173: Real Estate Investing In A Thriving Market
Get Rich Education
Keith Weinhold
4.8 • 612 Ratings
🗓️ 27 June 2018
⏱️ 44 minutes
🧾️ Download transcript
Summary
#173: Don't move to a low-tax state; let your tenant do it. Quit investing only for the long-term. I explain both.
Alabama is the #1 state for per capita foreign direct investment. We discuss turnkey real estate investing in Birmingham, Alabama.
A revival is taking place in Birmingham amidst economically diverse business sectors.
Long-term tenant retention occurs in Birmingham submarkets due to: 2-year leases, tenant-owned appliances, more.
When you purchase a turnkey property, you're also "purchasing" a tenant and their income stream. We discuss.
It takes about $24K-$25K to "get into" this market with down payment and closing costs on a turnkey single-family home.
We also discuss how a real estate investor gets started: lender pre-approval, writing an offer, inspection, appraisal, etc.
Learn more and find Birmingham property at GetRichEducation.com/Birmingham.
I bring you today's show from Orlando, Florida.
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1) Grab my free E-book and Newsletter at: GetRichEducation.com/Book
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Listen to this week's show and learn:
01:14 Don't move to a low-tax state. Quit investing only for the long-term.
06:14 Thriving Alabama and the revitalization of Birmingham.
10:00 Downtown Birmingham.
16:05 Primary market drivers in Birmingham: medical, automotive, Amazon sortation, education.
18:46 Neighborhood selection.
21:10 B-Class properties $80K to $125K. $1,000 rent on $104K property.
22:22 Tenant retention.
26:12 Property upgrades.
30:20 Tenant qualification.
32:38 Same rehabilitation company and management company.
36:00 City inspectors.
38:26 How you get started: lender pre-approval, writing an offer, inspection, appraisal, etc.
Resources Mentioned:
GetRichEducation.com/Birmingham
Transcript
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| 0:00.0 | Get Rich Education is brought to you by Volhollow Wealth and Ridge Lending Group. You're listening to the show that has created more passive income for people than nearly any show in the world. This is the powerful Get Rich Education. The President get rich education welcome welcome to gree education |
| 0:31.6 | get rich education episode 173 i'm your host host Keith Whitehold here to spread the abundance mentality |
| 0:40.3 | gospel. I've got to because the scarcity mentality is abundant and the abundance mentality is scarce. |
| 0:47.5 | And today we're talking about turnkey real estate investing in a specific geographic market. |
| 0:53.9 | Later in the show, we're also going to touch on just |
| 0:55.8 | how a real estate investor gets started with buying a property, those steps like pre-approval |
| 1:02.2 | with the lender, writing an offer, the property inspection, appraisal, and quite a bit more. |
| 1:07.5 | First, I just want to quickly tell you two things that you've probably never heard |
| 1:12.7 | before. Don't move to a low tax state to reduce your taxes and quit investing only for your |
| 1:22.5 | long-term future. What am I doing right there? What kind of financial blasphemy is that? Look, don't move to a |
| 1:31.5 | low tax date just to reduce your taxes. You know how I say, don't follow money, make money |
| 1:37.4 | follow you. See, put yourself in a position where you have options and you don't have to move to a |
| 1:43.3 | location that you otherwise wouldn't |
| 1:45.6 | want to live there for just for the sake of tax savings because see now you've made yourself |
| 1:50.9 | vulnerable or you might even be showing yourself as financially fragile enough such that you |
| 1:56.8 | had to let tax policy dictate where you're going to live the rest of your life. |
| 2:02.3 | That does not sound like a life by design. |
| 2:04.2 | Just live your life where you're truly happy, whether that's near your family or if that's |
| 2:08.4 | recreational interests or whatever. |
| 2:10.9 | Don't live life for tax treatment. |
| 2:13.9 | What we do here and really what we're discussing again with today's guest is how you create a geographic |
| 2:19.3 | arbitrage for yourself and invest in the best markets without having to live there yourself. |
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