332: G&E "Making Your Ideal Relationship
The Cardone Zone
06/06/18
•34m
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331: REI "Not All Real Estate is Created Equal".
June 4, 2018
•48m
Stress test for buying real estate: 1. Does it provide cash flow with at least 4-8% a year (if it provides more than 8% you need to look with some magnifying glass cause there is probably something wrong!) 2. Time/money - is this going to be worth your time? 3. Do you love it? 4. Can you exit? Can sell the deal at any time?
If a deal makes 28% but that's only $100 that's not a good deal. How many doors/units/tenants you have is the most important number in real estate.
Classes of properties: A - (could be triple A) new or 1-3 years old B - 3-20 years old caters to mix of white and blue collar, overall nice mix of cashflow and appreciation, returns of 5-7% before appreciation C - 20 + years old D - Inner city, tough markets
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333: YH "Why Your Goals are Too Low"
June 7, 2018
•42m
$1 million is not a big enough goal because it doesn't give you enough money to live on if you live 20-25 years. If you just want to make $10k a month, you give the government $4k a month you spend $6k on house, car, insurance and you're out of money.
Here is the plan we made for Jarrod that made him a millionaire:
1. The right target is $10 million: Don't be selfish and say you don't need a lot, you owe it to your children and your parents.
2. No consumption at this level: Don't buy stuff to show off, Jarrod buys suits for less than $500, he leases his car, he rents his home—he's not driving around in a Lambo.
3. Stay broke: Use the 40% rule, you need to make as much income as necessary to store 40% of it.
4. Invest: This is the only thing that multiplies your money
5. Repeat: Earning money and investing it isn't a one-time thing, it needs to be an on-going thing.
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