Buy First Home or Rental Property
CRAFTED Millionaire
Cayla Craft
4.9 • 1.3K Ratings
🗓️ 4 July 2022
⏱️ 8 minutes
🧾️ Download transcript
Summary
Cayla is asked this question frequently. If you have the money, which is better to do first? Buy your first home or a rental property? If Cayla could go back and make life decisions based on what she knows now, she would make entirely different choices. Everyone is going to learn something from the episode even if you have already made large real estate purchasing decisions. The main thing is, ask the right questions and think about your choices logically.
You will learn:
- [1:40] - This episode is inspired by a very common question.
- [2:32] - Cayla shares what she would do if she had known what she knows now instead of buying her first home.
- [3:53] - You can hunker down now and plan for your future.
- [5:08] - When Cayla started her entrepreneurial journey, she didn’t have access to successful people. It’s easier now to ask questions.
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Transcript
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| 0:00.0 | You don't know what you don't know, so you have to start asking questions with very successful people that have the life that you want to have. |
| 0:10.5 | And it's never been easier 11 years ago when I got started in entrepreneurship, didn't have access to successful people like you do today. |
| 0:18.0 | But literally, you are a DM away from somebody that inspires you. |
| 0:24.0 | Hello, and welcome to the Mommy Millionaire Show. |
| 0:29.0 | This is your host, Kayla Kraft. I am a mom of three multi-millionaire master, life coach, and money mindset queen. |
| 0:38.0 | I am so happy and thankful that you're here. I am actually on a mission to help one million women make a million dollars or more a year. |
| 0:47.0 | That could be you. Every week I'm bringing you inspiring stories to help you feel empowered to broaden your horizons to gain clarity and strategy on living your best life. |
| 1:01.0 | Over at Mommy Millionaire, we pursue our lives with purpose and love and the riches always follow. |
| 1:08.0 | So stay tuned because I'm bringing you episodes twice a week. I believe you are your biggest asset. |
| 1:14.0 | So let's build you up today. Let's get into it. |
| 1:25.0 | Hello, my beautiful Mommy Millionaires. |
| 1:28.0 | So today we're going to have a short and sweet episode, but I'm super excited and I know each of you can learn from this episode because it's something I get asked often. |
| 1:36.0 | First, I want to shout out a review of the week. It's from Jerk Willen. If I said it wrong, please DM me and tell me how to say your name because it sounds beautiful. |
| 1:45.0 | She gave us five stars. She says inspirational, motivating, amazing. I love listening to Kayla show, especially when I need a little more fire under my butt. |
| 1:53.0 | Thank you for being such a light, highly recommend listening. Thank you. |
| 1:58.0 | Okay, so today this is the question. If I have money right now, should I go and buy a house or should I go and buy a rental property? |
| 2:10.0 | So I'm going to dig into that in today's episode. I hope you enjoy. |
| 2:14.0 | So we have Koolaini. Oh, I love that contemplating. If we should buy our first home or buy a rental property for passive income, we live in Southern California. What would you do? |
| 2:25.0 | Oh, it's my favorite question. You guys is my favorite question. What would I do? |
| 2:31.0 | Okay, I wish somebody would have told me this when I bought my first home when I was 21 years old with my husband. He was 19. |
| 2:37.0 | What would I do? I would go find a fourplex, something that I could live in one of the units. I could rent out the other three units and literally those other three units will pay for my living expenses. |
| 2:50.0 | I build up equity in that fourplex where I can pull out money, pull out a line of credit to then go buy another cash flowing property. Again, not a home. I go buy a bigger multi-family. That's what I'd be doing, okay? |
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