31) Don't Read Rich Dad Poor Dad & Barbara Corcoran Predicts a Boom

Real Estate Investing with House Money

House Money Weekly

In this week’s House Money Weekly segment, Lauren and Alan get together with their special guest, Clint, where they discuss blog 124, the 3 real estate books every investor should read that’s not rich dad poor dad. Many people ask him questions about what books they should read when starting in real estate and that’s why he wrote this blog. Clint has never read a single book about real estate other than textbooks so he is excited about this segment. After all, he’s a real estate CFO so he’s immersed in real estate all day every day. The first book every investor should read is a book by Michael Zuber entitled One Rental At A Time. Alan picked this book because it’s not a “how to” book. It is more of a motivational story book. It’s about his story and how he went on his path to leave his day job. It is an easy-to-read book for beginners. Lauren likes this book because it’s a reminder that starting one rental at a time is okay. Clint asks the Hosts about Michael’s magic number 4 and it’s about how having 4 properties gives you financial flexibility. Alan, of course, picks one of his own books for the second book. This is more of a “how to” book and it’s called House Fire. FIRE stands for Financial Independence and Retire Early. House Fire is an easy, quick and fun to read book for every real estate investor. Clint asks Alan about the “one property pays one bill at a time” idea that he said in his book. This gives you a concrete goal and helps minimize analysis paralysis. Alan also explained in detail the Fire Movement and the different FIRE methods that were in the House Fire Book, and the hosts also discuss the 4% rule. And the last book is a book that you should read once you have purchased a property and that is Heather and Brandon Turner’s Book on Managing Rental Properties. This book is written for people who got a property and what’s to know about the leases, the tenants and the repairs that are needed in a house.

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Mortgage Minute: Jasmine answers the question: When should someone lock their mortgage rate?

Sponsored by: Jasmine Mortgage Team https://www.jasminemortgageteam.com/

Real Estate Is Easy Interview

Lauren interviews Ryan aka Learn Like a CPA. He has an accounting degree, a CPA, and he owns a combination of short-term rentals, everything from an Airbnb in Ohio and a two million dollar STR in Miami. He owns 2 RV Parks, a multi-family long-term rental and a CPA Firm. On the business side, he has over 300 clients for Tax Strategy and Advisory Services. Lauren asks Ryan if he was a CPA first or a real estate investor first. Being a CPA came first for him. Ryan doesn’t think most accountants are real estate investors. Because of Ryan’s broad portfolio, Lauren asks him why he has a mixed portfolio. Part of the reasoning was because of diversification. A lot of people use real estate as diversification from the stock market as a safer play. Ryan’s properties are in different areas so building teams is important, and that starts with having a standard operating procedure for each of the properties. He also focuses the most on his cleaners and handyman. Lauren asks what Ryan’s current buy box is. Whether just him or investing with partners, he wants to net $50,000 per year for himself. Speaking of partnerships, Ryan points out that you need 2 of the following to do a deal, and you can get the other from a partner: time, experience, and/or capital. What should people do who are starting out? Focus on the owner-occupied small multi-family house hacks. You can get a conventional loan with 5% down now. He also recommends protecting your debt-to-income (DTI). Remember, growth isn’t actually linear. It’s exponential. Ryan makes real estate easy because of the math works in all 50 states, which he took from Dave Ramsey.

(Recorded in October 2023)

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Vyzer Wealth Building Break: Litan answers the question: Why don’t wealthy people pay off their mortgages?

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Guest Host's Segment

Guest Host Clint talks about Barbara Cororan and specifically that she expects that real estate will go on a run in 2024 and 2025 due to pent up demand. Clint asks the Hosts what will happen if the interest rates drop, and how that would affect the prices. Lauren shares that they remodeled the second side of one of her duplexes in preparation for selling that property which they will use to buy a primary home. Did you know Barbara bought Alan’s first flip in NYC? Alan talks about a study he saw which shows that when interest rates go up, real estate prices don’t drop and they just actually level out. When interest rates drop, though, home prices increase. Alan has plans to build duplex ADUs behind some of his existing duplexes. Clint and Alan also discuss what cash flow is, and what positives can come out of breaking even (although that should never be the goal).

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