Get Rich Education

137: GRE Listener Eric Pratt Tells How He Built $3,600 Passive Monthly Income with Turnkey Property May 26, 2017

Show notes

#137: GRE listener Eric Pratt is today's guest. His passive monthly RE income is $3,600, soon to be $4,600.

He bought turnkey income properties: 6 in Memphis, 1 in Atlanta, and soon expects to close 1 in Birmingham. He carries 7 mortgages.

Eric is in his 40s, married, and is a police officer in Anchorage, Alaska. Learn about how GRE has changed his life, and learn about one speed bump that he hit on the way.

This show has been on the air every week for more than 2 ½ years and it's changing lives. It's time to hear your story. Keith tells you how you can be on the show with him.

Keith brings you today's show from Anchorage, Alaska.

Want more wealth? Visit: 1) www.GetRichEducation.com to grab our free newsletter. 2) www.GREturnkey.com for actionable turnkey real estate investing opportunities.

Listen to this week's show and learn:

04:23 Today's guest, Eric, had never heard of a podcast before learning about GRE.

06:04 Growing up in a financial family: Dad - banker; Stepmom - accountant.

09:34 Eric's first investment property was bought in Las Vegas in 2001.

14:20 Eric used to invest out-of-state without knowing about turnkey RE investing. He previously tried to put the "team ingredients" together himself.

15:25 His first turnkey investment property was bought in Memphis in 2015 through Mid South Home Buyers.

16:45 Some think turnkey real estate investing is too good to be true.

19:01 Guest's former mission to be debt-free changed to becoming financially-free.

24:40 Paid 6 ways at the same time?

26:26 Eric self-manages one property. Lesson learned: buy from a provider with in-house management rather than third-party management.

29:17 Paying $61,000 cash to own a Memphis property free-and-clear.

31:12 Carrying 7 mortgages.

32:06 Offering full asking price on turnkey properties?

33:21 Eric's passive monthly RE income is $3,600, expects it will soon be $4,600.

38:23 He has an employer pension.

39:27 The Abundant Mindset.

41:32 Birmingham, Alabama's surprising revitalization.

43:50 Eric leaves his personal e-mail address for you: pratts@ak.net

Resources Mentioned:

Birmingham Turnkey Property

Keith's Whiteboard Video: Cash Flow vs. Inflation

Guest E-mail: pratts@ak.net

136: Give Yourself A Pay Raise Today - Here's How May 19, 2017

Show notes

#136: Get a pay raise from your employer with this innovative approach.

Also, increase your rental income with this technique. Learn how to raise the rent on your tenant without losing them. It starts with you thinking about how your tenant is thinking. Use this "3 Options Strategy".

Think about your "Salary Reduction Plan" vs. your "Salary Increase Plan". Don't ask your boss for a raise. You'll learn how to give yourself one.

Keith also has a fresh take on property management.

Keith brings you today's show from Philadelphia, Pennsylvania.

Want more wealth? Visit: 1) www.GetRichEducation.com to grab our free newsletter. 2) www.GREturnkey.com for actionable turnkey real estate investing opportunities.

Listen to this week's show and learn:

01:32 Raise the rent on your tenants in this innovative way.

03:59 Lease Renewal Options Form - give your tenant three rent amount and duration options.

05:34 Justification for increasing your rent: higher property tax, hazard insurance, utility costs, etc.

08:39 Why a subtle 3-5% rent increase helps you more than you think.

10:23 How to get a pay raise from your employer.

13:14 Negative cash-flowing property: perspective.

17:56 Don't even ask your boss for a raise.

23:55 Property Managers - you want one, but yet you don't. Discussion.

26:45 Subway restaurant analogy.

30:54 How many income properties could you own if you self-managed?

32:36 Find the right income properties through: www.GREturnkey.com

Resources Mentioned:

135: From $50 Million To Zero: Falling From The Top Of The Real Estate Mountain May 12, 2017

Show notes

#135: From $50 million to zero. That's what happened to the net worth of today's guest, Rod Khleif, in the mortgage meltdown of 2008.

His mistake was that he focused on real estate appreciation rather than cash flow, and he lost control. He's owned 2,000 single-family homes and multifamily units.

Rod is a motivating guy. He talks to us about Single Family vs. Multifamily Property, self-management of property, and the psychology of success and fulfillment.

Keith brings you today's show from upstate Pennsylvania.

Want more wealth? Visit: 1) www.GetRichEducation.com to grab our free newsletter. 2) www.GREturnkey.com for actionable turnkey real estate investing opportunities.

Listen to this week's show and learn:

02:40 Single Family vs. Multifamily.

09:09 Professional management vs. self-management of property.

11:31 Self-visualization and motivation.

15:51 Goal-setting. The psychology of taking action. Visualization.

20:52 Gratitude.

22:46 How to find achievement and fulfillment.

29:49 Trade-offs: Single Family vs. Multifamily.

32:18 Should you ever self-manage property?

34:53 Giving yourself a pay raise at work and increasing your rent income on your properties.

Resources Mentioned:

RodKhleif.com | Text "ROD" to 41411

SpotCrime.com

134: Quit Overpaying Your Taxes with Tom Wheelwright May 05, 2017

Show notes

#134: Tom Wheelwright, Rich Dad Advisor and Founder of ProVision talks with Keith about classifying income property repairs vs. improvements.

We discuss how 401(k)s are for people that care little about involvement in their financial future.

Will taxes ever get simpler? Tom says no.

Classifying repairs vs. improvements is a big deal. There's a $2,500 threshold distinguishing the two categories.

Want more wealth? Visit: 1) www.GetRichEducation.com to subscribe to our free newsletter. 2) www.GREturnkey.com for actionable turnkey real estate investing opportunities.

Listen to this week's show and learn:

03:40 Early civilizations collected taxes: Ancient Egypt, Imperial China, the U.S. vs. Britain.

07:22 Income tax hurts employees most, beginning in 1944.

09:03 Will taxes ever get simpler? No.

11:30 Classifying repairs vs. improvements. "The $2,500 Rule."

23:53 401(k) participation. Why would educated people be interested in one?

30:10 401(k)s are Salary Reduction Plans.

32:22 Before-tax vs. after-tax rates of return.

34:06 How to find the right tax advisor.

Resources Mentioned:

TaxFreeWealthAdvisor.com

133: Your Income Property Loan with Graham Parham Apr 28, 2017

Show notes

#133: Now you can put just a 20% down payment on your first 10 financed properties. Requirements for cash reserves are now lower too. We discuss the details.

You need a loan for income property. Loans mean leverage. Leverage can produce great rates of return for you in an appreciating environment

Graham Parham, Senior Mortgage Loan Officer with Highlands Residential Mortgage talks about today's terms for income property loans on 1-4 unit properties: down payment, interest rates, credit score, reserve requirements, debt-to-income ratios and more.

We're talking about conventional Fannie Mae / Freddie Mac financed property requirements on non-owner occupied real estate.

Keith brings you today's show from Philadelphia, PA.

Want more wealth? Visit: 1) www.GetRichEducation.com to subscribe to our free newsletter. 2) www.GREturnkey.com for actionable turnkey real estate investing opportunities.

Listen to this week's show and learn:

01:30 Keith thinks that real estate will keep appreciating for a while, though at a slower rate.

04:35 20% down payments in your first ten 1-4 unit properties! Details.

06:57 Reserve requirements are now more loose. It's now based on your unpaid balances.

11:12 Husband and wife: up to 10 loans each.

12:27 Home Equity Lines Of Credit and your Debt-To-Income Ratio.

15:14 The advantage of using an income property-oriented Mortgage Loan Officer.

19:00 Interest rates: owner-occupied vs. investor mortgage rates.

21:55 Down payments of 20% vs. 25%. Lower interest rate with 25% down?

23:57 Mortgage sequencing when you want multiple loans.

27:36 Looser lending climate today.

30:46 Property inspection reports.

Resources Mentioned:

Graham Parham Team: 1-855-326-6802

TexasInvestorLoans.com

132: Weapons Of Mass Production with Seth Williams of The REtipster Podcast Apr 21, 2017

Show notes

#132: Create wealth and time for yourself with these ideas, websites, apps, secrets, and shortcuts.

Get a 51% ROI from turnkey real estate investing. How? Example given.

Seth Williams of Bigger Pockets and the Lighter Side Of Real Estate joins us. Learn more about Seth at www.retipster.com.

Want more wealth? Visit: 1) www.GetRichEducation.com to subscribe to our free newsletter. 2) www.GREturnkey.com for actionable turnkey real estate investing opportunities.

Listen to this week's show and learn:

02:52 Achieve a 51% ROI from turnkey real estate investing with: appreciation, cash flow, tenant principal paydown, tax depreciation, and inflation-hedging.

07:26 Risks.

09:34 GREturnkey.com - Turnkey cash flowing property in investor-advantaged markets.

12:42 NeighborhoodScout.com - Aggregating neighborhood data like crime, school district.

16:45 Overcast podcast listening app.

19:30 BombBomb.com - Send video e-mails.

22:00 RocketLawyer.com - Access to legal documents, contracts, real estate agreements. Convenient Q & A format completes documents for you.

23:28 Cozy.co - Free self-property management platform.

25:38 LeadPropeller.com - User-friendly website builder for real estate investors.

27:14 UnSplash.com - Free high-quality, rich images. Royalty-free and legal for your use.

29:00 InvestorCarrot.com - User-friendly website builder for real estate investors.

29:14 The importance of having a real estate investor website.

31:12 BluePay.com - Accept real estate payments through credit cards.

33:30 Trello.com - Cloud-based project management. Communicate with your team.

35:18 TextExpander.com - Productivity app that lets you conveniently insert boilerplate phrases. This way, you don't need to type the same thing over-and-over.

37:34 Wunderlist.com - Create shared cloud-based checklists.

Resources Mentioned:

REtipster.com

131: Ken McElroy | What Your Tenant Wants Today Apr 14, 2017

Show notes

#131: Ken McElroy is our guest today. He's the Rich Dad Advisor for real estate. Why does your tenant move out, and what will keep them inside your rental property?

He tells us what tenants want today and how rental trends have changed over the last 5, 10, and 20 years. With over 10,000 units in multiple markets in his company's control, he knows.

In many markets, rent increases are not coming as easily as they were a few years ago.

Ken & I discuss the best ways to increase income on your property.

Want more wealth? Visit GetRichEducation.com and 1) Subscribe to our free newsletter, and 2) Receive turnkey real estate investing opportunities.

Listen to this week's show and learn:

02:12 Polling tenants at move-out to determine why they moved.

05:05 Tenants are more mobile today. They go where jobs are.

06:40 Service level to tenants is more important today - fitness center, activities directors, shuttle vans, and even bartenders.

07:35 Living spaces of 200 - 300 square feet in urban cores and college towns.

09:44 Why can't tenants pay more rent? Discussion on negative rent growth.

13:52 High rents can be a threat to public safety.

22:20 Why did your tenant move out?

28:03 School districts, crime.

30:19 Forecasting infrastructure improvements and how that boosts local real estate.

34:47 Websites that Ken uses for real estate market research.

37:22 Increasing your Net Operating Income - best ways, dumbest ways.

40:49 Pushing rents too high.

44:12 Ken feels real estate is still the best asset class to be invested in. But he tells us to exercise caution in a hot market.

46:22 Catch up with Ken at KenMcElroy.com Check out his great video series, KenFlix.

47:53 A lot of people are going to lose everything in the next five years.

Resources Mentioned:

KenMcElroy.com

Nmhc.org | Uli.org