Josh Blunt - there is opportunity in an economy like this. You can buy under market value, lots of senior investors who homes are paid off are cashing out a few properties here and there. I’m in the process of grabbing my second home and so is my boyfriend, and both our homes are below market value. Maybe you should consider other states such as Delaware- Very low taxes and houses from 20,000 to 250,000 depending on what you’re looking for.
I did something similar a few years ago unintentionally. Bought a foreclosure all cash for almost $35K (way below market value and super cheap) to be used as a primary residence, then spent about $26K in materials and 3 months basically redid 80% of the house (husband is a contractor). Lived there for 2 years, moved back to home town so sold the house at around $190K. It gave me the first taste of making money off real estate and I got hooked.
We have to use this information now and not let the outside world distract us I have a theory that we won't be able to get free knowledge like this in the future I'm taking control now
Ultimately, the best investment is the one that you’re comfortable with, that suits your objectives, and overall portfolio. The stock market has potential for long and short term growth.
Than Merril aka Fortune Builders, Rich Dad Poor Dad guys that use Rober Kyosaki's name for their courses that has nothing to very little to do with Robert Kyosaki
I was literally going through all of Kevin's videos last night looking for the newest on buying a home for the first time...and this pops on this morning lol Incredible. Thanks Kevin
Thank you sooo much for all the info, Kevin❤️ You’re the RU-vid personality who got me to overcome my fear of applying for the PPP program.. I was approved and received my funds.. Couldn’t have done it without you.. As a single mother.. I’m able to spend quality time with my son and provide him with what he needs for college.. You rock and your wife rocks!!! Thanks a million!!!
alex bob 240 after fixing it up. I’m still doing the “living in it for a year” part and I didn’t get a huge wedge because I really needed a good school district to put my daughter in.
That Craigslist analogy is pure gold....I will NEVER forget that. Learned more from this channel in just a few short videos than any channel hands down...thanks
@@FlipWithRicki bought physical in 2017 and held in but in march i shorted futures before it violently dipped to take advadage of the premium increase and sold the physical and the shorts and bought miners with the cash. It was extremely low risk and i made a killing on the miners.
Kevin,I enjoy the sense of humor you have while explaining all of the do's and don'ts of reality. For being 28 you have a huge knowledge base of reality and experience.
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Jeannie Dmitruk you’re fucking stupid, no one in their right minds is paying 1000 dollars for a TRIAL, especially when you say it’s to prove it’s not a scam, fuck off
Kevin we bought a old house for 9k. My husband does construction. We completely remodeled the house. My goal was to live without a mortgage so I could save my money to make more investments. It also allowed me to travel the country as a travel nurse. So now we want to start flipping houses. I invested in the stockmarket. We started a handyman business for now. I have a mentor to start flipping houses. I love your videos.
@@cryptoflippodcast both! Its been difficult but every dollar I save goes to stocks. My plan is to cash out once I have a sufficient amount for a down payment on a good deal in my area, rent that out then keep investing profits into stocks until the next good deal. Im 29 years old and have made and lost hundreds of thousands of dollars as a professional blackjack player, but not looking to gamble with my life anymore.
Make it easy on yourself. I bought a duplex, moved into one side, and the rent from the other side pays for most if not all of the mortgage. Just be sure to save a decent sized emergency fund.
If u can save 55 a day u can have 20k in a year deliver pizza for a year and u got ur $ u going to tell me u can’t make 55 bucks working a couple of hours ?
Love You Kevin. . . Seriously appreciate All of your Efforts to Help folks Become Successful in life. . . Continued Blessings to you and your family. . . 💪💪💪
In 1985 I bought a lot of property and a few houses in the Russian city Pripyat, near Chernobyl, it was a growing town because of the jobs at the nearby nuclear plant...best investment I ever made.
Kevin, I appreciate your videos and I have been an avid watcher (I especially like your Robinhood video on buying a house on margin). Pieces of information I wish my immigrant parent knew to pass on, but I have to attain this information, so I can do for my future kids.
The problem now, is that these fixer-upper homes are selling for as if they are already fixed up. Wedge deals are nearly impossible right now, unless you go off market
Dude I’m literally in the middle of a scenario just like this!! Buying my first house. Arv is about 220 for the flips. I’m buying at 140k. Gonna put some sweat equity into it. Rent out the other two rooms. Live for free and then cash out refinance. Doing some minor work here and there. I’m so pumped!!
Fantastic video. I wholeheartedly agree with all of this advice. People get surprised when they hear I make ~10 offers a month. Right now in Newark, NJ were closing on our second and third MF property in Newark 11.5% and 12% cash on cash returns respectively. We actually got lucky on one, had a mortgage contingency and offered $310k (ask was $280k). We locked down the deal but the bank only appraised for $280k, built in that wedge by getting extremely lucky! There's also a third illegal unit we are going to legalize in year two with the $ we save. This will bring our COC to %20, might be one of the best deals of my career!
Do more of these tutorials Kevin I really love them. As a future real estate investor in medical school these educational videos are great to teach us regular folks who want to invest in real estate.
Kevin, your comment about perfectionism in Germany was spot-on. I once worked for a French man, he always demanded Perfection, we would achieve a 9 or 9.5 which is obviously in the upper tier of perfection. This made the French man money, not his employees. He would tell us "Even an 8.5 will do". Kevin, In finance, what number on a scale of 1 to 10 do you suggest not striving for???? A friend of a friend once told me, in stocks you just want to make a little bit on the shoulder, not top of the curve. That is how they made enough money for early retirement. Thank you Kevin! Bravo!
Unpopular opinion: you need way more than $10k for repairs. You go in thinking you're only spending 10 and then your insurance company tells you your roof won't cut it and they're gonna drop you. Then after a month your plumbing backs up and you dont know why. Another $10k to fix. And then there are ac and appliance issues...
Yes 10k is too low. It also seems that to find this kind of undervalued house is like looking for a needle in a haystack to begin with. And if someone is selling undervalue it is distress sale and has not been truly properly maintained which could be a tremendous risk. People fluff off issues as "only cosmetic" but as you peel deeper into the layers of the onion there is probably rot that you will discover as well. Need to be very very careful.
@@sunlight4169 there's usually 2 options: 1) it's a great deal and they're going to get a ton of offers so unless they're dumb, they're going to let people start a bidding war. 2) no bidding war because the property is questionable. I've see some properties that seem great in the photos but you go to the site and realize the photos are outdated and they've gutted and abandoned the property.
This is very helpful. My dream is to get into the real estate business. I made my first flip in my early 20s then life got in the way. Can't wait to get back in there.
I need to call you... I'm a local to Ventura county, am a first time home buyer, and waiting for this market to dip in the coming months/year. Was brought here from your video made today about the Fed housing crash.
Bought a house with 3% down with best school district in the metropolitan and growing fast, cash flow ability day one BUT I plan to stay for a few years, hoping this type of stuff works out for me!
Can somebody help explain please? Nobody ever seems to mention having to pay back after the cash out refinance. You now have a bigger payment. And you still have the debt. So how was your network 50,000 when you owe even more in the grand scheme of things? I understand that you have the cash in your pocket and a tenant can pay the rent, but I don’t see how people go about getting approved for the second property while having more debt
Hey Kevin! I live in Montreal, I’m 19 and the only option I have here is to invest in a condo. Please make a video for people starting off real estate investing in condos/apartments. Great vid btw!
No-till Solutions no. Market value and price are different. Market value is estimated worth compared to comp properties given the size of the house, location, amenities, etc. The list price may fall above or below market value, as can the final sale price. Foreclosures / shortsales are commonly sold below market value. Residential sellers commonly overestimate the worth of their home and price it above market value. That’s the whole reason why Lenders hire people to do appraisals and why realtors do Comparative Market Analysis. If price was always market value, there’d be no need for these. Sometimes real properties happen to be priced or sold exactly at market value, but this is not very common. Also, market values are estimates and can differ slightly depending on how the figure was arrived at (The type of appraisal, for instance).
If anyone is offering advice that adds doubt to your thinking , I would highly reccomend you right it off as a fear mongor. Fear of the unknown ( you could replace unknown with many other labels; failure, loss, abandonment...the list goes on and on) is the energy perpetuating a meeger life. Always pointing the finger at someone else for not having what they want and deserve. So long as they dont step out into new territory they feel safe and secure in what they know and have lived with for years. As long as they dont fail, etc, etc then its someone elses fault for their mediocricity; the rich dont pay taxes, the banks are corrupt, the system is fucked, bla bla bla. So what!!! Embrace the nervousness as a sign that you are transcending limitations, love your nervousness and invite it on the ride, encourage it as you would your child when learning to ride a bike. It feels alone, let it know you are there. Dive in the deep end its fun. Run your numbers and due diligence for the property and dive in girl. If the numbers dont work then look again. But what about coronavirus? What about the economy? Will it rebound? Who knows!!! Who cares? The fear mongor cares but your not one of them. Keep movin forward with the wisdom youve gained and go for it girl. PS these are things I tell myself amidst my own critics so this is for me just as much as it is for you.
@@no-tillsolutions6966 Um...no. Market value is how much someone will pay for it. An empty duplex is cheap. A duplex with two tenants and signed rental contracts sells for much more.
How do you withstand all these mean comments you must have tough skin keep doing you Kevin, me not a comment person but some of these people are. . . Thanks for your postings they are so helpful to many people like me
I really want to make a collaboration video! I have a house that I bought and love but it needs work!!!! I’d love your expertise! Maybe your wife and I could get quotes on repairs and then you could get quotes on repairs and find out if women really get overcharged for repairs. It’s so confusing being a single female home owner...Can I power wash my stucco before I repaint it or not? Everyone tells you something different so I freeze and do nothing...
I keep *almost* getting started in real estate. The problem is that real estate takes an insane amount of work, has tons of liability and takes lots of time. By the end of the day when you measure your true NET profit margins, is all of that effort really worth the stress compared to other forms of investments? Still not sure, maybe I'll find a RE niche that works for me but so far I haven't taken the plunge.
@@anthonycruz4622 Thanks man. I don't think being a landlord is for me, but I know there's lots of other ways to invest in real estate... just gotta find the right niche.
Just made my $100 deposit to Webull. Let's hope huge for financial success for the future. I hope to be in the position to buy my first home by the end of the year. Thanks for all your motivational videos, I really appreciate it. Hopefully I will get a chance to meet in person one day.
So all you have to do is find a home selling for 50% of the neighborhoods normal value and then for 10% of the 50% price (10k in this scenerio, 110k buy price and sell for 195k) fix the 110k home up to a value of 195k. Good luck with that. Not saying this is impossible BUT homes and deals like this never hit the MLS, the agent or agents friends scoop them up, IF they exist at all. its an unrealistic example really., sorry.
These guys say to speak to brokers individually, but I always figured the public would have to find these deals at foreclosure auctions for that very reason.
You said "agent's friends scoop them up." I assume that means you are not one of those "friends." Well, that;s your problem. You need to cultivate Agents and get on those lists. But its a VERY good thing most people think its impossible. Limits the competition. This the actual secret rich people keep. Everyone can't be rich, because the riches come from normal people in the form of sales, and rents.
Grevlain you’re right, one could be one of those friends for sure, but those types of deals are rare, no denying that, and my main point was his scenario is completely unrealistic and I think it’s a disservice to tout like its common. I’ve flipped dozens of homes and own 14 rentals so I’m not talking without experience.
Bro I have been following you since the corona virus started and You are fantastic man!!! I am definitely gonna invest in your real estate classes...thanks for all the info you have put out. Well done 👍🏽
I’ve done EXACTLY what Kevin is describing in this video and I went from $50,000 in debt to a $2.5 million net worth in 8 years. Without a lot of risk. It works. Trust me. It just works. He broke down the entire process perfectly. Trust me and trust Kevin. The first time you buy, fix, rent, refi and you get more money back than you put in and your net worth jumped....that’s a powerful motivator. Once you do one you’ll try to figure out how to do your next 50. Thanks Kevin for a great video
Definitely going to re watch this and take notes because there is so much value in this video! I just don’t fully understand the final part about refinancing your mortgage, I’m hoping you can get back to me Kevin but if not I hope someone sees this and has the knowledge, when you refinance going from the 5% down payment to the 20% down payment doesn’t that mean you have to pay more as a down payment instead of making money? I’m so confused by it and idk if you can do it in Australia 😬 Anyway thanks for the content Kevin you’ve been super helpful and I’ve only just found your channel maybe a month ago 🙏🏻 I hope to see more real estate videos on your channel! I really enjoyed the one you posted today!
Help New York is expensive, maybe do a top 10 place's to move to or how to buy real estate in CA and NY places with way higher price points then 200k ...
Well, I never believed I was going to be to get my own house with just the little cash I Invested in crypto currency especially bitcoin. It has really been helpful to me.
After a successful Investment, you have nothing to worry about whether the rise or fall of economy or anything won't affect you. Make your future brighter by making good Investments.
My income wasnt enough so ive gone into partnerships with 2 other people that have the same mindset were at 4 doors but prices around here are stupid high 30min from the big apple. I come from the way bottom, like seeing crackheads and ho's outside my bedroom window when i was younger. Kevin is speaking the truth do what he says🙌.
Okay the first thing you do on that house is that you replace the cabinet doors and you can get cheap ones and finishing yourself and put them in and make them look nice number to take up all the floor of the kitchen and you paint the kitchen put a new laminate floor one of the high-end ones and put down okay go to Plumbing run PEX all the way to the house cheapest easiest way and if it freezes it will go back to normal and we'll get a whole then you do the rest of your painting then you get in painting you rip up the old carpet damn you wanted to get sealer seal down all the floor with sealer tour it cuz we're carpets usually are is where there's been orders carpets hold orders can you put new carpet in nutrients from work and basically get ready to flip it
I love these RE videos. The covid stuff with stimulus updates aren't as valuable to me, but obviously many people appreciate those. Thanks for still doing these be RE videos!
You guys, you can pay 20% down on an investment property and the bank will take the risk and pay 80% and then give you a loan to fix it up and create equity. If you don't have a lot of cash, don't look for foreclosures. FHA loan is only 3 1/2% right now. That means every $100k the house costs, you only have to pay up front $3,500. $300k house? $10,500 down. You really don't need a lot of cash to make it in real estate.
Great to see more real estate videos coming out. Stimulus/political stuff is interesting and useful, just a lot when there isn't any other content coming out
Hi Kevin I live in Puerto Rico. the home market thanks to the recession. hurricanes and the covid is still going down. There is an area that used to cost around 500k for a house, you can get it for half the price. My fear is that I don't know in which area I can buy. Go to markets where I can buy for 60k or less. Or looking for larger markets where there are houses, the areas are more exclusive. Keep up your good content. Thank you.
Also: When searching for a long-term investment, do you consider the potential effects of sea level rise? Where we own our home now, it could be physically under water in 30 years. When we were looking to buy 2 years ago, we recognized that everywhere in South Jersey is going to be at risk for that here. Now that I'm moving to another state, I'm looking at elevations in those areas, because we're worried about sea ice melting. It sounds paranoid, I know. Are those common concerns for other investors?
Honestly Kevin is the only person on RU-vid I actually trust for opinions and financial tips. He's got respectable sponsors and i assume enough wealth to not become a sell out or end up asking for dollar handouts on Patreon every video. Nothing is more annoying than content creators expecting the viewers to pay them for existing.
Good info! I have to count on the perfection statement. This business is all about reputation, so if you sell something that appears to be beautiful, but it is a nightmare, your reputation could be tarnished. I think your point was that It’s essential to be objective while not sacrificing quality of the asset.
Ok, damn I actually got it this time. I've been reading about this stuff for ages but the real estate and finance words are too confusing for me. This one I get. Thanks!
Sure there is. But they pop up and get bought really fast. You need to catch them. Foreclosures are a good place to look - and 2021 will be FULL of foreclosures, unfortunately.
