Video Closed Captioning:
good morning good afternoon good evening
folks michael’s uber one rental at a
time and it is that time to for my
favorite video of the week
it is my community video where i give
you a little taste of what is going on
in our amazing free facebook group that
comes along with the course how to get
started one rental at a time let me just
share a few snapshots and uh share with
you what’s going on in this fun fun week
move my
head out of the way make it bigger so
again folks if you do buy the course
you need to ask to join the group it’s a
group not a page the group is called one
rental at a time works
did it have an out-of-state question
again out-of-state investing is very
common uh question again reading it for
the folks that might be listening on a
podcast got an offer accepted on the
other side of the country the house
needs some repairs paints new carpet
vanities and so on how would you handle
your make red repairs renovations being
out of state a
should i find a reliable contractor and
remotely supervise their work b
or find a property manager who can
handle the renovation too or c would you
recommend making a short trip thanks in
advance first and foremost folks couple
of things one
a lot of people responded i can give you
my thoughts and feedback this again is
why
you need to belong to this private group
get other investors who are doing the
work these are not people who are
thinking about doing the work these are
people doing the work
my feedback on questions like this is
get your butt on a plane and get out
there
second
what is the plan after is this a flip a
burr what is it
see if you’re following my course and
doing the work you should be building
these relationships early you don’t find
a deal first
then find a team
that is how you create risk
as you are learning your market as you
are learning average as you are learning
your spreadsheet
find the team find out who you need so
um
don’t do it in the wrong order
don’t find a deal then the team if you
are going out of state
most important priority number one
is the team
please do not do them in the wrong order
i’m not saying this person did i’m just
giving color to this question just in
case
next up a fun question and just so you
know if this question was answered by
one of my experts this morning by todd
baldwin
here’s the question at what point do you
pay down debt first purchasing more
property i’m 55 years old and have 10
more years of working in my w-2 i
currently own 4 rental properties and
contemplating moving to 10 rental
properties in total within 10 years
before i retire at my age do i focus on
paying down the debt to increase my
monthly net or do i purchase more
rentals for appreciation
again todd baldwin and i went through
this question in general what i would
tell you is uh buying more properties
leveraging cheap money
then when you get closer to retirement
uh you can sell
that said we don’t know the details if
you are a dave ramsey fan that makes you
nervous
know thyself is always important but in
the end i was like hey
i don’t know any other question i don’t
know any other details i don’t want to
guess
with this particular question i’d be
buying properties for another four or
five years minimum
and then near the end you can sell some
refi some whatever you would like
but 10 years is a long time
again if you’ve been watching my story
or have the free course you know that
only people that won the 70s were people
that bought real estate in 70 71 or 72.
so if we do have an inflation decade
like the 70s
earning more property is better than
less
another question again answered by todd
baldwin one of our experts this morning
question
when i figure out cash on cash and i use
30-year payoff i’m considering my next
note 15 years
basically if you do a 15-year loan your
yield goes from 13 to 3. what should i
do
again we don’t know anything more than
what we have here
my question or my comments were if you
follow my course you know that i talk
about learning average
we don’t do average and we don’t do bad
deals
if an average deal for you is say eight
and you could get 13 with 30 of your
money get 30 years
i would not do a deal at 3 percent even
in my market with crazy prices today i
would not do a 3 deal it is too skinny
too skinny there’s almost no cash flow
bad thing happened i would get a 30-year
loan and if you want to be paid off
early pay it off early but i would not
sign up for a 15-year and i would not
do a three percent yield if you don’t
know what i’m talking about get the
course how to get started one rental at
a time it will become obvious
next up don’t forget book selfies book
selfies book selfies we have one on the
right with both books we have one on the
left with our 500 cards
if you have gotten a deal done because
of one rental at a time
let me know i would love to send you a
card in this case we have a couple who
has gotten four cards
yay let’s everybody congratulate and
again i love the book selfies especially
smiling book selfies like the one we
have here isn’t that a great picture
thank you very much for the selfies
got one more question from the group
basically your thoughts on a two-year
lease
uh first and foremost two-year lease the
tenant asking for makes total sense
sorry my dogs are making noise hey guys
you want to say hi to everybody
give me that toy
one of their little chew toys uh
basically the question is about a two
year lease
is obviously good for the tenant not
sure if it is great for the landlord but
the question becomes would you do it
ah you know
rents are rising i don’t know that
they’re going to be rising that much
longer but they are rising now uh i
certainly would listen i could tell you
that i personally have no two-year
leases all of mine are one-year leases
then role month-to-month or we renew a
new lease at a higher rate um
i guess i get the question you know how
passive do you want to be how lazy do
you want to be it’s these are all
questions i would consider uh but
generally speaking i’m not signing any
two year leases today
again lots of more bonus content as this
office settles down i look forward to
actually focusing on this i have not
done any real work on this in january
but hopefully that will become work i
get done in february
and then finally book selfies again 15
conversation with real estate
millionaires love to see book reviews on
this one that would be wonderful i think
we only have 23 i would love some more
book reviews if you don’t mind
and then finally the amazing course how
to start one rental at a time it is
helping people thousands of people now
join be a part of the group and join
this facebook group for free
so again i share with you that it’s my
funnest video of the week it is my final
video of the week i will now shut down
until we talk to greg dickerson tomorrow
at 8 a.m
thanks guys you guys are making a lot of
noise down there
can we show you
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look at that sonny got his first haircut
indeed he looks like a different puppy
hi how are you yeah
and let’s grab happy oh i got you happy
she doesn’t like being on camera
sometimes isn’t she cute
say hi to everybody over there
okay
all right everybody take care of
yourself bye
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