Too bad that I didn’t have $3,000,000 when I was 30. Guess I’m out of luck. I am grateful for the humble home that I live in though!

@okaydude2863

29 күн бұрын

I didn’t have a real job until I was 24; and there was a small window shortly after the 2008 recession where I could have house hacked and done all this and ai blew it.

@liftfresh4life

28 күн бұрын

I'll make 6m before 30 for the both of us

@okaydude2863

28 күн бұрын

@@liftfresh4life you go girl/boy!!!!

@Daf__XL

28 күн бұрын

You think you can get a rental house for 300? 😅

@divertiti

27 күн бұрын

You don't need $300k down payment to buy a single property wtf?

If you can get approved for 10 mortgages at a time before you are 30 I’d be amazed

@yveslafrance2806

27 күн бұрын

You can if daddy is worth $300M

@TheAnswer70

24 күн бұрын

You can through an LLC as long as the math adds up you will get the loan...

@beatricerights

24 күн бұрын

You are not buying them all at once. If you house hack and buy one every year you can get an FHA loan.

@crashtestdummy1972

24 күн бұрын

​@TheAnswer70 if you have an llc making that kind of money, you are already financially free as long as that business generates a strong net income

@emojidinosaur7300

23 күн бұрын

that was DR.

I can't imagine spending all of my free time chasing ten tenants around for rent, fixing every little problem that comes up, the evictions, finding new tenants...

@siege2928

Ай бұрын

Neither do landlords, that's why their houses are always neglected and "repaired" by the local crackhead that lives behind CVS in a tent.

@Madchris8828

Ай бұрын

It's easily the worst time to be a landlord. Maybe ever? 😂 Honestly better bet is to sell to businesses, and even then it's hard to get long term tenants at times.

@KungFuBroFist

Ай бұрын

That's why you hire a property manager

@myindigosky4061

Ай бұрын

That's what management is for. I do this for landlords.

@Madchris8828

Ай бұрын

@@KungFuBroFist sure you are technically correct and the issue is the upfront capital to do what said gentlemen was referring to. very few will be able to do that. To those that can, great though !

If u can afford 10 houses n u still dnt have financial freedom, sumtin is wrong

I can barely afford Big Mac combo without using the app 😂😂😂

@SethHainly

4 күн бұрын

😂😂

@Octoberfest29

Күн бұрын

Hahaha haha ha this shouldn’t be this funny 🥲

@chadbailey7038

Күн бұрын

Lolol. Why do I feel seen in just this one comment 😅

@krayz3d214

2 сағат бұрын

Racking up perks just to get my free meal or discount.

I am 23 years old and have 4 rental properties (financed), it is not easy but it is possible! I’m not making much from them yet but it is a long term play!

@kalatitati8795

7 сағат бұрын

If this is true, you should be proud of yourself.

Why didn't I think of that while I was paying off student loans and trying to find a job with health benefits? Silly me! 🤦🏽‍♀️

@19hundoc47

25 күн бұрын

That’s literally exactly what I did, while paying off student loans. I have 11 properties in my mid 30s, started 10 years ago. Now I have 2 million in equity and I’m managing all my properties myself. It works! There’s risk in anything! There’s risk slipping in the shower and hitting your head! Don’t be a Ramsey sheep

@MooMoo69556

25 күн бұрын

Should’ve joined the military n not took out loans then stupid. I used my VA loan to do this method and I’m making $28.9k a month. Sucks to suck

@JennyShull

23 күн бұрын

Not everyone can join the military

@joshuasteele5108

6 күн бұрын

The asvab is like a 10 now. A box of crayons could join the military ​@@JennyShull

Lol. I had two houses by 30 and one was occupied by lots of crackheads. I use to take a weapon with me to collect rent every month. I had to come on the first or 3rd before they smoked the money up. Fun times!

@chadbailey7038

Күн бұрын

😅 goddamn. This what they don’t tell ya!

@Herhighness211

Күн бұрын

@@chadbailey7038 the Wild West out this jawn.

"Just buy 10..., just go 4 million in debt. Please god take my crap advise and buy my houses before the market falls out from under me.:

@thomascosnyka8638

28 күн бұрын

I can't help but think this is the reason we are hearing about this kinda stuff nonstop lately...

@19hundoc47

25 күн бұрын

That’s literally exactly what I did. I have 11 properties in my mid 30s, started 10 years ago. Now I have 2 million in equity and I’m managing all my properties myself. It works! There’s risk in anything! There’s risk slipping in the shower and hitting your head! Don’t be a Ramsey sheep

@Cdaragorn

24 күн бұрын

@@19hundoc47 You won the lottery and think that means other reasonable advice is stupid. Comparing the risk of minor injuries every day with the risk of putting yourself into abject poverty and bankruptcy just because a few people decided they don't want to pay rent is beyond insanity.

@crashtestdummy1972

24 күн бұрын

​@19hundoc47 dude, you got lucky. Your situation had everything go right. You can't create a template for success on blind luck.

@strangelyukrainian7314

22 күн бұрын

@@19hundoc47 And where did all that capital come from? Because for the vast majority of Americans, even getting enough for one down payment is a Herculean task. If you built that original capital through your own work, kudos to you, good job, but most people don’t have the privilege of not having a whole bunch of disadvantages from the start

All that stress just to make $14k a mo ($168k annually) before taxes? It’s a hard no for me 😂

@thesig301

28 күн бұрын

Not even, the “revenue” / rent would be used to pay off the mortgage and expenses. You really only profit from real estate when you pull equity or when the house is fully paid off 30 years down the line. Doesn’t sound like fun waiting 30 years to see the fruits of your investment

@charlesphilhower1452

28 күн бұрын

Somehow when I owned rental properties the profit level went down over time as taxes, government regulations went up tripled in a short time as other expenses also went up.

@ItzRoe

27 күн бұрын

You do realize you gain a ton of tax deductions now that this is basically a business lol

@charlesphilhower1452

27 күн бұрын

@@ItzRoe Which would mean you would have to have substantial other income if you are buying property to create a loss for tax deductions.

@d3adlyxasian

27 күн бұрын

@@charlesphilhower1452 Rental property owners can deduct the costs of owning, maintaining, and operating the property. Only the value of the buildings can be depreciated. You can't depreciate the land since it never gets "used up.

That clip at the end was so well timed.

This is Dave Ramsey thinking! Pre-Bankruptcy😂

The house next to me was vacant for over two months. Imagine if that happens to a few properties at the same time. And then a couple tenants decide to not pay. And then maybe you have a couple air conditioners go out. You could go bankrupt real quick with that much risk.

@jayc4715

Ай бұрын

And it DOES happen

@70qq

29 күн бұрын

or if the market in your area goes to crap , and all 10 houses are in the same area , as most rentals are for a landlord ... if one or two sit empty for a 2-3 months , a couple more are likely to follow

@drrush3421

28 күн бұрын

Landlords insurance

@Ratchet25

25 күн бұрын

​@@drrush3421how does that help? (serious question)

Yes sell 3 homes to pay for the remaining 7. $900k will definitely pay off $2.1m of mortgages no problem.

@priestesslucy3299

Ай бұрын

Did you miss the part where this is 25+ years into the 30 year mortgages? I haven't run the amortizations here, but I would hazard a guess there's probably enough equity in the project for selling off three of the ten to pay off the rest.

@cellsheet

Ай бұрын

@@priestesslucy3299assuming you make it that far, or even get to the point where a bank will actually loan someone $2.1m in mortgages. Actually, come to think of it, someone actually did manage to do that and more and that would be Dave Ramsey when he went bust.

@drrush3421

28 күн бұрын

@@priestesslucy3299no he said 25 years in all are paid off but you could do it earlier by selling 3 to pay off 7 but how that works is not explained

@midkort

28 күн бұрын

I would encourage you to be humble and simply ask sincere questions. From your comment, it's apparent that you don't yet know the basics of real estate.

@daveulrich4623

27 күн бұрын

Why on Earth would you pay the last 5 years of ANY mortgage off, especially a 30 year. It will be nearly all principal. TERRIBLE advice. These fly by night “experts” just keep popping up and acting like property management is a slam dunk and simple investment. Laughable

Rental property investors never talk about the risk of bad tenants, bad appliances, economic downturns, etc. it’s as though they own rentals with tenants who don’t face layoffs or financial struggle and never move out even if they have financial success and career growth.

@annaburns2865

Күн бұрын

The risk might be a small problem. But the larger problem is having the money up from. These older people 60 and up, are so ignorant.

10 houses is at least 3-4 million dollars who's going to loan someone that much money In their 20s ? And at least $50-100k I'm down payments. Also have to assume they at least break even the day the tenant moves in. And you have zero vacancy. Otherwise you need a very high income to cover any gaps

@zentalia8133

Ай бұрын

Yo, ya know , I got a small loan of a million dollars from my daddy 😂 jk that was the ex prez

@Madchris8828

Ай бұрын

Yeah I don't know what this guy is talking about. Probably 0.1 percent of the people at that age can pay for that

@priestesslucy3299

Ай бұрын

The hardest part is getting into the first property. Once you're in and cashflowing (whether you got that cashflow from value adding and raising rents, a fat down payment or something else) your debt to income ratio is lower than when you started.

@electrodynamicorb6548

Ай бұрын

@@zentalia8133he’s coming back

@okaydude2863

28 күн бұрын

@@thunderthormx in my experience, alot of these guys are buying properties in places we would not normally think of. Or, they just got real lucky with the timing.

The trick is 1. Don’t buy your house first. Get the rentals first. 2. Don’t get married unless she has rental properties already. 3. Don’t have kids until you both have rental properties.

Managing 7 rental properties would be a nightmare. Financial freedom? No- you're tied down to 7 liabilities and every member of every family living in those properties is a threat

@jayc4715

Ай бұрын

Yup

@hannah20071000

29 күн бұрын

7 rental houses would take very little work. I manage rentals for a living and 72 units is very little work (about 20 hours a week would do it). If I had 150 units, it would definitely be a full time job. 7 units would be maybe 1-2 hours a week on average and that's 'with me doing all the maintenance epairs and management. I'll happily manage 7 units for 1-2 hours a week if I got 7k a month from it. That's a hard yes from me.

@19hundoc47

25 күн бұрын

You sound scared bro. Don’t be a wuss

@NiceGuyDan08

22 күн бұрын

The alternative is working 40+ hours a week for 35-40 years, lol.

@CHENTIA4735

12 күн бұрын

Once you have more than 2, any additional one won’t make much difference. I have 11 rental properties and it is not taking much time to manage

Thats not taking into consideration maintenance and when a tenant moves out it's actually very expensive because you have to ensure it's cleaned and any maintenance done before a new tenant moves in. Then there's going through the process of finding a new tenant which is also time consuming as you interview them. That's also not covering major repairs. And then what if you get that rare tenant who destroys your property? Do you have the money to take them to court? Not to mention you need to draw up lease agreements, inspection reports and be available 24/7 if your tenant calls you in an emergency. Having 10 rentals is a full-time job or at the very least, a very very time intensive side-hustle.

@markblaze4909

5 күн бұрын

You get a good property manager. And don’t waste your time and effort on any of that crap

dont forget the emergency surgeries, tenants that destroy and dissapear.emergent $5000 repairs. etc etc

This reminds me of the conversation I had with some dude at the beach in Newport “just buy a 4plex and live in one of the units”

Risk and also down payments. I want to meet the lender that will give me 2-5 million in debt with no down payment… you need 20% down for an investment property minimum, that’s at minimum 400k. Average American makes 70k per year… you would need 6 years just to save up that down payment if 100% of your income went to saving for that… which it’s not. Odds are to generate that kind of down payment it would take you 15-20 years. I am a high income earner with two houses in my name and I struggle to save 30k per year. Doesn’t sound like a lot but let’s put that into perspective, that’s 600 dollars a week. It would take me over 10 years to save that amount of money. You have to be doing some crazy debt shit to get anywhere near that. Your home is 25% of your income unless you’re living way below your means, taxes are 20% of your income. That’s 45% of your income right there. So you now have 55% of your income that can potentially be saved but most people spend 10-15% of their income on necessities so at best you’re at 45% of your income left to purely save. If you have a 401k contribution you’re now putting away 5-10% additionally just to get the employer match. That leaves you with 40% of your income to save and invest, even if you make 100k a year you are talking 10 years to get that level of capital to buy 10 properties. If you want to talk about cash flowing properties you’re talking maybe 7 years at the fastest if everything goes perfectly. If shit goes bad you’re bankrupt though. That’s also assuming you start at 100k. You are probably starting at 40k meaning you have 20k available to save which puts your time span at 20 years if they even approve you for the mortgages. If you add in inflation and housing value growth you’re now talking that 400k is growing to 500-600k before you even get there. Not to put the damper on this but the bank doesn’t just give out money. You can maybe work your way into financing deals that require nothing down and only look at potential housing income like dscr loans but you’re playing with fire because when you lose income on 3k per month of properties, you now likely cannot cover the mortgages. Investing in housing requires substantial capital and good risk management practices to ensure properties are generating income to keep your head above water until inflation and rent growth give you comfort. Owning rental properties is a drown until you can swim type of business and if you don’t have substantial disposable income you are going to end up below the poverty line more times than you want

@Ratchet25

25 күн бұрын

You broke that down masterfully, but my question to that is what's a better alternative to real estate for an average person to gain financial freedom in a hopefully shorter more reasonable amount of time then? (without taking on a crazy amount of risk of course)

@cj-xc7xb

25 күн бұрын

Who thr frank is going to read thst 😅

@ligyron2835

Күн бұрын

@@Ratchet25the answer would be owning your own business that generates substantial income and then parlaying your money into additional business ventures that are relatively “hands off”. Why are there so many car washes? Because they are a low overhead, low monthly cost business that an “investor” can buy and basically just give someone a 50-60k a year salary to manage for them and collect checks from each month. I personally have a buddy who opened up a hand wash car wash that he never showed up to unless there was a problem and because of its location it was generating close to 2m a year. With recycled water, cost of detergents and waxes and his low payroll for the handful of employees he was netting nearly 1m for himself each year.

And you have 10 tenants making 100 demands to fix this and fix that every week, and 3 of them are months behind in the rent and your hands are tied to get rid of them. One of them has 4 big dogs that love to chew things up. Yeah, really! Sounds like massive headaches to me!

@dand33911

3 күн бұрын

I have 9 tenants. My phone rings maybe twice a month. Quality buildings + quality tenants = no headaches.

@sallyprzybil2404

2 күн бұрын

@@dand33911 thank your lucky stars! You’re lucky. Some people equate the word landlord with ‘my servant’. It’s not for me!

My wife and I own 3 and had to work our asses off to obtain them. We are just under 40. 10 before you’re 30?! Risk indeed. Tenants are not paying your mortgage. It just doesn’t work like that. People get sick, lose jobs, can’t pay etc.

@rafmatt1607

27 күн бұрын

Indeed. A few missteps and people are in over their heads.

@saiyedakhtar3931

16 күн бұрын

I got 7 (all free and clear now) before I tuned 40 (now 41), and it wasn't easy. The only way you can do it is to have a high paying job with a good credit score and to have the cash for down-payments. I started back in 2015 when prices and mortgages were reasonable. Now it's virtually impossible without access to cheap money or deep pockets.

@dand33911

3 күн бұрын

Section 8 near up and coming areas. Guaranteed rent until the market comes up, borrow against when it does, upgrade raise rents. It's a giant gamble, but it's possible.

@saiyedakhtar3931

2 күн бұрын

@dand33911 That's basically what I did, but it's not that simple. I got into the markets when properties were reasonably priced in tier 2 cities. Not anymore. Even the small cities are getting expensive. Second, not everyone can do section 8 as the inspection standards are really high, and they take 6 weeks sometimes to process your first payment after inspection. That means you have to keep a good cash reserve.

@dand33911

2 күн бұрын

@saiyedakhtar3931 Interest rates have all but eliminated cash flow for new investors. Prices are relative, rents adjust. A building that cost 200k at 2% and brings in 3k/month gross will still cash flow if it costs 300k. It won't cash flow if it costs 300k and the rates 8% instead of 2%, without raising rent. It's the interest rates that are the problem. And for what? Higher prices, that difference goes to the seller. Higher rates, a bank that created currency on a computer benefits. And everyone holding dollars looses.

The math makes sense, except the down payments are around $50,000 for each house. Collecting $500,000 before 30? You better be working from 5 to 18 instead of going to school.

@19hundoc47

25 күн бұрын

Or you do what I did and get roommates so you’re living for free. Then save for another house and rent out the one you just moved out of. It’s simple

@strangelyukrainian7314

22 күн бұрын

@@19hundoc47 Get roommates to live for free, and then rent out the home you lived in beforehand? So you already owned a home before you bought your first home? I’m confused, why are you getting money from renting out where you were before if you had roommates beforehand unless you owned the previous property?

@annaburns2865

Күн бұрын

5-18 is only 13 years. I’ve worked for about 13 years and I’m still broke.

@annaburns2865

Күн бұрын

You are living with roommates for free unless you’re actually their landlord. Most people wouldn’t take advantage of their friends like that.

Ya know, sometimes I feel behind in life. It makes me feel better that some people go this crazy ass route.

Alternatively. Get one rental house. Pay off the house then use the income to cash flow to pay for a second. With each successive one, pay off the newest house before buying another. Mitigate your risk. Don't bankrupt yourself. I can only imagine how that mortgage scheme would go if 3 of those 10 houses were vacant for 3 to 6 months. You'll lose all of those houses to foreclosure.

@drrush3421

28 күн бұрын

Landlord’s Insurance

@johnreed9050

27 күн бұрын

Or Covid hits and you get no rent for two years

@Erikpdx

27 күн бұрын

I refinanced my first home after 5 years and got enough cash out to put 20% down on a 2nd home. Did it again 5 years later. I bought fixers and did all the work myself. I have to remind myself to finish the projects I already have before I buy any more homes, though

@Erikpdx

27 күн бұрын

​@@drrush3421that covers you from damage, like regular homeowners insurance. It doesn't protect you if don't have a claim for damaged property

@daveulrich4623

27 күн бұрын

@@drrush3421 Loss of rent insurance is very costly. I also saw you suggested property management. No wonder rent is so high these days. Glad I own my house outright at 35. Sounds gross.

Shit my 30th is a few months away, gotta save up a few mil to put a down payment on 10 houses.

This channel is great for crushing your dreams.

Let me fix it. The start has to be "If you win the lottery at age 29, buy...."

I’m with the guy in the video got 3 homes and one commercial building age 40. Not overly leveraged got 50% down payments. A little behind the 10 number but it’s a start. Dave and you guys are sound advice for people that need it

People in the comments bitching, what he is saying is completely doable

I rented 2 houses simultaneously and the idea of breaking even as a goal is valid. Tennants will damage your property. They will get behind on rent. You still have to pay the mortgage, taxes, repair and replace aging equipment, legal expenses, dealing with maintenance contractors cutting corners, etc. I gladly got out of that game over a decade ago.

Sounds like a lot of work, interest, property tax, and maintenance cost. Alternative idea, invest heavily into an index fund and average a 7-10% return starting when you are 16 and do it until 65 and reap the benefits of compound interest and have a peaceful life leading up to that free from financial stress.

@markblaze4909

5 күн бұрын

No one has that kind of return Best return has always been real estate

@maxrice6990

5 күн бұрын

@@markblaze4909 I just looked it up and the S&P 500 has an average return of 10.26% going back to 1956 so yeah, anyone who did what I suggested would have got that. I was being conservative when I said 7%.

That hurt my brain in 10 seconds.

this guy just solved all my money problems who knew it was so easy 😮

There should be exponential capital gains on any home past your first along with an exponential land transfer tax. This will help get home prices under control.

I bought a 2-flat at 27yo! I had a good upbringing with good supportive parents and I lived at home for free the whole time. I had every advantage and I only achieved 10% of this crazy goal! This boomer is sitting on his wealth having forgotten a time when he wasn't so fortunate.

This financial freedom is amazing! Only costs your mental health and well being with the stress. No thank you.

That’s precisely what I did in 2000-2003 when I was in my late 20’s. I bought 9 homes on 30 yr notes. I didn’t make much every month but enough to keep it going. I sold 3 during COVID when the prices went bonkers and paid off my personal home. I have six left. One is paid off and I’m slamming away at the next one to pay it off and so on. When I retire at 57, they’ll all be paid for. It’s not near as easy now as it was back then to get financing on non-owner occupied homes though.

There is always risk. The bigger, the risk the bigger the reward. This is the truth.

Not to mention that if you're treating rental properties as passive income, you're either paying a lot for a property manager to maintain them or you're a slum lord who doesn't take care of his tenants. My uncle is a good DIY landlord who personally takes care of his properties. My current landlord has a property manager. My former landlord was just lazy.

Greedy landlords and corporations buying residential real estate is the reason for today's homelessness

@M_SC

Ай бұрын

$2000 a month rent is awful, if you’re paying that much you should get a house at the end of it.

@GDuncan8002

Ай бұрын

There were millions of homeless long before greedy corporations got into real estate.

@onmywayup94

Ай бұрын

Drug addiction is the reason for homelessness. You could say corporations are causing lifetime renters.

We don’t have to do that anymore with High Income ETFs available nowadays. They pay more with less capital, they are tax friendly, and no debt required. Just DCA and you’ll be making great income.

People just want someone to hold their hand through life... Mercy!

Risk? You can insure against most risk in Real Estate! you can also hire a property manager!

I started seriously saving when I was 40. 60 now with $1.6mil in the bank. When I’m 65 I’ll have more than 2. I’ll have that same $14k/mo coming in and I only have to replace 1 roof or a/c unit, not 30.

LMBOOOOOOOOO 🤣🤣🤣 you have to love this dude George 😂😅

It is really good advice certainly. The question is how do you buy even one rental house? Most people these days and even in the last decade can't even afford one house for their own primary residence let alone nine more. I suppose if you somehow inherit for a 400,000 you can take that and use that as a down payment for each of your 10 small rental houses

@RTHenry83

15 сағат бұрын

I'm 40 and have owned a few houses but only one at a time I'm not even on one rental house ever

That’s literally exactly what I did. I have 11 properties in my mid 30s, started 10 years ago. Now I have 2 million in equity and I’m managing all my properties myself. It works! There’s risk in anything! There’s risk slipping in the shower and hitting your head! Don’t be a Ramsey sheep

The problem with this, it assumes YOU have good tenants that are paying and you don't have a bunch of non-rent paying squatters for years.

Look, if you are wanting financial freedom, start a business. It has risk when you expand such as bad employees, risk of lawsuits and such but there are protections in place for those things. Growing a business slowly is probably one of the best ways to financal freedom if you want that freedom before retirement age

I was the first person in my family to go to college or even finish high school. There is no way they would have lent me money to buy 10 houses. I’m 33 now and an engineer. I still don’t think I could get approved for 10 houses.

Yep in my 20s I "had" 7 properties. Half of them stopped paying rent. Just because. I had to sell everything to get out of the hole

Median home price is $426k. With 20% down on each mortgage all you need to do is be a millionaire before you’re 30 to get started. It’s that simple kids. Edit: imagine the loss of “cash flow” every month having to maintain 7-10 properties. There will absolutely be negative revenue. That’s a lot of roofs, plumbing, appliances, driveways, kitchens, bathrooms, landscaping and whatever else comes up.

Most people can't even afford to buy 1 property for their primary residence before they're 30.

I lost it with the Jeff bridges comparison 😂

It's possible! I started when I was 34 when I bought my first property . First time I bought a commercial place fixed it and rent second year in the same location under the stairs made a small little store, the 3rd year I bought a multifamily 2 family. Now 2024 I'm 37 and I'm ready to buy Another multifamily house at this rate I can buy a house every year .you need to invest a lot of time fixing yourself and help with the family by your self is very difficult

10 homes bought by 30 is an insane metric to hit.. most people buy 1-2 houses in a lifetime

I like how you did the hand and eye movements as if this was complicated

14k a week until the government says Tennants don't have to pay then in 2 months the bank will get worried you can't pay and will ask you to pay all loans go 14k a month to 3mill in debt and you gotta pay in 3 weeks.

Attitude is important. If you feel that RE is too risky and too hard, then it likely won't work for you. I rather think that those with strict Ramsey mindset might find the concept impossible. I was 57 in 2010 when my wife dragged me to a RE investment club (kicking and screaming). After listening to the descriptions for SF & MF (single & multi-family), I decided to dip our toes in to MF as a passive investor in syndications. Times were good. Over the years, we invested and reinvested about $7.1M, have harvested about $8.7M and still holding about $3.2M (at cost). To be clear, there are no guarantees. If you are interested, learn the ins and outs before you jump and do not put your eat'in money into it. Have a plan B! And at age 30, I was not incline to consider RE, nor did I have funds to do it! Regards!

Risk can always be mitigated.

Buying one rental per month that’s between $70-120k per yr is very possible. Most people won’t do it, won’t spend an extra 10 hrs per week learning investing or a money making skills. They rather spend time binging Netflix, fantasy sports, and complain it’s not possible. If someone just spent 10-15 hrs a week learning new markets, finance, and making offers it’s very possible. Also there are a ton of lenders and banks that will lend up to 90% of purchase ($7-12k down) or give out over 20-30 mortgages like DSCR loans or small community banks or blanket loans. People rather go to college and piss away $100k on a degree they don’t care about or use and go into massive debt on a car. People need to start spending time with people who are going after bigger financial goals and they more likely will too

Don't forget property taxes. Ours is a homestead meaning it limits tax jumps and we are paying 3600 a year for taxes. 20 percent of our 1500 dollar mortgage is going to taxes. If we wanted to rent this place we'd have to rent it for 2k a month to break even if it takes 4 months to get a new tenant as well.

My friends dad. "Just do what i did, get a union job with a 24 year pension like i did, then at 42 go do another 24 year pension and then invest all your money into properties!" He told me the 2 jobs. Theyre over seas in china. And the few facilities left hear still in america. Have no pension or healthcare into retirement anymore. Basically. I cant do that lol. Same job he worked. Gives a 3% match for a 401k now. The pension was 10.5% of what you made annually. Put into the pension. 100% by the company. You put in nothing. Now you have to put 3% aside. And they put 3% into it. For a total of 4.5% less into your retirement. That is souly based on the stock market doing well.

I have 11 rental properties and I am 38. There is risk to own rental properties but I don’t want to take the risk of losing a few millions by not doing so.

Ten rental houses in San Francisco is only about $20 million. Most people here can barely afford one house to live in let alone ten. You would only need about $2 million to start and I do not believe the average person under 30 has that much money saved unless it was inherited. I have relatives that own 10 apartment buildings, but they were purchased in the 1970’s when buildings were only $50,000.

You also have to manage and maintain those properties, that cost time and money. People act like it’s free money lol.

And the good thing is, you won’t have any rent issues or major repairs on any of the houses and your houses will never be vacant. Let’s see, by the time you’re 55, 10 water heaters, 10 roofs, 10 hvac systems. But what am i sayin’? You know to not have any bills of your own AND gouge on the rent so you can set aside money for these repairs. Just don’t gouge too much, your tenants will get wise and leave

Both my kids will have a rental property by 21 and focus on buying another house every 3 years until they own 6 each .

I'm 31 this month and about to close on my 14th house...

The cost just to.maintain homes has skyrocketed, new roofs, new AC, plumbing issues, plus higher tax rates and 200-300% higher insurance rates here in florida. Now couple this w/ 7-8% mortgage rates on a 30 year note means your paying 200% back of the purchase price. I call BS on this considering all the current factors.

Tried one rental home for a few years. Could not believe how hard it was just to find someone willing to pay basic rent. Had 3 tenants just decide to stop paying after a few months and then ask if I'd take half a month for now to let them stay. Sorry I can't afford 2 mortgages either. And you all wonder why rental property costs so much now. You ran most of us that were willing to take the risk of ownership for you out.

At that point if you trully are able to buy 10 homes just buy an apt building with 10 units. Easier to manage

I have one mortgage. No way my wife and I are getting a second with $100K income together and 780 credit scores.

There's also risk when you're relying on one income and social security.

Risk isnt the problem here its the reality that people under 30 are rare to be able to buy even a single home

Also if you aren’t putting money down how do you pay 10 mortgages for 30 years??

I showed my bank this video, they still said no

That approach literally means you would have to finically qualify for 10 houses. If you're doing that good you've already entered into financial freedom

@19hundoc47

25 күн бұрын

You should learn how mortgage lending works before posting. Qualify for one house, then save for another. Rent out the 1st house and present lender with a lease showing how much you are renting for. They count the rent you collect towards your DTI. It’s extra income to the lender. Then you’re good to buy another. That’s literally exactly what I did. I have 11 properties in my mid 30s, started 10 years ago. Now I have 2 million in equity and I’m managing all my properties myself. It works! There’s risk in anything! There’s risk slipping in the shower and hitting your head! Don’t be a Ramsey sheep

Where I buy the house from?? With what money???

“I’m sorry we can’t approve your mortgage loan application” “Which one?”

I have 5. Yes there is risk but there's inherent risk in everything. It matters how much exposure you can tolerate and for his long. If you can't even take care of your own house do not but more property.

Isn't that the broke guy that was on Caleb Hammers' show?

Let's say the average home is 300,000. And you buy 10 Homes. That means you need a 20% down for each home. So you need $60,000 per home which is $600,000. If you have $600,000 before 30 you are already set financially. Most people don't have that kind of money

To buy an average priced home today, you need to make well into the six figures. And I don't know a lot of under 30 year olds who are making well into the six figures when the average income is not anywhere close to that.

It is not has simple as that. You will have always have taxes to pay, and there is no mention of maintenance costs. House are worth owning but they also have costs associated with them. Also, I would not be comfortable having a note out on ten houses at a time. I never buy a house that I cannot cover the mortgage on if it sits empty for a while.

@19hundoc47

25 күн бұрын

That’s literally exactly what I did. Bought a cheap house. Got roommates to cover the mortgage. Then saved for another house. Usually took a year and a half to save for a 5 percent down payment. Then rent the first house and show the lender the lease. They count that as extra income essentially. Then buy another. I have 11 properties in my mid 30s, started 10 years ago. Now I have 2 million in equity and I’m managing all my properties myself. It works! There’s risk in anything! There’s risk slipping in the shower and hitting your head! Don’t be a Ramsey sheep

If you can afford 10 down payments and qualify for 10 houses in your 20s you never had a financial freedom problem to begin with.

Writing this down…

I love when these gurus start with "Okay, so you've got a couple million dollars, NOW what?" Like, bro... you skipped a step.

It's easy guys....he gave you everything you needed to make it big. Like, really big. Hell, if you're feeling festive, just buy an 11th as a Christmas present for yourself.

This guy and his kind of advice are the reason homes are unaffordable, even for people making decent income. Everyone nowadays think they can be an investor because of something they heard on a TikTok

Man when I was 25 this was the most relatable advice ever! I pissed away my 4,000,000 when I was 25. Fuck!

Lol that would be $10 million dollars needed in Toronto. No bank is gonna give you a loan for these properties unless you're already rich

Are we never supposed to take risks?

Please don’t do this. Allow people the same opportunity to own a home. You don’t need more than one.

Maybe because risk is the most obvious part of the entire equation and therefore he didn’t feel the need to mention it?

Not to mention that in 25 years that income wont be much and you arent factorijg in expenses like new roof ect

Aside from the satisfactory investment advice, does anyone know why there's a housing shortage? Says here that corporations only own 20% of the homes, and the rest are owned by individual investors.