101 Rules of Real Estate Investing: Essential Keys to Unlocking Your First $1,000,000
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Properties around universities. The lack of credit is the only thing hindering my plans. Soon though. In due time. I get it. But should I somehow figure a rent amount that we might have to pay ourselves for living somewhere similar? And then do the math? And complain about. Rental income is taxed as income, and only a portion of it gets written off on your taxes.
The part of rental income that goes to the principal of your mortgage can NOT be written off your taxes. Only the portion of the interest, property taxes, and common utilities that correspond to the rental units can be deducted from the rent. I say good riddance, but he sees the loss of months of rent and imagines the next tenants would be worse. Common utilities — not just water, but lights in the basement, sometimes the energy for the washers and dryers, outdoor lights. In Massachusetts, especially this past winter, plowing. Great article! Has anyone here tried that? Any other ideas of finding these hidden gems?
This is a little misleading. This article is spot on! Bought a 4-plex a few months ago with my VA loan and rent from the other 3 units more than pays for mortgage and expenses. Leases are about to come up for renewal soon and we will be raising rents to fair market since the previous owner left it at the same rate for the past 10 years. Thanks to BP for the inspiration and validation! Great post! This is very interesting and has given me lots to think about. Since I started following you I have been looking at multi-family properties and the numbers are just so radically different.
I know every city is different, but you talk often about Seattle, and something like 4-plexes for , seems impossible. Duplexes for , is the cheapest i find in zillow, redfin, etc. How can something like that still be a good deal? The way I think about the numbers is that for a given area, they are generally a function of the purchase price.
And for a given value, a 4-plex should do better than a SFH. So if a SFH is getting 0. See if the numbers make sense. I cannot wait for the moment when I can contribute on my own accord, along with guys like Ben Leybovich. I just got your book on Amazon and I searched out this blog on house hacking.
I am preparing to start and will like to use the hacking method to put my feet in the water. I want to ask if I can use the hacking way with a business name or it must be on a personal name. Not only that, I get different answers from everybody, so it is impossible to know what I need in order to do something like this.
I even went so far as to find an investment banker who would talk to me about this type of thing, so I could hopefully get some REAL answers. In essence, with the few people who would actually talk to me, and the fewer people who would answer my questions……..
Take advantage of you and lie to you, absolutely…but help you out? Forget it. I am currently in the process right now to close on a duplex later next month and we are going to use the house hacking strategy! Even though my wife and I should had done this strategy first, we currently live in a house that we plan to rent out while we house hack the duplex.
Problem is the rent comps barely cover the PITI at our current home. I understand a tenant will pay down mortgage for us and increase equity over time but I originally wanted to house hack so we CAN cash flow our current home? Breaking even on the rental be a wrong decision on our case? Pretty component of content. I simply stumbled upon your website and in accession capital to claim that I acquire actually loved account your weblog posts. Any way I will be subscribing in your feeds or even I success you get entry to constantly fast. Good luck on the Best Sellers List! If you would advise against it then what do you recommend doing in the mean time to jump into the REI arena?
Let me say that I really like the podcast and am listening to every episode from the beginning. Also, BP has become my new site to sift through on a daily basis. I recently purchased my first house, a duplex. I put down 3. Has anybody done this in the Phoenix, AZ area? I am looking forward to hear from folks in AZ. Thanks in advance. Am I too young to start becoming a real estate investor? Reading various books by outstanding authors in the field, I feel as if real estate is a great investment to build wealth in the future.
Checking out national and local factors and focusing more on the local factors before purchasing a property, Like every investor says choose a neighborhood you would see yourself living in. The area around the property is growing, new schools are being built, commuting to work is very easy, and everything you need is nearby. And at the same time I can either keep renting the property until the mortgage is paid off in about 6 years or so, and can own the property at 26!
And either sell it for a great profit or own a home mortgage free! But my goal is to grow as an investor. Any tips and advice? Thank you. Hey Brandon! Love your blog and podcast.
101 Rules of Real Estate Investing: Essential Keys to Unlocking your first $1,000,000
I already own my four bedroom home. I purged most of my belongings in order to free up two bedrooms and moved into my basement tenant space. My problem is finding tenants! I have had hardly any interest! Would love to hear any advice. Hey Brandon I kinda of have a diffrent situation I bought a single family house last September. Would it be a viable option to maybe get a second mortgage or home equity loan to put down on a mutlti-family house and start from there?
From a numbers standpoint everything looks great and we are getting a killer deal on the unit. The long term I see will outweigh the few months of not collecting rent. Thoughts on this? Am on my second house hack the first one I was in for about 2 years. I rented it for 2, per month a large house plus guest house and was able to dived a 3rd unit and still had lots of room for me and my family. The guest house brings in about 2, per month on Airbnb and the studio that I created makes about 2k.
So I was able to live rent and bill free for 2 years. Now it was time for an upgrade so I found a larger house that rents for 4, I was able to get 2k from a normal renter for the part of the house that I lived in. So now am at only per month the large house allows for a separate rental space for airbnd that will bring in about 2k so my net will be per month. In the process of possibly buying the Duplex that we currently live in and renting out the other side current tenants would continue to rent.
Is this the wrong way to look at it? I cant wait until i really get the ball rolling and hopefully be able to thank you in person for contributing to my success in this game. The amount of info you give out for free is so humbling and admirable. I did however pay for two of your books that should be arriving tomorrow so I cant wait to dive into those! Keep it up man! Hi Brandon, great post! This will be my third property, the other two of which are rentals now.
The problem or question I am running into is how to act as a business without actually opening one. Would I have to open an LLC for that? Any advice would be greatly appreciated! Hope someone still checks this post: Question: option to buy 4 condos in large complex.
Does this change me to commercial secondary to being in large complex? Notify me of follow-up comments by email.
Notify me of new posts by email. Free eBook from BiggerPockets! Click Here to Download the eBook Now! July 5, 0. July 5, 1.
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July 5, 8. Bobby on November 2, am. Reply Report comment. Brandon Turner on November 2, am. Devin Campbell on March 23, pm. Steven Craig schafer on April 21, pm. Karin DiMauro on November 2, am. Thanks, Brandon! Karin Reply Report comment. John P. Sergio Aguinaga on June 14, pm. Daniel Hughes on March 10, am. Hey John P. Bernard Hall on November 2, pm. Karin DiMauro on November 2, pm. Anyway, thanks again! Nancy on November 2, am. Hi Brandon, Love your blog great information for someone who has no idea where to start.
Best Regards, Issac Reply Report comment. Joe Kato on November 2, am. Rob Boyle on January 6, pm. Roberto on January 22, pm. Vista Jones on February 9, pm. Troy on November 2, am. Nancy on November 2, pm. Brandon Turner on November 3, pm. Thanks for commenting! Troy on November 3, pm. Karin DiMauro on November 4, am.
John Bryson on July 30, pm. Terry Pratt on November 2, pm. Sharon Tzib on November 2, pm. Lindsay Wilcox on November 3, pm. Sharon Tzib on November 3, pm. Myles Hersey on May 3, pm. Nancy Hendryx on November 3, pm. Nancy Reply Report comment. Nancy you are spot on! Sharon, You be very good at what you do because you explained that so well. Jeff Brown on November 2, pm. Been advising folks to do this for decades. This is why we get along so well, Jeff!
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Tosin O. Tosin, Not sure I agree with this. Jim Swanson on November 3, am. Jim, I would never invest in a neighborhood in which I would not live, nor would I ever be a slumlord, regardless of how it might boost my returns. Hey Jim, I appreciate the comment, though I have to disagree wholeheartedly. Lindsey Spivey on February 24, am. Does this work when living for very cheap, but not free until able to refinance? Mehran Kamari on November 3, am. Joe on November 3, pm.
Jonathan on November 3, pm. All the best, Jonathan Reply Report comment. Lindsay Wilcox on November 4, pm. Brandon Turner on November 4, pm. Brandon Beale on February 26, am. Just a curiosity I have… Reply Report comment. John Adams on October 16, pm. Susan Cain on November 3, pm. Stephanie Cobb on November 3, pm. Stephanie Cobb on November 4, pm. I was referring to property tax classifications. Sorry for not being clear! Bill Turner on November 3, pm.
Dave Mays on November 3, pm. Do this before you get married and start a family Sincerely, Mr. Obvious Reply Report comment. Nick on November 3, pm. Many lawyers are willing to do this because the payoff can be huge, and if they lose, they are basically only out of their time. If you get sued you still have to pay your attorney to defend you, win or lose.
Many people who get sued end up agreeing to a settlement rather than a full trial in order to avoid the expense of a long, drawn-out legal battle. Litigation lawyers count on this. But when you have an offshore trust, contingency-fee attorneys are not allowed, and anyone who tries to sue you and loses has to pay your legal fees. All these roadblocks turn the tables in your favor and make suing you a difficult task. If your assets are just all sitting out there in your name, you are basically a sitting duck. And the more assets you have, the bigger prize you are for litigious lawyers.
Do yourself a favor and look into getting those assets protected. Your lawyer will do all that. You just need to know the basics, which Kevin provides you with here. The key is to find a country that has strong Trust laws, has been in the Trust business for a long time, and has good 3rd party Trustees. Kevin lists the 53 offshore tax havens around the world in one of his books.
But in the video here, he lists his favorites:. Many Asset protection lawyers want to stay in the mix so that they can collect a fee every time you want to ask a trustee question or have the trustee do something. Most people would want an offshore trust except for the big factor of the cost. For those living in the United States, there is now an alternative that we mentioned a little earlier. They were started by some clever lawyers up in Alaska and used to be called Alaska asset protection trusts. The big unknown is that you are still subject to US courts.
Most lawyers Kevin included feel that a judgment would supercede the Trust law. But you could make a valid legal argument either way. Kevin is very upfront about these uncertainties, yet he still feels a DAPT can be a very useful tool for the right person. And you can establish one a fraction of the cost of an offshore trust.
The only way to know for certain is to contact a qualified Asset Protection specialist like Kevin. You can find his contact information in the EVG Rolodex. Estate planning, asset protection and privacy are three separate categories we cover in different Elevation Group lessons, but you really need to have all of them working together and in conjunction with each other for the most peace of mind.
And that frees you up to enjoy the prosperous life you are creating for yourself and your family right now. This strategy session could eventually prove to be the most important video you watch inside The Elevation Group. While most EVG Lessons will teach you how to grow and maximize your wealth, this eye-opening session will teach you how to get there faster — without being set back by the unfortunate surprises life can throw your way, such as lawsuits, accidents, divorce, or business partnerships gone bad.
Mauricio handles all of our legal matters here at EVG. From setting up a new entity for a new company, to complicated offshore trusts, Mauricio is one of the best resources in the world when it comes to protecting your assets. When The Elevation Group began, it sought out to uncover the investment strategies of the ultra-rich. Amid this journey into the world of wealth creation, one thing has become abundantly clear — the strategies you need in order to make money are entirely different than the strategies you need in order to keep it.
If an employee makes a mistake that causes significant damage, your business, and maybe even you, are open to lawsuits and the loss of assets. If your child or grandchild gets in an accident while driving your vehicle, you, as the owner of the car, will be the target if a lawsuit arises. One in 4 Americans will be sued in their lifetime. Professionals, such as doctors and lawyers, have an even higher chance. There are over 1. So asset protection is actually for people who own anything: a house, a car, rental properties, stocks, bonds, businesses — even intellectual property.
The crucial aspect to asset protection is that you put a strategy in place before you need it. This strategy session could help you reach your financial goals years earlier, or even save you from financial ruin, just by plugging the leaks that lawsuits can cause. We highly recommend watching the video now and hope you enjoy the lesson and can take action on this important EVG strategy in the very near future. Get your Estate in order. Some people think this is only for the rich. However, in this lesson, Kevin Day shatters that myth.
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He shares with Mike and Robert that trusts are for those with even the tiniest of estates. Kevin is one of the premier estate planners in the U. He shows how a simple Living Trust can protect your quality of life — and that of your heirs. You can have a Trust set up in as little as two weeks, yet it offers a lifetime of protection. Please do yourself and your loved ones a favor and watch this video presentation now.
The Elevation Group is an education resource designed to give you the keys to unlocking financial freedom for yourself and your family. With a properly set up Trust you can maintain full control of your assets, among other amazing benefits. The great thing is that it only takes a couple weeks to get a Revocable Living Trust set up, but it will offer you a lifetime of protection. Many people think that a trust is only important if you have a lot of money. A Trust at its core is simply a contract between the creator of the trust and a manager of the assets within the trust.
The Trustee is legally bound to look after the assets within the Trust on behalf of the Beneficiaries. The reason for this is that a Revocable Living Trust can be changed at any time, which gives you a tremendous amount of flexibility along with all the other money-saving benefits. One of the most appealing aspects of a Revocable Living Trust is that you can name yourself as the Trustee and the Beneficiary.
In other words, you can wear all three hats in the legal requirements of the trust. You can be the Settlor, the Trustee and the Beneficiary. Well, if you set it up this way, your Trust is almost like a corporation for your personal life. Think of it this way: In a corporation if the President or CEO dies, business can still continue because you have legal ways to sustain operations.
The corporation simply passes resolutions to assign responsibilities to new people and make sure the bills get paid. In your personal life, however, this is not the case unless you have a Trust. So a Trust gives you a similar kind of flexibility and protection that a corporate structure gives a business. This is important because when you die, there is no one on the entire planet can do anything with your estate except for the government … UNLESS you have a legally binding structure like a Trust in place.
Probate is the process during which the court supervises the administration of your estate. It is a time consuming and costly procedure. This works with a variety of assets, such as bank accounts, brokerage accounts, life insurance, annuities, etc. Or you can place all your assets within a Revocable Living Trust and receive the same probate protection for all of them. Plus, probate is a long process that averages 2 years. During this time, all the estate assets are tied up in probate and inaccessible to your heirs.
Having a Trust allows you to bypass probate and the entire estate can be settled in as little as days. But remember, avoiding probate is only ONE of the benefits. Many people are afraid of giving up control of their assets to someone else. It is true with an irrevocable trust. But as stated earlier, with a Revocable Living Trust you can be the Trustee and the Beneficiary at the same time. So having a Revocable Living Trust gives you maximum flexibility to maintain full control of your assets. That means legal predators can prowl through the court documents looking for potential victims.
Commonly these predators will contact family members at their most vulnerable moments while they are still in mourning. At best, these predators work within the bounds of the law to convince survivors to sign up for expensive legal services and assistance they probably do not need. At worst, criminals can access estate documents through the courts and hunt for clues that disclose sensitive asset information. This may give the thieves all the information they need to locate and steal assets of the estate before probate is even completed.
These are horrific scenarios, and while they may not be common, they do happen more often than you think. Taxation of estate assets is a complex topic which varies by state and country. But one thing is crystal clear: Without a Trust in place, your estate will pay more in taxes than it needs to. That can vary based on your estate size, but the larger your estate, the greater the potential savings. The final benefit of a Trust is that it provides protection in the event you become incapacitated for a period of time and are unable to carry on your own household financial affairs.
Without the protection of a Revocable Living Trust, you may be forced to go through something called a living probate. This is when a judge appoints someone to manage your financial affairs until you are able, or until the court can determine who is the best relative able to do so. That is, unless you have a Revocable Living Trust in place. As an EVG member, you know how gratifying it can be to take control of your finances. First you usually will fill out a detailed questionnaire that will help tailor the Trust to your specific needs.
Then the firm you are working with will go through an interview process and answer any questions you have. Want to Read saving…. Want to Read Currently Reading Read. Other editions. Enlarge cover. Error rating book. Refresh and try again.
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Open Preview See a Problem? Details if other :. Thanks for telling us about the problem. Return to Book Page. Laurence Samuels. Monica Bedi Editor. Judy Samuels Editor. Whether you are looking to purchase your first property or you have a few deals under belt, this book is for you.