Sharon Lechter & Michelle Seiler Tucker have spent their careers focusing on one main goal: exiting rich. Whether you own a manufacturing business, a nail salon, or a portfolio of rental properties, you may one day be bought out in a fantastic fashion. In fact, that’s what their book “Exit Rich” is about!
Sharon and Michelle walk through the 6 Ps to a profitable exit, regardless of the business you’re in. This can help you as a real estate investor start putting systems in place to grow your portfolio faster and with less work from you later on. If you’re willing to put in the upfront effort to start hiring right, systematizing, and opting for efficiency you most certainly will “exit rich”!
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2:13 Quick Tip
3:07 Exiting Rich with Sharon and Michelle
10:14 Why Most Businesses Won’t Sell
15:46 P #1: People
24:50 P #2: Product
26:53 P #3: Processes
36:08 How are Companies Valued?
37:56 P #4: Proprietary
41:33 Company Names and Branding
56:30 P# 5: Patrons
1:03:01 P #6: Profit
1:07:24 Famous 4
If you’re planning to move out, you might be wondering, should I buy or rent? Today, we’re gonna discuss the pros and cons of each.
Dealing with personal finances, especially since it’s not taught in school can be quite hard and confusing. I hope this video and this channel will help you out in the challenges we are facing right now with personal finance, entrepreneurship and adulting in general.
0:00 – Intro
0:16 – Start of Video
1:08 – Outline
1:46 – Pros & Cons
4:07 – Unrecoverable Cost
5:10 – The 6% Rule
7:46 – Sample computations
7:54 – Price-to-Rent Ratio
9:00 – 6% Rule
9:42 – How Much can you afford?
9:48 – How Much can you afford: 28%
10:09 – How Much can you afford: 3X
10:27 – How Much can you afford: 30%
10:43 – Who should Buy
11:24 – Who should Rent
12:03 – Final thoughts
► Previous Videos :
REAL ESTATE 101: Home Loans? ► https://youtu.be/YF8UD18T3Rs
PASALO CONDO BUYING EXPERIENCE ► https://youtu.be/VvnPSVuWPzE
CONDO VS HOUSE & LOT ► https://youtu.be/jBwV7_Udpu0
CREDIT CARD 101 : What you need to know ► https://youtu.be/gYtCLmcy65U
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This video and description contains affiliate links where I may or may not receive a commission. This helps support the channel and allows me to continue to make videos such as this. I am not a financial advisor. Always do your due diligence.
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My name is Matt Theriault. When aspiring, frustrated investors are stuck in the proverbial “rat race,” they come to me.
I help these people create passive income through creative real estate investing strategies so their money works harder for them than they do for it, resulting in ultimate financial independence and freedom. Get Started here 👉 http://EpicBreakthrough.com
Whenever you’re ready… here are 3 ways I can help you become the healthy, wealthy, beast of an investor God designed you to be:
1. Become an Epic community member at “Epic Real Estate Investing.”
One of my favorite things to do is share with investors real estate trends, interesting guests, and housing market news. We do it every week and you can listen in by subscribing to http://EpicRealEstateInvesting.com on Apple Podcasts.
2. Learn to creatively financing real estate
If you want to go deeper with creative investing tactics, wealth-building strategies and have a little fun, too… take the first step here for free 👉 http://bit.ly/epicrbb
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If you’d like to work directly with me on your business… meet me here and answer some quick easy questions and we can hop on the phone to brainstorm some cool ideas for you and your market 👉 http://bit.ly/epicace
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In today’s video, we’ll be speaking about the 12 steps that I used before purchasing my first rental property. These steps were paramount in the success of my first property transaction and can be applied to all investors. Make sure to follow me on Instagram: Griffin Milks
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Here are the steps used to buy your first rental property:
Step 1: Save up for your downpayment. When buying your first property, I tend to recommend using an owner-occupant loan, with as little as 10% down. This allows you to leverage your capital quite a bit more, lower the time needed to save, and increase your potential return on investment.
Step 2: Getting your credit in order. Unless you’re paying for your property in cash, you’ll need to take out a mortgage loan on the property. This means that you will require good credit to secure a good interest rate and even get approved at all. Pay off your debts, clean up your loans, and increase your credit score.
Step 3: Talk to a mortgage broker and get pre-approved. Using a mortgage broker will save you time and grief for finding the best mortgage. This person will also help you get approved for a loan and steer you in the right direction. A pre-approval letter can be an asset to include in your offer.
Step 4: Start searching for properties and have a strategy in mind. Try to analyze as many properties as you can on the internet and then visit a couple dozen properties in person to get a good idea of the market and what’s available. In this step, we also speak about whether or not I purchase my properties in a corporation or not.
Step 5: Find a competent real estate broker. This individual will know the ins and outs of closing a deal, and what needs to be done in a contract. This is one of the most important steps in successful property business.
Step 6: Find a property that only needs cosmetic repairs. I would recommend doing as many of these cosmetic repairs as possible yourself when you are first starting out to save on cost and gain some experience.
Step 7: Determine the cash flows and ROI of the property. I prefer to use an online calculator to quickly calculate the cash flow and return for a property during my online research process.
Step 8: Place offers that make sense! I like a deal to make a MINIMUM of 15% cash on cash return in the first year. And then tack on to that all of the mortgage paydown and forced appreciation. This is because if the deal will give me a 10% return total, for the amount of time and effort I’d rather just put it into the S&P 500 and let it grow.
Step 9: Inspection of the property. A building inspection is also paramount to uncovering certain issues that you can’t see for yourself.
Step 10: Renovate your property. If the units are vacant, do the cosmetic repairs asap. If the units are rented out to tenants, wait until there is tenant turnover.
Step 11: Rent it out. Make sure to use professional photos on your listings and respond to applications in a timeline manner. This is the time to be very selective of your tenant. I use Facebook marketplace mainly.
Step 12: Rinse and repeat. Continue saving for new properties, which should be quicker since you’re paying down equity and could be saving the cashflows.
If you enjoyed this video, make sure to give it a like and subscribe to the channel for more investing content. My goal with this channel is to help all my viewers get one step closer to financial independence. Follow me on Instagram and TikTok: Griffin Milks
Disclaimer: This video description contains affiliate links, meaning that if you click on a product link, I may receive a commission at no additional cost to you. I do not promote products, services or companies I have not personally used or those which I do not recommend. All opinions are my own.
About Khang Le:
Khang was born and raise in Vietnam. Came to America at the age of 9 with nothing but the cloth on his back. He dropout of high School at 17 realizing that you was not good in school and that he was not going to pursued college. Meet his wife Loan at the age of 18. He move into a little shed behind a Mobi home Park and stayed there for 5 years (from 18-23). Got a job as an orthotic grinder Making $8.50/hrs. He work hard and save most of his money waiting for opportunity. He got into real estate at the age of 27. Started out as a Rehabber.
After a few years of fixing and flipping Khang’s almost lost everything. He then discovered wholesaling and close his first wholesale deal in 7 days and made 28k. That was the beginning of his Wholesaling Real Estate journey. Now He has system and team in place which help him to scale to 6 figure/month wholesaling real estate 100% Virtually.
1) Believe it Possible
2) Believe you can do it
3) Take Massive ACTION
– “Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t.”
-To Your Journey!
I’m not a financial adviser. these video are for educational purpose only. Investing of any kind involves risk. while it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
My thoughts on the real estate housing crash of 2021 and how I’m investing to protect my money
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Let’s talk about the real estate crash of 2021 and the reasons why I believe we’re going to see it happen soon. I want to give credit to Ken McElroy who originally inspired my idea with his own video which was a response to Meet Kevin’s original video about real estate. So let’s get right into it starting with the problem.
First let’s talk about delinquencies. What is a delinquency? Delinquencies are when you don’t make your monthly mortgage payment on time. Not to be confused with a default which usually happens after your delinquent several times after which point your loan goes into default.
If these defaults don’t get taken care of then that’s when it is sent to the collection agencies where you will see a huge drop in your credit score. To avoid that from happening besides obviously paying on time, people refinance their homes to make their monthly mortgage cheaper and more affordable. According to Black Knight, it’s also why we’re going to see more than 9 million refinance in 2020 which is the highest levels that we’ve ever seen. People are taking advantage of low interest rates so if you’ve been thinking about doing it, seriously consider doing it because you’ll probably benefit.
Even though October’s national delinquency rate was down 3.3%, the lowest since March of 2020, and even though we’re down 64,000 serious delinquencies which is an improvement, we are still up nearly twice as much as we were at the start of 2020, and we still have over 1.8 million serious delinquencies which is 5 times higher than they were before the pandemic started. Not to mention the period between October to November usually sees an uptick of delinquencies by about 4%. The cities that will be hit the hardest are Las Vegas, Miami, Orlando, New Orleans, and New York (highest delinquency rates in the country).
Before we see a decrease in real estate prices though, we’re going to more spikes in average home prices for a while in certain markets that are cheaper like Las Vegas but that’s short term optimism boosted by people leaving big cities like New York City, like Los Angeles, like San Francisco to buy in cheaper towns like here, so they can save money on taxes and work remotely in cheaper towns. This spike in prices will also be thanks to help from the government but all of that is short term. There’s only so much we can drop interest rates to prop up real estate before we can’t go lower unless we go negative – which the Fed stated they don’t want to do. But mostly, it comes down to two things. Jobs and government.
For starters, government – there is going to be a wave of forbearances due at the end of December. 39% of forbearance plans are going to expire and most of those plans are reaching their 9 month period. They’ll be allowed to extend an additional 3 months after that which puts us to March 2021 (plus extra month of delinqency) putting us between April / May timeframe where can see what’s going on in real estate. Logic is pointing us toward an increase in inventory levels that should in theory drop our prices.
The second factor is jobs. The world economic forum predicts 85 million jobs will be lost to automation which is huge and coupled with the pandemic and that’s a potential recipe for a very bad time for real estate, however, with the eviction crisis right around the corner, there will be a huge demand for rental housing, so that can potentially do very well.
To protect myself, I’m investing in inflation protected assets. A study by Charles Schwab (https://bit.ly/2JN9DmR) found that when inflation was above 4%, commodities and gold were the assets for investors. When it was 2% or lower, the S&P 500 was the #1 best investment. This is why I’m buying both digital currencies and stocks as we go into 2021 and I’ll wait until April/May to see where real estate will be before I buy investment properties and real estate in general.
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.
DO THIS TO BUY REAL ESTATE WITH NO MONEY DOWN – Robert Kiyosaki ft.Ken McElroy
In this video, famous author and millionaire businessman Robert Kiyosaki and Ken McElroy explain the secrets of how they started investing in real estate with 0$ and now own multiple real estate across the United States worth Millions of dollars. In this video they reveal how one can buy real estate in 2021 even if one does not have money for down payment. If you are wondering how to start real estate investing or how to run a real estate business this video is for you.
Robert Kiyosaki Must Read Books:
FAKE: Fake Money, Fake Teachers, Fake Assets: How Lies Are Making the Poor and Middle Class Poorer👉 https://amzn.to/3pZb8yb
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🔈 SPEAKER : Robert Kiyosaki
Robert Toru Kiyosaki is an American businessman and renowned author. Kiyosaki is the founder of Rich Global LLC and the Rich Dad Company, a private financial education company that provides personal finance and business education to people through books and videos.
You can find more about Robert Kiyosaki’s work here:
👉Massive Housing Crash Ahead! Is it a Good Time To Invest In Real Estate?
👉Boom or Bust – Real Estate Investing Made Simple with Grant Cardone
👉 Talking Housing & Real Estate Investing with Meet Kevin!
👉What Does Real Estate Investing Look Like Under Biden? – The 2021 Tax Plan
👉Housing Market Crash 2021 (Should It Matter To Real Estate Investors?)
👉Will the Pandemic Change Real Estate Investing?
👉 This may be the best place to invest in real estate going forward…
👉Investing in Affordable Housing | Real Estate coaching & investing with Ken McElroy
👉What does it mean to be a Sovereign Man? – Robert Kiyosaki and Simon Black
The Real Estate Market Just Got Worse
👉Fan of RobertKiyosaki ? Check out also our playlist for more inspirational videos:
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👉”It’s The END… Are You PREPARED?” | Robert Kiyosaki
👉 2020 Retirement Plan & 401k Advice For Americans | Robert Kiyosaki (This should be your plan b)
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What’s the best way to buy property during the pandemic? Ken McElroy & MC Companies’ Acquisitions Director, Bobby Bull, discuss how to get the best deals on property in this unstable market. Want weekly real estate tips in your inbox? Sign up for Ken’s newsletter: https://www.kenmcelroy.com/news
Want to ask Ken a question or have him look over a deal? Sign up for a Premium Membership: https://kenmcelroy.com/premium/
Take your real estate investing education to the next level. Try a Master Course: https://kenmcelroy.com/master-course-pre-sale/
Learn more about Ken McElroy, real estate investing and the economy at www.KenMcElroy.com.
⏰ Timestamps ⏰:
1:12 How has the pandemic changed real estate?
3:03 The disconnect between sellers and buyers
4:35 Challenges lenders are facing right now
9:45 Looking for good markets
11:10 Changes in the multi-family market & bridge money
Be sure to click the bell to be notified as soon as the next informational video is posted!
Purchase a copy of Ken’s book, “The ABCs of Buying Rental Property,”: http://bit.ly/RentalABCs
Ken has a real estate strategies podcast! Follow on your favorite platform for new discussions released weekly.
Apple Podcasts: https://apple.co/3jDqftx
Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABC’s of Property Management, and has an upcoming book: “ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years.” Ken is a Rich Dad Advisor.
With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This channel is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income.
Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken’s company: https://mccompanies.com/
DISCLAIMERS: Any information or advice available on this channel is intended for educational and general guidance only. Ken McElroy and KenMcElroy.com, LLC shall not be liable for any direct, incidental, consequential, indirect, or punitive damages arising out of access to or use of any of the content available on this channel. Consult a financial advisor or other wealth management professional before you make investments of any kind.
Although Ken McElroy and his affiliates take all reasonable care to ensure that the contents of this channel are accurate and up-to-date, all information contained on it is provided ‘as is.’
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Want to know how to start real estate investing with little money? In this video, I’ll show you how to get started with only $500. In your business you’ll either sacrifice time or money, and these are some inexpensive ways to drive leads as a real estate investor.
Enjoyed this video? Be sure to subscribe to my channel in order to get weekly real estate investing videos.
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🔥Check out these Top Trending Playlist:🔥
1.) Wholesaling Real Estate Training Videos – https://www.youtube.com/playlist?list=PLMgpVklTHvsOCfOoIJu7IoozR4tozwydS
Jamel Gibbs is a successful real estate investor and educator.
He is the owner of Mill Street Properties LLC, a successful real estate investing firm. He is also the owner of the REI Education Academy LLC, which is a successful real estate investment education firm and publishing company that teaches their clients how to build successful real estate investing businesses.
Jamel coaches and consults people all across the country in an effort to help them achieve true financial freedom through real estate investing.
If you think your business might benefit from one-on-one interaction with Jamel and his team, visit https://reieducationacademy.com
🤝 NEED SOLID REAL ESTATE INVESTING COACHING? 🤝
Request a call with Jamel or a team member: [email protected]
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Register and become one of the first members! Get the founding member's badge and you too will become a ninja! Shurikens, Jutsu's and ninja tools...they will all be at your disposal. Heck, you'll get the glory of saying you were one of the first's on Social Me