How to Start Investing in Real Estate in 2024 on an AVERAGE Salary
ฝัง
- เผยแพร่เมื่อ 22 พ.ค. 2024
- If you have just $10,000, you can start investing in real estate THIS YEAR, even with ZERO experience. How are you going to do it? In this episode, we’re breaking down the most beginner-friendly ways to build a real estate portfolio with low savings, a median income, and bills to pay. While this might not be the easiest road to real estate riches, within just a few years, you could be sitting on multiple investment properties IF you make the right moves.
Dave Meyer, David Greene, and Rob Abasolo all started investing without much cash in the bank. They had to budget, save, and build up their finances to get their first rental property in the bag. But, once they started investing, it was hard to stop. Now, they all have financial freedom-enabling real estate portfolios that spit out plenty of monthly cash flow. And they’re here to help you build wealth, too!
Dave, David, and Rob share their favorite ways to start from scratch when investing in real estate, how to best use $10,000 to get in the game, the one beginner investing strategy that EVERYONE should try, and how to use other people’s money to grow your real estate portfolio even faster! So, if you want to make 2024 the year YOU start investing, even if you don’t have a ton saved up, stick around!
~~~~
Join BiggerPockets for FREE 👇
www.biggerpockets.com/signup?...
~~~~
Expand Your Investing Knowledge With the BiggerPockets Books:
store.biggerpockets.com/?utm_...
~~~~
Find an Investor-Friendly Agent in Your Area:
biggerpockets.com/agentmatch
~~~~
Find Investor-Friendly Lenders:
biggerpockets.com/findlenders
~~~~
Get Access to Expert Investing Tools with BiggerPockets Pro:
www.biggerpockets.com/members...
~~~~
Network with Other Investors on the BiggerPockets Forums:
www.biggerpockets.com/forums?...
~~~~
Grab Dave’s Book, “Start with Strategy”:
store.biggerpockets.com/produ...
~~~~
Hear Dave on The “On the Market” Podcast:
link.chtbl.com/OTM
~~~~
Watch Dave on the “On The Market” TH-cam Channel:
/ @bponthemarket
~~~~
Connect with Dave:
BiggerPockets: www.biggerpockets.com/users/d...
Instagram: @thedatadeli or / thedatadeli
~~~~
Connect with David and Rob on BiggerPockets:
David: www.biggerpockets.com/users/d...
Rob: www.biggerpockets.com/users/r...
~~~~
Connect with Rob (Robuilt):
Instagram: / robuilt
TikTok: / robuilto
X/Twitter: / robuiltchannel
TH-cam: / robuilt
~~~~
Follow David and BiggerPockets on Instagram:
@davidgreene24 or / davidgreene24
@biggerpockets or / biggerpockets
Show notes at: link.chtbl.com/BPRE
00:00 Intro
00:50 Starting with $10K
08:54 1. House Hacking
14:03 2. Co-Hosting
16:13 3. Going Back to School
17:55 Best Type of Property
22:43 Partnerships
29:05 The "Sneaky" Rental
34:32 Start from Scratch!
I realized that the secret to making a million is saving for a better investment. I always tell myself you don't need that new Maserati or that vacation just yet. That mindset helped me make more money investing. For example last year I invested 80k in stocks and made about $246k, but guess what? I put it all back and traded again and now I am rounding up close to a million..
What stocks were you investing in?
Thanks for continuing updates I'd rather trade the stock market as it's more profitable. I make an average of $34,500 per week even though I barely trade myself.
I'm favoured financially, Thank you Jesus $32,000 weekly profit regardless of how bad it gets on the economy
Thanks to Patricia V Vesely.
She's a licensed broker here in the states
I will never invest $10k to education alone
Grateful for the expertise and ongoing support from Gerald Robert Hayton! Thanks to his guidance, I've been able to make informed decisions and see real growth in my investments. Highly recommend his advice to anyone looking to dive into REITs
Dave has the best advise. Take the 10K and partner up with someone else (preferably with some experience). I would also make sure both of our skills are different that we bring to the table. For example how I got started is, my cousin had some money but no handyman/contracting skills. I had the skills and not a lot of money. We partnered together 50/50 and made it work!
I absolutely loved this format! I would love to hear the three of you talk more on different subjects! Things like how you'd approach lending, contractor problems, evictions, or how you like to invest (outside of RE). It could be called the DRD Show!
@0:43 “pretty stringent criteria.”
Bro, that’s my life you’re talking about. 😂
For real dude!
Love it!
Absolutely enlightening episode, guys! 🏠💡 The step-by-step breakdown of starting in real estate with a modest $10K is exactly what many of us need. It's easy to get lost in the glamour of big deals, but this brings it down to what's actionable for someone like me. Could you dive deeper into managing capex and maintenance costs effectively on a tight budget? Also, any tips for someone living in a high-cost area but earning an average salary? Love the practical advice and real-world applications!
Thank you for this video! Very informative! I’m currently up 10k and I’m definitely saving to house hack! I can’t wait. It have been challenging but I’m focus and determined
Take that $10k and buy a piece of land. Rent it for camp site…tiny house park(maybe 3/4 tenants) that’ll get you some passive income.
This is eerily similar to my situation.
Best way to invest? First answer is give us your money.
There was a time when BP condemned "the guru"
Now they've become exactly that.
We have to go back!
Wow!
If I own my property through inheritance and can save 20,000 to $25,000 in about 2 years they pursue an FHA route 3.5% down. Would it be a good idea to possibly get a key lock for my current property to fix up and help out with the equity I currently have on it?
For the FHA route the property value Is about 400,000 I'm looking at. All in theory
How does one get 3% Down mortgage ? Is there PMI involved ? Most banks require me to pay Atleast 20% down
At the same time they mentioned 3%, they said the PMI goes away once you get up to 8% equity.
I too would like to know where these 3% down loans are.
What do you guys know about crashpads? Could you do an episode talking about that and if it’s worth it. Being in the airline industry it just seems to make sense and smart to do.
So 3:20 in and the first suggestion of what to do with $10,000 is give it to Bigger Pockets....lol
I caught that
Very highly informative episode. Appreciate you.
No one really talks about equity much but it's probably the most powerful part of real estate. And you can start building it with your primary residence then pull it out to use as a down on your next property.
house hack. change the name of this TH-cam channel to house hack.
Agreed. Kinda like Dave Ramsey channel, you know how it's going to end...no debt...but here it's house hack 😂
Name still works. You get bigger pockets from house hacking lol.
Better than every episode being about short term rentals & air BNB.
How do you meet DTI ratio to qualify for a new home every year, if you already have several other properties with loans on them?
Get a DSCR loan
You can use 75% of rental income to qualify
How to invest with $10k. Save more $ & have more than $10k. Great. Lol
Dave, there’s 3% conventional?
My client got 5% conventional about 6 months ago in VA. I believe credit and income have to be a little higher than normal.
Love this episode, good job your
What’s your advice for someone who has 10k in savings but plan to use first time homebuyers assistance so basically I’d be putting nothing down to purchase a home.
I’m stuck between single family and multi family. With interest rates it’s hard to find a multi family with a mortgage that has decent rents to off balance the mortgage.
I thought about buying a single family with a lower mortgage and build enough equity in the home so I can pull it out and use the money as a down payment on a multi family.
Do you think this is a good idea?
@biggerpockets
Cant work extra shifts with the senerio you set out... 😅
Great stuff I’ve been listening to you guys for a few months now, and I am eager to get started in real estate investing.
What do you guys think about using a turnkey real estate investing company to start investing in real estate?
This sounds unrealistic. In this environment no seller will take an offer with 5% down. So that 10 houses in 10 years do not work at all.
Also closing costs are so high, none talks about that.
If you make 60k in NY with 10k in the bank, get a better job not think about getting a house as you can’t get a garage for that.
Just my thought.
Conference selling. I remember when Brandon abhorred those scammers
Seriously lol can barely buy groceries. Cant fathom spending my only 10k on a conference where i will hear the same stuff i hear for free here on youtube. Idk id expect to hear put it in a cd account or and s&p500 etf to gain some interest
29:08 sneaky rental question: are you doing all the managing yourself even after you have 10 houses in ten years, all of which are being rented by the room? I’m guessing you’re not simultaneously trying to hold down a 9-5 full time job at this point, right? Sounds a lot like what Todd Baldwin has done in the Seattle area. This can work well in dense metropolitan areas, especially those with lots of younger well-paid high-tech workers.
Is there any value using that 10k in REITs vs traditional realestate in today's market?
Only if you want to make $400 per year
Only if you want to make $400 per year
That plug in the beginning was annoying, it doesn't change an impossible market like Connecticut. I'd love to see guys try this format in the hardest markets, aka not emerging markets, swimming against the rapids and around obstacles.
They'd probably do the responsible intelligent thing. Move.
@@amh31 can't move when your hands are your money makers at your W-2 and nowhere else in the country pays like your company does for your line of work.
@4thGen4runner__ Yes you can. That's not a real obstacle it's a made up one.
@@amh31 So what is your strategic plan to overcome other buyers coming in with all cash, over bidding by 10-20%, and them not inspecting the house. While being in a market that is low inventory and low supply?
@4thGen4runner__ Move... If you ABSOLUTELY refuse to move then buy cross country in an affordable market like they're saying to do. But you're making it significantly more difficult on yourself that way. Because you're all but eliminating the ability to house hack and borrow with an FHA loan.
200k but I can’t find a good property in Connecticut. People are paying up to 100k over asking price
I enjoyed this, however I would like to see a 'Getting started' video on a situation that is probably less common. I am going to be retiring from a career and receiving a lifetime annuity. I do not own any real estate and have zero debt. I will have access to about $500k cash from brokerage accounts, and a pre-tax 401k of around $700k. When I retire I will be in my mid to late 50's.
One straight forward way forward would be to throw all the money at dividend stocks/funds (withdraw the 401k slowly for tax purposes) and combined with my annuity (and eventually social security) just rent and live off those three income sources.
That doesn't grow and create generational wealth so I'm not a fan of that. I want some real estate but don't have a strategy of how to use the $500k and what to do with the pre-tax 401k. I'd like to think I am in a position where I don't have to take on risk, and I don't want C properties.
I'm a realtor and have 11 rentals listed already with tenants in them. Just need a buyer
@@StreetSouljaz1 where are they?
@@hmj8469 in Brownsville Kentucky
I can start w 10K ? Where? I wish
Rent a room in the apartment where you are renting just sounds like you will get evicted subleasing.
While I don't necessarily think it's worthless to take your 10k and investing in education, if you do that now you have zero dollars to invest in real estate.
That's what I was thinking. I'm not interested in taking $10k and put into education. Maybe some of it but the rest would be in a side hustle to add to that bottom dollar
This is fair. But it’s also not really what I was saying. Everything I was specifically talking about would be less than $1000.
1) BP Pro - Super low-cost
2) Conferences - Most conference tickets are $200-$1000. It would climb up a bit with plane tickets + hotels. But you can find plenty in your area.
3) Meet-ups - Free!
Guys, could someone tell my how to find such experienced real estate investor and be sure he is the person you can be safe of making business with him, he isn't a scammer?
Why10k .. get your real estate license for 1-2k and go from here.. the real estate investment is not an easy game. You need a lot of money. 100k at least. If you don’t want to go in debt.
Rental property is NOT the path anymore.. America is not the same anymore! Land, parking, car wash, and more ..
Hello guys, thank you for all the information. They described my personal situation. I'm going to follow his advice. I'm working as a property manager and I got the real estate license. I hope to continue learning with you.
Good stuff. Keep grinding
How long have you been licensed
6 months
Dave house hack greene
Rent by the room is terrible
300k , were in the hell are you guys shopping @ .
I just looked at a deal 75k
Rehab costs 15k
Appraisal 125k
Avg rent $1200
What market was this? I am considering out of state investing.
What if your doing well making $35k a year? If I made $60k a year I could have an extra house and 2 financed as well....
I don’t think 35k y/r is necessarily doing “well”.. unless you live with your parents and have no bills
@@L0GANRS3 35k for me, where I live, pays one 3 bedroom house payment and utilities and food for 2 people. I am househacking by renting the basement to my nephew and soon my brother will be each paying $300 a month as well. Even with house hacking and doordash I barely made $43k last year and am doing fine. But that's one house. I was saying I'm fine with one house making $35k a year but to get another I would need $60 for some of us watching this are left out automatically.
@@L0GANRS3 I don't know where you live, but where I live it is doing well enough for one house and a car payment. I am 55 years old and have nobody to impress. I'm interested in real estate and other subjects as well. The only thing you and I have in common is that neither of us has a youtube following worth talking about.
@@georgetomlin7599 super random to throw in things we have in common, but while we’re at it, I’m also interested in real estate, about to own my first piece of real estate this year 👍
My 17 yr old son, a senior in high school, has already made over 10k doing side hustles. His money is in the stock market now. In a couple of years once he understands the market his college is in, his plan is to buy a multiplex and house hack.
Nice! It's good that he's thinking ahead. I hope he finds success!
@@stedmonsweeney2717 thanks!
If i can suggest, stop filling people's hearts will false hope
Excellent & great logical plan at the end by David & added thoughts by Rob! Thank you. Hey Rob: keep eating the Guac, for mental energy, and add some of David's broccoli. Great Combo!
What was the point of this video?
How to invest in real estate with $10,000…..don’t.