Is it worth investing in Real Estate? Investment talk with Andrew, "The Real Estate Guru."
You've been working your ass off, daytime probably till night. You don't rest. You keep working, working, working until you save this ton of money because you want to have financial freedom. But, let me ask you this. Are you just saving your money, or are you investing it to make it grow?
Saving versus Investing. Interesting, right? Let me tell you one thing. A man who saves money is wise but, a man who invests his saved up money is a WISER. Now, you've got to be asking, "Hey, where to invest, Keith?" That's why I invited a long-time friend of mine to tell us more about Real Estate investment.
Guys, I'm not telling you to jump to this quickly. I want you to listen, understand, and then think if this is really for you. Remember, investing is not as easy as one, two, three. There are things to consider and a process to follow. So dive in as Andrew, and I talk about Real Estate Investment. I promise you; this episode is worth your time.
Topics Covered:
00:49 - Andrew - "The Real Estate Guru"
1:47 - How did it all start? His real estate investment on the works.
4:34 - "For the most part, it takes a lot longer to kind of build-up that portfolio than it does to buy a house put a whole bunch of money into it" - he says
7:17 -Now, here is the part where Andrew talks about how to start your Real Estate investment
8:54 - Say you don't have enough money to buy a property for this investment. Is it okay to borrow from a bank? Wouldn't this bury me of debt?.. Great question there, guys. But, let's listen to Andrew as he explains the difference between good and bad debt.
18:04 - Technique, technique, technique, and more of it here. Learn how this cash flow works
24:17 - Tenant requirements. Is it necessary? Yes! Why? listen...
29:56 - Ooops, great Infos, right? Seems easy and seems fun. But, think about it first because as Andrew says. Real Estate is not for everyone.
Key Takeaways:
"A lot of people I've noticed are afraid to buy their first property because they're trying to chase the perfect time in the economy to buy. A lot of people think either price are too high, or they're too low. And we think they can go lower, they want to get the best deal that they can they want to see the upside of it, what I've learned is you're never going to be able to time the market perfectly. You just need to go off history and what you have today and decide if it's the right time. I think if you're buying in a sense of trying to create a cash flow if you're buying long-term rentals, it's always a good time to buy as long as that property cash flows, meaning it's going to bring in more rents than expenses are going out."
"You start with your one or two properties. And as those grow and create equity, you can eventually either sell those and buy one big apartment building. Or you can take the equity from those four or five, six houses, and use it as a down payment on a small apartment building and still hold on to those properties that have the cash flow there. And even though you are taking out a larger debt on it, and now you have maybe another $100,000 in debt on that payment, you only have an additional $500, say on 100,000. So you have to make sure that still covered by your rents coming in which if rents keep increasing, it's covering your larger debt now. So you're still cash flowing on them, you've held on to them. And now you've been able to move on and buy this bigger property and have more cash flow."
"Real estate is great from a tax perspective and is able to create passive income, but it is not for everyone, it really isn't, I think I truly have a passion for it. And I think this kind of goes back to why I always wanted to flip homes, I like buying properties. And seeing them evolve and being able to fix them and bring them back to life. I like doing that whether it's a single-family home, or a multifamily and truly contributing to the neighborhood, in the city. And even if you have a single-family home, and you plant flowers out front, or you fertilize the grass for a summer and get the grass green, the neighbors see that and they all start doing that."
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