I will show you 1 source of finding deal that almost no one knows about..
In this video I will show you how I do it in Cincinnati, OH & how you can do it anywhere in USA
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REAL ESTATE INVESTING REALITY FROM MY EXPERIENCE!!
#1 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.
#2 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, cleaning or not very good painting job.. 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.
# 3 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 Ohio, for instance. Where one person might be able to buy a property for $20,000 + do work themselves & spent 10k on material, someone else might need $100,000.
#4 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.
BOOKS I READ & RECOMMEND:
Secrets of the Millionaire Mind: Mastering the Inner Game of Wealth https://amzn.to/3eaAOBt
The Book on Managing Rental Properties: A Proven System for Finding, Screening, and Managing Tenants with Fewer Headaches and Maximum Profits (BiggerPockets) https://amzn.to/3gaAW5E
The Savvy Landlord: A Common Sense Approach To Real Estate Investing https://amzn.to/2WVEmla
DotCom Secrets: The Underground Playbook for Growing Your Company Online (1st Edition) https://amzn.to/3cZ3ld2
You’ll Never Get No For An Answer https://amzn.to/2TutnwY
The Book of Mistakes: 9 Secrets to Creating a Successful Future https://amzn.to/2ANSrZh
The 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New Rich https://amzn.to/2XoFBIH
Automatic Wealth: The Six Steps to Financial Independence https://amzn.to/2ATMn1r