HyperFast Minute | April 8th, 2022
A minute on what I am learning in real estate, business or life:
I just got done reading “A Hunter-Gatherer’s Guide to the 21st Century” and really enjoyed it. The book talks a lot about the evolution of humans and how we can adapt to a lot, but have been thrown off by the the pace of change in the last few hundred years. There was a ton of good advice on what we can do in our relationships, work, health and other areas in life to best adapt to the rapidly changing world we live in. Want to read the same book? Click here
A minute on something I am teaching:
On my social media accounts (mainly TikTok and Instagram) I get a lot of feedback on how it is easier to start in real estate if you have more capital. While that is true you definitely don’t need a ton of money in the bank to get started. Most of the people that I know crushing it in real estate did not start with a ton of money. I create a lot of content now where I teach people different ways to start with little or know money. Here are a few of the ways: becoming a real estate agent, learning how to wholesale deals, finding seller-financed deals, doing short term rental arbitrage and using the VA, FHA, or 3% down programs to do house hacking. I have more in depth videos on my YouTube Channel on all of these strategies.
A Minute on Something I’m Excited About:
For over 2 years now Keri and I have been working on building a house in Florida, right next to the town I grew up in. It’s been a mix between excitement and nervousness during this time as COVID related delays have extended the timeline, but we are now just a few punch list items away from being done on the inside and finishing up the dock, pool and backyard on the exterior. In the near future we are looking forward to hosting masterminds and events there.
A picture (or video I took):
The dock at the house we are building in Florida is getting ready to be poured.
I was asked the following question this week on Instagram (BTW, I answer my IG DMs) “What would be the best option for passive income through real estate if I don’t have 40 hours to work on it?” Let me preface this by saying no real estate is completely passive income. There are different levels. I prefer to think of it as leveraged income. You are using resources to get a better return on your money and time. All deals though will require some amount of time though. Right now I think the area with the most potential income with the least amount of time is short term rentals. I routinely see deals in this area where one door can generate as much income at 20 or more doors in a long term rental situation. There is certainly more time involved in a short term rental, but after you set it up it is usually only a few hours per week per door. I have single family homes that are less than $1M in value that can have months that generate $10,000 in cash flow with less than 10 hours a month (most of which can be outsourced.) Plus you retain the benefits of appreciation and tax savings.