I love stories and all, but can we talk about this guy's story where prices were affordable back then to right now where someone who wants to start out now, are making $20 an hour and wants that same starting house at $195K that's now at $450K? It's so far out of reach when you're at the bottom
To get ahead, you need more income to save that 20% required to buy your first rental property. Don’t buy a personal home, you need to rent. Hold the rental for 5-10 years until you can cash out the equity and use proceeds to buy a 2nd property. Only buy rentals that cash flow. You can do it!
The gist of it is that they happen to buy in California at the bottom of a market cycle and rode the appreciation wave. The advice is decent but telling someone they had to be at the right place at the right time isn't that useful. I mean I did the same thing in Hawaii from 2011.
Great video! For me, it all comes down to patience and consistency. This is to say that, no, I will probably not be a millionaire by next Monday and I should do away with my get rich by Tuesday mindset. From there I actually have a real shot at continuously building my wealth. Patience + consistency while investing in high quality stock opportunities will deliver returns more times than the risky one off shot at striking rich!
Just do the math. Divide 1 million by 365 days in a year. What is the daily number you need to earn? What type of work can you do to earn this daily amount. The other option is come up with a 10 year plan to 1 million. You can do it.
I guess for multi millionaire a nurse and sherif are considered low in the income scale. But to average folks a Nurse doing $40 an hour or more isn’t that bad a gig . Also and apparently they did a lot better than a house and 1 rental property for $700,000. Didn’t he say he got a triplex for $147k or something to that effect? Here you can’t even buy your cars garage for that.
You should write more clearly what you were trying to say. The gist of it is that they happen to buy in California at the bottom of a market cycle and rode the appreciation wave. The advice is decent but telling someone they had to be at the right place at the right time isn't that useful.
Good discussion! I'd like to point out though that while Joseph certainly had the right mindset, they both started with solid jobs out starting out, but most importantly, they were fortunate enough to begin RE investing at the all time low in the housing market coming out of the GFC. They certainly would not be so far ahead had they started out in say in 2004 or even today. With their careers and mindset, they would find their way, but likely would not be where they are today. Sometimes folks just happen to get a little lucky regarding timing. Again, good interview!
Exactly. Timing no doubt played a big factor in their success. Getting in today is not only difficult, but extremely risky. We're far above pre-'08 bubble levels. The massive inflation happening right now may prevent the bubble from actually popping, but it certainly won't help the unaffordability.
Just finished you book ABC's of buying rental property and this is the 1st of many ways I will start to follow you on social media. Great interview and very happy to have found your book. Just ordered a 2nd from your website!
What are your thoughts/advice on starting out in Realestate /Realestate investing in new Zealand watching your videos very inspirational and education is great just need to know if it relates to New Zealand
I highly respect these people but why does everyone think cops don’t make a lot of money - cops and firefighters all live around me and they all make 6 figures - I guess it’s your definition of “not making a lot of money”. And they have pensions. I think that they should be highly paid - especially cops but just wondering.
It’s a fascinating thought hw investors pull through this in the investments space When stocks n coin at a time Inflate and deflate without notice, lol for me I would have had a cardiac arrest longtim!!!😂
urgh 🥴 I see comment mention’s on hw people grab multi-figures monthly as income in invstmts even in this crazy market’s always winds me down to ask the question like “How”, becoos it all seem like the same story frm a book. Any real ideas on how to make substantial progress in earning? would be appreciated
Good interview. Joseph, you moved from Sacramento to KC correct? Hindsite 20/20, if you picked one market, what would have been the better investment? The appreciation of California or the Hybrid/Cashflow of KC?
Awesome Job Joseph . Your story reminds me like mine. Lots of things that you said I was like wow this is happened to me. Building my portfolio as we speak. I went out of state too, I have 2 properties in san antonio Texas and I am in California. No more properties for me in CA.
Great talk. I like the references to basic qualities such as discipline, perseverance and commitment. Having a team in another market is the key. I’ve started in a close by market outside of Chicago to invest.
I was super lucky with my first house... also an off-market purchase in a VERY competitive market. I now have 100k in equity since April 2020. No plans to pull equity on it yet... but I'll be doing more homework until my next move.
While this is certainly an inspiring story, I wonder how much of their success had to do with getting in at the bottom after the '08 crash, and then riding the greatest real estate bubble in history?
@Ken can you better explain the housing bubble pattern in Seatte, and it's submarkets? Do you believe the submarkets of Seattle (Tacoma) is a good area to invest?
![เปิดบ้าน พี่ตูน Bodyslam หลังใหม่คนแรก ที่ภูเก็ต l [Nickynachat]](http://i.ytimg.com/vi/flFwcmyDQSk/mqdefault.jpg)
Thank you for this.
Please do more “regular people make work optional” stories.
But not today…😉
When you CHOOSE TO WORK WITH YOUR SPOUSE you become UNSTOPPABLE!
Talk about being humble and financially disciplined!!! This guy Joseph Rocks!!!!
This is the EXACT SAME THING my husband and I did. We always pretended ONLY ONE of us worked.
I love stories and all, but can we talk about this guy's story where prices were affordable back then to right now where someone who wants to start out now, are making $20 an hour and wants that same starting house at $195K that's now at $450K? It's so far out of reach when you're at the bottom
To get ahead, you need more income to save that 20% required to buy your first rental property.
Don’t buy a personal home, you need to rent.
Hold the rental for 5-10 years until you can cash out the equity and use proceeds to buy a 2nd property.
Only buy rentals that cash flow.
You can do it!
Great interview!!!! I would love to see more interviews like this. Very inspiring and eye opening 👍🏼
The gist of it is that they happen to buy in California at the bottom of a market cycle and rode the appreciation wave. The advice is decent but telling someone they had to be at the right place at the right time isn't that useful.
I mean I did the same thing in Hawaii from 2011.
Great video! For me, it all comes down to patience and consistency. This is to say that, no, I will probably not be a millionaire by next Monday and I should do away with my get rich by Tuesday mindset. From there I actually have a real shot at continuously building my wealth. Patience + consistency while investing in high quality stock opportunities will deliver returns more times than the risky one off shot at striking rich!
Just do the math. Divide 1 million by 365 days in a year. What is the daily number you need to earn? What type of work can you do to earn this daily amount. The other option is come up with a 10 year plan to 1 million. You can do it.
I guess for multi millionaire a nurse and sherif are considered low in the income scale. But to average folks a Nurse doing $40 an hour or more isn’t that bad a gig . Also and apparently they did a lot better than a house and 1 rental property for $700,000. Didn’t he say he got a triplex for $147k or something to that effect? Here you can’t even buy your cars garage for that.
You should write more clearly what you were trying to say. The gist of it is that they happen to buy in California at the bottom of a market cycle and rode the appreciation wave. The advice is decent but telling someone they had to be at the right place at the right time isn't that useful.
Good discussion! I'd like to point out though that while Joseph certainly had the right mindset, they both started with solid jobs out starting out, but most importantly, they were fortunate enough to begin RE investing at the all time low in the housing market coming out of the GFC. They certainly would not be so far ahead had they started out in say in 2004 or even today. With their careers and mindset, they would find their way, but likely would not be where they are today. Sometimes folks just happen to get a little lucky regarding timing.
Again, good interview!
Exactly. Timing no doubt played a big factor in their success. Getting in today is not only difficult, but extremely risky. We're far above pre-'08 bubble levels. The massive inflation happening right now may prevent the bubble from actually popping, but it certainly won't help the unaffordability.
Net worth is defined as assets minus liabilities, but they seem to conveniently forget their loans they still need to pay back.
Love watching your videos Ken! Great content! Thanks for sharing all the valuable information
lifestyle creep i heard Brandon turner say that before on biggerpockets
Yeah
Just finished you book ABC's of buying rental property and this is the 1st of many ways I will start to follow you on social media. Great interview and very happy to have found your book. Just ordered a 2nd from your website!
What are your thoughts/advice on starting out in Realestate /Realestate investing in new Zealand watching your videos very inspirational and education is great just need to know if it relates to New Zealand
I highly respect these people but why does everyone think cops don’t make a lot of money - cops and firefighters all live around me and they all make 6 figures - I guess it’s your definition of “not making a lot of money”. And they have pensions. I think that they should be highly paid - especially cops but just wondering.
Same in my area they start off at $40 hr plus benefits
It’s a fascinating thought hw investors pull through this in the investments space When stocks n coin at a time Inflate and deflate without notice, lol for me I would have had a cardiac arrest longtim!!!😂
urgh 🥴 I see comment mention’s on hw people grab multi-figures monthly as income in invstmts even in this crazy market’s always winds me down to ask the question like “How”, becoos it all seem like the same story frm a book. Any real ideas on how to make substantial progress in earning? would be appreciated
Is Bidens capital gains tax plan gonna affect the 1031 exchange???? Is it already in effect?
Don't worry, 10% goes to the "big guy" anyways...
Good interview. Joseph, you moved from Sacramento to KC correct? Hindsite 20/20, if you picked one market, what would have been the better investment? The appreciation of California or the Hybrid/Cashflow of KC?
Great talk. Congrats Joseph and Heather!
Omg so many commercials now
That sux, with as much as you paid for this level of content you’d think they’d be able to give it to you for less!
Thank you guys!!
YHWH happy Shabbat Elohim please make me a great real estate investor.
Awesome Job Joseph . Your story reminds me like mine. Lots of things that you said I was like wow this is happened to me. Building my portfolio as we speak. I went out of state too, I have 2 properties in san antonio Texas and I am in California. No more properties for me in CA.
Great talk. I like the references to basic qualities such as discipline, perseverance and commitment. Having a team in another market is the key. I’ve started in a close by market outside of Chicago to invest.
How much did CA capital gained in RE vs UT from 2013 to 2021?
Awsome interview guys! Thanks for what you do
Danielle coming from a gym sesh right to the pod looks like 😆💪🏼
I was super lucky with my first house... also an off-market purchase in a VERY competitive market. I now have 100k in equity since April 2020. No plans to pull equity on it yet... but I'll be doing more homework until my next move.
That’s sick
What are the best ways to identify"emerging markets"?
While this is certainly an inspiring story, I wonder how much of their success had to do with getting in at the bottom after the '08 crash, and then riding the greatest real estate bubble in history?
This is a great one! I always learn watching Ken and his guest. Great stuff!
Great story! 👏 Greetings from Sacramento!
Great discussion. Thank you
34:10 the market of Ogden
This was recorded last week. Ken's hand is still empty.
Thank you for the knowledge!
🏠💵✊🏽👍🏽👏🏽👏🏽
I live in Ogden and I’m wondering the same thing I think Utah is growing my biggest question is for the next 20 years will it still grow
No, the market is up and down , and this is due to different factors. You have to check the factors.
Nice video, thank you
Gotta get that G Wagon money
@Ken can you better explain the housing bubble pattern in Seatte, and it's submarkets? Do you believe the submarkets of Seattle (Tacoma) is a good area to invest?
Don't be lazy.