How The Wealthy Stay Wealthy

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[@r4raced4doom2]

It's so simple when you just pull numbers out of your ass.

[@lakersrdbest]

I agree....👏

[@GeauxRilla]

No way bro his numbers are 100% accurate and realistic 🙄

[@tmarritt]

And thr work and the time and the initial investment.

[@childishtroyslife611]

@@GeauxRilla the 20% down payment is for a one room tiny house. No house is worth less then 200k or more unless you are getting a condo and if it’s your first home you have to wait 5 years in some states before you can rent. So this is for someone that has already bought or that has the time to wait. The percentage are correct but those numbers are very unrealistic

[@joeydover]

You really only need 20% down plus closing costs. The key is finding the right property initially to give you enough rent to make the payment after the cash out in the future. If you don't have the rental history or personal income to cover the new cash out mortgage, you're never going to get the cash out mortgage to begin with.

[@user-nj1zu2nf1x]

This theory rides on the fact that spending 20,000 will increase the value of your home by 100,000

[@kingtigerproffish2790]

100k home upgrades might cost another 80k too, to create any value, not to mention time to repair. You still need to pay the mortgage while repairing. If appraisal is still low?

[@sexymonkey4979]

I dont think people understand a kitchen alone can be 4-15k usually on the higher side when a a complete remodel doing tiles new cabinets counter top and sink, and im talking about a small kitchen of a 1200sqft 2bed house, and about the same for a restroom. You can save moeney if you DIY but if you dont have the skill or time its probably best type dont fuck around and find out. Everyone on the internet over simplifies real work. If you came to me with a nieve mindset ill shit you down real quick lmao. But if you came to me completley understanding the comps cost involved and the reality of what a remodeling project takes then ill take you seriously. People who make money in realestate hold long term or have fuck it money to dove into a project and willing to break even or loose 5,20,50k whatever it is. The housing bubble is going to pop because of these new investors. Everyone is an “investor” these days.

[@MrChaidez1991]

20k dollars is almost just a roof install depending on size of house 😂

[@Miggysteez]

Lol I like how you think you know what ur talking about 🤣

[@user-nj1zu2nf1x]

@@Miggysteez I'm glad you like it boy. Take some notes you might learn something

[@drg3915]

just bought my son a PS5 - my home value just increased by $200k.

[@yuchoen9706]

Man your wrong it went up by 500k

[@mossbogger8366]

i literally did not do a single thing to my house in the past 3 years and my evaluation has gone up 150k... google inflation, or open an economics book or something, cus you sound misinformed

[@mossbogger8366]

@@brrodyy and this was my antidote to a stupid joke. Do you know what that is, brain child?

[@dsouzabc2234]

No but if you rent the house, a tv and ps5 will definity increase like 200-300$ a month easily

[@mossbogger8366]

@@brrodyy its not even a debate. if you think this is a "joke" and that it's "funny"... you simply do not understand inflation and how homes appreciate in value, at a rate that most people would find unbelievable. Stay ignorant though.

[@mattgraver3604]

Bad tenants and higher interest rates have entered the chat

[@sahiljiwani9571]

😂😂

[@Navy35]

Exactly he’s not factoring in human beings not taking care of your property or paying at all

[@sandycrash8868]

Don’t forget about increasing labor cost and building permits

[@christiantough5]

I just looked at buying a house they offered 8% APR....no

[@nullnullnullvoid]

@@Navy35 it also assumes that the people working there can even afford the rent they would need to charge to pull a profit, they will look at the highest rent in the area and base it off that without realizing 90% of people cant afford it

[@aaronjoyce9569]

Yo I just painted my front door and my house price went up 400% 🥴

[@scottmaxwell1927]

str8 facts.

[@stalin8847]

I'm dying to this comment

[@fatalvipergaming9871]

@@stalin8847 must be the lead from the paint

[@oblivionfrost4970]

you dont know how much your property increases with small changes, ive been doing it for awhile

[@anthonyjarvis9472]

ironically that is what we call property investments in a good market in the UK, paint the front door, mow the lawn and sell for 15% more than you paid

[@alitonoliveira1700]

The problem happens when the government decides to rule how your rent contract should look like: tenant does not need to pay and you can not kick them out.

[@Sentinel82]

That's when the "accidents" start to happen to the properties. 🤣

[@atn2666]

You’re thinking of the worst possible outcome. You vet your renters prior to giving them bbs lease.

[@ankstuhful]

​@@atn2666 maybe he's talking about during covid lockdowns. Landlords could not evict tenants during that time.

[@atn2666]

@@ankstuhful i understand but how often will something like covid happen? speaking based off probability

[@nickbeaucage4711]

Who cares how often it happens once was too much. My government sacrificed me financially for the people around me. Communism

[@jimmymcgill5572]

1 year to evict tenants current court waits has entered the chat

[@TM-yc2qi]

Cheaper to pay a crack head to shoot them in a robbery

[@adrielhsu]

Not in Texas. Out in 3 weeks bye

[@TM-yc2qi]

@@adrielhsu Texas the only legit state left in US

[@jimmymcgill5572]

@@adrielhsu lucky

[@joeyg8971]

Ignores tax, ignores interest rates, and pretends 20k worth of remodeling magically turns into 100k worth of value

[@infamoussnyc3761]

Only in America lol

[@laithellabban]

Not just the remodeling, but also the market if you play it correctly.

[@Crazyglues]

@@laithellabban And if you play it wrong... which is more likely to happen.. -/ but let's just leave that part out..

[@goodgreatfreeforever6188]

Dunno this sounds good but the interest that comes with it is a big burden that wrecks people's lives, happiness, etc. It's not a good life when ur in debt. Why can't there be a better way to purchase homes, or make homes less expensive? The rest of the world doesn't have expensive homes, a better food supply, less stress, less violence, less bad things overall. Some of them live in huts, houses made of dirt n clay, etc etc and they're actually healthier and happier. Yes they don't have cars, walk almost everywhere, and the upside: don't ever need to go to the gym or get heart disease, diabetes, cancer, etc etc... Their air is cleaner, they look better, they're more balanced. We need to bring change to our country's old systems like the housing industry, so we can be happier and healthier. No offence peace and love for all 🤗 ❤️

[@chrisak49]

Typical black thinking that money is easy

[@driddlesd9363]

Lol, “you out 20,000 into fixing up the house, now the value goes up to 200,000” ….righhhhtttt

[@fraided88]

As a carpenter. I can say the apartment I'm remodeling is about 40k. I put 5k into it. All the work done by me. Average price in the apartment area is 80k. That's 35k tax free. 2 years to own it before tax free sale. I'm working at a low income housing area. Now imagine 300k house renovation. This why I remind myself 90% of the people in the world are braindead.

[@BizzleyBear]

@@fraided88 do you have other tips? idk much ab anything there, but you seem like you deal with homes & prices a lot. I wanna catch up, ig. damn, tbh, I’ll listen to pretty much any financial advice now

[@IJustSkitMyPants]

A cell phone probably costs $25 per unit to manufacture and then it’s sold for $1500. What’s the difference?

[@elliothomewood8070]

@@fraided88 that’s based on you having great skill and doing all the labour without getting ‘paid’

[@loganmcmahon7582]

@@fraided88 do you mean 5k cause you are a slave or 5k cause you didn’t need to buy any supplies?

[@ATruePrince]

He must be a pilot, because these numbers are flying right out of his ass

[@Elite_Employee]

It would’ve made more sense if you said out of thin air

[@Worldietalks]

Yeah no one will let you pull equity when you still owe your first loan 😂

[@YouthoughtIwaslying]

He forgot the part where you pay the bank back 80,000

[@BryanTateTV]

No he didn’t… lol! He literally said that your tenants pay back the debt. Lol 😂

[@FlaviusMihai22]

Don t forget about the interest rate 🤣

[@alecxjones4419]

@@BryanTateTVnooooo he did not. He was talking about the refinance. Not the bank “leverage”. He never mentions the bank again and completely ignored the bank aspect. He tricked you buddy

[@cashfromclutter3148]

@@YouthoughtIwaslying who says you can’t get more than 1 loan

[@cashfromclutter3148]

As long as it’s profitable to the bank the bank will do it…or find another bank lol

[@buh-ruk5441]

Spoken like a man who’s never owned more than one property👍🏾

[@Dice2471]

He owns 7

[@DezTheStar2]

He got 7.

[@Bruh-vd3cp]

Good try tho

[@trippys]

@@Bruh-vd3cp too bad you my bitch

[@hutton420]

@@Dice2471 And how many have appraised for 100,000 more after putting 20,000 in? None, be realistic. Put 20 into the kitchen and bath and you’ll be lucky to have it appraised for 60k higher than the original

[@shisui3878]

Thanks Myron I just cleaned the outside of my house and now it’s value quadrupled

[@paulvicentevcurimao5596]

The kicker is if you immediately get a tenant AND if you have a collateral to get that 200k loan.

[@josephshipman4930]

My dad is a property appraiser, nothing funnier to him than when people put in $10k in a new roof or some bullshit and think they just added $100k value to their house

[@ArgusticDunbar]

That was my exact thought. Where in the world are you able to spend $20k to renovate a home and then increase its value by $100k?

[@corymain115]

@@ArgusticDunbar even if you re do the kitchen which typicaly yields the most return on your investment the absolute best your gonna go is increase the value by 50K but that kind of kitchen will typically be going into a house at least 5X the cost of the one in this example lol

[@sabianandrews3257]

@@ArgusticDunbar I mean, if you know how to do literally everything yourself maybe, but then you’re putting a month or more of your own time into it

[@fr4nk777]

@@sabianandrews3257 one month… full time maybe ? But in the meantime you need a job to pay your own bills. And yes his numbers are off cause he didn’t include notary fees, tax fees, depending on the country. And in the end the real value of the house ends up being more something like 80K to start with and you’d have to wait for a few years, hoping for the market to go up so that the value can reach 200K even with some renovation. This is a race, and by the time you can sell to invest in something bigger the prices of other properties have also gone up. Takes just one misstep in the process to stop the so called American dream.

[@sabianandrews3257]

@@fr4nk777 you’re not necessarily wrong, and it definitely isn’t a buyers market right now. If you have 20,000 to casually drop on a house, I think you have the funds to take a month long vacation to renovate. Even if not, working 5-11 EVERY day for a month is actually more than a full time work week, 42 hours a week.

[@johnnyb4631]

He truly sounds like someone who never did that.

[@Misdetection]

Pretty sure he's over a dozen properties now

[@mattm7426]

​@@Misdetectionsource?

[@otwshane2643]

​@@mattm7426He even said it on his show like bro stop hating and stack your money 🤣🤣

[@mattm7426]

@@otwshane2643 Oh, so you're saying Myron is your source? 😂 Don't believe everything people say about themselves on the internet kid. You should know this by now

[@otwshane2643]

@@mattm7426 You can literally look his name up and see how many properties he owns stop being a hater bro that shit not going get you no where in life 🤣🤣🤡

[@kinggc3674]

As a contractor I can tell you nothing under 90k will add 100k to your home value.

[@sammym4068]

Fruit trees might, but you have to give them a lot of years to grow.

[@HaveAGoodDayFk.U]

Like he said, he's using simple numbers so people can understand. He's not talking about actual pricing etc.

[@chantakzee]

@@HaveAGoodDayFk.U And that turns insanely good deal into way too much effort deal.

[@disgruntledveteran3698]

you can easily add another bedroom in a space youre not using and its done. But it has to have a window.

[@camelio10]

Stop being so simple minded. He gave a simple example for easier understanding of this strategy

[@tomaszuazo3817]

Bro sounds so confident that I almost believed his numbers

[@thomasmichaels6850]

Just don't do this during a world wide manufactured pandemic.

[@yuchoen9706]

Not manufactured pandemic just pandemic

[@Youngonce01]

@@yuchoen9706 Totally manufactured.

[@ryanlehane6269]

He’s not only doing the math wrong, he’s extremely optimistic with his example

[@salazarf2]

what part was the math wrong?

[@ryanlehane6269]

@@salazarf2 first off, he claims you can take out 70% of the equity on $200K and get $140K cash… $140K is 70% of 200k so he’s right on the number, but he’s forgetting you have an $80K loan sitting out there, so you net $60K of that, minus his $20K equity he already had (since that’s not profit)… then subtract out any additional improvement costs (since he said it was a value add) he paid for, then you take out fees associated with the refinance, etc.

[@salazarf2]

@@ryanlehane6269 crazy

[@KidBowsur]

​@@salazarf2surprise surprise these dudes don't know wtf they're talking about

[@jamesdawny1855]

Duh

[@Zyserk]

2008: "Ah shit, here we go again." -CJ

[@ashtonporter8539]

This didn’t cause 2008

[@anonymous123456on]

​@@ashtonporter8539 yes it did

[@anonymous123456on]

​@@ashtonporter8539 tell me why 2008 happened then

[@rianweston-dodds6247]

@@anonymous123456on sub prime mortgage loans, and financial derivatives

[@Walks8105]

@@anonymous123456on 2008 happened because the banks lent to people who couldn’t afford it. “NINJA” (no income no job) loans were common. Variable interest rate loans also means that once the Fed raised rates, people couldn’t afford their mortgage payments and went into foreclosure. Those loans are almost impossible to get now.

[@JonathanTheZombie]

Bank would never give you that LTV ratio unless you had a ton of cash and perfect credit

[@sandycrash8868]

This is the kind of guy to say buy my book in how to get rich laughing his way to the bank

[@Spongeboobie]

Okay so the bank just said “yea bro keep the 80k”

[@supra95ful]

Haha right!

[@MrEricWCopley]

Came here to say the same thing. Lol

[@officials2t]

i think he said the tenants were paying it off or smth like that

[@MWAclanGaming]

If the value of the house goes up and you sell then you pay them the 80k and the 120k is yours.

[@mattthompson8657]

​@@user-gm3gm7el5sthe math is way off though! Start with $20K deposit + $20k refurb -$80k mortgage House now worth $200k = $120k equity. You can pull out 70% of the equity = $84k So you're now in debt and paying interest on $164k whilst only having an extra $44k in the bank. Best hope that tenant doesn't miss many payments.

[@BL4CK-L1ST]

If it sounds too good to be true, it’s because it is.

[@datgoy5509]

It is too good to be true. But it is possible because it is financed by cheap loans that are printed out of nothing. Your currency is also being debased more than the interest so being in debt is even good for you. The people that get scammed are the ones that work for a salary and save their money in the bank. Opt out of the scam and buy bitcoin instead.

[@BL4CK-L1ST]

@@datgoy5509 Isn’t bitcoin devaluating too though?

[@priyanshu3182]

@@BL4CK-L1ST what isn’t devaluating at this point?

[@ashtonporter8539]

It’s obviously not that simple and you need a great deal of knowledge to do it, but this isn’t fake, real estate investing has been one of the best investments for decades. What they where talking about in the video is referred to as the brrrrr method, (buy, renovate, refinance, rent) look it up

[@datgoy5509]

@@BL4CK-L1ST My comment gets deleted for some reason :( I worked really hard on it.

[@sgonged]

It works until your tenant don't pay and the banks come calling.

[@vicbirth1649]

More likely that a boiler or washing machine breaks and you have to operate at a loss because of maintenance and replacing appliances.

[@kamarwashington]

@bbabbich3467You realize when people rent there’s always going to be someone making money off of them, right? If people didn’t make money off of tenants then the tenants wouldn’t have a place to stay lol

[@kamarwashington]

@bbabbich3467 Not every landlord is rich bro.

[@kamarwashington]

@bbabbich3467 So? Hierarchy is natural. Being a landlord doesn’t equate to wealth.

[@kamarwashington]

@bbabbich3467 Don’t you understand that the landlord had to pay for the room too? Do you hate capitalism or something? No one’s telling you to feel bad for them. It’s just weird to condemn someone for providing a service and getting paid for it.

[@matthewpeer4339]

I work in mortgages, this is not how it works 😂

[@deebeebot203]

bro went off the ramp on beat and still flew like a damn movie scene

[@ggez6505]

I can't stop laughing 😆 🤣

[@jgg681]

Yo I was gonna say the same thing it had me dead dawg 😂

[@jordantaylor2423]

I wanna see the yellow card pov 😅

[@icarusflying1814]

Lmao! 😂😂😂 this music was perfect too. The arrow-straight trajectory, the hidden landing… so much mystery… so much intrigue. Why was the driver? What’s their story? What’s the story behind the car? Why the flight? Did it land? We need the yellow car’s story goddammit.

[@jj45455]

Houses worth $100,000. Those were the days.

[@anthonylombardi4168]

Still are

[@machinist7230]

There are still lots of houses 100k and under. The issue is they either need alot of work, or in places nobody wants to live.

[@jj45455]

@@machinist7230 Like a trailer park?

[@mikehawk3489]

Depends where u located

[@nullnullnullvoid]

@@anthonylombardi4168 crack shacks out in the boonies with dial up internet maybe

[@simplex1]

Even fresh was taking notes

[@whitejodeci8926]

Now throw in closing costs, maintenance, repairs, vacancy, and property taxes.

[@guille8756]

When the property gets a bit old just sell it

[@whitejodeci8926]

@Guille Maintenance and repairs gets factored into the price. Hence why many opt for a 7 day closing, to get a thorough inspection

[@mattm7426]

​@@guille8756🤡

[@deshaun_thewise]

Ok... you're still making a better profit than 90% of 9-5s.

[@whitejodeci8926]

@@deshaun_thewise This would not take the place of a 9-5, not one property at least.

[@erccdang]

Don't mistake leverage as genius. It's a valuable tool but it can wreck you in a heartbeat

[@WalkerOne]

Yes, 1 domino that falls can take you the whole structure.

[@yeetwchybaban]

Yup

[@DJSolistica]

Don’t let that stop you from using it either though. Life is short, take risks and deal with issues when they come.

[@boinkdoink31]

@@DJSolistica lost 7 properities in miami... try to kick out tenants that has kids that who doesnt pay rent for 9 months (cant kick em out legally) ... its funny when people think like you while you live in rent and go to 9-5 work watch couple shorts on youtube and act like you know something...

[@mortaldao8044]

@@DJSolistica Do not listen to this guy saying life is short. Just like with girls, fast money has big problems.

[@TheWildTrove]

" and your tenant pays it off" And that's why no one can afford shit these days.

[@JustAFlook]

"Then you sell the house, but renters are paying it off for you" Might wanna tell them it aint your house no more.

[@astonthomas1912]

£224.000 was my house purchase now its £650.000, my problem is getting finance out of this... £159.000 is my outstanding Mortage. My tenants pay £1400, monthly mortgage payments £1096. Help me get at the refinancing part 🧐

[@Jackknife-TV]

You just got to hope your first tenant isn't a freaking nightmare........

[@jrami223]

Hire a real estate agent they do all background, house court, jobs, etc I did it and they did it all for me my tenant pay me 2800 on the 2nd every month never late and quiet

[@Zach-ju5vi]

Yeah it's not that easy, you have to deal with tenants and maintenance.

[@Jackknife-TV]

@@jrami223 Well let's just say the market I'd end up investing in would probably never gross me $2,800 ... Unless maybe it was a large commercial space...... Majority the homes here in my areas you'll be lucky if you could advertise $1,000 a month..... Unless it was a large home with acreage then you would probably be looking for someone outside the area probably North Jersey or New York.

[@Misdetection]

That would definitely kill the vibe wouldn't it, save up enough to buy a rental and get wrecked on ur first one

[@classyp]

You can fix that by doing a rent to own

[@chilling_at_pontiff]

Boy sent it straight off the ramp and exploded on impact 💀

[@Mmalcolmhoward]

Highlight of the clip lmao

[@jc_yadigg]

Idk what yall seeing the yellow car not only did not explode it went farther then the main car made it

[@FLSHSANT]

That yellow car went flying

[@GABRIEL1ANONLY]

🤣🔥🔥🔥 yellow car launching off the ramp as the beat drops

[@ThatFlyGuy353]

For those of you curious of the ACTUAL numbers. I purchased a house for 200k in a metropolitan city. Only put 5% down, because I plan to live in the home. (If you’re only purchasing it for investing, you need 20%) Spent about 52k in renovations. Finished home appraised for about 290k. So about 40k in “profit”. The catch is, if you don’t use the house as your primary residence for at least 2 years, you have to pay capital gains tax, which is 30% on top of standard taxes. His numbers just aren’t accurate to realistic gains. Don’t get me wrong, real estate is a great investment. But, it takes time to build profits. Keep at it, and you can exponentially grow your income. Don’t think you can save up 20k for a home, and profit 100k in a couple months. It takes years. Learn. Find a mentor. Don’t get in the game for a quick buck.

[@benchinny-ev3xe]

Or just invest in something else, property value are soaring because the wealthy are creating a monopoly to price out the middle class and keep widening the gap by making sure they can never get ahead. My wife and I are both full time teachers and the closest place we could afford is 1 hour+ drive away from where we work. This is why there's a teacher shortage in the major cities, teachers can't afford to live there.

[@ThatFlyGuy353]

@@benchinny-ev3xe tbh it sounds like the market where you live just sucks. The average cost of a home in the city I live in is 220k. There are often very livable homes here for around 110-150k. It's funny that you mention you're a teacher (respect btw. Y'all don't get enough love). I know of an investor in our area who started investing a couple years ago while he was teaching at a downtown high school. I'm seeing him sell a good amount of properties. Usually around 85-100k. Granted, he's probably not a millionaire (yet), but I'd guess he's making 30-50k a year extra based on the properties he's sold. I'm sure last year gave him a good boost with the crazy low rates, but hey, you can't get lucky if you don't play.

[@andrewferguson6901]

"It's easy to be rich, just have tenants pay the mortgage for you that way you collect a profit off of them AND accrue equity in the home at the same time."

[@oldtymer9106]

I'm thinking it's not that easy. You have to be a handyman to fix it up and then you have tenants who will be late with rent (like I often was) and then there's insurance, maintenance, landscaping, taxes. ADDITION: Lot of comments here. Lots of name calling and shaming people for not being ambitious enough. My one and only point is that this is probably not as easy as Myron makes it sounds and if you read in the comments below people who have done this or are currently doing it agree with me. Lots of ways to make money in this world, this is one way and its not going to be easy. Anyone who tells you it is is probably trying to sell you something. I wish everyone here all the best.

[@yurimane2989]

Yea true it’s simple but not easy :/

[@bannedbycommieyoutube5time920]

And the laws on evicting people are very difficult, people destroy stuff, if things go south you can go bankrupt very quickly.

[@TomNook.]

it applies better with commercial properties

[@pusico6555]

​@@bannedbycommieyoutube5time920 they're FAKE GURU preaching bs nonsense what do you expect? Haha

[@oldtymer9106]

@@OnlyBlix I'm not trying to rain on anyone's dream, but its good to know the challenges ahead of the task. Theres lots of way to make money and invest it, I just think this is one of the trickery ways to do it and its a long term commitment. Knowledge is (potential) power.

[@Aveok]

Hahha this is how it sounds like when you got a degree in "KZbin".

[@KingSkrap]

Wait, ppl be buying $200k houses for $40k? Damn life do be seemin easy as an adult

[@garrettwright4337]

He forgot the part where a crash happens then rent freezes and you default on your loan and are 200k in debt from a 40k investment

[@PaulAmerican]

Yup and thats why people dont take high debt investments. They rather buy fixer uppers dumb 40k into the house and sell it for a 20k profit. That gives them actual equity instead of risk.

[@stephensmith205]

That and you weren't born into the right family.

[@PaulAmerican]

@@TopofUS its funny how the bream of fast riches gets shrunken down to nothong but debt.

[@BeauSkee]

This is called optimism

[@adolpholiverbush5867]

This is called the brrrr method as it's coined by bigger pockets. Good lord these brain-dead comments are enough to make you lose faith in humanity. Y'all need to educate yourself instead of looking for a "pity me".

[@nnanyelugoanekwe218]

😂😂😂😂😂😂

[@samael6903]

@@dannybenitez12 same thing

[@optionprinting826]

dude yelling leverage , like that had any part at the start lol

[@KoskenRage]

Sometimes i watch the car go down the ramp not hearing a word that was what said during the video. This is one of them.

[@cdublez]

Okay but did you see the car fucking yeet itself off at the start- how is there not a single top comment about it?!

[@EmbodiedMan]

As a construction worker, I can tell you that they make it sound easier than it actually is and they do not include a lot of the other things that go into modifying a house refinancing and everything else there is a lot that is left out

[@ghhhp]

yeah most of us understand this lol but whatever let the dumbasses listen to this guy if they want 🤷‍♂️

[@aceventura3935]

Like what ? (Not being beligerant) just curious , i know not to jump into this right away but in always looking for more knowledge and to get ahead in life

[@oskar2846]

@@aceventura3935for starters a 20k repair will not just randomly double the price from 100k to 200k

[@aceventura3935]

@@oskar2846 oh yes completey agree

[@pickle1boy21]

80,000 loan plus 140,000 loan. if im doing this right. when is he gonna talk about that monthly bill coming that you still need to pay? He said tenant, but he is also assumming you immediately get someone into the home, what about the maintenance and possibility of them destroying the house and now you have to fix it?

[@Jay_Mc_Baby]

Until you get people that won't leave and you owe 6 months of payments on 6 properties they don't come after your tenants

[@JackDaniels-ee1fo]

That’s why enforcing the protection of property rights is so important for a functioning economy!

[@l2kickflip65]

You get people who won't leave but you also have owners who rely on the tenants and that's bad business in itself lol

[@c00lguy94_]

For real.. in Michigan they let squatters stay in a property for months until eviction process goes through, etc. and you literally legally can’t kick them out

[@thegoat9237]

That’s why you do it all under an LLC and claim bankruptcy lol you are separate from the LLC

[@sockpastarock7082]

Maybe don't buy 6 properties then and expect other people to pay them off for you. You only need 1 house.

[@DsynergyA]

That yellow car went flyyyyying bruh! Oh yeah, his math is lost!

[@gameronthego4772]

bro that yellow car flew off 💀

[@lllllillllllllillll]

He forgot the part where the bank charges you 100k for borrowing that 80k

[@itsyourboyyy]

That's what rent covers

[@zookokeeper]

Facts

[@swilliams21231]

@@itsyourboyyy rent covers the first mortgage, not the second loan you took out. You just more than doubled the debt on your property with compounding interest.

[@TobbeDraws]

@@itsyourboyyy what rent? He said "selling the house" didn't he?

[@pricex556]

​@@TobbeDraws yea he said Tennant is paying off the loan so in his example he's not selling

[@albaniansoul1150]

my man was like "let's skip to the good part"

[@shagi2446]

The way that yellow car yeeted off into space when the beat dropped😂

[@BabySkinCondom]

what about the $80k + interest that you owe the bank

[@reinhartgregory]

Tenants and if shit gets bad plus your regular job wages. After its paid off you have an appreciating property

[@oceansep4103]

He’s forgetting to mention you need proof of income to afford that facility

[@Wakish0069]

Making $14.05/hour in 2018 on fulltime single income I purchased my $210k property, you really don't need crazy income

[@KyleM636]

Everyone's talking about money and real estate while I'm wondering why can't these cars make it to the end? 💀

[@its_jeonsa]

*me seeing if the car will ever end up finishing the race*

[@user-mq1up2fw4r]

Bro literally got George Gammon, Ken McElroy, and Kiyosaki on the pod. *GOATED*

[@gudaninetshiunda8084]

rich dad poor dad vibes will kill you. one time Charlie said we like staying in the circle of our competence.....

[@michaelcorrado4807]

With those folks in the room, that whole statement was just a confirmation.

[@TheAnnoyingBoss]

These people grooming everyone to buy real estate so they can keep selling their house for more then they paid after getting someone the banks didn't trust to pay them the mortgage the entire time plus an income ontop. When elons robots start building mega mansions for materials cost these guys selling 100k house for 250k are gonna be overvalued and small. Eventually we will be buying 5x bigger houses for 5x less cost and it will be hard to sell the house to the next guy for more and more money unless it's a rich guy buying to demolish and build a much bigger house by installing a preprogrammed design into the robots

[@scazz007]

💯

[@repeatbot]

Guys, the magical aspect of this which isn't discussed - you must both do the work yourself and you have to be damn good at it

[@reelsndeals747]

1) First thing ignored- closing costs 2) putting 20k only and then expecting value determined by banks to be double the amount 100-200k is not a chance

[@amazon4716]

Great job dude. A real serive to regular people Now to make that 40 k. Prove to the bank you can pay off the 80 k loan.... Then set for life 😅

[@Nonotherthan]

Prefect explanation on why it’s impossible to afford a house anymore.

[@DJake1992]

yeah... broken system

[@aleksiniko]

Yes. It's even a problem in Finland

[@gameflopvideos1504]

He forgets that you still have to cut the bank the money they lent you.

[@rauminen4167]

That's what renters are for. Don't get me wrong his numbers are way off and even wrong, but the part where the renters pay the mortgage bill is pretty much the only thing he gets almost right.

[@remy5347]

No he doesn't. He specifically mentions the tenant would be paying it.

[@egold33311]

The biggest flop will be when they realise 75% of their "profit" was interest repayments!

[@rauminen4167]

@@egold33311 Well renters are generating that profit, and the mortgage will run out at some point.

[@egold33311]

@@rauminen4167 If it was this easy like he makes out in the video why wouldn't everyone do it and push the house prices up to unsustainable levels. Its all fine when doing Donalad Duck maths but only takes a few bad years and its all over, when you 10x the leverage!

[@okdarius]

If you've ever done any sort of renovation work in your life, you'd know $20k in improvements is not gonna double the property value. not even close lol

[@singingmicrophonecovers]

I don't know why people just estimate that the value of everything that they put their money on will go up it's just stupid 🙄

[@beeda69]

Recession be like- 'are you serious right now bruh?'

[@chalupagrande8544]

So many people were forgiven for tveir stupidity in 08, and 09…including the banks…they did not learn…because its all they know

[@jrake80]

He explained this partially correct. The 140k is the new loan amount but you still pay off the 80 so the difference is 60 and you’d put up 20 plus repair cost. If you had 10 in repairs your walking away with 30k not 140k

[@reidsoliday210]

Plus that's not wealthy 20k is not wealthy what is he getting at

[@SplicedSerpents]

And that's before you realise 20k improvements are not going to double the value of the property

[@MrJayceproductions]

​@@reidsoliday210 It's monopoly.. You basically have to hold forever. The economy of the west is designed with Inflation. So your house will be worth way more in terms of cash value in 40 to 50 years. It's to build generational Wealth. The onlg profit you ever take out is more debt. You have to keep buying more and more houses for it to work and In turn are in more and more debt. The pitfalls are you are owned and a slave to the mortgauge companys and the economy of the time.. High intrest rates and broke tenants will put u back to go.. You can't actually quit your job doing this on your first few houses u need quite alot of houses for it to work.

[@YitzchakHorowitz]

And you didnt even include fees that are probably $10k when they bought the property and another $10k when they refinanced, so really its $10k.

[@mrguy7582]

Perfect example of "theory" versus reality.

[@AG-xt6ei]

They leave so many variables out of these situations

[@Ty-qw1zn]

Buddy thinks he is way smarter than he actually is

[@jurgenbachmann5920]

Dunning Kruger effect is this called!

[@samael6903]

And I'm willing to bet he's never attempted this strategy once in his life.

[@Taay]

@@samael6903 he owns 7+ properties and is a multimillionaire. those men on that panel are successful beings too. ppl learn this in business, and nowadays you can literally google it. now get off your ass and go work harder

[@samael6903]

@@Taay lol I work harder than you and your entire family combined. I wasn’t speaking anything about how hard the man works lol

[@Taay]

@@samael6903 good for you, but you ain’t better than my fam. i made 6 FIG at the age of 17. right when i turned 18 last year, i got my mom a Lexus with a crazy ass down payment (all cash). i live in Cali so taxes be hitting … don’t give a fuck about your respect but just know i ain’t a bum.

[@olenraks]

Dude just pulling numbers out of thin air.

[@adolpholiverbush5867]

This is called the brrrr method as it's coined by bigger pockets. Good lord these brain-dead comments are enough to make you lose faith in humanity. Y'all need to educate yourself instead of looking for a "pity me". He's pulling those numbers probably from his memory 🙄

[@olenraks]

@@adolpholiverbush5867 OHH my bad , its his memory that can change the fabric of reality, ofcourse it all makes sense now!.

[@adolpholiverbush5867]

@@olenraks Thats a pretty basic brrrr example. My first brrrrr is even more simple if it helps you comprehend. I paid 40k for a house. Put 15k Into it. It was worth 108k. I cashed out 81k. Make sense?

[@montuna4686]

@@adolpholiverbush5867 flipping or BRRR right now is kinda difficult. Not only is it advanced and not for everyone. As long as it cash flows with out having to cash out or refinance. You will be just fine. I have done a couple of BRRR and not all of them worked out.

[@first6193]

​@@montuna4686 what is brrr ?

[@davidfowler332]

It's a house of cards if the tenant stops paying you have to carry the loan if you only have one its not a problem if you have 100 rental properties and the government says you can't evict the tenant and they stop paying .and they stay in your property for a year you will lose everything it sounds good but its gambling.

[@mattmills9572]

If 1 out of a 100 slips you slow at math

[@appleman2034]

That was some crazy kindergarten math

[@hartsellbird]

I just like the car flying at the beginning

[@Matg1699]

There was this girl i went to school with named Kara. She seemed stupid, she was completely average and had like almost no friends, maybe 1 or 2. She was cool though when you talked to her. One day she tells me "I'm gonna go into refurbishing homes and flipping them when I get out of high school". I ask her how and she says she has the money to start once she graduates. I see her at graduation, she's super happy, ready to do her thing and she says her goodbyes and leaves for the day. I dont see her again for 9 years. When i do see her again its.. ON A REAL ESTATE SIGN. I call her up, ask to see a house and when we meet I'm talking to her about how she's been, etc. She doesn't remember me from school but tells me what she's been up to. She met a guy 1 year after she graduated who was 3 years old and a beginner carpenter/electrician. He went to a trade to become an electrician at 19 and had done wood work his entire life as a hobby. She has spent the last 8 years just buying homes, sprucing them up, and then flipping them. She said the first home cost her 185K$ and the bank wouldn't give her a loan. I asked where she got the start up money and she tells me it was from her grandmother who is moderately rich. She used that start up amount to flip 18 houses and is now a thousandaire sitting at a comfy 600K$ - 750K$ in a savings account as an emergency fund. The moral of this story is to let you know that with rich family members, anything is possible.

[@ytubeanon]

meh, all that work 8 years and still not a millionaire

[@shmeeglebeats8403]

@@ytubeanon Sitting better than YOU and ME, and prolly damn near 98% of this comment section😂.

[@GTRNights]

Your story had me going right up to the 3 year old electrician.

[@xJDMWaRRi0Rx]

You definitely shot this episode after meeting Ben Mallah lol. This is nearly word for word what he teaches

[@sweettats602]

Then you open up an LLC...then you own Disney...lol

[@prestondj3411]

If u listen to that you obviously can’t do math lol… if it’s worth 200k and he had a loan for 80k how can he take out 140k?

[@dn357]

This keeps the real estate market overpriced. NOT A FLEX.

[@Vdogg13]

Young couple buys a home and keeps it forever, never sell it. 5 yrs later but another house move in and rent the 1st house and do this over and over until retirement. Just another way to do it.

[@bjdr2001]

It’s a little bit more difficult when you’re a single person managing your rental property and your renters don’t pay you

[@ZainAhmed-ns2di]

It's mainly the renter's not paying you, ridiculous the way the law works

[@johnjackson4100]

I don’t like when the masters are in the room and the student start trying to show that they know something lol

[@soren12]

Everybody sounds so smart till they can’t find a renter lol

[@treachtheghost3603]

Hardest part of this is trying to convince a bank to lend you 80k

[@jamesduncan6729]

It's actually not hard at all, if you haven't fucked your credit over. Live and spend smart, don't be like poor people

[@LiquidDaylight]

Damn. I really wanted to see that car make it to those cylinders at the bottom.

[@gfx2604]

“DuDe BrOoO!!!” - cappy

[@locky2562]

Just got to be careful with releasing equity and CGT if you ever need to sell it

[@weldon7017]

Unless they don't pay, then it takes months to get them out but still have to pay the mortgage on the property. Just make sure you can afford the mortgage if they don't pay

[@aorus_gaming9657]

You should make sure you can afford the mortgage regardless, that is your responsibility it is not other people's responsibility to pay off your debt, nor is it anybody else's responsibility to pay off the house, because ultimately anyone that gets a mortgage for a home, and rents it out ultimately does not pay for it, other people do, it's fraud

[@frenchp5435]

@@aorus_gaming9657 right and based; unfortunately we are returning to serfdom and the renting class will be the servants of the wealthy.

[@HisMajesty99]

How did nobody in the panel call him out for how $20K added magically became $100K? 🤦‍♂️

[@MrDkb21]

Bc they're bullshit artist's

[@Bahtou1]

They went on to get some publicity they crave not to call out the smooth brained host

[@scave8893]

listen hes saying get a loan of 80000 off the bank

[@TheChuckFina]

This is how you leverage yourself to the hilt, and at the first sign of market trouble, you're bankrupt.

[@ris3reborn263]

I always think the car is going to make it and it never does

[@zoochdjz]

Invites multiple great financial minds to a podcast to tell them he knows more than they do from his 10 min KZbin research

[@rickiboulter3053]

Putting 20k into a house isn't going to make you 80k profit. From experience

[@GrandSupremeDaddyo]

He's just using easy numbers for the sake of simplicity.

[@rickiboulter3053]

@@GrandSupremeDaddyo he sounds simple that's for sure

[@Ooga_Boogaaaaa]

Taxes, fees, insurance, mortgage payments, interest, loan payments- things they never explain

[@chrisramos3972]

And not to mention when you take out 70% of the equity of your house, you effectively almost doubled your mortgage payment

[@curtisgough5566]

Bro thinks a bathroom renovation adds 100k to the house 😂😂😂

[@jayd6224]

he litterally doesn't even mention the interest you pay to the banks. just remember, the house always wins.

[@montuna4686]

Only worth talking about interest if you have to physically work to pay for it

[@jayd6224]

@@montuna4686 yes but he didn't specifically mention that, I will have to watch the clip again, but I think it was assumed when he said the renters pay. Which is not always an accurate assumption in the real world.

[@montuna4686]

@@jayd6224 this is why I did my comment because he said it was cash flow positive in his example.

[@jayd6224]

@@montuna4686 yeah but a lot of people in the industry use that to mean revenue not profits or really an infinite number of other ways to use word tricks, which are technically true, but technically not true at the same time revenue is cash flow but it's not a profit. Sorry if that sounds paranoid, it's just so common in the industry you learn to just assume that is what they are saying.

[@montuna4686]

@@jayd6224 why I stated positive and not negative

[@o_xRoKu]

You know these guys sitting at the table were like "uh-huh, sure buddy"

[@aidancarter3066]

he forgot the part where the bank figures out you’re highly highly over leveraged and calls back the loans

[@puncake9480]

Idk why but the car sending it in the beginning had me dying 💀

[@caeluse]

bro i swear i dont even know what the video was about, all i could do was focus on that car

[@RamanSingh-zo5hf]

it was in sync too... I am dying

[@dardalion3199]

You have to find those good solid tenants in an area that's healthy and growing. Not as easy as it may seem.