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If you’ve been thinking about investing in real estate but not quite sure where to start, start here. This video is for everyone who’s ever asked me: what’s the easiest way to get into real estate investing and build a million dollar portfolio. Enjoy! Add me on Insta/Snap: GPStephan
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The best way to get into real estate investing is through what I call “house hacking,” which is a practice in which you buy a multi-family building, move in one unit, then rent out the others. When done correctly, this could eliminate all of your housing costs, allowing you to live for free in the property - plus you’re investing your money in real estate and building equity, and depending on the area, sometimes you can even make a little profit each month at the same time.
Plus by buying the property as a primary residence, you can quality for much better loan terms and lower down payment than if you were just buying an investment property - which allows you a little more flexibility and leverage on your money.
Now if it sounds too good to be true, kinda… there’s a bit of a catch - you’ll need a down payment. You might be able to qualify for low down payment amounts, but I’m generally seeing most people needing to put around 15-20% down. You’ll also need a stable income, meaning you’ll likely need two years of tax returns. And you’ll also need a good credit score. Those three things will need to be in order for you to do this.
Video summed up:
1. Start where you live. Unlike investing out of area, when you invest near where you live, you already know which areas are good and bad. You can see firsthand which areas are improving the most. Which areas people want to live in. Where the most demand is. Where businesses and people are moving to. It’s this knowledge that gives you a huge advantage over everywhere else where you might not be as familiar.
2. Buy something that needs work. As a beginner, I recommend finding something that just needs to be cosmetically updated - these are often easy, surface-level repairs that can be done in a few weeks or months that have a pretty good ROI. It just means re-doing floors, re-painting, light landscaping, maybe updating a kitchen or bathroom…very easy things that most contractors will be capable of doing.
3. Understand cash flow and which properties make sense to buy. Most places will not work. Understand everything about cash flow, building up equity, tax write offs, and your net return after expenses.
4. Buy a multi-family property that needs minor cosmetic work.
5. Renovate it and by doing so, you’ll usually end up building extra
6. Rent out the other units and live in one of them yourself
7. After a few years, buy another multi-family building and rent the unit you were living in
8. Continue repeating this process every several years, building up a portfolio of investment real estate.
Thanks so much for watching! Hope this helped, and make sure to smash that like button ;)
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