - especially when they've been sitting for a month or two and nobody wants it anymore.
Hey Congrats on the BP interview!!!
Thank you!!
Keep churning out great content !!!
Thanks!!
Hey Graham! Love your videos, I have been very intrigued by Real Estate since I was a kid. I was wondering if you have a video or you could make a video about mortgages, in particular how you are able to apply for several mortgages at the same time, managing the risk of the leverage of 6 simultaneous mortgages? It could really helpful, thank u!!
I got my first 500 subs 😎 would’ve never started had I not watched your “get over your fear vid” I swear it took me 2 weeks of mumbling in front of a camera to actually get the courage to upload. You were right about it all along, as usual haha.
🙌🏼
You and i both bro 🙏🙏
@@OscarMartinez817 congrats my dude!
@@GrahamStephan d
Taking action and getting start is the hardest step bro, you’ve got lots of potential I see you blowing up 🔥🙌
I’ve become hyponotized i now automatically smash like even before I start the video
Ah thank you 😂
Great Advice Man. I really appreciate your work and now i have a lot of questions to ask may be you can help.
Thanks so much!! Ask away in the comments as a new comment and I’ll try to get to as much as I can.
Preciate it Graham, Ima check that blueprint out.
Ah thanks!! Just updated the link in the description!
bit.ly/2W5tZZs
Thanks Graham for the educational talk on pros n cons of real estate :)
This video is straight fire emoji!!! And great job on the BP podcast!
Ahh thanks Bob!!
Thank you for letting us know of the myths and what to actually look for when interested in real estate
You got it!
Very informative video Graham thanks 👏👏👏💥💥
Yo!! Your bigger pockets interview yesterday was LIT! Awesome watching you continue to progress. Another great video man!
Thanks so much dude!!
Agreed! I clicked on the notification immediately as soon as I saw his name pop up on the bigger pockets podcast. It was funny hearing him talk to David and Brandon it was like the UA-cam World and Bigger Pockets combined! haha
Agreed! I discovered bigger pockets a few years ago and then discovered Graham, super excited that they finally crossed paths and collaborated!! 🤑🤘🏻🤘🏻
How high rents are verses the cost is the most important. The varies wildly.
Affordable housing lowers your risk because it is ALWAYS in demand but you are so right the lower the rent the more issues. You need to demand a higher return for the effort.
Fact- if you don’t subscribe to Graham your property won’t cash flow...
Truth
Good practical information! Thanks
Thanks!!
Loving your videos man. 🤗
Thanks Cliff!
Graham, what are your thoughts of renting to own to a tenant? I’d like to see a video on this
I found a great deal on the MLS in my area. It is a fixer upper 2 bedroom and was priced for the normal price of a 2 bedroom. But the kicker is, it has a finished basement that isnt set up yet so it isnt counted in the room count. So you basically can fix up the place and set up the basement as a 1 bedroom apartment style and have a 3 bed 3 bath for far below the typical price of such a place.
Sadly the price + repair is a little above my current qualification. I am tempted to ask if it can be bargained down, but I am talking to the realtor about what kind of repairs are obvious because getting a loan for that is the hard part even if I can get qualified for the apartment itself.
waltermh111 hope it works out bro! 🤑😀😀🤘🏻🤘🏻
Got my Graham Stephan fix for the day. Thank you very much Graham.
awesome advice like always 😎
Thanks!!
Great video. Your explanation of market timers is spot on for nearly all investments.
Thanks!!
Great video bro! There is no real good time to buy. Every time is good time if your gonna live in it 10 years to raise a family or if it brings cash flow .
Love the video graham! 💯
Thanks!!
Graham Stephan I actually have a question for you man. I’m interested in becoming a Real estate agent myself and I basically watch all your videos for financial advice and real state advice also but my question is if you buy a foreclosed house, they say you have to have cash to buy it at an auction so if I have the money to pay for the house would the house basically be payed off?
Hell yeah! I'm currently renting. I just moved to a new area - Tucson, AZ. Making a 60k salary and paying $335/mo in rent. Life is good, Graham is great.
🙌🏼
Wow. I wish I could find something even double that amount.
Love this Channel
When I first saw your videos I thought it was going to be the typical garbage that people put out. Honestly, I can say that you keep things very straightforward, simple and have a good financial mind. i have never disagreed with anything you have said. People think investing is complicated, and it really isn't. It is funny because people tend to blow off the simple straightforward advice, because they think it can't be that simple. Look at what Warren Buffet and Bogle always say; or read the Intelligent Investor. There are people that want you to think that it is more complicated then it is, because they either want your business, or don't want more competition.
Yup, there's nothing new under the sun. "The richest man in Babylon" was written in 1926 and still holds up as great and sound financial advice. Easy to find as a free pdf.
adam bankoff .....and the people who teach "smart" lawyers are fine with the competition..
Thanks for separating the facts from fiction! So much noise in the industry
🙌🏼
Have to join your course man it earlier the better
It will be :)
Quality content 💕 just turned 18, definitely going to follow your advice.
Thanks!!
hey graham great video again. I was wondering how you write up contracts for your tenants because im planning to rent out the extra rooms in the house but I don't know what a good contract looks like.
ChampionRiceman check out Meet Kevin a cali realtor and friend of Graham, he made an awesome video of how to screen tenants and nolo.com is usually a good place to get a template for a contract 😀
Graham, would love to see a video of you explaining dividends.
Sure!
Killing it bro!
thanks!
Pretty honest video. Respect!
Thanks!!
Fantastic content Graham! Now while the principles you teach apply globally I always find myself checking how many of your tips and recommendations actually apply in other parts of the word. I come from Germany and now live in South East Asia. Overall very different market conditions here.
But again this doesn't take away anything of the value of the principles you teach. Thanks and looking forward to all upcoming content 👍
Thanks so much!!
Well, this covers my last request in a previous video of yours, thanks bro.
you got it!
Heck yeah new video!
Thanks for watching
Hello, I have a question regarding renting an apartment?
Is there an easy way to calculate how much you can afford to rent for example 25% of your gross income or what are your thoughts about that?
Good video!
Thank you!
🙌🏼
GREAT vid! I'm considering real estate investing. I thought only the "in crowd" can see the foreclosure list and get to the under valued properties 1st. What is your opinion of using a private lender for fix and flip?
If the interest rate is low enough, sure. But generally the risk is so high because of the interest rate you pay.
Rent vs. Buy had amazing points, however did not take into consideration tax write offs, how come? as I know you probably thought of this. Great video! Subscribed
Will make a video about it!
Graham Stephan looks like you play the credit Card point game as well. AMEX Plat recently gave me 50k credit line at 5.95%, used part of this for an 80k home remodel. Points + low interest... Plus as it being a business card all interest is a tax write off. Win-win-win all things considered. Paid back almost immediately (3 months).
Graham Stephan also, is that skull real? I have been buying art and heavy metals, along with investing more in more normal investment vehicles... however, never thought of that! that’s like buying costal property, only so much to go around this “almost” always a good investment
Graham have you made a video on for sale by owner? Pros and cons of buying from owner?
Hey Graham, thanks for all of the incredible information and content that you always provide! I really appreciate your credit-building insight and I’d like to make a suggestion for a future video idea or discussion topic which I think could be very valuable to your viewers.
I have tried to do my own research on “Rent Plus” which markets itself as allowing you to build credit by simply paying monthly rent. My apartment complex specifically promotes this for a small monthly fee; the program specifically states they will report the past two years of rent payments that were made on time and that any late payments would not be reported, thus not harming one’s score.
Is worth a shot to reinforce an already strong credit score; or is it completely worthless in your opinion? (which should not be misconstrued as financial advice of course) From my research it seems a little dicey as it all depends on who they report this data to.
Maybe do a video on InventureX. The ads look super low quality and untrustworthy so I feel like it could be some sort of scheme.
Best search engine for real estate investors to find best deals: HootReal.xyz
Love how you have simplified the units component with the fact that it only matters what you paid for it and what it cash flows. Cash flow is king!
Thanks!!
Completely Agree with Myth #1! At this point in the market, I'd hands down choose to be a renter vs a buyer in this Los Angeles market. Especially because the house I'd buy right now would be more of a starter home and I wouldn't want to hold onto it long term. But also rent is cheaper and doesn't require a lot of capital out of pocket for downpayment/closing costs, and I have the opportunity to invest that difference in properties out of state. By the way, Great job on the BP Podcast yesterday!
Hey thanks so much!!
Is it possible to get financing in a state you dont live in? Share tips on how to go about this thanx in advance 🤑🤘🏻
Jesse Garcia - Yes, you can get financing in a state you don’t live in. I’m fact, the video I posted today actually talks specifically about how to get financing and how to position yourself to buy a rental property whether it’s in state or out of state.
Can you also talk about affordability when buying homes? How much should one be making to be able to afford x amount property kind of thing
Graham, I have a question. I’m a realtor here in Savannah, GA. Course member. Why is there such a thing as a bad investment property? Moreover looking at multi family, it had to be profitable at one point or they wouldn’t have built it, rent is always increasing (ideally) and there will always be tenants to fill those spaces. So how do people manage to squash cash flow on properties? I understand there are bad investments, but how do they go bad? People listing for more than its worth? Repairs can always be done to restore rent and will pay themselves off if you cash flow. I’d like to hear your opinion, thanks!
Hello sir, can you make a video on how to find the houses that are below market value and how to. Find the right area to buy in.
My wife and I scored when we got married and were able to get a decent house for rent for $450 a month. I hate when people try to convince us buying a crappy home is still better than renting where we are now. We have so much flexibility with our current rent and that will allow us to save and purchase the house we want when we want it.
🙌🏼
So pumped to see you as well in bigger Pockets podcast
Thank you!!
Definitely, depending on the market you are in, renting can be much much more efficient and moving your investments elsewhere like stocks. Lot of people from older generations will always argue otherwise.
@Sami Amor lol See now you'd go way further renting in that situation, AS long as you are investing the extra disposable income.
That would be the key, because if you just end up burning the cash into lifestyle activities you'll be worst off then buying.
Having more units doesn't always equate to more income.
I heard about a national real estate guru who had over 300 properties. On a really hot day he would get extremely nervous because he knew that on days like that 1 or 2 of his houses air conditioning units would die. The investor said that he hated days where he would have to pay $3000-$6000 for new air conditioners. Many of his properties only cash flowed $100 - $200 a month so these were large expenses. He did make more profit but he took a lot more risk. He later started buying properties on contact and resold them with seller financing and this helped his cash flow tremendously. Since he wasn't the "owner" of the house he could get the buyer or seller to pay these expenses.
You have to balance your risk tolerance with the profit. If you buy units that keep you worried and awake at night then just wholesale them for a quick profit.
Anotha wonderful video just another day for graham
Thanks for watching!!
About that timing the market: That essentially is why it usually is smarter to do a smaller position (at least compared to how much you eventually own) to enter a stock rather than thinking you can bottom-fish a falling stock with a substantial amount of money for the initial entry. Even if some traders (not to be confused with investors) have the opposite idea that it doesn't make sense to keep loading a log that might be on the verge of falling over a waterfall. Guess all a matter of perspective.
Myth #1 ... don’t buy in an overheated bubble. awesome to rent during the bubble in south Florida during the bubble run up to 2007. $180k condos crashed down to $25k!!
Wow.
How much are they up to now?
George Gonzalez Sidselrud $140k, but vary by +/- $10k depending on Monthly HOA fees
Graham, could you make a video about HOA fees? Specifically if it ever makes sense to purchase an investment property with an HOA. Thanks!
I would love that topic.
+1 on getting to know an area before you buy. Massachusetts is a very pricey market within a 50 mile radius of Boston. Renting in a small 20k person town. Beautiful. Friendly folks. 0 things to do at night. Restaurants close at 9:30. I cant see myself here for another 10, 20 years. Renting is freedom
I started a comment about unit quantity vs renter quality and then you said it yourself. So... yeah. I agree with that.
🙌🏼
Myth 4: absolutely! I've been waiting to buy just because I'm building up my down payment... it just so happens to fall around the time of our 10year recession mark so who knows?! I keep track of homes that I find and like so when I have my 15-20% saved I can double check if those are still available (probably not but ya never know)
The voice is a nice touch!
Can you pull a property in your area and evaluate it step by step for rental? That would be a really awesome instructional video.
Couldn't agree with #2 more. I'm a real estate broker and I've bought every single one of my properties through an agency. Nearly all FSBO are completely delusional as to what their property is worth.
If you want the best deal, make an offer within an hour of seeing it. If it's not accepted by the end of the day, withdraw it and say you've found something else. Don't let them use it to start a bidding war.
My rule is: right property, at the right time, at the right price. If one of those isn't right then just wait. There are always more deals.
Phillip.
Nice video. Can you do one about buying a new house in vegas to rent. Is it a good idea. Houses are cheaper there
Please more videos of this please please
6:56 Oh dear
Question though, what happens If like you mentioned "better to ride the wave, than to wait for the crash". What if you buy the house prior to a bubble bursting. Doesn't it mean the house looses its equity? How do you take it out then to reinvest in another property?
I just finished listening to your interview on the Bigger Pockets Podcast. I have been religiously listening to that podcast for a long time and I can defiantly say you are without a doubt one of my favorite guests they have on. You were straight to the point and were not afraid to share your mistakes. That weed story has to be one of the funniest stories I have ever heard (but not for you when you were in it). I could tell Brandon and David loved talking to you. I will certainly listen to the podcast again so much info to soak up. I hope to do many of the things you spoke about. I am currently a college student and plan to move up to LA next year to finish my economics degree up at university (I currently live in San Diego). The goal is to try and find a house-hack (although cash flow is tough in LA, so I will weigh my options). In the interview David talked about airbnb your primary residence for cash flow (then not having to worry about many of the legal issues you worry about, since it's a primary). I also am working towards getting my real estate license, you discussed representing tenants as niche, that is something that I hadn't heard on Bigger Pockets, it makes so much sense! Thanks for everything man, huge inspiration! - Calvin Raab (Creator of Raab Journal)
That’s amazing man!! Let me know when you make it to LA!
@@GrahamStephan Will do! Keep up the good work!
Great video Graham!
Thanks!!
Watched til the end.
Liked.
Commented.
Boom.
Thanks!!
Just watched the video and I can't remember you making a funny about smashing the like button. Never fear though! I got your back bro! Smashed the heck out of it! Aaand I may be acting like a fool and it was in there all along but I'm leaving this comment and not watching the video again soooo... yeah, good video!
Margin is a factor on your third point. Graham another well timed clip; today junior.
Hahaha thanks!
Wholesale off market deals can be advantageous in that you aren’t competing or working with an informed seller in many cases. In my market, if it’s on MLS right now - it gets 10 offers in almost every case, so by default you end up having to overpay on MLS to win the deal.
In a bad or slow market the MLS can be ripe with deals. We’re averaging 10 days on market here - and that’s not a well priced deal - that’s an average deal.
Mike Rosehart 10 days is insane 😵 here in western slope of Colorado homes sit on mls for minimum of 4-5 months
jesse garcia yeah the market is insane in London, Ontario, Canada right now.
Thanks Grahampa.
😜
graham when Is a good time to refinance? I just bought a home last month. thank you
Whenever you have enough equity to be able to afford another down payment on the next property. Could be immediately after some renovations or years down the line. Regardless, when you have enough built up for that next downpayment... do a cash out refinance and start house shopping for your next investment. Rinse and repeat.
You are so right; i NEVER stay for more than 2 years in ANY area so for me to buy a house makes NO sense
🙌🏼
Graham, what do you think about lease options? Maybe can we get a video on this??
Sure! I have nothing against them!
Can you recommend any agency's that rent affordably in the north LA area?
Hey Graham, can I ask for some quick advice? I'm close to closing on a 310K property in Las Vegas. A conventional purchase! Large cash investment but my idea is to buy and hack, there are three areas I can rent for a total monthly net of 1K. I'm worried about tying up a lot of cash at the top of the market though. Am I making a mistake?
I waited for the market to crash in 08 and bought my home in 09. My house doubled in value.
Getting Slim ayyyyy, good move!
You should do a video about HELOC. I didn't realize there's more to it than just pulling out equity early.
Sure!
Biggest real estate lie : “ you only need a 3 percent down payment “ . In my area for traditional term mortgages for real estate rentals you need 25 percent down from Fannie Mac and Freddie Mac lenders.
What’re everyones yearly expenses at? Just curious
I have noticed that there is a direct correlation between the financial markets and real estate.
In 2007 before the crash the experts on the news kept saying that there is no national real estate market and that a big crash wouldn't happen everywhere. The experts were only partially correct because there is no national real estate market but there is a national mortgage market.
When banks could no longer sell their bad loans on the secondary markets the financing dried up and prices fell.
There is an old saying "History doesn't repeat itself but it rhymes" is true.
The real estate market go up when lending is easy and goes down when loans fail for one reason or another.
In October 1981 mortgage rates hit 18% and borrowers didn't want to borrow at that price.
In 2008 when the mortgage crisis happened banks couldn't get money to lend or just wouldn't lend.
Creative financing is really handy when situations like this occur.
I was told today by a fellow real estate investor, who is way more experienced than I am, that a bedroom does not need a closets. That legally a bedroom can be any room that has two egresses, whether it be a door and a window, or two doors. is it a myth that you have to have a closet?
Never heard of that...to me, a bedroom always has a closet