What Not To Do Episode 2 - Real Estate w/ @ BrettCalloway
What's up Steemit! I'm coming at you again with Episode 2 of the What Not To Do mini series. In today's video I'm going to be talking about real estate.
I started learning real estate investing in 2013 by attending the Rich Dad Poor Dad seminar trainings. I was learning Wholesale, Lease Option, and Rehab type strategies. I learned a lot but never pulled the trigger on any of these types of deals to try and make money.
While attending a Rich Dad event I listened to another speaker talk about becoming the lender as opposed to the borrower. This struck a cord with me and I was instantly hooked.
If you've ever put down on paper the pros and cons of being a lender vs a borrower in real estate, it's really not much of debate. Being the lender is far better on almost every level possible. The only thing is, you need to have money to be the lender, right? Well, this is not true. Just like you can do no money down real estate transactions, you can do loans with no money out of pocket.
After learning this amazing strategy, I quickly look for deals to fund. It wasn't long before I found a way to tap into steady deal flow. This is where I get into trouble.
Check out the video as I explain more about what I was doing and how I lost a quick $50k in my first year of real estate. This $50k managed to offset any and all gains I made from my successful deals. Also, learn what I could have done to avoid this loss and be $50k richer today.
Thanks for checking out the video! Hope you enjoyed!
Drop me a line with any questions or feedback. All comments are welcome!
Thanks again, and see you on the next one.
Brett
~ Life is a special gift meant to be enjoyed.
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You’re right, that does indeed make sense. Become the lender instead of the borrower. No comparison really. Also, I like the tip where you said it’s ok to have high risk if you first have a solid portfolio.
That one bad deal was all it took to wipe out your profits... Sometimes we experience things like that in life so that we can help others avert it or help them get through the same experience. Helpful info here Brett. Keep on pumpin’ these out 🤙🏻
-Ken
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Thanks Ken! I appreciate your response! It’s similar to the advice Charlie Lee gave a couple weeks back about owning a whole BTC before buying alts. Same thing applies to real estate loans as well. :-)
Real estate are good type of investing but what’s your suggestion about investing in stokes make an video @brettcalloway
Will do! Thanks for the suggestion!