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COMMON MISTAKES people make when GETTING INTO REAL ESTATE | Patreon Exclusive

🕑 Added 2021-08-06 00:49:28 +0000 UTC

Comments

Xavier muckelvaney

Man ! Keep coming with all this info my guy !

Chris Mitchell

I wish I could have gotten this information before I had bought my first house. This would have saved me a ton of problems.

Raymond Brown

Really good insights. I "rushed" into my desk as you put it, luckily it worked out in my favor. I am paying a little PMI (it's down since I refinanced), but my house hack is cashflowing and I'm applying a little extra towards the principal.

Brooklyn Wayne

I appreciate this, this is a great framework to start from. I'm telling my brothers to join before the 1st so they can get this game start from the informed source. Lets Go!!!!!!

L.T.

Lincoln, given those distributions come to the owner post tax, they are deemed as income. You will write off all mortgage interest, but additional payments to principle are not included in that formula for tax purposes. You get write offs on depreciation, expenses to include (bills / mileage) etc.

L.T.

Emergency funds are SO valuable in this regard. Irrespective of whatever business venture you engage in, establish your reserves to mitigate risk FIRST. I had the same thing happen to me and my EF came to the rescue.

Michael Thompson II

I’m reading Brandon Turner books. His books are phenomenal

Josh Hardy

Everything said is true. I wholesale RE and I'm a landlord as well. Always do your due diligence when it comes to RE. In RE, you make your money when you BUY.

Ari L

What real estate investment books do are you guys reading?

Natasha Vincent

And those who flip wisely. There's still money to be made out there.

The BucketMan J

That happens with me and clothes I be buying super early cuz I fear I might miss out. But months go past and I find something better or that item is like 50 percent off now. But I bought it at full price.lool

J Rice

Appreciate this knowledge

Preston Parker

Thanks for the knowledge! Much appreciated. I’ll continue to hold off; pay off debt and get to the bag!

Shannon Barton

As a realtor and investor I agree with EVERYTHING you said. I rushed into my first investment deal and it nearly took me out. I'm grateful I was able to sell it but I'm holding out like you right now. The only people really making money right now are landlords liquidating their properties because they don't need somewhere to live.

Tara G

Great video with lots of info! My mom is a Real Estate Agent and echoed a lot of the things you mentioned. Patience especially during the times that we're living in is key.

Lincoln Ward

So if you're putting all of the overage from the rent payment on the actual note, can you write that off in your taxes or does it still count as income.

DJ Troy

@Mikhail Andrade that is so true and that is why you need your own inspector or a trusted one.

Mikhail Andrade

Lots of gems in this one. One thing to add is that you need to have trusted inspectors that are not vested in pushing the process forward at your expense. A lot of RE agents have "their guy", but you need an inspector that will tear apart the house and point out every potential code violation... On my first property I spent thousands fixing numerous issues (carport too close to the street, electrical panel ground, etc.) that an inspector should have caught.