How to Become a Millionaire Through Real Estate (Start from ZERO)
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- เผยแพร่เมื่อ 14 มิ.ย. 2024
- Learn how to become a millionaire with real estate EVEN in 2024. You’re trying to make big wealth-building moves this year, but how do you reach seven figures without any real estate experience? Thankfully, you don’t need to be an investing expert or property-picking genius to make a millionaire dollars in real estate-you just need to follow the basic steps almost any real estate millionaire follows. So, how do you get started? We’re going to show you in today’s episode!
It should be no surprise that our two hosts, David Greene and Rob Abasolo, are real estate millionaires and have been for years. After grinding away and buying multiple properties, both David and Rob realized, almost accidentally, that they had million-dollar net worths. What they did to get there wasn’t high risk, didn’t take a whole lot of time, and is easily repeatable by any real estate investor EVEN in 2024.
So, today, our millionaire hosts will show you exactly what they did to make a million dollars, the easiest ways to get started in real estate today so you can begin building wealth, the strategies anyone can use to make tens if not hundreds of thousands of dollars in equity, and what you can do NOW even if you NO cash to invest.
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Books From Today’s Show:
BRRRR Book: store.biggerpockets.com/produ...
The House Hacking Strategy: store.biggerpockets.com/produ...
Pillars of Wealth: store.biggerpockets.com/produ...
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The Millionaire Formula: 10 Steps to Hit 7-Figure Net Worth:
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Top 10 Tax Advantages of Investing in Real Estate:
www.biggerpockets.com/blog/ta...
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Rob: www.biggerpockets.com/users/r...
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TH-cam: / robuilt
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Show notes at: link.chtbl.com/BPRE
00:00 Intro
02:37 What Makes a Millionaire?
05:55 Can You Still Become a Millionaire?
09:17 Build Equity
13:46 Debt Paydown
17:20 Beginner Strategies to Build Wealth
26:23 Have No Money?
28:12 Getting Your First $100K
33:46 Do This NOW
I don't think about being a millionaire, I concentrate on getting as many properties as possible, no loans from the banks, no hard money investors , no burrr method. I buy , fix and rent myself , . From start to finish. I have 21 properties now with no mortgages. Just hard ass hustle. . 18, 000 $ cash flow a month. From bankruptcy 6 years ago. Got to stay focused
Dude I’d love to connect with you and pick your brain a bit. I’m 24 years old and have been in sales for most of my professional career but reallyyyy want to take this leap. Sounds like you’ve really been killing it man, congratulations
That’s awesome bro ! Tryna get to that point
@@omgltsbirdman1000most of your professional career? Assuming you went to college that’s prob 2 post grad years?
@maxsfitnessandlife5312 thats fine. Everyone is yount at some point. People need to help the youth rise vs swinging down at them all the time. Im 32, im just getting out of my youth and my experience was the older generations degraded us/took advantage of us.
What state? I'm on my first trying to get my 2nd property
Starts 12:17
3 properties, $147k equity at 24. Hoping this grows exponentially with my next purchase later this year.
It will
What city/state you in? I have two properties at 22. Looking to connect with people my age.
@@alejandroyoon I’m in Atlanta. Wbu?
@@alejandroyoonsame 20 years old, hard to connect with ppl our age with this mindset, you guys have Instagram ?
Congrats
Financial planning is like navigation. If you know where you are and where you want to go, navigation isn't such a great problem. It's when you don't know the two points that it's difficult
My single disagreement to this podcast is when you stated it's easier to become a millionaire today than it was in 2010. Here, I disagree, strongly. I purchased my first house in Tempe at a cost of $120,000. At the time, it rented at $1,100, which nearly satisfied the 1% Rule. Those numbers are impossible today.
@@sexweightsproteinshakesyou’re putting in $5k and the ARV is $100-130k? How? $5k barely gets you a fresh coat of paint inside and out
@@AmezcuaREIyou do the work yourself.
@@TheObserver567 I do all of the work for my houses myself. I renovated my kitchen DIY and it was $9k, bathrooms were $4000 for the hall and guest, master was $7500. Painted the inside for about $1500. I’m trying to think of what $5000 rehab I can do to double the ARV on any property. Unless you got just a smoking deal when you bought, which I’m sure is possible and likely. In any case, that’s great.
Just say it is based on your own experience only. There are 7billion plus people on the planet, and I can promise you we all having varied experiences.
@@AmezcuaREIall I can think of is completing a basement, but I agree with u it would have to need very little work
I'm like you. Had to do an asset evaluation and realized I'm a millionaire, but unlike most I'm broke and must work daily. Well not broke , but not what I thought it would be like.
This episode was Fire loved it! Take this episode apart in sections go deeper from the appreciation stand point with house hacking and bring in examples and guests or questions where folks are just starting and those who started already trying to work through next moves. And those that made those next moves. Some use HELOC’s, or maybe refis or sell to try to pull money to increase velocity where cash is lacking.
Can't wait for your new book "better than cash flow"
thank you guys for all the great information and value that you share to all of us....Raul the Realtor from Chicago...
Love your show, David.😊
Such valuable information here!!
Fantastic episode y’all 🙏🏾💯
Good Stewart to what I have now gripped me. Love it!! Thank you!!!🥂
Excellent episode!!
Great video! Being a millionaire today is not all that impressive. As Grant would say "10X" that goal! I think a lot of Real Estate investors became Millionaire's with the recent property price boom over that last 4 years. My personal goal is not millionaire status because you can still be broke and have a million dollars in equity. Cash Flow is king! Cash flow is what you are going to be able to actually spend and live from!
Depends on your goals. If you’re trying to build your wealth as quickly as possible and retire early, equity is the way to go. If you’re trying to live for the moment or quit your job, go with cash flow.
Both cash flow and equity work
“Being a millionaires not that impressive” 😂😂😂. Whats your net worth ;) ?
34:51 solid advice here!
You guys are so awesome!!👏 Great information and appreciation the good, bad and the ugly 😅
Not quite as simple as 500k house minus 400k loan is 100k equity. You need to deduct capital gains taxes, depreciation recapture taxes, transfer taxes, closing costs, and selling commission whether it’s 6% or another amount.
I say refi value.
Great stuff, thank you!
great episode!
Great episode
I started watching Bigger Pockets about 9 months ago, I appreciate all the information you guys give. I bought my first rental property in October and plan on purchasing more, but didn’t want to spread myself to thin because I’ve been fortunate enough to get good renters on my first attempt. This episode talked about paying the principal down faster which I’ve seen in previous episodes that are beneficial in becoming financially free. Just wanted to say thank you for all the information and knowledge you provide us with.
God bless you for that great content to help us 😊
23:40 came for the real estate tips, stayed for the humor :P
Great video!!
Great session. Listing from Ellington Ct
This episode was so good it makes me realize a lot of things
Loved this!!! I own 3 rentals, all bought at low interest loans. The cash flow is is 1500-3000 monthly, (one is a STR). I know everything said here is sound advice, but the reminder reinforcement is appreciated. If I were to join BP which program is best? I'm in my 50's, with a W-2 job as well, and credit score is 850 so I'm in a good spot for a multi-family and to house hack one side of a duplex.
For me In order to become a millionaire, I think investing in commercial real. Estate is the best way to go in the next few months? I am going to invest my 401K into real. Estate commercial and see what happens from there. Thank you guys for the great talk. 👏🏾🎉🎉🎉
This is pretty interesting I'm actually doing the very same thing, I know it's normally frowned upon but I have an IRA that's sitting around not making me nearly the amount of money that I can make off commercial real estate. Good luck to us both!
Really good content, thank you!! Makes me excited about my strategy
I only disagree with idea that it is easier today.
Yes there are more resources but there is ALOT more competition and also the housing market is so much more expensive and difficult to cashflow as before.
You’re a wizard David! Keep growing the beard❤
What resources are there to help better understand owner financing (both as buyers and seller)? The legalities of it all so I don't get screwed over and also different/normal contract terms again both for me as a buyer and later as a seller?
Can u go into details Rob on how the Seller Finance deal works? Is it like Subto? & did u just took over the seller loan? What contract did u have to draft where it works for both parties?
i'm so glad that you are no longer a cop. its so dangerous in the bay
The plan is to just start 🤞🏼
Awesome
What do you think of this issue/strategy? I am in my primary home currently and we ended up not liking the area. I don't think I can rent it out for the full mortgage amount but I am more interested in building equity into the home. So, if I go buy a smaller home in a better location, move there, and then rent out the other home (with a $400 a month loss that I can afford)...does that make any sense? I'm effectively lowering my monthly payments still while building equity in the first home.
Some numbers: $4000 mortgage on first home, I rent it out for $3600 ($400 loss each month). My next home only has a $2400 mortgage, add the loss and I'm paying $2800 a month ($1200 less than original mortgage payment).
This is great info. do you have a video on how to start investing/house hacking while having kids?
I don’t if it’s just me or what, but I can’t find a house that meets the 1% rule! All run down houses now are still priced over the 1% rule. (SFR) Anyone know how to find them?
In my area you can't find a break even property. Don't give up. We built new construction.
22:00 💥 boom
Great Show! Anyone looking to get into wholesaling? Let me know!
gold episode
I bought a small property with a full basement and wanted to finish this as a 1 bedroom unit but the city told me the property wasn't zoned for multi-family occupancy. Is there any work around on this?
Can you apply for a variance?
You can’t house hack in NY where your rents don’t cover a mortgage at 3.5%
How do you find contractors for a flip?
Why don't you put your house in the first position heloc? Then pay it off in 5 to 7 years and have all the equity?
How much did you cash flow when you hit your million?
Probably 8-20k month
We actually fell into house hacking :) we let our friends live in our house and we put our stuff in the garage. They pay 99% of our mortgage while we travel around in our Rv lol
So after owning about 5 houses for around 5 years you can obtain millionaire status? I’m curious because I’m 25 and planning to buy my second property with a goal of being a millionaire by 30:)
great episode
I am very much interested in investment in Ohio
But I am worried because all houses are 100 plus year old and what will be the future
Though they will give 1-1 rental income but what about invested capital
Which area is good other than Ohio for appreciation and rental income
Can you please guide on this
I did the math and I have a negative million...is that ok? Lol ;)
Isn’t saving money on interest that the tenant is paying, actually a loss for the property owner, since the property owner gets a tax break for the mortgage interest that he/she is not making?
Wouldn’t it be more accurate if you substructure around 8% from each property minus whatever mortgage? That’s 8% loss during a sale which is a nice chunk out of each property! That’s how I calculate my wealth.
The information is a double edge sword. There arent nearly as many deals out there because everybody thinks they can do real estate now. I dont thinknits bc people have gotten lazy bc we live in a good time. The correction is YOU are living in a good time and have gotten lazy.
David green you are awesome sir, but that beard omg ...
I've been using the house hacking strategy for a while without even knowing it. I will definitely be refining & sharpening my approach to house hack more to acquire more properties. I will continue to stay in contact with bigger pockets. Thanks for the videos & information
The smoke and mirrors with this podcast is that the millionaire's they are talking about DON'T have disposable income so these millionaire's are not going to be able to buy rich people toys like boats and brand new Porsche's and live in 10 million dollar mansions on the beach.
Did he say he had no money in his bank account and then said he had 20-30k in his bank account? What?
*reappraisal with refi
A lot of us are millionaires and don't know
U have 1 million in the bank?
@@habibifather7681 not your business
Having $MM in debt qualifies as a millionaire?
Yes, so long as the value of the property is a million more than the debt.
Millionaire in property values with no cash for groceries is poor. You are still a slave to someone else. The lenders, even your renters.
Buddy, wealthy people don’t carry a lot of liquidity because cash depreciates extremely fast. Would you call someone who has $1M in stocks poor? If the properties cash flow, how does that equate to being poor?
So now we are telling people to just break even is okay? Dangerous game everyone is playing now…
I’m worth over 1 million in prizes 🤔
Didn't the guy in the white shirt And the glasses just put out a video saying that he was gonna quit real estate?
No, if you are referring to the same video I think you are referring to, Robert said in reference to Short Term Rentals he owns, that for him now is better to focus on improving the assets he has than buying new ones considering the market conditions. That doesn't mean that there aren't great deals out there, but because he has a bigger portfolio and STRs are much more dependent on management and amenities, he gets a better ROI improving them.
ikr i have an upstairs i could house hack but the woman is against that idea lol sad sad.
Equity is entirely theoretical. You are a millionaire when you have $1 million + is liquid or near liquid. Saying your house is worth a million bucks and getting someone to give you a million dollars for it is 2 entirely different things. Having $2,000 in your checking account and a property “worth” $1 million, nope. Let your tenants stop paying and miss 3 payments and see what happens to the “million”
lol this is dumb. So if you own a million dollar house outright, and only $10k in your savings account, you’re only worth $10k? lol the vast majority of wealthy people don’t carry much liquidity at all
Too chatty
So dark skinned people are like Superman they get stronger with the sun.
Relying on one zip code for an investment is dangerous equities have smoked real estate in the last 19 years. I wonder if this guy still likes real estate after he had so much of that fraud happen where someone just swiped his titles out from under him or what not.
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