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If you are currently renting an apartment and you are thinking about buying a home then this video is for you. Graham Stephan, Meet Kevin and Bigger Pockets offer their opinions and perspectives on real estate investing and they bring up many good points. For me this is exactly how I see the smart investor starting their career and building a foundation that will allow them not only to have a strong footing financially but it will also allow them the flexibility of not being “house poor”.
I believe starting the a fourplex is the best option. If you start with a four plex you are maximizing the amount of units you are allowed to get inside of the residential financing route. When you qualify for a mortgage and the property that you want to secure is 4 units or less you are able to get 30 year fixed rate financing which is idea especially in this low mortgage interest rate environment.
If you secure a great property with interest rates where they are now and the property cash flows far above expenses and that includes you occupying one of the units than this is a home run! You always want to factor in for vacancies and issues that may come up. For a small multi family property like this you may want to factor in 30% of gross rents being used simply for expenses such as water bills, repairs, vacancies, evictions, etc.
That being said if you understand your market and understand the numbers you will have a much easier time saving up for the next deal if you are not blowing a large portion of your income on rent. Most people get stuck in the rent trap and stay in a $1,500 per month apartment and then after 5 years realized…Dang, I just spent $90,000 on something that I will never own.
Do not do that, do what I am saying and play defense before you attempt to play offense. This is the key to financial freedom, passive income and cashflow when you are starting out.
If you start out with sixteen units like grant cardone suggests just remember that those deals usually require 30-40% down payments and can run upwards of 2-3M dollars! So make sure that you have $700,000 – $800,000 dollars for simply the down payment.
If you do not have that type of money on hand than my step by step instructions here explaining exactly how to buy a multi family property and house hack it to live for free will be the ultimate beginners guide to real estate investing. I also offer a free real estate investing mini course for beginners to get you started. If you’d like to join my weekly calls and have me personally review your deals you can join my weekly calls above. If you’d like to join my cash flow rental blueprint mentorship program the link is above or if you’d like to schedule a one on one call with me you can do so above.
Any questions when it comes to real estate investing or business simply drop them in the comment section below. I believe buying a house is the worse mistake that you can make when you just start out in real estate. You waste all of your upfront capital in something that will never produce you a monthly net positive return. Yes you could rent out the house however if you rent out the house and that tenant moves out you are 100% vacant and all the while you have to pay to rent somewhere else. If you are thinking well, I could live in one of the bedrooms and rent out the rest of the house, that is a mistake and will lead only to many unnecessary issues and a likely bad out come for you as an investor and landlord.
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