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The Rich Somers Report

Don't Invest in Real Estate if You're Broke, Do this Instead | Ryan Pineda E260

The Rich Somers Report

Rich Somers

Business, Investing

5.01K Ratings

🗓️ 26 October 2024

⏱️ 81 minutes

🧾️ Download transcript

Summary

Think real estate rentals are the way out when you're broke? Rich Somers and Ryan Pineda challenge that assumption head-on, showing why focusing on active income is crucial before diving into rentals. Ryan shares smarter strategies to build wealth the right way, stack cash fast, and avoid low-yield investments. Make moves, not mistakes. Join our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Bouti...

Transcript

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0:00.0

Dude, when you're broke buying rental properties is stupid.

0:03.2

The most important thing you could do today is like fix your current situation.

0:07.0

Start making some active income.

0:08.5

Bigger pockets pushes a lot of this stuff is like

0:10.5

Get a real estate investing, it's all about the passive income why would I want a

0:13.9

rental property that makes $200 a month why would I just flip it and make 25,000 this makes

0:18.0

no sense I can build long-term wealth at any point I think the perfect example is if you buy a property, you

0:23.6

improve the value and now you had a million dollars at equity, you can sell

0:26.8

this property and take a million dollar profit or this property would cash flow

0:31.8

let's say fifty50,000 a year

0:33.5

and you can hold it long term.

0:34.9

If I cash for this thing, it would take me 20 years

0:38.0

of 50,000 a year in cash flow just to break even.

0:40.8

Bro, so dumb.

0:41.9

20 years is a long time, man. Well, let me add another point to this. break even. Bro. So dumb.

0:43.0

20 years is a long time, man.

0:44.0

Well, let me add another point to this is I get a lot of people who ask me, what about my taxes?

0:48.0

I need to buy rentals to lower my taxes.

0:50.0

Like, you don't make money.

0:51.0

Why are you worried about your taxes? Welcome to the Rich Drummers Report where we talk real estate, business, and wealth building

0:57.2

all while keeping it real.

0:58.6

No fluff, no BS.

...

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