I'm glad I found your channel. It's April 19, 2021. I'm retired and now want to study the pros and cons of investing in property. Thanks for the great information. I will be watching your other videos today also. I hope to find a way to pull in passive income soon.

Three issues relating to purchasing a condo which are not covered in this video. First, condos won’t appreciate at the same percent as a home; much lower appreciation. Second, it’s harder to finance or refinance a condo because Fannie and Freddie distinguish between warrantable versus non-warrantable condos. They will finance only the warrantable condos. How to know? Ask the HOA. A non-warrantable condo can be financed or refinanced but the interest rate will be higher, sometimes much higher. Third, condos have fewer maintenance issues than homes; for example, there’s no roof or foundation issues.

I see what you're saying, but having it paid for gives you a piece of mind. I think that plays a huge role when it comes to investing

Underrated channel! ive watched every video

@ChandlerDavidSmith

4 жыл бұрын

##AlbanianPrince thank you so much!! That means a ton! Glad you are enjoying them!

Loving these videos. Keep the contents coming.

I like these type of videos, but yes for sure as soon as you said you paid in cash I was shocked, the main advantage of real estate is leverage, having someone pay your mortgage, no worries you can always withdraw the equity with a home equity line of credit to use towards a down payment on another property, I think Graham also bought his first 2 properties in cash, I like your video where you also break down your real estate income, your tesla video was very thorough, keep up the good work

@ChandlerDavidSmith

4 жыл бұрын

Shihab's Blog thank you so much! You are the man!

Great video!! Thanks!

Great video. Thanks for sharing. Would say condos are a good investment to start in REI?

Great video chandler, I’m looking forward to hearing about the rest of your investment properties😁

@ChandlerDavidSmith

4 жыл бұрын

Cam McKiddie thanks! Glad you liked it! I’ll keep them coming!

Great video Chandler! Keep’m coming!

@ChandlerDavidSmith

4 жыл бұрын

The Rise to Wealth by Clark Meyer thank you! Will do!

Great video I think a condo where I live maybe my 1st investment

6:20 - 6:50 The house I'm about to inherit was constructed in the year 1950 so I'm expecting the house to require maintenance because it's so old. Plus, it's located in California so the foundation will always need to be up to code. These are the responsibilities of being a homeowner, which is why some people decide renting is easier than regularly dealing with costly repairs.

@ChandlerDavidSmith

4 жыл бұрын

Sy Guzman congrats! All very true! Thanks for watching!

@absolutegreenllc8565

2 жыл бұрын

Educate yourself on home maintenance

@syguzman5739

2 жыл бұрын

@@absolutegreenllc8565 I don't know you.

would you have been able to get 3 loans? it depends on your income.

Do the HOA constantly raises in condo investing?

Thanks for sharing

Amazing video! I'm confused though, you're saying $690 / month and working 4-5hours a month as a negative.. I feel that's rather great. How much is a management company charging?

Hi, How much was HOA and tax? And now 2022? Thanks

What do you think of HOA fees on these condos?

if you can't heloc/re-finance that, why not sell it and buy three more? (probably 1033) sunk-cost fallacy at work

Any HOA on this condo property?

How much were condo fees for you on this property?

Do you happen to have a video on the financing options after your 10th 30 year fixed mortgage? I'm not close to it - but I am academically curious. I only own 1 rental right now.

@ChandlerDavidSmith

4 жыл бұрын

I’m actually dealing with this right now. Turns out you can get 10 more through your spouse but after that you have to do commercial loans on you even the smaller properties which means worse rate and terms

So i have always understood leverage but how does one deal with that? Ik it increases debt to income but when do u know you have too much debt to ur name?

@ChandlerDavidSmith

4 жыл бұрын

Kanav Sahani there is a long answer to this question. Check out my video on debt!

Sir so moral of the video is better to Finance at least 20% down payment on an investment property vs paying cash? Thanks

@ChandlerDavidSmith

4 жыл бұрын

66 Deville one of the morals haha thanks for watching

Hindsight is 20/20

690/month?? Your for sure not in Cali...

@nikolalutov8898

3 жыл бұрын

Idaho, I think...

Chandler what about having pulled a heloc and bought the others using the cashflow from this one to justify and smooth the purchasing process for the others??

@ChandlerDavidSmith

4 жыл бұрын

Frenchy Alicea I’m not sure I understand what you are saying. Can you re state it?

@frenchyalicea649

4 жыл бұрын

@@ChandlerDavidSmith when you talk about having "all your money tied up because you bought the condo cash"..I'm wondering why not take advantage of a heloc and have access of the equity, buy the other units and you dont (wouldn't have) missed any opportunities to acquire the other units when they became available to purchase?

@ChandlerDavidSmith

4 жыл бұрын

Frenchy Alicea oh, gotcha! I should have, but I was young and dumb ha ha

Can you do a video in finding a management company, what they do, how it helps the investor and how much you pay and how all of that works. Please?

@ChandlerDavidSmith

4 жыл бұрын

Zeyad 45 ya for sure. Will do!

@brendenellasfunadventures4186

4 жыл бұрын

Zeyad 45 hi I'm an investor from Cali and invest in condos out of state in Oklamhoma. To answer your question it's basicly I have to go out there and find and speak to them and ask them as much questions that is pertaining to your situation. I went through 3 PM companies before finding what I hVe now . They will chRge you either 8-10% but everything is negotiable after you build a relationship ship with them . Mines changes me 10% . And 75% for the one time lease up fee of your rent for finding someone to rent ect . Their markups with maintenance is 15% of any invoice for a work order( if you use their vender . I have my own ( vendor / contract guy I found there ) that's another story about finding my contractor .. rent is deposited into our business account from rent after fees and any work or maintenance that has been done . So don't exspect a profit your first month . If u have any questions fee free to call me 2092421320

great video!

@ChandlerDavidSmith

4 жыл бұрын

Aaron Yoon thanks! Glad you enjoyed it!

Chandler, did you propose to do seller financing and the seller wasn’t interested? That would’ve given you the lower down payment; just wondering why the deal went the way it did. Great video and I appreciate that your audio is so good!

@ChandlerDavidSmith

4 жыл бұрын

mbonillo email I didn’t even ask for any kind of financing. It went the way it did because I was still learning and didn’t understand the importance of leverage at this point. Looking back I would have gotten some kind of financing but at this look that I can just look back and laugh. It was a good learning experience.

Im going to invest in condos

Seems like the off market deals seem better!

Not a word about HOAs?

No offense, but I specifically like your videos because it seems realistically attainable with hardworking and determination. When you’re watching people like Cardone at times it can be overwhelming thinking how am I going to get to this!

@ChandlerDavidSmith

4 жыл бұрын

james jones no offense taken. That’s why I made these! I’m glad they have helped and made it realistic for you!

Wondering about planning, my basic one is to take my 100k trust and put it into an S&P ETF and just compound it with monthly additions until i can afford to take out a couple down payments, looking for any advice or criticisms, I'm trying to turn my families wealth into a massive one by being frugal and having a good job

@zahidpinzon9408

Жыл бұрын

IMO - you can easily afford a duplex triplex, or four-plex. Maybe even more depending where you're from! Look into programs, for example FHA is first time homebuyer association offering 3.5% interest rate for first time home buyers. You have to live in a unit for at least a year while other units pay off your mortgage and you collect your monthly profit (passive income) Obv the bigger the scale you go the more you'll make. With 100k you are more then perfect to start making a persons yearly salary with rental properties.

Hello David I like your video on condos , just wanted to get my first condo for myself and maybe turn into an investment if possible any pointers you can give on how I can get started??, I want to feel if now with this pandemic is good to make moves like this thanks! .

@andrewford7185

2 жыл бұрын

Hey bro, I’m also in the process to begin saving for a condo have you began to buy one yet or are you still learning

Cadian condo i just baught the cheapiest ome i cam find legit 1 bedroom for 155

Do condos grow in property value at the same rate as houses?

@christiancalderon3821

2 жыл бұрын

Location. Location. Location

Great video as always, Chandler. You mention when you first got the property you were getting $690....what are you getting now per month? Also, I've heard people mention only invest in a rental property you know you can break even on within 7-8 years. Is this a good rule to follow? Essentially bring in enough per month that within 7-8 years it equals the purchase price + expenses.

@ChandlerDavidSmith

4 жыл бұрын

I believe it is at 750 now. When it comes to breaking even I think it depends on the investor you speak with. I make back my initial investment within 5 to 6 years and sometimes sooner. But that’s not paying off the whole house, that’s just making back the down payment I put on the Home and it’s your cash flow that is paying it off so that’s after making my monthly mortgage and all my expenses. This doesn’t take into account the money you’re making on principal paydown or appreciation.

@chartuck

4 жыл бұрын

@@ChandlerDavidSmith Thanks for clarifying man. Appreciate your work and advise on real estate.

Get a property manager! Saves time.

Can you talk about management company please?

@ChandlerDavidSmith

4 жыл бұрын

Will do in a video soon!!

Why didn't you mention cons about condos like HOA and that type of stuff.

@christiancalderon3821

2 жыл бұрын

HOA MAY be part of your utilities. Again, it may. It depends on the condo's association

Where are these properties?

@ChandlerDavidSmith

4 жыл бұрын

Idaho!

As a first time buyer , If I only qualify for a condo or a hometown at the moment, but knowing I will qualify for something bigger next year after I file taxes, would you pull the trigger now and buy a condo or town house now to avoid throwing over $9k in rent and actually putting it in something or would you wait for the bigger property in 2020 ? Also what’s your opinion about Condo VS Hometown ? Also Would I be able to get out of the condo/hometown and rent it out and hopefully get some small cash flow and buy something bigger ? Thoughts ?

@ChandlerDavidSmith

4 жыл бұрын

Mosiah Martinez if I was you I would definitely get into a property if the numbers work. Try and find something that will rent great after you move out. Buy it with the plan of holding onto it for a while. I believe condos are harder to get financing on but I can’t honestly tell you I know the difference between the two other than that

@brendenellasfunadventures4186

4 жыл бұрын

Hi fellas I started buying condos (3 closing at one time ) yes condos are a little harder to finance because they typically want a 25% but it depends on the lender . So what we do it live in California and buy in Oklahoma so much cheaper to buy . Yes , rent is lower but at the end of day it's all about cash flow . After all said and done ( buy, rehab , rent ) refi later and repeat ) BRrr ---- our rents cover everything including PM fees and HOA . We end up cash flowing average of $130-160 . Many people mig Huy see this as "why r u even doing this deal " but we thing about long term and leveraging financing from the banks . We used a local low see there in OKLAHOMA. But I can use anyone that will find the deal . Obviously YOU have to qualify for any loan you getting .

This dude and Kris Krohn are beast.

Do you have an LLC or buy them under your name?

@christiancalderon3821

2 жыл бұрын

Never a llc. CONVERTED to a holding company. Holding means protecting your assets n passive

Can't you just get a loan on it and take your money out?

@ChandlerDavidSmith

4 жыл бұрын

Ruben Munive i’m buying bigger properties with my loans so it’s not worth wasting one when I have limited loans.

U should give your buddy a finders fee

I had the pleasure of speaking to one of your representatives during the summer, however, the program already started and I had school obligations. I am very serious about joining your team and would be happy to go through all the requirements. Please contact me as soon as possible. I went ahead and emailed already, thank you for your time.

@ChandlerDavidSmith

4 жыл бұрын

Hussain Al-jabur send me a pm on instagram @chandlerdavidsmith

@hussainal-jabur9227

4 жыл бұрын

Chandler David Smith okay I’m going to go ahead and make a instagram, just wanted to give you a heads up if you see no followers/following to not be alarmed.

Why not just refinance it to get your 73k back and then some

So he hasn't even gotten an ROI yet. He said he's made 50k in 7or 8 yrs. WOW!

@sleepmoneyken9234

Жыл бұрын

Keep in mind he owns it . His orginal 73k investment purchase is still in the equity of the condo . He can sell and get his 73k back or more plus he made 50k profit . It's a win win if you pay cash . So his 73k is safe instead of sitting in the bank collecting peanuts every year .

Make a video on your childhood? were you in the streets?

@ChandlerDavidSmith

4 жыл бұрын

##AlbanianPrince will do. Not in the streets though.

@Realizinq

4 жыл бұрын

Chandler David Smith I knew u werent in the streets, i was in the streets like a muhfuckin lightpost. But my life has changed now started by flipping properties but I now have 2 properties that i post on airbnb. Love your hustle bro👌🏼

@ChandlerDavidSmith

4 жыл бұрын

##AlbanianPrince that’s incredible man! Congrats on your success! Thank you!!

He said a whole lot of nothing...

first

@ChandlerDavidSmith

4 жыл бұрын

Steven Cornwell 😜 thanks!

@syguzman5739

4 жыл бұрын

Steven Cornwell, what was your favorite part of the video? What did you learn from it?

@stevencornwell5934

4 жыл бұрын

@@syguzman5739 Don't be afraid to use leverage. Don't be afraid of calculated debt. What did you learn MISS GUZMAN

@syguzman5739

4 жыл бұрын

@@stevencornwell5934 You know what he mentioned right after buying the condo? His frustration over getting called in to do maintenance. He described it as "the worst job" because he was only receiving a set amount of rent per month but was putting in 4-5 hours or more in repairing the condo. While he _didn't_ come out and say it in the video, it's suggested that he didn't hire a contractor to do an inspection on the property before purchasing the condo. Had he done that, he would have known the condition of the property and received an estimate on how much repairs would cost. But it sounds like he saw the condo and because he "fell in love" with the visual aesthetics, he jumped on the opportunity to buy it without the condo having been inspected, then felt remorseful about having to deal with repairs. If the property were in excellent condition and he wouldn't have had any trouble, I doubt he would have made this video in the manner that he did. He would have been speaking highly about his investment and how proud he was to own the condo rather than negatively recount his experience with the property. Hopefully, he's in a better place as an experienced landlord now where he's avoiding these challenges.

@stevencornwell5934

4 жыл бұрын

@@syguzman5739 Are you his secretary? The comment police? #1 fan? If so, why weren't you first to comment, like me? Oh you didn't hit the notification bell? Hmm....step it up Sy Guzman!