How would you like to be fabulously wealthy and spend your days on a yacht drinking Champagne from a diamond-encrusted goblet? One tip: marry a Kardashian. But if you just want a better life and more freedom to spend time doing things you want to do with people you love, I’ve got another tip: Invest in real estate.
I’ve been investing in real estate, both flipping and rentals, for almost 15 years now. And I want to teach you the basics of building wealth and passive income through real estate.
Here’s the idea. This video is really designed to teach you the fundamentals, the basics, and really everything you need to know to get started on your own real estate investing journey. Even if you’re starting with no experience or no cash or no credit or even if you aren’t a Kardashian.
Let’s get to it.
7 Key Lessons for Real Estate Investing
1. Pick a Strategy and Stick to It
This first lesson covers the basics because there are a lot of different ways to invest in real estate.
That’s one of the reasons I love real estate investing so much. It’s like that weird box of chocolates they sell around Valentine’s Day—there’s really something for everyone. (P.S. Whoever puts those weird cherry nut things in there, that’s disgusting. But I love the caramel ones.)
For example, there’s house flipping. You’ve seen the TV shows. You buy something cheap and nasty. You fix it up really nice and pretty, and then you sell it fast for a lot of money.
At least, that’s how it’s supposed to work anyway. And many times it does. I’m not a big house flipper, but I’ve done a few of them so far this year and made almost a quarter-million dollars in total profit on those. It’s not a bad way to make some money. And there are ways to do this for little to no money down, which I’ll cover in another lesson.
However, the downside of flipping—besides having to manage contractors, stay on budget, stay on time—is that when the flip is over and you get the money, it’s done. You pay the taxes—and it’s a lot of taxes—and that’s it. There’s no more money coming in.
That leads us to the most popular way to invest in real estate versus flipping: rental properties.
Rental properties are like the little oil wells you see on the side of the road in Texas. When you buy them correctly, they just pump money out of the ground every single month. It gets deposited into your bank account over time.
When you collect enough of those little oil wells, you have enough to quit your job and travel the world and pretty much do whatever you want and drink Champagne out of the diamond-encrusted goblet. It’s really awesome, but it does come with some management headaches, which thankfully you can hire professional property managers to deal with 99% of. Of course, you still have to deal with the property manager, but they take the bulk of the work.
Keep reading the article “7 Essential Real Estate Investing Tips From a Successful Investor” here:
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