Let’s debunk some common myths about real estate investing, and share what it’s ACTUALLY like, no sugar coating - enjoy! Add me on Snapchat / Instagram: GPStephan
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First expectation: Real estate investing is passive.
The reality is that creating the type of rental property to the point where it’s passive income takes a LOT of work. But the work is, at times, still ongoing. Eventually you’ll have a vacancy. Eventually you’ll need to fix things up again. Nothing will last forever. Sure, you can get a property manager who’ll handle much of this for you - but you will need to do SOME work yourself, even if it’s as small as choosing between finishes or approving bids on work. It won’t be an insane amount of work, but it will be something. So yes, real estate CAN be fairly passive…but it’s not passive if you don’t put in the work UPFRONT.
Second Expectation: In order to invest in real estate, you need to do the repairs yourself or be a good handyman.
The reality is that I can’t do anything besides change a lightbulb. While I do know some landlords who do the work themselves to save the money, this is absolutely not a requirement - and depending on how much your time is worth, it’s often cheaper just to pay someone else to do it the right way. It’s also worth noting that since all these repairs are a write off, you can write off the costs against your income…but, if you do the work YOURSELF, you cannot deduct the cost of YOUR OWN LABOR.
Third Expectation: It takes a lot of money to start.
The reality is that it often takes 10%-25% down to begin investing in real estate. This COULD be a lot depending on your definition of “ a lot,” and also on your area. Buying a property in Los Angeles would be significantly more expensive than in Kentucky, for instance. Where one person might be able to buy a property for $20,000 down, someone else might need $200,000.
Fourth Expectation is that it’s often like the TV shows.
The Reality is that it’s NOTHING like what they portray on TV. Oftentimes those TV shows will be loosely scripted around creating drama and creating a show that’s actually interesting enough to watch all the way through. Every episode needs a goal, a problem that arises, a solution to that problem, and then a resolution at the end. The real life problems that come up just aren’t that exciting or interesting. It’s often boring and mundane.
The fifth expectation is that you’ll make a lot of money investing in real estate.
The reality is that oftentimes one property won’t make you rich. Most mom and pop landlords won’t make a lot early on, but as they scale up, they can earn a significant amount of money from a lot of smaller sources. This is how many landlords start making money, enough to quit their jobs and invest in real estate full time. It’s growing your portfolio over one or two DECADES and accumulating those properties that might make you only $900 a month….but buy one of those every 18 months, and in 15 years you’re making $9000 per MONTH. That’s how most landlords make their money, and make a LOT of it. But the beginning will be slow and frustrating until you begin adding more and more to your portfolio.
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cheaper to pay someone else to do it? So you pay $300 for a repair man to receive the less than $45 in tax benefits? That statement does not make sense. Worse use of your time? Maybe. But spending money just to get a tax write off is silly. If you want a tax refund, send me $1.00, I'll give you a "tax return " of .50, that is a 50% return!
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People in real estate make me sick. It's something any idiot could do if their income/credit was approved. Renters pay 100% for the property but investors get to keep the property and all the investors had to do was be in the good graces of the banks. Investors say it's hard work to boost their self esteem. In reality it's one of the easiest jobs that exists and they are spoiled. Boo Hoo you spent some of your time looking at properties, people who are renters spend their time looking at properties too but it's for a place to live not a place to take advantage of those who need a place to live.
I am in college right now and I don't see my self making 100k a year my whole life I feel like there is way better opportunities. Is there a way I can invest in you personally? Is that possible to invest in people not companies?
Hey graham, you said you can't write off your own repairs, but if you own a company the specializes in repairs, can you write that off on your own personal taxes since it is the company, not you doing the repairs?
Thank you for the reality check. Not knowing some of these things can really make a person nervous. However, how am I suppose to find these homes and actually obtain them in order to sell or rent them ?
$900/month is a serious return. Everything in my area that's cash flowing with 20% down is closer to $200-$300/month after expenses. That's a difference between only needing 4 properties to quit my day job vs needing 15.
Not sure I get the logic of how you can get additional property every 1.5 years? We're talking about loans, right? You're collecting the next downpayment during that time, but not paying older ones off entirely? I've maxed out with 2 loans, not sure bank will give me another, even if they did, how will I get the next one? Of course i'm from Europe, here we can have monthly loan payments up to 40% of your income, after that go figure.
Hey Graham buddy , I’m not trying to troll you but at 11:30 teddy seems to be chasing some bug 🐜 . Might wanna call an exterminator. They say where’s there’s one there’s MORE ! 😂😅
Appreciate the content though 👍🏼👍🏼
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Graham Stephan what I meant. For an example, say you want to sell your rental property. The people that are renting, don’t want to move and in some cases they do have the right to stay. How do you avoid all the ugliness with that. Alot of people try to warn me with this problem. To go further into my other question. Say I want to buy another house. I’m making enough off a rental to buy another house. But as far as the banks know, I’m not... how do I make this a legit Business, a job. A job where I can file my taxes and have some kind of stub. Thanks for replying! Hope this makes sense..
3:30 - You've gotta love what you're doing in order to do it well. There is no easy dollar. Additionally, if you don't have passion to make beautiful buildings and create excellent places for people to live, your energy won't be in it.
These are huge investments. You all MUST have passion to do it well.
So far so good but since you haven’t experienced a down turn in real estate market, how do you plan to survive it? Rental in a depressed market can go down as well, how do you pay your mortgage in that situation?
what I don't get though is even if you are making 2-300 on each property with all costs included, if you have $1000 here and there for a water heater or a $3-4000 for an air conditioner a year how do you ever make any money? It seems like those "little" repairs that you mention wipe out any profit. I know you still have the equity and buy down. I own two rentals now and thinking of buying 4-6 condos and paying them off in less than 10 years to supplement my retirement. Putting all rent back into the pay down and have no roof or exterior maintenance issues to worry about.
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Hey Graham, I'd love to connect with you. I work for a commercial print and marketing company. 60% of our 8mil business serves real estate investors all over the USA. We have some mutually benefiting affiliate programs that could be of interest to you. Give me a ring Graham, then please delete this comment.
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Each investment made in the cryptocurrency is transferred daily to the escrow account. And if until the end of the initial offer the soft cap will not be assembled, we organize a refund of funds to all investors.
Telegram to Launch Blockchain Platform and Cryptocurrency.
In his Facebook post, Rozenberg leaked what he claims to be the teaser advertorial video for the new platform. Aside from hinting at the upcoming ICO, Rozenberg also mentioned that TON will be able to benefit those who are under oppressive regimes like Iran and Uzbekistan as they would be able to transfer money swiftly and securely through the messaging app.
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The technological part of the future platform does not contain any revelations - instead, the authors intend to use many of the existing developments that are expected to be applied in the near future in projects that are in various stages of readiness.
The basis of the network is the TON Blockchain. This is another version of the most promising to date concept of multidimensional blockchain, consisting of a lot of blockchain - shading, where each validator confirms only transactions related only to this shard. This system supports Turing-complete smart contracts.
Comparison with existing platforms.
The fifth generation. Multi-chain, PoS, smart contracts, BFT shading. TON - 2018.
According to all the same unofficial documents, the closed preselection of the project is already underway and institutional investors who receive tokens at a special fixed price participate in it. Tokens belonging to such investors will not go into circulation in less than a year. The basic ICO is scheduled for March 2018, and it will be conducted in accordance with the recommendations of the SEC, only among accredited investors and in accordance with the SAFT agreement. This scheme has already been applied in the conduct of the regulated ICO Filecoin, and its organizers have been severely criticized by the community.