Finally at last, some good solid realistic real estate advice. Too often real estate gurus preach no money no credit no background to get into investing, and unfortunately that sends a lot of people on a long ride. Thank you for the good content brother!
Another good way is to buy a duplex, triplex or a fourplex and live in one unit and rent the other ones out...... Anyone looking to do this should look into getting a FHA 203k loan.....this loan will help you buy and rehab a property.....then refinance out of that loan into another bank with a better rate
Is the assumption that since you qualified for the FHA 203k loan on the original purchase that you would find it easier to refinance through a bank with a better interest rate with the property as security? Has this been your experience? Please respond, I'm very interested in your answer. Thanks! ☺🌠
Very good advice. I'm planning on doing exactly what you mentioned. Live in it for one year, then buy a condo following year, then possibly rent that out a year later & buy another 4 flat on my 3rd or 4th year.
It's hard with the FHA because it it's a really nice duplex, triplex, the owner dont really want to take on the FHA because they have to fix little things in order for the apartments to be approved by the bank and most owner dont want to do that. I had a very hard time trying this method in my city and area.
@@Alumnikiid The money they take to buy shoes and belts they take that very same money and save it so eventually one day they can buy a stock or a property, but no you cant tell a black man that they'll diss you. But when they loose their paycheck and end up living on the streets then they will regret the amount of money they spent on shoes and belts.
I done this when I had my house built in a community. Stood there for 5 years or so and decided to rent it out. I paid top dollar to a real estate agent to find a tenant so I figured I'd get my money's worth. Was good at first until I noticed weird things. Found out she had more family moved in and started tearing up the place. After the lease was up, in increased the rent to max allowed and they moved out. So most of carpets were bleached stained, water damaged wall, dead lawn, and stolen lawn equipment, all this on a 5 year old house. This shot my dream of ownership cause It costed so much to recoup that it was best to sell it. Lost overall. Maybe sometime again, maybe.
@@paulremollino5780 you can do it too. Its not that much. I think its only 6,000$ to fund the entire game minus the 500$ bills. The bank will look at you funny though when u go to withdraw specific denominations....
It's the dude from Digital Underground!!! Dude You were awesome in 1990!!!! All right! Stop whatcha doin' 'Cause I'm about to ruin The image and the style that ya used to I look funny But yo I'm makin' money, see So yo world I hope you're ready for me Now gather round I'm the new fool in town And my sound's laid down by the Underground I drink up all the Hennessey ya got on ya shelf So just let me introduce myself My name is Humpty, pronounced with a Umpty Yo ladies, oh how I like to hump thee And all the rappers in the top ten--please allow me to bump thee I'm steppin' tall, y'all And just like Humpty Dumpty You're gonna fall when the stereos pump me Peace and humptiness forever!!
My friend I have been glued to your videos and you have given me a different mindset on life and goals. Im deployed now but I will continue to follow and take notes . I plan to kick start when I get back to the states. you've been a huge inspiration. I'd like to get some insight on contracts and maybe some mentorship. Keep doing what you doin bro!
What's up Will! Just wanted to let you know I saved $150 on my car insurance(2 cars insured) due to your company's partnership with Nationwide! I appreciate ya man!
Can you talk about how you fixed your credit and secured funds b4 actually buyng first property. Bcos most ppl have bad credit and limits their ability to jump in the industry.
This Work for me and Im Not Sure if it will Work For you, But What i Did was Save! Saving Does a whole Lot. At the End of the Year Look at all your expenses an see what you can Cut Back on to help Save up. Next Step i did Was Pay Off Bill 2 to 3 Months in advance and Dont Pay it All at Once. Do Mutiple Payments Months In advance it this really boosted my credit Score beacuse although i already had the Money to Fully them off it made it seem as thought i was paying monthly on time, Multiple times. When Really i was just using money had already had saved up in the Bank. Its Almost like a Report Card. Or Credit report
Never bought a house before. I would LOVE for someone to literally walk me through buying my first property. Like literally every step be there with me and tell me what to do. For each line I have to fill out. Decision process. Everything.
Hey man, I got great respect for you. Couldn't one argue, buying a duplex or a small apartment building would be a better first investment than buying a house? (You could live in one of the units, while renting out the others). I would love to hear your thoughts on this.
@@taradikoff123 it’s all relative. If you have single family housing you rent out you still have those costs. You could argue those costs would be less, due to less bathrooms/kitchens. However your income on single family is also significantly less generally speaking. Take a duplex for example, typically the size of a larger house, the mortgage is in the same ball park as a single family house. However, you don’t have to pay the mortgage your tenet does. So your saving $1200-2000 a month on that, makes it significantly easier to afford those repairs/upkeep right? Meanwhile with single family you’re paying everything, mortgage and repairs, while living there. Then if you move out and rent it out you still have to pay those costs as you would a duplex or apartment. At least in my at area you can rent duplex or an apartment for more than the equivalent single family.
@@StarcraftGT500 So, in essence, a duplex would be a much *smarter* investment as a first property? And would you recommend building up some credit first to lower those interest rates? I'm only 19 right now so I am looking for ways to double my income passively... I appreciate your info
I love what I’m hearing from you Will. Where you’re at in life is where I’m trying to be between now and 3 years. I was born and raised in New York City but I now live in Atlanta and I’m trying to create opportunities to set myself up for financial freedom for my family and I. Right now I just bought a 18 wheeler truck and I’m running under my new first and new business. Hopefully within a year of run it, I can use a portion of what I make to launch into the world of real estate investing and it would be an honor if you could be my mentor/big brother through that process!
Not sure if you’ve made this video before, but could you do a video where you talk about how much income you get per month, how much you put away to savings, investments, and how you financially manage your lifestyle? Thank You!
Will great vid bro alot of good information and knowledge from someone that has been successful in the real estate games appreciate that bro keep them coming
This is my plan but I was thinking along the lines of opening a paint and body shop customize and use the money off it to to start a concrete asphalt business then getting into real estate. Using the money off my business to keep my real estate flipping and if my business gets slow or goes down I got the real estate as assets and to pull me up out the hole. Man I really like that view bro you just confirmed some stuff for me..
What do you recommend for someone wanting to flip houses/condos/apartments (not live in them) but not enough capital to buy the house in full to flip for profit. Is a Business loan a bad idea? to pay for house in full to flip then payback loan and keep profit. (Iam also in the process of getting my license to be a real estate agent or a real estate appraiser)
Rather than get a business loan, you could invest a little in trading. I couldn’t really afford my first apartment when I began real estate. I had to trade options for about one month with an investment of $5000. Made profits of about $63000 at the end of the month and boom...my apartment was set. You could also try it. Goidluck
Hey Will I love your content. I bought my house in 2003. Then my income tripled years later and I paid my house off in 2016. Since then I've been saving. So should I keep saving and wait for the market to go down and maybe pay cash for a new house and rent mine out? As of now my house is worth a little over double what I paid for it. Thanks in advance.
Will, there are no apologies necessary. You were taking care of business as you should have been. I thought the event was very well organized and informative. It was real cool to get the tour around the ballpark included. Very nice touch. I'm sorry I couldn't stay longer but, I was on my 20th hour of being awake. I was about to pass out on my feet. lol... And I still had an hour to drive home. However, I felt like I got the opportunity to meet celebrities. Real cool. Anyway, I'm looking forward to your course on real estate. Keep up the great work. Peace!
I am F*cking motivated. I have investments in what I do, was considering getting a nice car, but now I'm going to heed some advise. Thanks I needed this brother.
It's nice to know that someone is out here doing the damn thing from my home state!I'm trying to get into REI by way of sub-to. I already did step one, just need to scale up.
I have a question, I’m looking at a place. List Price - $729,950 Est. Mo. Payment - $3,218 Redfin Estimate - $721,586 Price/Sq.Ft. - $209 Buyer's Brokerage Compensation - 2.5%. If I was to rent this out, what would be a good monthly rent to charge my tenants ?
just found your channel and i can say this is the best investment advice ive recieved that wasnt BS. im tired of these other guys flashing around a lambo and makes it seem like its easy as one two three. they start sounding like car salesmen. i appreicate you keeping it real im signing up for your website after this vid. ive been wanting to get into investing but havent found a proper route until now i thank you for that. keep up the good content
I just subscribed bro thanks for teaching me the game. Look forward to checking out your website and course. I had already been thinking of this type of income. I actually came her to check out the Lamborghini believe it or not 💯
I❣️❣️❣️this video and solid good info for real estate investing..This gave me exactly what I needed to know because I want to invest in real estate..and as a black folks this is a pathway to Black Wealth..your info is so simple to understand, too..Thank you for sharing 👍👍👍
Thank you for this valuable information bro I'm 32 and planning on buying my first home next year I've been in your neighborhood hood many time Event Turner's mom you use to stay over there
What's your thoughts on owning a multifamily (~4 units) as a first investment property and doing a house hack renting out the other units over a renting out a single family or condo?
@@BGeezzy7 That's an excellent question and format vehicle for a candid informational video on his daily real estate management...sorta like "what I eat in a day" videos that give you an inside look into the mindset and positive behaviors that make him successful. I hope he responds with a video like that, I would be very interested in seeing that also. ☺🌠👍
I just wanted to let you know that I truly appreciate these types of videos. Especially, when you show off the Lamb while giving knowledge. It is MAJOR motivation. I also grew up in the hood, and seeing people like you accomplish these things has always inspired me. I'm only 21 right now but I'm investing heavily into education, crypto-currency (Not BTC though) and I'm also starting a business soon. The hustle to educate yourself in these things and to actually implement what you've learned is hard, especially when I see everybody else out partying and blowing their money, but whenever I doubt my decisions, I just come to this channel and I'm back on track. Hope to see more soon!
Still watching your videos mane.. I drive my semi truck during the night. And I saw your course very cheap! Will be buying it next week. I'm single 28years old. Job I have makes me $5500 a month. But I dont want spend my whole Life on the Road cause I travel about 3,000miles a week. And just watching your videos motivates me to keep working and dream that one day I'll buy my first house.
How did you get to funds you needed to purchase your first home/property? I bought a house 2 years ago. Myself and my family moved in last April. Our credit won't allow us to get a loan right now. We own our house because we bought it cash. My dream is to invest in real-estate. What should I do?
What are tax like for rental properties? Do you sell properties while it has been rental market? What are the pros and cons? Does it affect the potential buyer? Lemon renter?
What kind of money should we ballpark save up . I’m sure it depends on the area and the % of the down payment. What type of down payment is typically required for first time buyers. Since it would be my first one.
@WillMotivation Thanks, Will. I know you have an online investment course with group Q&A, but do you offer one-on-one paid consulting? I just started making great money and would love your advice on what to do with it so that like you I can have a nice house and car; I also would love your advice on dating. I noticed you often have had a lot of beautiful women-the type of women I would love to date and marry.
Subbed. Will come back and watch all your videos later tonight. I’m ready for the next step in life with success like how I see from you and Matt at obsessed garage.
Hi. What would you recommend for someone to do if they don't have the money to buy property or house? What is your opinion on getting a small business loan? What would be a great job to get that would pay well, that you don't need a degree for?
If you can't buy a house. Start wholesaling and looking for deals to build some capital then get into the bigger waters where there's a lot of different opportunities!
First off Preciate the videos and the knawledge lol but quick question I’m currently getting a house built how long between investments does it take for you to move on to your next investment being that you have 20 to 30 properties? So basically what’s the timeframe you wait before purchasing your next investment if financing?
No set time period. I just look at what’s out there. Usually for my personal properties I would move based on convenience but always looking for a good deal when I do move. I’ve moved like 4 times in the last 20 years
Thanks keep making videos I don’t know if you realize how many millionaires you making and how many families you actually helping with these videos but it’s appreciated 💯
Great real estate advice once again. Thank you. Gotta question tho. How do you build your business credit score? Or How do you get a line of credit in your business name?
First you need a business tax ID. Once you have that you can start using it just like a social security number to build credit and open accounts. You can do it over time. At first you may have to personally co-sign but after you build up credit history then you won’t.
So I bought a house with a guest house I rent out my guest house Wich pays for both house the first house is a 3 bedroom .I was thinking of renting out the house I live in get a small RV refinance my house and buy 2 more houses with that money??? Any ideas I'm a single dad in California I need tips I just subscribed
In most cases I would say buy an existing home if you are buying for an investment. If you’re buying to live in it then I like buying new or building the home.
Will, quick question. You said have a person pay rent to finish paying off a property. Are you saying you can move out of a property still owing but have the tenant pay it off instead?
Yes, ShineTime TV! You can move out of your home with a mortgage, rent it out and use the rental income to satisfy and retire your mortgage. You could also turn around and offer your property as a lease-to-own option if you decided to sell it profitably. Real estate has sooo much flexibility; the only limits are lack of knowledge and creativity. ☺🌠👍
Sounds like a great way to make the bank rich. “Owning” a home that is actually based on a loan is a risky investment if you don’t have the funds to purchase it outright in an emergency. Once the real-estate market drops out you’ll be in trouble.
so if you're just getting started, and you're about to move out of your first property into a second (and turn the first into a rental), do you just get a second mortgage for that new home?
Man I have been freaking out ssssooo , soso much since I seen you commented on my video and had the time to hopefully watch it. You have saved my life in so many videos. Since my Car accident almost a year ago, shattered my leg and was not capable of walking still. But you have motivated my life so deep man. I started my RU-vid channel almost 2 years ago to better life for my family and better support more MOTIVATIONAL people that do it. I prays you so much in so many ways in my videos and my life goals to meet you in person. I have many plan of supporting you and do free advertisement on my vehicles ( and on my channel). for you and many more MOTIVATIONAL people. But thanks you so much man I pray you catch some more my videos. I will be a lifetime watching of Will Motivation.
Thank you for being a great motivation to us new investors. I began my R.E.I. journey in 2017 and I watched your channel for inspiration for real estate and a you tube channel on the topic. Thank you Will.
