New vs Old School Real Estate Investing

[@freedom_mentor]

Apply new and timeless real estate investing techniques with the help of a mentoring team. Get your mentor here: www.freedommentor.com/apprentice

[@JJOHNSON-gb7qb]

As a past apprentice and graduate of the FM system, I give my full endorsement of Phil and his team. Thank you Phil, you are a visionary and a great man.

[@hydrozyk]

How much does it cost to be in the program?

[@tony9305]

Absolute gold as always. Thanks for the free knowledge Phil.

[@remecltdpanchopeters1958]

Thank you for sharing real truth. Living my dream because of guys like you. I'm from Belize, where things work different in a lot of these details, but I got it going.

[@se6586]

How is life in Belize?

[@sarahbuys340]

Thanks Phil! I learn so much from your videos. You're the best!

[@TheTn8989]

Phil is there a video on how to do a manual follow up process

[@YagirlAutumn1418]

Great video Phil. Although I’m to nervous and timid to borrow money for rentals😬. There’s a lot of“what if” situations that can leave you holding the short end of the stick. I sleep better at night knowing that I don’t owe anyone anything when that tenant or government stops paying.

[@freedom_mentor]

You do owe things to your tenants and your government, whether or not you have a loan. You still have to pay taxes (government), insurance and maintenance (tenants). If you keep a reserve, you can sleep just as easy at night. And you are being more fiscally prudent too.

[@habitandoproperty2166]

It's better own 4 mortgaged property ( 25% deposit ) Then have 1 paid completely ( 100%). 1) you are missing on tax 2) you are missing on " spreading " the risk 3) you are missing in income 4) you are missing in property appreciations...

[@filibertocortes5169]

Phil when are you making another book i really enjoy reading your books

[@Lilrob19138]

What about cold calls as real estate agent

[@cyberagentstanleydean7366]

Thanks Phil as a God worshiping always sharing the deep truth

[@margaretshirvani1086]

Thank you

[@AlGollas]

Preach Phil!

[@Anastasia-tv6nw]

Love your content!I listed on MLS and got 8 offers ALL cash on 40 years old house with NO AC in AZ, need roof, not livable, all original, bad location. Insanely high listing price since everyone was an investor and builders do not sell to investors, they are holding a bag. Every person on the block thinks they are an investor now. I told them all seller wants a premium and got an insane price for the owner, over asking price. with no showings!! Thanks Phil, but the best is to own real estate and do not sell for another 5 years!!

[@Thejasonrogers]

Phil can you do a video on the upcoming “housing crash” mortgage rates have doubled, inflation is horrible and developers think there’s “too” much demand to slow building.

[@Thejasonrogers]

@@jeffmpvd7689 as investors yes, they are. But I’m speaking from a non investor point of view.

[@josephcastellino7791]

I'm second viewer , great 👍 info ...

[@jpandrews2791]

Hey Phil, I think you're content is fantastic; really, really good advice. My only slight critique is your 'Subscribe' inset photo at the end of the video at the bottom left hand corner - get a different photo because somehow you look a bit tense and hard and steely eyed there and really you're not, you've got a friendly face so get a different picture in there.

[@freedom_mentor]

I appreciate the feedback.

[@blessed720]

Have you heard of ben mallah

[@freedom_mentor]

No. But that doesn't mean anything. I don't watch other KZbinrs. I'm in my own world of doing deals.

[@se6586]

9:53 😄

[@Bluewh174]

Thanks Phil, An investment property has high equity but takes $500 out of my pocket for mortgage payment after rent, it’s the situation with current investment rate, should I go for this deal?

[@LongtowerNyc]

First viewer here. 💪🏾

[@keralee]

If you are big and have reserves and banks like you, loans make sense. I am small. Banks hate me. I have lost everything, twice, because my cashflow collapsed and I had No Reserves and no help from lenders. So thank you, I will keep my properties free of loans. Small potatoes, yes, BUT surviving nicely without a day job. Not a slave to banks.

[@freedom_mentor]

@no name You still have to pay taxes, insurance and maintenance, whether or not you have a loan. If you keep a reserve, you can sleep just as easy at night and you are being more fiscally prudent too. There are plenty of portfolio lenders that will lend on cash flowing deals. The bigger issue is that some investors own lousy producing rentals that can't afford debt service too. This is the topic of next week's video.

[@keralee]

@no name seems to me it would be cheaper for your neighbor to take that property off the electrical grid and go solar/generator. The costs of upgrades are equivalent to cost of converting to an offgrid setup. I am in fact doing this with my current project--it was a total gut and wiring and plumbing are kaput so it makes sense to stay independent of the money harvesting schemes of the state as much as possible there. Its already disconnected so am keeping it that way.

[@keralee]

@no name For me the months in reserve needs to be a lot more than three. I am solo, no support, and have chronic fatigue, it can take me longer to get things done/manifest changes.

[@keralee]

@no name How does that alter the financial sense of alternative electrical sourcing? I live on half that so saving a $ matters a lot in my world.

[@keralee]

@Lazy Way Really, one bad tenant can wipe out a year's income in a matter of minutes. Or a good one gets lonely, gets hooked up with a destructive alkie partner... It costs more and more to do even minor structural and cosmetic repairs. Its so hard to find decent tenants in my area that I have switched to Airbnb short term only or lease-to-own with painful down payments. It is like trying to rent to cave bears. Many others here have done the same. Most regular apt rentals left are big outfits with hundred plus units and fulltime onsite managers.

[@yankeedoodle6293]

👍

[@inmate0054]

Outdated until covid happens and nobody pays rent for a year

[@freedom_mentor]

I don't understand the comment? Multi-family experienced an 89% pay rate during the eviction moratorium; stimulus is now paying most landlords back whatever wasn't collected. I made a fortune with my vacation rentals the last two years. To say that "nobody pays rent" couldn't be further from the truth.

[@inmate0054]

@Phil Pustejovsky guess depends who you talk to

[@inmate0054]

@Phil Pustejovsky most people starting out dont have the means to survive a couple months no rent before they behind also. If you got some reserves and all that its all good. You can floot a month 2 or 3 or whatever at worst 6 months plus 4 grand in tear up

[@freedom_mentor]

@@inmate0054 Owning rental property must be done VERY carefully. Even without a pandemic, you still have the threat of professional dead beat tenants that can make your life a living nightmare. It's actually the subject of next week's video I am posting. Most people are better off NOT owning rental property and instead, just doing short term deals.

[@MaximusBlack]

@@freedom_mentor I’ve had 1 tenant not pay me during Covid for 2 months and I had two tenants that were late a couple times. I agree Covid never really affected my residential properties.

[@slowrider30]

The biblical principle is that the borrower is servant to the lender. The Bible never says anything positive about debt. Most people in the Bible paid for debt with indentured servitude, not just oh well let me just declare a bankruptcy and start over. The reason everything is so high, is because no one is actually has the money to buy anything, they just finance it. It is dishonest to borrow money and not pay it back. Please don't change what God said to fit your investment strategy

[@toddspangler6669]

He's not saying he will borrow and not pay it back. He still has to pay the mortgage on those properties. He's basically saying, if you're making 12+% on a property that has a 4% loan, you're up 8% (12% - 4%), so let the tenant pay it down and use the money to buy another rental instead. Nothing illegal or anything.