Great video! At 30 years old, I've had my real estate license for 10 years and now 13 rental units with one STR, and I still find value in all the bigger pockets videos, podcasts, and posts. Great job guys!
@@SuperApe3030 I currently have 1 partner on 5 of those units and the rest I own by myself, including my STR. I've partnered on flips starting out, and have done flips just by myself.
Stay positive and always remember why your doing it, I’m pulling the trigger early 2024. Just gathering as much information while I finish up saving the last bit, Good luck 💯
For most people, at least the bunch I talk to, it’s not so much the fear that’s stopping us from buying a rental property, it’s the capital. I wish the hosts on this podcasts here would lean their discussions more towards the capital barrier and less on the fear barrier. You just pulled up a down deposit of $33,000 on that property and most of the discussion that followed was getting over your fear of buying. It takes some people years if not decades to build that amount of money. Not all of us got it like that to scale and buy properties every year… More talks about methods and resources to overcome the capital barrier and less “you’re probably not giving it your all… you’re probably not going to the gym and lifting the weights as hard as you can…you’re probably not pursuing that girl that you really like” @ 40:14. Please…
That's a hard issue. I remember watching Stephen Graham I think was his name and someone asked him something similar. Most podcasts and people avoid the actual answer but it really just comes down to make more money. If you can't then tough. People are all in different situations. you probably aren't buying a house working as a stocker at Walmart unless you have almost no bills.
So glad I found you guys at Bigger Pockets. I've wanted to get into real estate for a long time but I've struggled to do more than tread water, living paycheck to paycheck. I just spent the last 8 months fighting cancer (and winning) and the silver lining is the big disability check I'll be receiving in the next few weeks. This is my opportunity to use it as a spring board and never look back. I think you guys will give me what I need to make this first move as efficiently and effectively as possible. Thank you!
Greetings David from South Florida (Fort Lauderdale). Real Estate Agent for 5 years and getting ready to buy another property. Just found out about you and my teammate and myself reading your books.... and just joined Bigger Pockets Pro! I walk 5 miles a day and listen to your books on Audible.
The most difficult thing so far for me has been talking to banks that really have made it impossible to borrow money. You need 25% to 40% down payment. Property values are all time high. Money in reserves. Proof that you have money saved for 1 year reserves. Two years of Taxes. Well, it has been impossible for me so far. Thanks guys
Hi David I've been listening to the podcast and the interviews with inspiring people and Q&As really helps me get inspired and get knowlege for Real estate investing. Thanks for providing great value to us.
Started real estate investing in 2019, inspired by the bigger pockets podcast and other real estate gurus. It's way harder than I thought it would be. So many things that I did not expect and had learned few things the hard way going into it.
This comment is not exactly encouraging or helpful. You need to put at least a few details as to what you're talking about. What did you do wrong in the beginning? How was it harder than you thought? 🤔
True there was a nice spike for local travel but it has been a struggle ever since, everything costs more every year and the income is less and less each year. Not good for us at least.
Hey, David, I am 17 and I am ambitious to start investing in Real Estate through house hacking a FHA duplex/triplex/fourplex. Can you go over the whole process of purchasing a FHA property alongside all the documentation needed, who I should have on my team when starting out with little money, what value-adds I should look for, how to rent to great tenants who won’t take advantage of the Tenant laws, how to properly market my rental and what platform I should use, and other tips and tricks to get started. I hope you get back to me, soon. Thanks!
There are a lot of videos covering majority of these things already uploaded. What you can’t find a video on you should submit on one of the scene green videos where he answers people’s questions individually that they’ve submitted.
I agree with your ideas, too; I am not confident I will not jump in right away. Need time to learn and practice and do it with sound knowledge. And then speeding.🎉 thank you
Great video, we put a lot to improve our properties but drain our funds and we do get the properties rented for more than the average however we spend out our limited family funds. I am looking at different ways to get deals and improve our spending power/ loan options too. My husband is scared to loose out on everything but I keep him focus on the long run, we are not going to give up. So, I’m happy to come across your videos to strengthen us to continue. We have only a few properties and more potential sellers are coming to us because they like our work. Good advice 😊
Bought a condo. Rented it out. Then the HOA said there was a lot of asbestos in the common areas that needed to be addressed. They demanded the evacuation of all residents until the work is done. It's been 3 months now... Residents were given only one week to find temporary living situations. This has been a terrible experience for them. And me...
@@stubpadoka Yes, the condo unit itself passed. The building was condemned until the common areas (hallways, stairwells, lobby, etc.) are abated. The HOA forced everyone to leave on very short notice. Forcing elderly, families, etc. to find temporary situations.
Sounds like you need to take action and fix the problem no matter what it takes or how much money you need. Your losses are going to be greater with time if you don't act now 😉
love the calculator and have used it in theory a handful of times so thanks for that. But I am in california looking to house hack (duplex or better) and the outrageous prices are whats stopping me. Its very cut throat here. What might be feasible with a 60% probability of success in Oklahoma or Ohio is probably 1-5% in california unless you have deep pockets.
Im 28 and had some savings on my account from my 6 years of 9-5 , planning to buy a property on 30% down, the interest rate are so high and im so afraid if its gonna work, but i think we have to take risks.
I found my first property bought it. Slowly will be fixing it up. What should my next step be if my goal is to eventually have 10 rentals. Should I just live in it pay it down? Build equity? What should my next step be to get prepared for the next property??
Super helpful thank you. I have $78k in savings and can get up to $80k from a HELOC. I'm planning on using a mixture of savings and HELOC, so that I keep cash ~$30k cash reserve in a high yield savings account (4.8% interest) and have enough for a 20% down payment on an investment property that cashflows enough to cover the investment property mortgage + expenses and HELOC monthly payment. I've secured a fixed rate HELOC at 7% from my credit union and I intend to pay that off in 5-10 years from the cash flow of the investment property. I can afford to, and don't mind if I have to dip into my own pockets if some months don't break even, but the goal is to profit each month. What do you think of this investment strategy? Curious what you think given my situation. For more context I save $30k/year with my job that pays $155k/year, I have a long term rental property that pays it’s mortgage and landscaping expenses, and the primary residence I live in.
I have a home fully paid and a second home I use as a rental property. I wanted to get a Heloc to use as a down payment for another long term rental property. I understand the variable rate and rates are high right now but since I really have no expenses I wanted to get the home and rent it out. I understand that I may be paying out of pocket for a while but eventually the rent should take care of the property. Do you think this is a good idea? Also I work at a hospital full time and make 6 figures a year
I have a high DTI because of low income, with the BRRRR method, I could buy the property with hard money or other methods, but when I refinance later, with a high DTI, would the bank disapprove my refinancing? The rental income may lower the DTI, it would not help much.
David love your channel, I recently purchased two home (fixer uppers) paid cash for both.. I did a cash out home equity loan on my primary residence, borrowed $140k..looks like I’m only going to use $50k from the the loan for renovations..thinking about doing a recast lower my payment versus trying to pay down aggressively and doing a Heloc.. I’m stuck on what I should do.. can you help me out on this.. ty
Okay, got the 1st investment and making 12% profit, but that profit good for nothing. Not enough to use it toward the 2nd property and certainly don't want to wait 30 years till the mortgage runs out.
Please I need your help I am try to buy😢 More than 10 years I cannot get any loan no bank. Approve me because my income is low and I am excellent credit score. I am eight hundred fifty scorecredit and still no bank approve me and the Private money lender. It's costing very high interest rate so if I borrow the loan from private money lender. I will lose million percent. There is no cash how I can get regular loan from any bank. Can you help me in this situation please let me know
Hello David, My name is Pablo and I would like to contact with you. I was washing your program or show. I’m sorry for my spelling but I want to start to invest in real estate? You said you live in SF so I’m close to you. I live in Oakland Ca. Please answer me? Thanks
Purchased my househack in October, duplex, but im saving on property #2 have a second job to help. Sometimes u have to start slow if u don't have the cash
Anyone from Jersey City part? Or any of the cities near NYC. I wonder how you are buying in this market. Cuz 20% isn’t gonna make a dent or make any difference. And buying cheaper isn’t an option. Seems like bidding war never stopped here.
I feel like you were talking directly to me when you started talking about being a driver for Coca-Cola. 😂 I left working for Coca-Cola to become a truck driver for another company and now I make 110k and iv started investing in real estate
I agree it sounds strange at first. I think the strategy here is that if you were to buy now at a low price (depending on how low) with a higher interest rate you could find a price that works. However, the number that works for you is subjective.
no one knows what the market will do, also every market is very different. I can tell you here in Cincinnati Ohio / Northern Kentucky our markets are wayyyyy different than Boston, Seattle, San Fran, LA, Manhattan etc..
1. It might decrease in the short term but historically has been proven to (almost) always increase over the long term. 2. If you don’t buy now, you’re missing out on the equity your tenant is paying FOR you, the cash flow you would otherwise be getting, plus the tax benefits you’d be missing out on.
Not only can you not predict or time the market and the income loss waiting for a better price could be more than the property price difference, RE unlike stock market is inefficient. You could get a better deal in a strong market than in a weak market.
I got my first rental property but did not realize there was a family of raccoons living in the roof it cost me $4,000 to remove them and it caused approximately $7,000 in damages that I had to fix
I have one rental property currently with a conventional 30yr. How could I get a 2nd rental property if I have a mortgage on the 1st one already? Does that need to be paid off before I can mortgage a 2nd rental property?
@@boxtape5197 Thanks for the info! Not to be combative, but god wouldn't be the one taking out another mortgage or putting in the grinding leg work to find the property. I appreciate the very positive vibe but as an atheist, I'm pretty sure it would all be on me. god wouldn't ruin it's credit or be evicted from wherever it lives if my tenants don't pay etc. Still, I appreciate the positivity in your words.
I have a rental as well, i used fha last year, i will use conventional on the next, with my situation, i don't think refinancing will make sense for me, but refinancing is great for most
You don’t need to pay it off. If it’s your second property they are going to ask how much your going to rent your current property out for and use 75% of that number and apply it to the mortgage. So if your mortgage is 1500$/month and you are going to rent it out for 2000$/month then your going to be net zero. So when they look at your Debt to income for your new mortgage the current property is not going to hurt your dti numbers.
@@devan.isfn.living I was wondering if the rental income would offset in this way. I already have a primary home and a rental. The rental isn't paid off. I just bought it 2 years ago and wanted to buy another. Would that work out differently? Fyi, my primary home is paid off. Thanks!
These videos would GREATLY benefit if they were giving the meat/potatoes... You know: bullet points and statistic data to back it up. I have tried repeatedly to watch these videos but ears start bleeding and mind starts wandering.
His hitting two birds with one stone and more! He is making his channel grow, he is make is website grow and he is selling his books. He is banking all around, pure genius big dog! Plus REI is not easy you have to grind it out especially if you don’t have deep pockets to begin with. So far I have two properties with great tenants. It wasn’t easy getting all the repairs fix and making the properties look appealing to quality tenants. It ain’t easy it’s a grind, do you have the dog in you to grind it out in real estate?
I love your podcast but your comment “no one was investing or knew how easy it was” shows you weren’t in the game before the financial crisis. Everyone was flipping houses. Even grandma was flipping. Then rising Interest rates put them all in financial ruin. Be very careful everyone using the Brrr method with the adjustable rates. They can destroy all you have worked to build.
@biggerpockets @13:15 "I'll teach you how to be a pro member later.." yea we know how, pay money... duh. like you already multi-millionaires need MORE people to pay you money to be successful.....
Dude is comparing buying your first rental property to going and lifting some weights. What's stopping me from jumping in is not knowing a contractor, or how to fix things myself, or how to create an LLC, or how quickly or slowly to scale, etc.
Hi! I love your videos, man! I'm from the Bay Area as well, and I'm trying to find my first property... looking for advice cause I can afford a house only in sacramento 🫠 lol
Great video! At 30 years old, I've had my real estate license for 10 years and now 13 rental units with one STR, and I still find value in all the bigger pockets videos, podcasts, and posts. Great job guys!
With partners?
@@SuperApe3030 I currently have 1 partner on 5 of those units and the rest I own by myself, including my STR. I've partnered on flips starting out, and have done flips just by myself.
@@westleydwilson anyway i could hear more of your personal story
Help me😢
Im about be 22 and I’m feeling so much anxiety trying to find my first property wish me luck y’all for the next 8 to 12 months
It’s not make or break it’s just about the experience on the first ones. You can do it
Im 21 trying learn as much as i can too before investing im with ya brother
Aye man we got this I’m about to turn 22 and I’ve been saving up and learning so much before investing💪🏻
Stay positive and always remember why your doing it, I’m pulling the trigger early 2024. Just gathering as much information while I finish up saving the last bit, Good luck 💯
Bout to be 20 and I feel you brother LETS KEEP LEARNING AND WORKING SO HARD THAT PUT GOALS HAVE NO CHOICE BUT TO BE ACHIEVED
For most people, at least the bunch I talk to, it’s not so much the fear that’s stopping us from buying a rental property, it’s the capital. I wish the hosts on this podcasts here would lean their discussions more towards the capital barrier and less on the fear barrier. You just pulled up a down deposit of $33,000 on that property and most of the discussion that followed was getting over your fear of buying. It takes some people years if not decades to build that amount of money. Not all of us got it like that to scale and buy properties every year… More talks about methods and resources to overcome the capital barrier and less “you’re probably not giving it your all… you’re probably not going to the gym and lifting the weights as hard as you can…you’re probably not pursuing that girl that you really like” @ 40:14. Please…
Agr3ed
That's a hard issue. I remember watching Stephen Graham I think was his name and someone asked him something similar. Most podcasts and people avoid the actual answer but it really just comes down to make more money. If you can't then tough. People are all in different situations. you probably aren't buying a house working as a stocker at Walmart unless you have almost no bills.
Also location has a lot to do with it
He was a cop lol of course we are not doing enough lol
So glad I found you guys at Bigger Pockets. I've wanted to get into real estate for a long time but I've struggled to do more than tread water, living paycheck to paycheck. I just spent the last 8 months fighting cancer (and winning) and the silver lining is the big disability check I'll be receiving in the next few weeks. This is my opportunity to use it as a spring board and never look back. I think you guys will give me what I need to make this first move as efficiently and effectively as possible. Thank you!
David you my friend are an ocean of great financial and life information, please don't stop helping us advance in life👍🏼👍🏼👍🏼
Greetings David from South Florida (Fort Lauderdale). Real Estate Agent for 5 years and getting ready to buy another property. Just found out about you and my teammate and myself reading your books.... and just joined Bigger Pockets Pro! I walk 5 miles a day and listen to your books on Audible.
Don't wait! Empower yourself by taking accountability! Great message and game, thank you Dave.
What about the renter damaging the property? How do you screen renters?? Thank you for this info. From Chicago area.
The most difficult thing so far for me has been talking to banks that really have made it impossible to borrow money. You need 25% to 40% down payment. Property values are all time high. Money in reserves. Proof that you have money saved for 1 year reserves. Two years of Taxes. Well, it has been impossible for me so far. Thanks guys
Lmao mine let me put only 5% down
You have to go to loan officers instead of banks it's easier, and if it's your first home, it should be 3-5%.
21 and 5 units thanks to you guys! 3 more this year!! :) Thank you David!
Where do you even start 😢im a novice at this
David Greene you inspire me to the max!!!!!!!!!!!!
I’m inspired to get this started I’m on my path to get my first investment property putting it out there for the end of this year early next year 🎉
Hi David I've been listening to the podcast and the interviews with inspiring people and Q&As really helps me get inspired and get knowlege for Real estate investing. Thanks for providing great value to us.
Hi David, Can you tell me where the rental amounts feed from? Is this from the local (local to the property you are analyzing) MLS?
David, what are your thoughts on investing in tornado country like oklahoma, arkansas and so on?
This was golden! Thank you!
Wow this is crazy impressive!Keep up the good work!
Is this strictly for the US market? What about Canada?
Started real estate investing in 2019, inspired by the bigger pockets podcast and other real estate gurus. It's way harder than I thought it would be. So many things that I did not expect and had learned few things the hard way going into it.
can you list some hardship that you face if you don't mind ?
Was it worth it?
right, 4 years later how’s the journey been?
This comment is not exactly encouraging or helpful. You need to put at least a few details as to what you're talking about. What did you do wrong in the beginning? How was it harder than you thought? 🤔
True there was a nice spike for local travel but it has been a struggle ever since, everything costs more every year and the income is less and less each year. Not good for us at least.
Hey, David, I am 17 and I am ambitious to start investing in Real Estate through house hacking a FHA duplex/triplex/fourplex. Can you go over the whole process of purchasing a FHA property alongside all the documentation needed, who I should have on my team when starting out with little money, what value-adds I should look for, how to rent to great tenants who won’t take advantage of the Tenant laws, how to properly market my rental and what platform I should use, and other tips and tricks to get started. I hope you get back to me, soon. Thanks!
There are a lot of videos covering majority of these things already uploaded. What you can’t find a video on you should submit on one of the scene green videos where he answers people’s questions individually that they’ve submitted.
I agree with your ideas, too; I am not confident I will not jump in right away. Need time to learn and practice and do it with sound knowledge. And then speeding.🎉 thank you
Great video, we put a lot to improve our properties but drain our funds and we do get the properties rented for more than the average however we spend out our limited family funds. I am looking at different ways to get deals and improve our spending power/ loan options too. My husband is scared to loose out on everything but I keep him focus on the long run, we are not going to give up. So, I’m happy to come across your videos to strengthen us to continue. We have only a few properties and more potential sellers are coming to us because they like our work. Good advice 😊
Bought a condo. Rented it out. Then the HOA said there was a lot of asbestos in the common areas that needed to be addressed. They demanded the evacuation of all residents until the work is done. It's been 3 months now...
Residents were given only one week to find temporary living situations. This has been a terrible experience for them. And me...
I'm sorry to hear about your experience. If I may ask, did you have a home inspection conducted before purchasing the property?
@@stubpadoka Yes, the condo unit itself passed. The building was condemned until the common areas (hallways, stairwells, lobby, etc.) are abated. The HOA forced everyone to leave on very short notice. Forcing elderly, families, etc. to find temporary situations.
Sounds like you need to take action and fix the problem no matter what it takes or how much money you need. Your losses are going to be greater with time if you don't act now 😉
What about houses that can be converted in multifamily rentals?? Thanks.!!!!
love the calculator and have used it in theory a handful of times so thanks for that. But I am in california looking to house hack (duplex or better) and the outrageous prices are whats stopping me. Its very cut throat here. What might be feasible with a 60% probability of success in Oklahoma or Ohio is probably 1-5% in california unless you have deep pockets.
Im 28 and had some savings on my account from my 6 years of 9-5 , planning to buy a property on 30% down, the interest rate are so high and im so afraid if its gonna work, but i think we have to take risks.
I found my first property bought it. Slowly will be fixing it up. What should my next step be if my goal is to eventually have 10 rentals. Should I just live in it pay it down? Build equity? What should my next step be to get prepared for the next property??
Super helpful thank you. I have $78k in savings and can get up to $80k from a HELOC. I'm planning on using a mixture of savings and HELOC, so that I keep cash ~$30k cash reserve in a high yield savings account (4.8% interest) and have enough for a 20% down payment on an investment property that cashflows enough to cover the investment property mortgage + expenses and HELOC monthly payment.
I've secured a fixed rate HELOC at 7% from my credit union and I intend to pay that off in 5-10 years from the cash flow of the investment property. I can afford to, and don't mind if I have to dip into my own pockets if some months don't break even, but the goal is to profit each month.
What do you think of this investment strategy? Curious what you think given my situation.
For more context I save $30k/year with my job that pays $155k/year, I have a long term rental property that pays it’s mortgage and landscaping expenses, and the primary residence I live in.
I have a home fully paid and a second home I use as a rental property. I wanted to get a Heloc to use as a down payment for another long term rental property. I understand the variable rate and rates are high right now but since I really have no expenses I wanted to get the home and rent it out. I understand that I may be paying out of pocket for a while but eventually the rent should take care of the property. Do you think this is a good idea? Also I work at a hospital full time and make 6 figures a year
I have a high DTI because of low income, with the BRRRR method, I could buy the property with hard money or other methods, but when I refinance later, with a high DTI, would the bank disapprove my refinancing? The rental income may lower the DTI, it would not help much.
Graduating Grad school in May. I will have at least my first property by end of next year. It’ll be thanks to hard work and BP!!
You got this!
Please recomend an episode in your podcast that educates on buying the first multifamily asset
Cant find anything in Colorado that even remotely cash flows :(
I can’t find any videos on townhomes and whether it’s a good idea to consider those over single family
Since this is a time strategy, is this something that is plausible for a 40 y/o?
David love your channel, I recently purchased two home (fixer uppers) paid cash for both.. I did a cash out home equity loan on my primary residence, borrowed $140k..looks like I’m only going to use $50k from the the loan for renovations..thinking about doing a recast lower my payment versus trying to pay down aggressively and doing a Heloc.. I’m stuck on what I should do.. can you help me out on this.. ty
Okay, got the 1st investment and making 12% profit, but that profit good for nothing. Not enough to use it toward the 2nd property and certainly don't want to wait 30 years till the mortgage runs out.
Hello David, Thank you for the content. Any chance those tools work in Canada as well?
I'd be stoked to buy my 1st investment, even a wholesale deal.
Fear is in fact my biggest wall keeping me from getting moving.
I am exactly what you described. Window shopping but not wanting to take the plunge. Phoenix seems I possible to buy a good deal at the moment.
So could I buy someone’s house with a loan or is this mostly out of pocket
How does this work with short term rentals? I am buying in Mexico?
The only thing that scares me in this area, is the paperwork. I need to study what kind of paperwork I need and what paperwork I will recieve
Which city should I buy my first rental property?
When rents drop and the equity on a prop drops but taxes stay high , the numbers stop working in your favor. Timing is important
Does bigger pockets pro work the same in Canada? With Canadian addresses for the estimator etc..?
BiggerPockets Rental Property Calculator is not compatible with Canadian addresses.
@@biggerpockets alright. Hopefully it will in the future😉
Great webinar!!! Ty!
Thank you this content!
Excellent content! 👍
Thanks! 🙏
Glad you liked it!
So how do you prevent financiers from just taking your deal
I'm considering doing this . I live in Florida though and I've been hearing that property insurance is going up 60 percent. Should I relocate ?
Florida market is insane.
Very inspiring! Thank you so much.
Why were you using 5% for vacancy? - I thought you were supposed to figure a months rent (1/12 = 8.33%).
Thank you for this so much!!! 🙏
Please I need your help I am try to buy😢 More than 10 years I cannot get any loan no bank. Approve me because my income is low and I am excellent credit score. I am eight hundred fifty scorecredit and still no bank approve me and the Private money lender. It's costing very high interest rate so if I borrow the loan from private money lender. I will lose million percent. There is no cash how I can get regular loan from any bank. Can you help me in this situation please let me know
Hi David, does this work in Canada?
Great info! Still some great deals out there!
Hello David,
My name is Pablo and I would like to contact with you. I was washing your program or show. I’m sorry for my spelling but I want to start to invest in real estate?
You said you live in SF so I’m close to you. I live in Oakland Ca.
Please answer me?
Thanks
Are those calculations pretty acurate?
Purchased my househack in October, duplex, but im saving on property #2 have a second job to help. Sometimes u have to start slow if u don't have the cash
I am looking to do this in the next 6 months. I'm scared as hell. I've lost tens of thousands in bad investments in the past but I'm not giving up.
I turned 23 😢 really like to learn
Good stuff. Thank you so much.
Wow amazing video thank you!
Just FYI if there is no multi family calculator...
Anyone from Jersey City part? Or any of the cities near NYC. I wonder how you are buying in this market. Cuz 20% isn’t gonna make a dent or make any difference. And buying cheaper isn’t an option. Seems like bidding war never stopped here.
I am from Jersey City! Its crazy here but I am fully prepared to buy something in 2023. Want to connect?
Ahh signed up yesterday without the code! :P Been reading and researching since!
Love David!
Bro can you do a cast on fractional ownership...good or bad?...seeing this more often....
I feel like you were talking directly to me when you started talking about being a driver for Coca-Cola. 😂 I left working for Coca-Cola to become a truck driver for another company and now I make 110k and iv started investing in real estate
I’m confused.. why buy a house today when is highly likely that the price of that house will decrease soon?
I agree it sounds strange at first. I think the strategy here is that if you were to buy now at a low price (depending on how low) with a higher interest rate you could find a price that works. However, the number that works for you is subjective.
no one knows what the market will do, also every market is very different. I can tell you here in Cincinnati Ohio / Northern Kentucky our markets are wayyyyy different than Boston, Seattle, San Fran, LA, Manhattan etc..
Not trying to argue. Just wanna get your POV. What makes you think, or what source do you have that itll highly likely decrease
1. It might decrease in the short term but historically has been proven to (almost) always increase over the long term.
2. If you don’t buy now, you’re missing out on the equity your tenant is paying FOR you, the cash flow you would otherwise be getting, plus the tax benefits you’d be missing out on.
Not only can you not predict or time the market and the income loss waiting for a better price could be more than the property price difference, RE unlike stock market is inefficient. You could get a better deal in a strong market than in a weak market.
But David Green I thought was mostly in single family, but he's talking doing multi family??
Looking for a mentor in Alabama
He only talked about 2 tools on the website and nothing else, all he did was promote the pro membership
I got my first rental property but did not realize there was a family of raccoons living in the roof it cost me $4,000 to remove them and it caused approximately $7,000 in damages that I had to fix
Great metaphor with the light bulb vs lazer light! Thank you
I’m I the only that would really LOVE that friend to walk with me and show me how to “lift” ???
I have one rental property currently with a conventional 30yr. How could I get a 2nd rental property if I have a mortgage on the 1st one already? Does that need to be paid off before I can mortgage a 2nd rental property?
@@boxtape5197 Thanks for the info! Not to be combative, but god wouldn't be the one taking out another mortgage or putting in the grinding leg work to find the property. I appreciate the very positive vibe but as an atheist, I'm pretty sure it would all be on me. god wouldn't ruin it's credit or be evicted from wherever it lives if my tenants don't pay etc. Still, I appreciate the positivity in your words.
I have a rental as well, i used fha last year, i will use conventional on the next, with my situation, i don't think refinancing will make sense for me, but refinancing is great for most
You don’t need to pay it off. If it’s your second property they are going to ask how much your going to rent your current property out for and use 75% of that number and apply it to the mortgage. So if your mortgage is 1500$/month and you are going to rent it out for 2000$/month then your going to be net zero. So when they look at your Debt to income for your new mortgage the current property is not going to hurt your dti numbers.
@@devan.isfn.living I was wondering if the rental income would offset in this way. I already have a primary home and a rental. The rental isn't paid off. I just bought it 2 years ago and wanted to buy another. Would that work out differently? Fyi, my primary home is paid off. Thanks!
@@solo.life.travels7215 You're renting out your FHA property? Isn't that... illegal? Just asking. For a friend lol.
I see lots of people asking questions, but no answers makes me wonder
Start at 11:12
These videos would GREATLY benefit if they were giving the meat/potatoes... You know: bullet points and statistic data to back it up. I have tried repeatedly to watch these videos but ears start bleeding and mind starts wandering.
So many emotional aspects. Get to the point
My question is always…
why share the info? And not be hustling instead of UA-cam
His hitting two birds with one stone and more! He is making his channel grow, he is make is website grow and he is selling his books. He is banking all around, pure genius big dog! Plus REI is not easy you have to grind it out especially if you don’t have deep pockets to begin with. So far I have two properties with great tenants. It wasn’t easy getting all the repairs fix and making the properties look appealing to quality tenants. It ain’t easy it’s a grind, do you have the dog in you to grind it out in real estate?
I love your podcast but your comment “no one was investing or knew how easy it was” shows you weren’t in the game before the financial crisis. Everyone was flipping houses. Even grandma was flipping. Then rising Interest rates put them all in financial ruin. Be very careful everyone using the Brrr method with the adjustable rates. They can destroy all you have worked to build.
I appreciate this episode... HOWEVER, stop swiveling in the chair, it sends subtle messages that are not reassuring.
@biggerpockets @13:15 "I'll teach you how to be a pro member later.." yea we know how, pay money... duh. like you already multi-millionaires need MORE people to pay you money to be successful.....
10 minutes of just analogies. Waste of my time.
Dude is comparing buying your first rental property to going and lifting some weights. What's stopping me from jumping in is not knowing a contractor, or how to fix things myself, or how to create an LLC, or how quickly or slowly to scale, etc.
It almost seems like you're talking directly about me here, seriously, just insane. I think it's time to get off my ass and do something.
😮
Second :)
First
Third 😂
Nothing has been said, its only a push for biggerpocket pro
Hi! I love your videos, man! I'm from the Bay Area as well, and I'm trying to find my first property... looking for advice cause I can afford a house only in sacramento 🫠 lol