7 Things to Know BEFORE Buying a Rental Property
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- เผยแพร่เมื่อ 26 มิ.ย. 2024
- My favorite course teaching you how to buy your first rental property: courses.digitalnomadquest.com...
In this video, I'm going over 7 things you NEED to know before buying your first rental or investment property in 2021. Watch this video in full to have less stress, make more money, and know how to leverage real estate to your advantage.
I own a real estate brokerage in California and have been in the industry for close to 4 years now. These are my insights on real estate investing.
► Follow Me on IG:
/ charlie__chang
From investing in multiunits in the right locations, to understanding the tax benefits, to running the numbers to make sure an investment makes sense, there are so many things any new real estate investor should know. If you want to start real estate investing and get your first rental property in 2021, this is the video for you.
There is a lot of opportunity in real estate, and as a real estate investor you need to know what the benefits are (to save on taxes) and how you can maximize the profit of your rental. These are the things I wish I knew before buying my first rental at the age of 25 - it would have saved me a lot of time and money.
I'm super excited for you! There are deals everywhere and as long as you know how to identify these deals, allocate resources correctly, and find the right tenants, you will do well. This is a long term way to build cash flow and generational wealth, for those who do it correctly.
Happy real estate investing! I'm rooting for all of you. Let's buy some units in 2021! If you're a hustler, make sure to hit that like button and subscribe for more content like this - I make a ton of content about personal finance, investing, and entrepreneurship.
-Charlie
#RentalProperty #RealEstate #Tips
Disclaimer: Some of the links above may be affiliate links, which means that if you click on them I may receive a small commission. The commission is paid by the retailers, at no cost to you, and this helps to support our channel and keep our videos free. Thank you!
In addition, I am not a financial advisor. Charlie Chang does not provide tax, legal or accounting advice. The ideas presented in this video are for entertainment purposes only. Please do your own due diligence before making any financial decisions.
► My Instagram: / charlie__chang
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I can’t stress how important holding real estate investments is to building wealth. Huge things with the tax code you can take advantage of - but you need to do it right! Who else here invests in real estate or wants to?
Does owning suites with 2 bedroom 2 baths make more in rental income than a 2 bedroom 1 bath ? Do you get more bang for your investment buck with an extra bathroom or not ?
0:18 Financing options
1:25 How to increase value of home
2:31 Emergency Fund
3:23 Tax Benefits
5:03 Location Matters
6:12 Run the Numbers
7:52 Get a good tenant
I don't know who Needs to Hear This but " Greatness is often built when no one is watching ". So don't give up and keep going
And money is built when no one is watching :)
thank you kind positive millionaire!
Action takers are money makers!!💯🎯🔥
Take action and invest in stocks too!
Thanks,Do u experience difficulty in trading....inbox+ 4 4 7 5 2 0 6 3 3 2 7 3
Gold man! Super appreciated this one 🙌😄
Thanks,Do u experience difficulty in trading....inbox+ 4 4 7 5 2 0 6 3 3 2 7 3
Thank you so much Charlie ! This year I will buy my first rental property and also get my license for real state and wow you popped out on my feed. Your videos are phenomenal !
Thanks,Do u experience difficulty in trading....inbox+ 4 4 7 5 2 0 6 3 3 2 7 3
Thank you for sharing this information with us
Love your content 😍
Love his content too!
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This was a great video!
Thanks man.
Awesome video, Charlie! As a real estate investor, these are great tips.
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I haven't been here in a minute. You're almost at 200K. Congrats.
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Love the content bro! Thanks for the awesome info!
Helps to inform your viewers: when you're referring to how long depreciation is you're referencing two commercial real estate not residential or small multifamily. Those properties are in 27.5 years. Haven't gotten further into the video to critique an additional information that you have said. Recommend amendments to this video
The depreciation (cca) is good for certain situations but when you sell it you will probably have recapture which is taxed
Do you recommend using a PMS?
Please do a video on taxes and tips on that thanks . When you have one rental should you open an llc?
Thanks,Do u experience difficulty in trading....inbox+ 4 4 7 5 2 0 6 3 3 2 7 3
But when u do the deductions how would you qualify for a new rental when on paper it says 0 or you're not making much.
Thx for the info. Where can I find that calculator?
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Correction: The depreciation timeline is 27.5 years, not 29.5 (4:12)
We could all do with a bit less stress right now! Here in the UK, the government is considering negative interest where we would have to pay banks to hold cash!
Thanks,Do u experience difficulty in trading....inbox+ 4 4 7 5 2 0 6 3 3 2 7 3
Nice content. The wisest thing that should be on every wise individual's list is to invest in a different streams of income that don't depend on government to bring money especially now the pandemic has hitting the economy pretty hard.
Totally agree with you on this. As for I always like to diversify my investment by engaging in stocks and Cryptos especially Cryptos considering the current increase.
My dad has been a stock investor for two decades now but as for me I would rather stick to my real estate which is more profitable especially when guided by an expert someone like Jessica Jones who is known to generate maximum profits for investors.
@@daniellewis9829 Am surprised you know her too. I remember earning $48,000 in my first major investment with her which helped me in acquiring my first investment property.
Jessica has been outstanding at her work. Met her back in 2018 and after a prosperous couple of years with her, I started trading independently. Good to see she is still enriching people.
Sounds interesting. Please how can I get to this expert?
I agree there are nice tax incentives. Liquidity is a big issue with real property. You cannot buy or sell without big fees, taxes, lawyers, agents, etc. It is the long game.
Also getting good tenants is a must! A tenant can wreck a place in no time!
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As a non-U.S citizen can i buy rental properties in the U.S? And would i be paying taxes to my country or America?
Am I the only one here who has bought a mobile home park? They are the bomb 😀
Nice that's my goal right there.
Hey Charlie, I wanted to get your thoughts on investing in a rental property in Los Angeles. I currently live here and really want to get into the game but not sure if prices are already too high? Ideally, I'd like to get a duplex or triplex (triplex would be ideal and I'd live in a unit with my girlfriend) in a more up and coming area on the east side to still have some wiggle room for growth hopefully. Also, do you think 2021 will be a bad time to purchase because of how hot the market is? It's definitely a seller's market.
If you think the house will be valuable long term, then definitely do it! Especially if you think long term it will be cash flow positive
w h a t S a p p m e +1 3=0=7=2=1=8=9=6=5=6
ME,,
If I was starting all over again I would absolutely get into house hacking - but even without hacking my rentals have created the cash flow I need to live on. 😊
What did you make your current cash flow on? Stocks?
@@stockstrategyexplained5743 single family rentals create my cash flow
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@@stockstrategyexplained5743 Thanks,Do u experience difficulty in trading....inbox+ 4 4 7 5 2 0 6 3 3 2 7 3
Is it applicable to every countries ?
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Taxes are the most confusing part to me, anyone else?
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Real estate really is a tax haven 😎
And make sure you have a good CPA 😁
Who else bought their first property? 💃
If you just did, congrats! Make sure you don't ignore stocks too :)
If that place must be annoying trying to sleep with all that traffic unless your place sound proof
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This video must be old! These interested rates are Not low.