How to Buy Your First Rental Property & Build Passive Income
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Top Comments (10)
Story of my first rental property. I got started with an apartment in the Boston area. It was cheap, required renovation. But I pulled the trigger and went for it. Contractor was a nightmare, had to fire him after a month after getting nothing done, big loss. Had to find a contractor that would resume unfinished work, which is a nightmare in itself. Finally managed to find someone who would do it he finished the job and did a fantastic job. I was three months without a finished unit and no tenant, I was quite deep on the hole as the renovation budget exceeded what I wanted to spend. I manage to rent it out, it has positive cash flow, but my return was kinda crappy. Around 6%. I thought I messed up bad, but when it came time to do taxes declaring depreciation, mortgage, property taxes write off it all made sense. Not only that, rent went up since then and the property appreciated 10%. The journey was well worth the stress. I should be ready my next property by next year. If you decide to get into this, have plenty of cash for mishaps, that’s my recommendation.
I think this is good advice, but better for people who are closer to retirement. My opinion for young people is you need to be grounded , avoid debt. i save and invest around 40 percent of my income with a good nursing job, and I live upstate MN. My expenses are extremely low. I have zero debt on a 7 figure portfolio, low rent and car paid off. So i can just save. feel lucky and grateful my cfa Lois Elaine Wilson came into play.
I bought for pennies on the dollar 08-14, and will again next year through until the market fixes itself yet again. My rental ROI is crazy because of how cheap I bought.
Jaspreet, I would like to see a video of you telling the differences between real estate, REITs, real estate stocks, real estate index funds, etc.
More of this please 🙏🏽
Register for my free masterclass & get Market Briefs as a bonus: https://briefs.finance/436d8f WARNING: LOOKOUT FOR SCAMS IN THE COMMENTS! There are many fake accounts impersonating me, and there are many bots promoting fake/scam investments. I will NEVER ask you to contact me through YouTube comments, telegram, or WhatsApp. I have a checkmark next to my name and my comment will be highlighted. Fake accounts do not have that. Please be aware of fake accounts trying to scam you using my name and picture!
Thank you random guy on youtube
Ive been watching you for a year now and i just cant thank you enough. We are finally about to step out in our first rental property and here you go again with this gem amongst the many that youve shared through this channel. I could typ a paragraph telling you how much youve helped me and my family. but just wanted top say thank you.
Insider trading on stock market is legal for politicians which is kind of insane.
This was probably one of the most useful videos I've seen
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Top Comments (10)
Story of my first rental property. I got started with an apartment in the Boston area. It was cheap, required renovation. But I pulled the trigger and went for it. Contractor was a nightmare, had to fire him after a month after getting nothing done, big loss. Had to find a contractor that would resume unfinished work, which is a nightmare in itself. Finally managed to find someone who would do it he finished the job and did a fantastic job. I was three months without a finished unit and no tenant, I was quite deep on the hole as the renovation budget exceeded what I wanted to spend. I manage to rent it out, it has positive cash flow, but my return was kinda crappy. Around 6%. I thought I messed up bad, but when it came time to do taxes declaring depreciation, mortgage, property taxes write off it all made sense. Not only that, rent went up since then and the property appreciated 10%. The journey was well worth the stress. I should be ready my next property by next year. If you decide to get into this, have plenty of cash for mishaps, that’s my recommendation.
I think this is good advice, but better for people who are closer to retirement. My opinion for young people is you need to be grounded , avoid debt. i save and invest around 40 percent of my income with a good nursing job, and I live upstate MN. My expenses are extremely low. I have zero debt on a 7 figure portfolio, low rent and car paid off. So i can just save. feel lucky and grateful my cfa Lois Elaine Wilson came into play.
I bought for pennies on the dollar 08-14, and will again next year through until the market fixes itself yet again. My rental ROI is crazy because of how cheap I bought.
Jaspreet, I would like to see a video of you telling the differences between real estate, REITs, real estate stocks, real estate index funds, etc.
More of this please 🙏🏽
Register for my free masterclass & get Market Briefs as a bonus: https://briefs.finance/436d8f WARNING: LOOKOUT FOR SCAMS IN THE COMMENTS! There are many fake accounts impersonating me, and there are many bots promoting fake/scam investments. I will NEVER ask you to contact me through YouTube comments, telegram, or WhatsApp. I have a checkmark next to my name and my comment will be highlighted. Fake accounts do not have that. Please be aware of fake accounts trying to scam you using my name and picture!
Thank you random guy on youtube
Ive been watching you for a year now and i just cant thank you enough. We are finally about to step out in our first rental property and here you go again with this gem amongst the many that youve shared through this channel. I could typ a paragraph telling you how much youve helped me and my family. but just wanted top say thank you.
Insider trading on stock market is legal for politicians which is kind of insane.
This was probably one of the most useful videos I've seen