843: Seeing Greene: I Don’t Make Enough to Invest, What Do I Do?

BiggerPockets Real Estate Podcast

BiggerPockets

Education, Business, Investing

4.8 • 16.5K Ratings

🗓️ 12 November 2023

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

You want to invest in real estate, but you lack the cash or the income. With home prices and mortgage rates so high, even a decent-paying job won’t land you a rental property or even a primary residence. So, what do you do? Should you call it quits and let others build wealth while you struggle to make ends meet? Not quite. There’s one thing you should start doing today that’ll make your real estate investing much easier. Welcome one and all to another Seeing Greene, where David answers your investing questions in today’s tough housing market. First, Rob joins us to advise an investor struggling to buy her business’s building from her father. He wants to sell after having a rough time with this commercial property, but Shelly, our investor, wants to convince him to keep the building OR give her a chance of ownership. What should she do? Next, David answers the trifecta of 2023 investing questions: what should you do when your pre-approval is too low? How do you pull out home equity when you’re broke? And what to do when you don’t have enough income to qualify for a mortgage? A straightforward solution solves ALL THREE of these investors’ questions, and it’ll help you, too, if you’re struggling in this market! In This Episode We Cover: What to do if you WANT to invest in real estate but don’t have enough money Why DTI (debt-to-income) is SO important to investing and how to lower yours NOW Real estate vs. stocks and why property almost ALWAYS beats simple stock investments When to invest in a “mediocre” deal that has no-to-low cash flow How to fire your property manager EVEN if you’ve signed a long-term contract The secret to scaling your real estate portfolio that the gurus won’t tell you And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch Listen to All Your Favorite BiggerPockets Podcasts in One Place Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area Davids's BiggerPockets Profile David's Instagram Subscribe to David’s YouTube Channel Rob's BiggerPockets Profile Rob's Instagram Rob's TikTok Rob's Twitter Rob's YouTube BiggerPockets Podcast 823 on Cost Segregation Seeing Greene 828 BiggerPockets Podcast 844 with Jim Kwik (Coming Soon!) Books Mentioned in the Show: Pillars of Wealth by David Greene The Richest Man in Babylon by George Clason Connect with Shelly: The Mousing Harke Instagram Fairmount Bicycles Instagram Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-843 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is the BiggerPockets Podcast Show 843.
0:04.0	What's going on everyone? This is David Green, your host of the BiggerPockets Real Estate Podcast
0:08.5	here today with a Seeing Green episode.
0:10.9	In these episodes, we take Real real estate investing from my perspective as I answer questions from you,
0:16.8	our audience, about where you're stuck, what opportunities you have and the best way to play
0:21.6	the chess pieces that are sitting on your board.
0:24.6	And we have got a great episode for everyone today, including a coaching call that we are going
0:29.4	to start off with and then some other questions from all of you about ways that you're looking to
0:34.1	scale your portfolio but it looks like it took a couple steps in the wrong direction
0:37.9	and how to get you put on the right path. Many of you who are listening to this now are
0:41.4	going to relate to the questions that our guests ask
0:44.7	and you're going to benefit from them as well. So thank you for being here with me. Get ready for a great show.
0:49.8	If you'd like to be featured on seeing green yourself, remember, just head over to bigger pockets.com slash David, where you can submit your question, either video or written, and I will hopefully answer it on a future show. Before we get to our first question,
1:05.0	today's quick tip is going to be simple.
1:08.0	I am here at one of my cabins right now in the Smoky Mountains.
1:12.0	I have 12 of them out here, and I'm on a bit of a tour and I'm going to check out every single cabin I have.
1:17.6	I'm going to stay in many of them and I'm going to get a feel for what it would be like to be the guest here, as well as come up with ways to improve the experience for the guest.
1:26.0	This is very important because if you are a short-term rental investor, you may have already seen that the competition is getting fierce. And if you want to stay near the top you need to learn
1:34.7	to look at your home from the perspective of the person staying in it not the perspective of you that's looking to get as much
1:40.9	money as you possibly can so consider staying in one of your own short-term rentals
1:44.8	as well as your competition and see how each one of them
1:47.6	makes you feel and what improvements can be done
	...

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