Love your interview with John Schaub. John said he helped his dad when his dad was in his 60's buying houses. I would love to hear a bit more in-depth details on how he helped his dad. It will be awesome to know more details for late starters. Where can we go for mentors if we don't have a John Schaub? I am reading his book.
Great video! I love the long term perspective of those like John who have been in the business over an expansive timeframe! Super well grounded, logical and humble approach. Two things that particularly hit well. “If your property isn’t cash flowing you have a financing problem. Fix the financing!” And “ it’s the money that you don’t spend that makes you rich.” Great interview and thank you for bringing value add content like this to RU-vid.
Great to hear this interview Chad. I read his book many years ago and the pragmatic wisdom and simple steps he lays out encouraged me to start and accumulate a small but nice portfolio. Though I always worked full time in my career- hearing him again encourages me to get back into an accumulation phase as I approach early retirement. You can tell he still has fun !
Thanks Coach Carson for bringing John on. The way you both interacted and discussed the opportunities that are out there, was simply motivating. Better than other REI vids out there, like someone else mentioned in the comments. Been trying to get someone to seller finance a deal or two, but been falling short. Yet, I am encouraged by your conversation and know my first deal is out there.
Thank you for the feedback, Hugo. Seller financing deals are a different approach. Not everyone is open to them, but keep focusing on how to add value to the seller and show how it can be a win-win. With the right person, it'll click. Good luck!
So grateful for the what should you do when your older question. Plus advice on where to hold your money while you wait for a good deal. Thank you so much.
What a great episode Chad! Thanks I am getting started in real estate here in the upstate of SC. I really appreciate the reminder that it does not take a massive portfolio to become financially free.
@coachchadcarson, im in my early sixties, and currently renting. does it make sense to buy a property as an investment property at this age, with this economy?
Great interview. Thank you. Would love to hear about strategies dealing with capital gains on properties that Royce held for a long time. Donating to charity in exchange for receiving monthly payments opposed to cashing out and paying the cap gain taxes. Cash is kinda junk at the moment, but having it locked up in equity is not very appealing either….
I came across a duplex the owner has asked me to make an offer. She doesnt know what to ask and i dont know what to offer. It was built in 2019 and is 950sqft per unit and rent is $1000 month. Based on the 1% rule i should be paying around 200k. But that seems very low for the market.
Pride neighborhoods usually have high taxes killing profits it’s B+ areas. Although in Gary Indiana you can buy 60k house cash flowing 1k, town is literally crumbling… interesting interview, I wonder if the world is still the same for this to work
in my case I invest in C markets (i.e. not the big, major cities) and even then invest in "satellite cities." In these locations, B+ can still cash flow. So, I invest outside of Greenville, SC in a small satellite city (Clemson) which has a university. John invests in Sarasota, Florida. It has it's own gravity, but it's smaller yet still close to the big Tampa Bay economic area.
@@CoachChadCarson yes, Florida answers his price points and new construction strategy. I invest in far Chicagoland suburbs, old rehabs under 200k unincorporated C little towns. Well, fantastic material as always Coach, so thankful for gentlemen like both of you!❤️
Payment for a 800k house with 7% interest and tax and insurance would be around 6800$ but we can rent it out for 3800$ max. Is it still possible to get cash flow in california
Great video!!! Can someone explain what he means by: "I like to fix the financing more than the rehab?" I get the rehab part but how can you fix the financing of a brand new house your buying? it either has a paying tenant or not.. what else can you do?
What he means is buying a great house (i.e. ideal location and doesn't need a lot of work) but the SELLER has a financing problem. So, they have a balloon note coming due, a foreclosure, negative cash flow from a high interest payment, etc. All of those could be fixed with better financing or by paying cash for it. By solving that problem, you can make a profit without having to rehab. In some cases that means you may not buy it at as much of a CURRENT discount to full value, but the right property will make most of it's money in cash flow and growth over time.
Everyone needs to know that no time in history did these guys own the real estate like this. So many of the RU-vid guys “35 years old and own 300 doors”, why and how do you think that’s possible. One reason. Interest rates and relaxed lending (again). Does everyone think they are just smarter than all the previous generations lol? The fact is 8 months ago you could get a COMMERCIAL loan for 4% and even lower. Is the difference. Coupled with the lowest interest rates, and values pre Covid, well it’s a recipe for major cash flow, then Covid hits, values go through the roof while interest rates stayed very low. OMG GO GET REFI GET CASH OUT! No time ever has this game played like this.
I'm not sure I understand your comment. John Schaub, who I interviewed, has been buying properties for 50+ years - including with interest rates in the high teens during the 80s. That's pretty helpful today, no?
@@CoachChadCarson Oh I’m not saying it can’t be done. I’m referring to the explosion of the “investors” from 2012 to today. The Pace’s. The Bigger Pockets guys. Their entire empire hinges on low valuations AND low interest rates. And like I stated we then went to high valuations/low rates. And now the final act high valuations/hihhrr interest rates. Schaub is Ina different league. Again I will ask the question in the last 50 years have you ever seen a 29-year-old own 400 doors? Just now. There’s a reason.
more risk. Harder to evaluate. more overhead and hassle. Less flexible to exit. I like small multifamily as well, but it's hard to argue with owning single family rentals for small investors. I wrote a short article explaining the benefits: www.coachcarson.com/why-single-family-houses-are-your-best-investments/
@@obie1coby he acknowledged he was wrong. It depends how much is the raise- tenants do leave, they don’t understand without a raise property will fall apart, herd mentality. In my case it’s the best thing for me- they go, I re-rent in a week since there’s always 20-30 strong applications for quality, updated sfh in my area.
@@matbob7249 i have a form letter that thanks them for being a great tenant, explains rising costs, and includes a few comps that shows they are still under market. 17 tenants and rarely get turnover. But every couple of months I increase my cashflow. I think not raising rents is the biggest reason people get into trouble and are forced to sell at discounts
This guy is stuck in the 70's. 7-8% interest rate isn't high in what reality? Housing prices are way higher then when houses were 50k. In NYC 1m for a single family 7-8% those interest payments are equal to what a house was worth 50 years ago. The market changes, so all your experience is irrelevant other than your management skills. Oh and good luck with owner financing, anyone I ever meet or contacted who was offering that wanted like 30-60% down with a high interest rate.
Just bought my first property, duplex in an okay part of town in a city that is on the come up. I know I over paid, but hopefully in 20 years and 10+ more properties it won't matter. I just needed to get started.
Great interview. I started investing in 1998. I read several books, but by far the best one I read was Buildin Wealth One House at a Time in the mid 2000s. It was far more relatable than the other books I read. My journey has progressed very well, but I plan on buying his updated version.
Thanks for sharing your story, Dominic. I had the same experience with John's book when I read it in 2003. And I'm buying the new edition, too! What kind of investments do you own these days?
John's book is one of the best out there. RU-vid and other media have ruined good content with people trying to get famous or sell a course. I'm just finding coach Carson and he seems to be bucking that trend.
I just love this interview coach Carson. The question you asked about if it is too late to invest and start a house rental business amswered my question and I'm pretty sure also other listeners of this podcast as I am in the middle age and always doubting myself if is it too late already for me and hubby. So thanks for this,as I've realized I can still do this for 20 years if I start today.😊
Wow! I just came across your channel and find that it ss so relaxing, so honest and so pleasantly straight forward. Sure, there is exciting content elsewhere out there but sometimes it feels a bit fast pitched and phrenetic. Also... a BIG shout out and THANK YOU for shining a small spotlight on the older would-be investor just starting out. I wonder if you could provide some further content for those of us who may have received the means (or the idea) to invest later in life but who don't have quite the same time=frame for long-term investing or same focus for early retirement . At 60 years of age, I just received a decent chunk of change and own a house outright - but I think should shuffle the small portfolio (perhaps a 1031) and invest the cash to into a personal residence and/or additional rental propertie(s) in a strategic way. Tricky in some of these still energized markets but I'm probably being too cautious (?) about looking beyond my local zip code in unknown territory. I feel like there is a right way and a wrong way between all the nuances and its hard to proceed at this late stage with the uncertainties. I hope to hear of a "How I Got started Investing in Real Estate at age 60" sometime soon! (smile) Thanks so much for the solid content and your easy to listen to style. It is very much appreciated. Tawny from NC
thank you for your kind words! And welcome to the channel. Glad you're here. You've got a good foundation to take the next steps. I'll keep the topic of people in your situation in mind for some near future videos. Thank you!
@@CoachChadCarson thank you for taking the time to respond to all those who post comments and questions. And thank you for considering my request. Just to be heard and acknowledged means a lot and goes a long way. Kind and respectful "gentleman" ways well done.
PLEASE MAKE MORE OF THIS KIND WITH OTHER INVESTORS WHO ARE IN INDUSTRY FROM VERY LONG TIME . THEY PROVIDE AMAZING INFORMATION , IDEAS , KNOWLEDGE WHICH HELP PEOPLE IN MANY WAYS . THANKS .
with most residential mortgages in the US, you can refinance and pay them off anytime. there are commercial and DSCR mortgages that have prepayment penalties. In that case, you'd have to pay a fee when you pay it off.
Unbelievably valuable, you two!!! Interviewing perfection on Chads Part and so many invaluable strategies and nuggets on John’s part! How lucky we are to benefit from his many decades in the business. I’m going to go and buy his book right now. We shall see if Chads new book or John’s new book arrives first. :)
@@CoachChadCarson Chad: I’m amazed at your efforts, industriousness and generosity with your recent book launch! I’d be laid out flat out by it all. Can’t imagine writing an entire book and then doing a full on launch 🚀 to get it out into the world. Wishing you good energy and great success in getting your newest book into as many people’s hands as possible. I know it’s going to be life changing for so many.
What a great interview! Full of nuggets! We have been in analysis paralysis mode for a while now. Now starting to get the ball rolling to get some equity out of our home towards down payment for another one to rent. Subscribed!
No secrets. no bidding wars. Just meet people (property owners) by reaching out to them directly. Be a real human being. Solve their problems. In exchange, you get to buy their property. Not easy. Not going to work with every person you talk to. But it's not a secret club or something only rich or sophisticated people do. It just takes effort and sincerity. Give it a shot.
@@CoachChadCarson So they're off market deals; thing is, why would a seller accept your offer without seeing what they could make on the open market? When you sell one of your properties, don't you let market decide what it's worth?
@@mikemorgan8646 as many different reasons as there people with life situations. Need for privacy. Need for quicker solution. Property doesn't show well. And they aren't all off market. I have bought plenty of deals from agents who bring them to me. And wholesalers are a other source. Get on their lists.
You can build a list using public records. You filter by non owner occupied and how long they've owned it. Apps like Deal Machine or listsource can do it for you.
@@CoachChadCarson Clearer camera, more vibrant and update background, faster internet so it can be more smoother, and more energy when you're speaking.
