I don't think about being a millionaire, I concentrate on getting as many properties as possible, no loans from the banks, no hard money investors , no burrr method. I buy , fix and rent myself , . From start to finish. I have 21 properties now with no mortgages. Just hard ass hustle. . 18, 000 $ cash flow a month. From bankruptcy 6 years ago. Got to stay focused
@omgltsbirdman10005 ай бұрын
Dude I’d love to connect with you and pick your brain a bit. I’m 24 years old and have been in sales for most of my professional career but reallyyyy want to take this leap. Sounds like you’ve really been killing it man, congratulations
@Dr_Daviss5 ай бұрын
That’s awesome bro ! Tryna get to that point
@maxsfitnessandlife53125 ай бұрын
@@omgltsbirdman1000most of your professional career? Assuming you went to college that’s prob 2 post grad years?
@xkcd56765 ай бұрын
@maxsfitnessandlife5312 thats fine. Everyone is yount at some point. People need to help the youth rise vs swinging down at them all the time. Im 32, im just getting out of my youth and my experience was the older generations degraded us/took advantage of us.
@kike510mig3 ай бұрын
What state? I'm on my first trying to get my 2nd property
@matthewtaylor42256 ай бұрын
3 properties, $147k equity at 24. Hoping this grows exponentially with my next purchase later this year.
@aeiou01236 ай бұрын
It will
@alejandroyoon6 ай бұрын
What city/state you in? I have two properties at 22. Looking to connect with people my age.
@matthewtaylor42256 ай бұрын
@@alejandroyoon I’m in Atlanta. Wbu?
@Darrenbhill6 ай бұрын
@@alejandroyoonsame 20 years old, hard to connect with ppl our age with this mindset, you guys have Instagram ?
@freeestyleobsessed6 ай бұрын
Congrats
@GabrielTaylor9806 ай бұрын
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
@starr81116 ай бұрын
Starts 12:17
@jonb31896 ай бұрын
My single disagreement to this podcast is when you stated it's easier to become a millionaire today than it was in 2010. Here, I disagree, strongly. I purchased my first house in Tempe at a cost of $120,000. At the time, it rented at $1,100, which nearly satisfied the 1% Rule. Those numbers are impossible today.
@AmezcuaREI6 ай бұрын
@@sexweightsproteinshakesyou’re putting in $5k and the ARV is $100-130k? How? $5k barely gets you a fresh coat of paint inside and out
@TheObserver5676 ай бұрын
@@AmezcuaREIyou do the work yourself.
@AmezcuaREI6 ай бұрын
@@TheObserver567 I do all of the work for my houses myself. I renovated my kitchen DIY and it was $9k, bathrooms were $4000 for the hall and guest, master was $7500. Painted the inside for about $1500. I’m trying to think of what $5000 rehab I can do to double the ARV on any property. Unless you got just a smoking deal when you bought, which I’m sure is possible and likely. In any case, that’s great.
@aeiou01236 ай бұрын
Just say it is based on your own experience only. There are 7billion plus people on the planet, and I can promise you we all having varied experiences.
@joevince60666 ай бұрын
@@AmezcuaREIall I can think of is completing a basement, but I agree with u it would have to need very little work
@aetalley16 ай бұрын
I'm like you. Had to do an asset evaluation and realized I'm a millionaire, but unlike most I'm broke and must work daily. Well not broke , but not what I thought it would be like.
@DanielDoesRentals6 ай бұрын
Great video! Being a millionaire today is not all that impressive. As Grant would say "10X" that goal! I think a lot of Real Estate investors became Millionaire's with the recent property price boom over that last 4 years. My personal goal is not millionaire status because you can still be broke and have a million dollars in equity. Cash Flow is king! Cash flow is what you are going to be able to actually spend and live from!
@tomcat86626 ай бұрын
Depends on your goals. If you’re trying to build your wealth as quickly as possible and retire early, equity is the way to go. If you’re trying to live for the moment or quit your job, go with cash flow.
@Brian-uw8lk6 ай бұрын
Both cash flow and equity work
@jonlee61145 ай бұрын
“Being a millionaires not that impressive” 😂😂😂. Whats your net worth ;) ?
@helloworld-bp8fu5 ай бұрын
Not quite as simple as 500k house minus 400k loan is 100k equity. You need to deduct capital gains taxes, depreciation recapture taxes, transfer taxes, closing costs, and selling commission whether it’s 6% or another amount.
@dennisrepetitonmiskowski76774 ай бұрын
I say refi value.
@collinbaptiste56196 ай бұрын
For me In order to become a millionaire, I think investing in commercial real. Estate is the best way to go in the next few months? I am going to invest my 401K into real. Estate commercial and see what happens from there. Thank you guys for the great talk. 👏🏾🎉🎉🎉
@customz17766 ай бұрын
This is pretty interesting I'm actually doing the very same thing, I know it's normally frowned upon but I have an IRA that's sitting around not making me nearly the amount of money that I can make off commercial real estate. Good luck to us both!
@sabomarji41196 ай бұрын
I started watching Bigger Pockets about 9 months ago, I appreciate all the information you guys give. I bought my first rental property in October and plan on purchasing more, but didn’t want to spread myself to thin because I’ve been fortunate enough to get good renters on my first attempt. This episode talked about paying the principal down faster which I’ve seen in previous episodes that are beneficial in becoming financially free. Just wanted to say thank you for all the information and knowledge you provide us with.
@user-xq9pr5jf7l6 ай бұрын
This episode was Fire loved it! Take this episode apart in sections go deeper from the appreciation stand point with house hacking and bring in examples and guests or questions where folks are just starting and those who started already trying to work through next moves. And those that made those next moves. Some use HELOC’s, or maybe refis or sell to try to pull money to increase velocity where cash is lacking.
@bkd-newyork2256Ай бұрын
Best show of the year. Summarizes everything...
@djo9885 ай бұрын
Loved this!!! I own 3 rentals, all bought at low interest loans. The cash flow is is 1500-3000 monthly, (one is a STR). I know everything said here is sound advice, but the reminder reinforcement is appreciated. If I were to join BP which program is best? I'm in my 50's, with a W-2 job as well, and credit score is 850 so I'm in a good spot for a multi-family and to house hack one side of a duplex.
@vmrosales36 ай бұрын
Can't wait for your new book "better than cash flow"
@ChildishDicaprio5 ай бұрын
I only disagree with idea that it is easier today. Yes there are more resources but there is ALOT more competition and also the housing market is so much more expensive and difficult to cashflow as before.
@Ezekiel3366 ай бұрын
What resources are there to help better understand owner financing (both as buyers and seller)? The legalities of it all so I don't get screwed over and also different/normal contract terms again both for me as a buyer and later as a seller?
@143kyla6 ай бұрын
Can u go into details Rob on how the Seller Finance deal works? Is it like Subto? & did u just took over the seller loan? What contract did u have to draft where it works for both parties?
@durtydeedsREI6 ай бұрын
What do you think of this issue/strategy? I am in my primary home currently and we ended up not liking the area. I don't think I can rent it out for the full mortgage amount but I am more interested in building equity into the home. So, if I go buy a smaller home in a better location, move there, and then rent out the other home (with a $400 a month loss that I can afford)...does that make any sense? I'm effectively lowering my monthly payments still while building equity in the first home. Some numbers: $4000 mortgage on first home, I rent it out for $3600 ($400 loss each month). My next home only has a $2400 mortgage, add the loss and I'm paying $2800 a month ($1200 less than original mortgage payment).
@monkmysterio5 ай бұрын
i'm so glad that you are no longer a cop. its so dangerous in the bay
@ammonchristensen5196 ай бұрын
23:40 came for the real estate tips, stayed for the humor :P
@raulvilla9426 ай бұрын
thank you guys for all the great information and value that you share to all of us....Raul the Realtor from Chicago...
@SpoileralertGMA475 ай бұрын
34:51 solid advice here!
@therealosea6 ай бұрын
I don’t if it’s just me or what, but I can’t find a house that meets the 1% rule! All run down houses now are still priced over the 1% rule. (SFR) Anyone know how to find them?
@sheilakilby51626 ай бұрын
In my area you can't find a break even property. Don't give up. We built new construction.
@ryanwalthuis19286 ай бұрын
This is great info. do you have a video on how to start investing/house hacking while having kids?
@yitzchakkhaimov15436 ай бұрын
You can’t house hack in NY where your rents don’t cover a mortgage at 3.5%
@tillythuku10006 ай бұрын
Good Stewart to what I have now gripped me. Love it!! Thank you!!!🥂
@rockibeebe85345 ай бұрын
You guys are so awesome!!👏 Great information and appreciation the good, bad and the ugly 😅
@santarodriguez55036 ай бұрын
This episode was so good it makes me realize a lot of things
@cvstaff225 ай бұрын
Really good content, thank you!! Makes me excited about my strategy
@sjawad72996 ай бұрын
How much did you cash flow when you hit your million?
@sexweightsproteinshakes6 ай бұрын
Probably 8-20k month
@lymanjoy5 ай бұрын
Why don't you put your house in the first position heloc? Then pay it off in 5 to 7 years and have all the equity?
@user-tn6fd2ye8u3 ай бұрын
I am very much interested in investment in Ohio But I am worried because all houses are 100 plus year old and what will be the future Though they will give 1-1 rental income but what about invested capital Which area is good other than Ohio for appreciation and rental income Can you please guide on this
@shawnhilliard6 ай бұрын
I bought a small property with a full basement and wanted to finish this as a 1 bedroom unit but the city told me the property wasn't zoned for multi-family occupancy. Is there any work around on this?
@beegugli60095 ай бұрын
Can you apply for a variance?
@kris_in_san_antonio5 ай бұрын
Great Show! Anyone looking to get into wholesaling? Let me know!
@Not_Interested936 ай бұрын
You’re a wizard David! Keep growing the beard❤
@kanduagbimson40945 ай бұрын
Fantastic episode y’all 🙏🏾💯
@karimkarachiwalla70736 ай бұрын
Excellent episode!!
@MovewithDrMike6 ай бұрын
Such valuable information here!!
@gabetorres8005 ай бұрын
So after owning about 5 houses for around 5 years you can obtain millionaire status? I’m curious because I’m 25 and planning to buy my second property with a goal of being a millionaire by 30:)
@charoms8585 ай бұрын
The smoke and mirrors with this podcast is that the millionaire's they are talking about DON'T have disposable income so these millionaire's are not going to be able to buy rich people toys like boats and brand new Porsche's and live in 10 million dollar mansions on the beach.
@kingleox96 ай бұрын
great episode!
@user-hu6cx8tv5p6 ай бұрын
The plan is to just start 🤞🏼
@THECTHOUSEFLIPPER5 ай бұрын
Great session. Listing from Ellington Ct
@gregorylewis94426 ай бұрын
Love your show, David.😊
@masoncnc6 ай бұрын
22:00 💥 boom
@marceliarakoski63946 ай бұрын
God bless you for that great content to help us 😊
@liamwillder69085 ай бұрын
Great stuff, thank you!
@chamixone6 ай бұрын
Wouldn’t it be more accurate if you substructure around 8% from each property minus whatever mortgage? That’s 8% loss during a sale which is a nice chunk out of each property! That’s how I calculate my wealth.
@YourGuiltyConscience5 ай бұрын
How do you find contractors for a flip?
@m.a.l.l.y1384 ай бұрын
Great video!!
@markslayton50426 ай бұрын
Isn’t saving money on interest that the tenant is paying, actually a loss for the property owner, since the property owner gets a tax break for the mortgage interest that he/she is not making?
@vlodico6 ай бұрын
Great episode
@jayson73055 ай бұрын
Awesome
@delontamcclain45716 ай бұрын
I've been using the house hacking strategy for a while without even knowing it. I will definitely be refining & sharpening my approach to house hack more to acquire more properties. I will continue to stay in contact with bigger pockets. Thanks for the videos & information
@toxicthesniper82646 ай бұрын
The information is a double edge sword. There arent nearly as many deals out there because everybody thinks they can do real estate now. I dont thinknits bc people have gotten lazy bc we live in a good time. The correction is YOU are living in a good time and have gotten lazy.
@emir60476 ай бұрын
gold episode
@victoriamoberg12205 ай бұрын
We actually fell into house hacking :) we let our friends live in our house and we put our stuff in the garage. They pay 99% of our mortgage while we travel around in our Rv lol
@jonathanbautista18695 ай бұрын
I did the math and I have a negative million...is that ok? Lol ;)
@StoicMadman5 ай бұрын
David green you are awesome sir, but that beard omg ...
@Winston0Boogie6 ай бұрын
Did he say he had no money in his bank account and then said he had 20-30k in his bank account? What?
@yawningdoodle6 ай бұрын
Millionaire in property values with no cash for groceries is poor. You are still a slave to someone else. The lenders, even your renters.
@dylanfitzgerald16 ай бұрын
Buddy, wealthy people don’t carry a lot of liquidity because cash depreciates extremely fast. Would you call someone who has $1M in stocks poor? If the properties cash flow, how does that equate to being poor?
@kingstonyi14186 ай бұрын
Having $MM in debt qualifies as a millionaire?
@tomcat86626 ай бұрын
Yes, so long as the value of the property is a million more than the debt.
@MegaSuperEnrique6 ай бұрын
*reappraisal with refi
@blackl1steddrums4 ай бұрын
I’m worth over 1 million in prizes 🤔
@Daniel_Capital6 ай бұрын
Equity is entirely theoretical. You are a millionaire when you have $1 million + is liquid or near liquid. Saying your house is worth a million bucks and getting someone to give you a million dollars for it is 2 entirely different things. Having $2,000 in your checking account and a property “worth” $1 million, nope. Let your tenants stop paying and miss 3 payments and see what happens to the “million”
@dylanfitzgerald16 ай бұрын
lol this is dumb. So if you own a million dollar house outright, and only $10k in your savings account, you’re only worth $10k? lol the vast majority of wealthy people don’t carry much liquidity at all
@Hxneybee3954 ай бұрын
Relying on one zip code for an investment is dangerous equities have smoked real estate in the last 19 years. I wonder if this guy still likes real estate after he had so much of that fraud happen where someone just swiped his titles out from under him or what not.
@TheRealTommyBear335 ай бұрын
ikr i have an upstairs i could house hack but the woman is against that idea lol sad sad.
@user-bq1ke5zn7c6 ай бұрын
So now we are telling people to just break even is okay? Dangerous game everyone is playing now…
@bidbuytomasito5 ай бұрын
Too chatty
@pinchasjm6 ай бұрын
A lot of us are millionaires and don't know
@habibifather76816 ай бұрын
U have 1 million in the bank?
@pinchasjm6 ай бұрын
@@habibifather7681 not your business
@habibifather76816 ай бұрын
Didn't the guy in the white shirt And the glasses just put out a video saying that he was gonna quit real estate?
@vm.x6 ай бұрын
No, if you are referring to the same video I think you are referring to, Robert said in reference to Short Term Rentals he owns, that for him now is better to focus on improving the assets he has than buying new ones considering the market conditions. That doesn't mean that there aren't great deals out there, but because he has a bigger portfolio and STRs are much more dependent on management and amenities, he gets a better ROI improving them.
@johnnyneely2826 ай бұрын
So dark skinned people are like Superman they get stronger with the sun.
@uhhwavy50816 ай бұрын
Jesus loves you
@Habilio13 күн бұрын
Well what is the advice? No advice what so ever, just noise