All Forum Posts by: Carlos Ptriawan

Quote from @Theresa Harris:

I'd also add that I think generational wealth is about more than money-it is the values you teach others that matters the most.

 This a 100%. We as a society have become obsessed with the word generational wealth. It’s not the wealth but the culture and mentality that it encompasses that I don’t agree with. I am not saying I am a good parent I struggle and have ups and downs just like every parent that has ever lived. That said there are some steadfast profitable things that all kids can be taught and cultivated regardless of any excuse I mean social or economical challenges that they face. 

The lessons you teach them far outweigh any buisness we give them. Work hard, take accountability, accept coaching, do the best job job you can regardless of whose watching, invest in yourself with knowledge and self worth, spend less than you make, stay out of bad debt, keep your hands with calluses, give cheerfully both time and money, count your blessing being born in America, be the person who will take the risk and don’t be ashamed whether you strike out  or most definitely hit a home run.many more principles but values trump degrees any day of week 

Quote from @Carlos Ptriawan:

Quote from @V.G Jason:

Quote from @John Morgan:

My goal was 10k/month net "passive" income from buy n hold SFR. It took me 5 or 6 years to do this without using much of my own $. Infinite cash flow with minimal work was the goal. Once you figure out how easy it is to acquire more and more properties with OPM or to recycle the equity in them to buy more and more houses without any out of pocket cash, the mail box money snow balls. My advice is to find your niche and buy box, and do it well. Then stick with it and create generational wealth if you care to bring in more $.

 This fixated goal on "10k" of passive income is just losing it's power annually. You need to know what you want monthly in 20-30 years or down the road so rule of thumb is every 12-15 years things go up 40-50% then you'll want probably $20k in monthly passive income. This is just for some people.

Most of these W2ers on BP need to find 3-5 high quality properties over 7-10 years, with min 1:1 DSCR by higher downpayment. Enough reserves to manage 1 cycle of capex + 2 years of vacancies on day 0 of acquiring property. They need to do it while working their W2 and moving up the ladder there. After 8-12 years, they need to sell 1, re-fi one and pay down leverage + keep more cash reservs for cycle 2 of capex. Then later sell the re-fi one in another 5-7 years and have 3 very good properties with cash reserves and 0 debt. That may only be $6-12k/monthly income in 15-20 years. That's okay, REI won't be 100% of you income as it shouldn't.

 And the best way to do that is to have 9 to 5 that prints money continuously for them, so these idea of one that wanna replace all income from just rental is hard to execute for majority of the people.

Keep your W2 and get better at it. People are running amuck with this financial freedom crap. Go get your own health insurance and retirement funds started. You'll be behind the 8 ball quicker than that Indiana fella that fled the BP thunderdome. 

If you're making $75k in your W2 with a 3% 401k match. Keep grinding, maybe get a higher role elsewhere. Aim to keep up with 80% of inflationary growth in annual wage, and stack away. You will regret departing it too soon.

Hello,

Anyone willing to share a source for off market land deals?

Quote from @John Morgan:

My goal was 10k/month net "passive" income from buy n hold SFR. It took me 5 or 6 years to do this without using much of my own $. Infinite cash flow with minimal work was the goal. Once you figure out how easy it is to acquire more and more properties with OPM or to recycle the equity in them to buy more and more houses without any out of pocket cash, the mail box money snow balls. My advice is to find your niche and buy box, and do it well. Then stick with it and create generational wealth if you care to bring in more $.

 This fixated goal on "10k" of passive income is just losing it's power annually. You need to know what you want monthly in 20-30 years or down the road so rule of thumb is every 12-15 years things go up 40-50% then you'll want probably $20k in monthly passive income. This is just for some people.

Most of these W2ers on BP need to find 3-5 high quality properties over 7-10 years, with min 1:1 DSCR by higher downpayment. Enough reserves to manage 1 cycle of capex + 2 years of vacancies on day 0 of acquiring property. They need to do it while working their W2 and moving up the ladder there. After 8-12 years, they need to sell 1, re-fi one and pay down leverage + keep more cash reservs for cycle 2 of capex. Then later sell the re-fi one in another 5-7 years and have 3 very good properties with cash reserves and 0 debt. That may only be $6-12k/monthly income in 15-20 years. That's okay, REI won't be 100% of you income as it shouldn't.

For me, itś something I think about daily. Traditionally in the Black Community, in the past we were prevented from building wealth through multiple angles. My parent´s generation is where some started laying the tracks to pass stuff down. For most, nothing was passed down but some  parents were in the position to provide stable households, first generation real estate and send the kids go college. Now, that the baton was passed to me I was allowed to build on it. Iḿ focused on passing down a functioning business that I assume will be sold for the wealth. Also, there will be many other assets passed down (i.e primary home, insurance, stocks). It means so much to me. Just as that white man places his kids on the track for success with several hurdles cleared, so am I. I provide the free and clear education, upper-middle environment and great upbringing. What they do with it is on them. Not sure what is meant by inviting destrution or whatever but one thing I dont care for is their entitled nature. I feel this entire generation of young people are entitled, lazy and complaint consumed. I try to steer my kids away from that but I still see the entitled nature which some times leads to the other sht. Hopefully it will not present major problems but it is what it is. Generational wealth is my number one goal currently. Great topic!

I agree 100% - part of the problem is a lot of RE investing these days is marketed as a get rich quick scheme where you'll be able to buy a few rent houses, make monthly passive income, retire and travel the world.

I'm curious about your property management approach. Do you handle it yourself or hire a property manager?

Self-Management:

• Pros: Saves money, offers control, and builds tenant relationships.
• Cons: Time-consuming, stressful, and needs expertise.

Hiring a Property Manager:

• Pros: Saves time, provides professional expertise, and market insights.
• Cons: Costs money, less control, and finding a good manager can be tough.

What about you? Do you prefer managing your properties or hiring a manager? 

Great thread! I have set up a trust and am leaving my kids everything. I'm worried about home affordability for them in the future since prices are very high right now - if they choose not to rent out the properties they could live in them (probably not the apartment building) however they want to divided the estate out, although the Indiana SFH is not an equitable property compared to the California ones in terms of property value. They've heard me talk about real estate investing, house hacking, walked a property with a contractor with me and I would hope they would continue with the RE path. I would hope that they don't sell the CA properties to take the cash with the step up basis - I think they've witnessed enough family members who aren't RE investors vs those are are and which ones are doing financially well.

I've also talked about the power of compound interest and other investing strategies. I was not taught anything about investing or tax strategy as a child/teen, only to save money and don't buy unnecessary things (which is an extremely slow way to build wealth). A few of my friends said to not sabotage my own retirement to set up my kids for success later on. It's trying to find that balancing act. 

@Don Konipol

I agree. I focus on wealth building and doing what I love. Many say they want to leave their w2 but then have no idea what to do or what makes them happy. Where most focus on passive income is getting started as you mention with a percentage of your portfolio but really the main goal most look for is to have income when they retire outside of social security that can continue to allow them to retire.

For most this is not at 30, 40 or 50 but much later in life.

If you build the wealth when you can it will give you a lot more flexibility and options later in life as it’s a marathon not a sprint

Is there any website i can use to find a floor plan of an existing house even if i dont  own it? This includes being able to search by address.