Real Estate Journeys
This channel is about my adventures, which now is solely based on Real Estate investing. Previous offroad adventures will remain, but I am leaving my offroad life behind to start a financial journey in order to provide for my family and take care of my aging parents. After some serious effort and time the cash flow from the investments should allow for some family travel adventures also.
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Nice Jarrod!!! Way to share the progress!!
Hey Ryan. Welcome back to civilization. :)
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What community is this?
It is Michael Zuber's Skook community here: www.skool.com/one-rental-at-a-time-5427
That’s not a Minor milestone ❤
I guess I should have worded it differently. The goals are much bigger, which is why said minor milestone. As Dion would say, "Words are hard". :) LOL
@@ReiJarrod my favorite dionism is. “Have you met people?”
Congrats! Especially cool because you did it in just one year.
Thank you. I cheated by leaving the W2 for a year, but it was the best way to focus on it.
Tenant should pay utilities and WiFi
Tenant should always pay utilities.
They do in a way. I charge a weekly rate and include a percentage toward utils. Since this strategy is transitory, having tenants pay utils would be a nightmare.
Not to mention the secondary benefits of using the credit card for expenses is receiving cash back rewards and credit score increase.
Yes - It is a nice bonus. We do air miles on one and cash back on another.
Love it! I am also very interested in this and infinity banking.
Infinite banking scares me a bit because what if that company goes under. I don't like single points of failures. With velocity banking I am in control and somewhat safe as long as I stay under $250k - FDIC.
This is an Interesting strategy. Very cool. We are also in our way to financial freedom.
Thanks man. Day by day.
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Good stuff. I need to move to the pacific northwest.
It is expensive up here.
28:19 wardrobe 👍
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Thanks guys. Great discussion. Interested to hear how the research you do in Gary turns out for the 4 plex.
Haven't heard back from realtor yet, but investigating the area.
And you told me how to make money
I just sent you an email. Just finished your interview with Mark Oshiro. Good stuff I have questions.
Glad you mentioned this. I found the email you sent in my spam folder. :)
Driving the used car is so huge! I drive a 99 rust bucket camry and my friends would always say get a new car already. Ain’t no way ha. Thanks Jarrod. Love the content.
Hell yeah man I just paid off my Yukon so I can sell it and recoup 30 grand. I'm also going to fly down to Arizona and sell my truck that I use for all the properties to recoup about 14 Grand. I'm going to use that money for investing.
Thanks Jarrod. Agreed about rei avengers. All great teachers. Your positive cash flow is incredible. Look forward to where you’re at in a year. I want to go go go, but for better positioning I need to slow down ha.
Yah man. Little by little we will all grow. The community all these guys built is so freaking amazing! I feel so blessed to have fell into this group.
I realize PML is not your primary focus but would love to hear how you do it with the SDIRA, what controls you have in place, do you have an attorney approved contract, etc.
Sure - hit me up on Skool
I haven't seen anything on Skool, so I will reply here. I use Directed IRA as my custodian. I have them put 100% of my IRA funds in a company. It just so happens I own that company and manage its investments. :) It is referred to as a checkbook LLC often times. I currently have most of the funds invested in 4 week T-bills so I can stay pretty liquid. I have a portion of it out in loans for a few trusted flippers that I have worked with over the past year and some change. As for the legal stuff I do take out a lien position either on the target property if the equity is there or a 1st lien on a 100% owned home. If it is a new borrower I typically do a personal guarantee and a JV agreement. I have basically been trying to turn the money over twice a year so I am a 6 month and under lender. If there was monthly income from the loan I would consider longer loans but haven't done that to date.
Subto student. I am trying to do padsplit here in San Antonio. Been trying to find someone to help me negotiate an 8/7 property.
Let me know what I can do to help. [email protected].
Love the comments, thanks Jarrod!
Thanks man. Little by little!
Thanks Jarrod. Looking forward to your interview with Marc.
We did the interview yesterday. Not sure when he will post it on his channel. Hopefully it was good. :) LOL
I don't have enough equity in my home to pull a HELOC (at least according to one of the bigger banks). Should I shop around for banks and see if anyone would do it? Or, is there a certain amount of equity you need to even be considered for a HELOC?
Heloc's are getting tougher and tougher to get with the current economic climate. I believe banks in the past typically like to limit the heloc to less than 50% of the equity depending on credit score. They gave me a 25% Heloc ($105k) because the economy is rough, but I had $400k in equity and have 800 credit so it was worth it for them to do it.
The other thing you can do is get a zero percent credit card as long as the time frame to pay it off doesn't extend past the X months the percentage lasts. It won't work on mortgage payments, but if your goal is to pay down some other form of debt it works. IE : Let's say you have a few credit cards, car loan etc... You could consolidate them all to a zero percent card and pay everything toward that for a while if that increases your cash flow to do so. The big thing is you have to be disciplined with money. If you are not then it will definitely bite you in the butt. :)
I would suggest trying to establish a relationship with one of your local credit union's, if you haven’t already. Credit Unions tend to be way more flexible than the big banks.
@@wwmassey I have heard that and will look at this in the future. Thanks for that great advice.
In a few months when the Heloc is paid off I will probably just use my monthly income minus the mortgage payment to pay on the credit card. Since the card is at 0% till the middle of next year it most likely will make sense to just pay directly to the card. After the card is paid off I will run the numbers and target one of my mortgages to pay down saving me the front loaded interest on the amortization. I am not trying to pay off any of the mortgages. I am simply trying to reduce the amount of interest at the front end of the payment schedule. This will increase the amount of principal each subsequent payment that is made by my tenants.
Thanks. Need a masterclass on spreadsheets. Yours are in depth. 👀
Hit me up man. We can go over it line by line.
@@ReiJarrod Appreciate it Jarrod. For someone with your experience. I think of the highest and best use of time. One day when I run out of capital, I would ask about PML if you have time. Especially when you compared it with dscr. Thank you.
I've heard you talk about this before but never really understood what it meant. I literally thought it was a bank or something, thanks for sharing!
Cool - Glad it helped a bit. Essentially I am borrowing money @ a 9.05% annualized rate to consolidate and pay off other debt. The cool part is since I am using my checking account associated with my Heloc the payment gets satisfied every month by the income deposits. :)
The Heloc interest charge is based on the average daily balance. A typical Mortgage is based on a 30 year amortized schedule.
I'm not sure this is coming across the way you think it is.
How do you mean? I did this on my phone so I see the inreal estate is messed up. :)
have daddy buy you a mocking bird
He sounds like he has a g4n to his head
Speculative markets that fuck everyone else over. The American way of success? Personal wealth for societal poverty
Retirement, so ready.
He sounds so confident....
Because he is confident. Confidently uneducated about today's generation and their financial situation, but still, confident.
@@TheDarksteel94 To be fair, I don't believe so. My uncle in the trades was in jail most of his life and got out a few years ago. He's now a welder making over 150k/yr, close to owning a home. Just keep finding ways to increase your earnings and you'll be fine, or don't and complain whilst staying broke..
Money is gay. Go touch grass. There's food outside and it's tastier and more nutritional than that garbage your monopoly money buys 😂
So your genius ideas if you don't have money don't worry just get started? That's some absolutely great useless advice thank you superstar
Start planning financially. BUDGET Get rid of debt from most to least and snowball Spend less than you make Save up an emergency fund enough to replace car tires and battery (not reserved for that, but every country has different pricing structures it's just a way to label save up this amount, but let's make that amount $1000 which could be easily done in the US, but here in South Africa a lot of people would work for 2 years before getting such amount of money) Start investing in mutual funds and retirement funds (401k if you're american) These steps will definitely make you a millionaire, not tomorrow or next week, not next month. It's a plan for your fifties and sixties Now you're futureproof, now you gotta start taking a few risks or continue down your path and retire comfortably, depends how you want to live I'm 21 years old, followed Dave Ramsey's advice (although it's a bit outdated, it's still relevant) I'm now in my stage of risk taking, we have three projects worth a shit ton of money Will I make it? We'll see Letbee.co.za
Keep winning
Not having money is not an obstacle that can't be overcome but nonetheless it is an obstacle.
If you want it. You will figure it out.
Same thing for me Jarrod, the catalyst for this journey was/is the taxes. It's insane how much money I am throwing back at the government.
They keep pushing and we have to adjust. I am thankful I finally pivoted.
Thanks Jarrod! Congrats on 500. Another source of income when you build your channel!
LOL - I don't know if I care about any type of monetization. I am treating this as a way for me to look back on history and if someone learns from it great. Who knows, maybe I will partner with someone some day from it.
Congratulations Jarrod! At some point I am taking the plunge 😅
You already are. Congrats on pivoting and going forward.
Congratulations on 500 subscribers
Thanks man. Don't know how that happened. :)
Winning
We are trying. Little by little.
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What you know about lemonade?
It is made with lemons. :)
Its like we’re living the same life
How so?
You know what you have when it's gone.
Yep