BiIgger Pockets How to Make 5 Grand a Month in Real Estate
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Thread: BiIgger Pockets How to Make 5 Grand a Month in Real Estate

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    BiIgger Pockets How to Make 5 Grand a Month in Real Estate

    There's a guy on the MMM forums who used real estate to retire early, and I've often wondered how he did it. But I didn't have the time or energy to read 100's of his posts, or dig through bigger pockets website. Well long story short I got an email about a webinar

    How to Make 5 Grand a Month. Basically they walk you through the process of how to buy and sell real estate. Worth watching if you're interested in that kind of thing.

    https://youtu.be/l1u2qPXBadc

    Last edited by Lost in Space 2; 2017-03-17 at 03:56 AM.

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    No its not (OMO).

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    I watched about half of it, and the key is knowing your numbers. What he does, which is good is talk about what numbers you need to look for and what ones matter.

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    Let me guess what the technique is: using debt & leverage to amplify your gains while being lucky to be in the up-cycle of a price movement.

    That's not skill. If the prices go down instead of up, you go broke.

    There a few money diaries on our forums here where people have been heavily exposed to real estate, with leverage, and benefited tremendously from price gains.

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    Let me guess what the technique is: using debt & leverage to amplify your gains while being lucky to be in the up-cycle of a price movement.

    That's not skill. If the prices go down instead of up, you go broke.

    There a few money diaries on our forums here where people have been heavily exposed to real estate, with leverage, and benefited tremendously from price gains.

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    Quote Originally Posted by james4beach View Post
    Let me guess what the technique is: using debt & leverage to amplify your gains while being lucky to be in the up-cycle of a price movement.

    That's not skill. If the prices go down instead of up, you go broke.

    There a few money diaries on our forums here where people have been heavily exposed to real estate, with leverage, and benefited tremendously from price gains.
    There was for sure some hype "Ra Ra Real Estate is the best to get rich" I mean that what the guy does for a living. Like asking a Real Estate agent if now is a good time to buy. I agree that is annoying but overall his presentation was fairly realistic. The number (5000 a month) came from the fact that most people consider 60 grand a year (gross I should note) a realistic number to be able to quit their jobs. The first 35 mins were what I'd call the "hype" part, gotta get off your butt and do something. But after that he got into the actual numbers of how to value an investment property. That part I found quite interesting, but as I'll never be investing in US real estate I didn't bother finishing it.

    My Take: Investing in real estate can be a very effective way to build wealth and retire early but with a few very important caveats. First off you have to live in the right area, low house prices and higher rents. Secondly it's a huge amount of work and you've gotta be committed and willing to put the work in. It's not flip a few properties and get rich. Thirdly you gotta know you're numbers! This is were most if not all people fail. Finally he talks about using private money which I suspect could be a hindrance for most people.

    In theory you can invest in real estate without ever seeing the place, Arebelspy over at the MMM forums did it but I honestly don't know how and I wasn't will to dig through hundreds of posts (he's a moderator) to find out.

    Afterthought: My sister in law wanted to invest in more real estate, she loved the monthly rent cheques. My brother said no, way too much work!

    Edit nr 2: just checked and the actual numbers part starts at min 44, I'd suggest starting there

    Edit nr 3: He also talks about using private
    Last edited by Lost in Space 2; 2017-03-17 at 04:55 AM. Reason: afterthought

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    As someone who actually makes money off real estate, let me summarize your posts...

    I see there's a guy who makes money off real estate, enough to retire.

    But I was too lazy to read his posts.

    I found a video of how to do it, probably hype...

    But I only watched half of it.

    It seems like it's possible, but it's a lot of work...

    Do you see a pattern yet? Hint, you don't have the personality to make money in real estate.

    It's not a get rich quick scheme, in this market it's very difficult to find investment grade properties at reasonable prices and it's a lot of work, even if you have a system in place.

    I'd recommend a book to you, but I doubt you'd read it.
    I'm not JustAGuy (without spaces), or Donald, or <insert name here>.

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    You can make money investing in dividend stocks - the concept is the same as RE
    You can make money in buying a franchised business - the concept is the same RE
    You can make money with a job by saving a good portion of your paycheck - the concept is the same RE

    All three scenarios have the potential of making money and each come with pros and cons.
    All three scenarios have the potential to make A LOT of money, lose A LOT of money or just make NO money at all - same as RE.

    The choice is yours. If you are not committed to which path you choose to make money, there is no book, video or seminar that can help you. Everyone is always trying to discover a get-rich-quick scheme, yet, no one is willing to put the required time, effort and commitment to do so. If its too good to be true, well......................

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    Thinking about it, the real issue is that we tend to only hear the success stories. Even today, MMM’s latest post is about his wife’s super successful Esty business. I thought it was funny that she found retirement someone boring! In the comments was a comment about how someone did something similar, soap, and they finally quit as they made no money and barely any sales. It’s the same here a few successful people skew the results.

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    The same could be said for working...the majority of people are cogs in the machine, but you hear about the CEOs, even on a small scale, your boss is higher than you and gets more compensation, his boss is the same...

    If you asked them they probably don think their job is rocket science. They probably aren't much different than those under them, except that they spent the effort to go beyond the norm.

    I've tried to help a lot of people start investing over the years, but the majority are too lazy to even try and help themselves...

    You wouldn't believe how many actually asked me to do it all for them so that they can collect the money. Some even wanted me to pay for the investments for them.

    I'm not JustAGuy (without spaces), or Donald, or <insert name here>.

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