By popular demand, here is exactly how I bought my first rental property. Everything from how I made my money, how and why I saved it, why I wanted to invest in real estate, what type of home I wanted to buy, what area I bought in...everything. I hope you enjoy it, thanks for watching! Feel free to add me on Snap/Instagram: GPStephan
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If you’re the TL;DR type:
-Started working as a Realtor in 2008
-Saved the majority of my income from 2008 until 2011/2012
-I noticed real estate become very cheap and I wanted a stable source of income
-I bought the first property for almost $60,000
-Renovated it - and rented it out
-Continued saving as much as I could
-Continued buying more rental properties in 2012
-Continued working as a Realtor
-Bought another property in Summer 2016
-Continued working as a Realtor
I remember watching this video two years ago at 19 with $2,000 in my bank account and now here I am two years later with $30,000 ready to buy my first property to househack in and eventually turn into a full rental. Without the motivation from these videos I’m not sure I would’ve had the discipline to get here. I know $30k isn’t much but coming from poverty it’s more than I could’ve ever imagined.
Interestingly enough, you didn’t mention going to school (i’m new to the channel idk if you’ve mentioned it in your videos) but let me tell you, if i didn’t have to spend several hours, several days a week i’d make (and save) so much more money it’s infuriating to think about and sometimes I really wonder why I keep going. At this point i’m so close to graduating I might as well and commit... but still 🤦🏻♂️
+Graham Stephan can i ask you why people dont just go through the real estate course in their state themselves and skip hiring one to save the money? I am in process of buying a property and my cost is $750 for the lawyer.. Why use middle men?
Hey Graham. Thanks a bunch for the valuable videos. So let's say i have the 20% down payment and even 30% but i have low income. Like 20k per year. I dont have enough to cover the payments fully, maybe 80%, but i have family who can contribute. I probably won't be able to get a mortgage In this case right? Any advice on my unique situation will be greatly appreciated.
+Graham Stephan that is crazy! Hey i would be a good tendant if you ever have a place in san gabriel area. My family and me are looking for a place in san gabriel area. We like this area. If we find a better place we will move. This place were we live is small and the manager and owner dont really care to invest in things in this place for us to live better. But we dont complain. We have put money ourselfs to keep this place clean which we shouldnt but we do.
Each and every one of your videos provide such great value. I worked a summer job in 2017 and got a long term job I’m May of 2018 and worked that seasonal job on top of it. Honestly, I feel like my mindset is somewhat similar to what yours was, it almost hurts whenever I spend so I save almost everything I make. Just turned 18 last week and opened a brokerage account and invested some money into the stock market. Also applied and got my first credit card to help build my credit. I’m super interested in real estate investing and I am planning on working towards getting my real estate license early next year. Really appreciate all of your vids!
When you have a plan and start seeing your money work for you, then you can’t wait to put more money into the plan. Graham, your story is inspiring. Thanks for sharing your insights so that others can get that same excitement.
Oh, and: Always keep some dry powder for the next battle.
That’s an awesome story Graham. I want to get into real estate soon as well since I have the same mindset as you and saved a lot as I worked thru college and after graduating. With interest rates increasing it could be a good time as well 😀
I grew up in Fontana, San Bernardino is a really rough area and your tenants are typically not the best in my opinion. I love your channel and advice and you have inspired me to look into the real estate market.
Make sure you return the favor to your future kidos 😉.
Living with parents for 3 to 4 years WHILE working as a adult is the easiest way to become wealthy and buy property. ..unfortunately mass majority of Americans will never be able to live with parents while making good money.
It’s sad that more people don’t take advantage of the opportunities in this country. Myself being a first generation Jamaican American saw the opportunities and read books and asked questions of people that were already landlords. All I did was work and save, bought everything with credit cards and pay it off immediately to build up my credit score. So today I have over $700 k in properties and net $3000per month and have a good chunk of capital in the credit union waiting for the next opportunity. I love what I do. Hard work pays off
Hey Graham. First, I want to thank you for creating videos like this one. My main interest about your channel is in real estate videos, and believe me, I've watched tons of them and yours are my favorite for you are very informative, honest, clear and to the point.
You are very successful in real estate, so I thought I could reach out to you. You are also a real state agent, you studied hard, got your license, etc. I do want to get myself into the real estate business but I'm not interested on being a real estate agent like you. I'm currently pursuing an Aerospace engineering degree in college, and I'm actually very excited if I get to work in that industry, whether it's going to be a 9-5 or not, just thinking that I could be able to work on big companies like NASA, SpaceX, or Boeing gets me really hyped. But I also understand that it's very important to have another source of income (passive income) like real estate. I'm sure that without you having a real estate license or worked as a realtor the story would have been different in terms of the opportunities you catched, and the concepts you learned about the business.
What I want to propose here is if you can considerate the idea of creating a video where you explain how regular people (not realtors who know a lot about it) can make a profit from real estate investing. Basically, it's the process of buying to selling. For example: When Buying--->how/where to find opportunities like the one you described on this video; can a regular person just buy a property, make some remodelling, and then just put it for sale few weeks/months later?. I don't know man, anything that comes from you about this topic will be very helpful. If the idea of a video is not an option for you, I'd really appreciate if at least I get some words from you to this email: [email protected]
Keep it up!
Just subscribed man . My co worker has 3 restaurant jobs and makes 5000 a month and has no life . He already has one house out in Chicago and he lives in California. Trying to gather as much advice from you and him!
I'm 20 & going to school for Businesses Adminstration. I just have to wait until I turn 21, so I can cross state lines with a CDL. I have enough money saved to buy a used truck, so anyways I know people that are owner operators, making over 5k a week after fuel n etc. My plan is to save every single check and live off 100 a week for food. Then save save save. Nice video!
This guy is everything that made America great. Every biography of an industrialist around the turn of the 20th century pretty much states that the attributes these men had and this guy is currently living. When Donald Trump talks about making America great again, notice that he never mentions what each individual would have to do in order to achieve that: be frugal, work hard, not drink, not waste money on garbage, work in silence and humbly, gain education through effort and reading, not pursue mindless bullshit, etc.
Great video with a great attitude. Learnt something in these twenty minutes and subscribed to your channel. I have a small request for you. Do you mind speaking a bit slow i.e. giving more space between words? Well, you have audience from all over the world ;)
At twenty one I was basically making nothing.. just a few grand a month.... Not withstanding the fact that minimum wage hardly makes one thousand a month. Period. But ya know, not understanding the value of a dollar and all...
When you found all the mess by the hoarder of the place, you ended up "asking the bank for a few thousand dollors worth credit for certain things... the bank gave you 500 dollar credit on top of your offer price" what does this mean?
I’m currently 19 and taking my Real Estate exam on August 9th (currently the 2nd). I just turned 19 a month ago and I have the same mentality as you... except I have a girlfriend :( I find it extremely difficult to save with her Nickel and diming me. I’ve sat her down and had a talk with her but she simply doesn’t see with her young brain (17yrs old) that nickel and diming does add up.. I hope we can over come this and hopefully showing her this video will help. Great content,
Lucky you took action when you saw a great opportunity. I wish I had done the same before mortgage rules changed in Canada. Now its 3 times as hard to buy my first home... always act on opportunity, dont wait!
I'm confused. Did you get a degree? If yes, then how did you manage to work as a full-time real estate agent and be a student at the same time? If no, then are you advocating not getting a college degree? I'm not too sure this video applies to the average person. The average person gets a college degree and because of that has massive debt. Furthermore, if they are attending an undergraduate program, those classes are held during the day. So if you are also a full time real estate agent and your classes are held during the day then how do you have time to show houses to potential buyers? Also, did you parents let you live at home past the age of 18? If so, did they charge you rent? I feel like perhaps you are giving the impression that it is all a bit easier than it would be for a person in the average situation.
No degree. Just straight into real estate. Was 18-21 living with my dad, no rent but I paid for everything else I needed other than housing. But in the beginning I worked probably 10-13 hours each day doing anything I could to learn.
Try vacation rentals in shore towns. At 21, my 600k home is getting me about 70-90k a year on top of being a full time student for the past 2 years. No I didnt buy the home...it was my parents inheritance so the only way I can afford to keep the home was to rent it out. Id give it all up to have em back
What’s your opinion on buying now July 2018. Here in western New York it’s a sellers market sellers are listing at record highs. Im in no hurry to buy; do you think that house values will continue to go up? Do you think values are approaching the top of the curve? Do you see another buyers market the horizon?
How soon do you think?
That’s what I’ve been thinking. Property has been selling for record highs Also allot of the inventory is over priced REO property.
My gut is saying wait until fall November to April. People hate home shopping and moving when there is 12 inches of snow on the ground.
Besides that is when the tax bills start showing up in mailboxes. State and county average is 7.6% of tax assessment value. That’s in addition to village and local property taxes.
New York is actually one of the few markets where average prices have been going down. Personally I think people overbuilt and developed a little ahead of the market causing inventory to increase...and nothing there cash flows, either. Personally i wouldn't do it, but long term over 20+ years I think you'd still come out ahead.
Life happened. I'm starting over at 43. Now what. I would like to get rentals but I am Butt-Ass broke, living paycheck to paycheck drowning in debt. My score is 717 with 54% Utilization. I do have a lot with lake view. How do I get from here to landlord?
I'd say just patience and saving...at that point it's really just about increasing your income and increasing your savings, enough to eventually buy something. I know it sounds like a simplified answer but that's the reality.
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