Get a HELOC on the paid off property then use it as the capital resource to buy the new cash flowing property by using the BRRRR strategy to restore the HELOC when you refinance it.
I really appreciate you. You are keeping it so real. It's easy to listen mult times in a week / see success stories and want to replicate the success immediately. When you set your listeners up with expectations, it keeps ME very happy/content.
Among all the questions, the last one stands out as particularly valuable. It prompts a thoughtful evaluation of different strategies, offering a mindset crucial for effective decision-making. Thank you for addressing it!
Thanks for regularly creating great free content! I’ve found a lot of useful information just by listening to you guys. Also love the tools that are made available with the pro membership.
Thank you David for all that you do ! Your podcasts share immense knowledge and provide courage to take the steps necessary . I wish i knew about bigger pockets during COVID time ,i could have started early :) . But better than not buying ever. Thank you for your guidance !
Just pre-ordered! I’m excited to read this. I devoured “Choose FI” a few years ago. Now, I’m excited to read a book that is focused more on the making money-side and the power of real estate as a means of retirement income. Just bought my first STR this year and hoping to add 1-2 more per year going forward!
Love the new honest content. When I first subbed to this channel years ago I feel like you would have told the first guy to refi and brrrr 5 new properties.
⚠️THANK YOU for answering comments by viewers and actually deciding to pick good questions that most are curious about ⚠️ 🙏🏽 please keep the helpful answers coming from picking good comments to discuss
Hey Gregory! It's awesome to hear your story about making money from your short-term rentals. You mentioned inheriting some money, and it's smart to use it to make more money and secure your family's future. Investing in homes that need a bit of fixing up or even considering buying houses that need work and then selling them at a profit could be a great way to go.
David, is building a fourplex and house hack a good idea at this time of high mortgage interest and high land price? How much per square foot is considered reasonable to build? Don’t care if it’s not cash flowing initially. Thanks!
For the first question asker, at 6:30 in the video, David says "I'm not a huge fan of putting debt on existing properties to buy new properties." Really?!? David wrote the BRRRR book which is all about taking money out of existing properties to buy new properties. Just as David recommends for the second question asker.
Normally David would say, "You have energy stored in your house, and it's not doing anything for you. Take that energy, put it into another property that has value add, and then do it over and over."
Hi i follow your channel with bog interest despite me not living in the us. I live in dubai and i want to built a real estate portfolio as retirement plan. Here is a totally different market than us and it is very volatile. I already pulled the trigger on a premium 1 bed on a off plan payment and i wanted to ask you a question. I want for my next move/buy to go for rental property in order to get some cash flow. Here the payment thru the bank is 20% downpaymwnt + 5% charges. When you go for 75% mortgage from bank, i didn t find any single property in dubai wich will give you extra cash flow after paying service cherges wich are very high over here. The question is , is it still worth going for such a plan if let s say the rental pays off the morgage? In that case should i rely on capital appreciation wich is very up and down? What would be your suggestion for a fuy like me ? I m 46 yrs old and looking to build a real estate retirement plan. Thks Sami
Great episode David! I have question, I bought multi family investment property using dscr loan. My question is can I move in to the property since this property is an investment property? Please advise. Thank you!
I went to the BP store to pre-order pillars but that didn’t seem to be an option at the moment. The only option that seems to be available is a “sneak peak” of on of the chapters. I’d like to pre-order the book, what did I miss?
Omg! You gave some gold nuggets about lending money to other flippers! This is why I never joined the gator club with Pace Morby after I heard a loan officer lost over 50k as a private lender, I know there's a lot of dirty stuff going on with that group, thank you for your advice! 🎉❤
We live in Utica Indiana right across the river from Louisville Kentucky, so we are trying to build a destination up here for the derby and thunder over Louisville. We’re in an up-and-coming town.
Wooo Hooo 🎉🎉🎉🎉 Kudos to you, passive income concept is the largest lie 🤣🤣 Even a billionaire must at least manage their money, liabilities, and assets to remain a billionaire = Active! Investment in the stock marketplace is not passive growth. There is an entire team working actively to keep the fund relevant and profitable. The investor must actively keep their life in check so they don’t need to tap into savings/investments to fix hiccups. Great video!!🎉🎉
It’s fine if David doesn’t believe in cash flow as a source of income for folks to replace job but can we have a different sub -show with a host that does ? Theres clearly a bunch of folks in markets David thinks are bad making a bunch of cash flow from renting houses . Shouldn’t be too hard to make a show themed towards this
The change of tone is stark between the the podcasts from 6 yrs ago and today. We need to be real with ourselves. Now is an absolute horrendous time to buy real estate. 40% national increase in 3 yrs, 2x-3x increase in the cost of money. And while rents have gone up in 3 yrs as well, they are now stagnant nationally, and declining avg in many markets. You will need to both be creative and persistent in this market. So that means you don't find shit on the MLS. You have to make your own deals, off market, creatively. People need to wake up to reality. I bet majority of regular BP guests between 2015-2020 aren't even buying anymore. The days of just browsing the MLS and running a rental calc are over
Careful he's sensitive when you call him out on this 🤣 Also he's bias because he owns/partners with a loan company they are always advertising on this channel. The channel went to trash after brandon turner got "rich"
@@worldhistoryexplained1to be fair, the podcast hosts always emphasized that having the skills to acquire off market properties below market value was the most important aspect of investing.
It really depends on the market. The last two properties I’ve bought were on the MLS. Respectfully of course. It certainly is more challenging for sure.
If I was the guy with $900k and at his stage in life I'd just put it into a 5% money market and enjoy the guaranteed $45k/yr interest income. No hassles, no work, and it's liquid. Who needs the headaches of flipping houses or being a landlord when your health is declining and you just want to enjoy life?
Using the Brrrr method is the best method to refinance your rental income property to get the equity out in order to purchase another property. @GilbertChecoury
