You know when you get exited about something, and you just want to get started; well that how I feel about rental properties right now; however I’m doing my best to stay non bias and also look up the bad stuff about it.

This way when that stuff does happen, I’m fully prepared. So in this video we are going to talk about 5 problems that comes with the game of real estate
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It’s not a Get Rich Quick Scheme

Think about it, if you are trying to build wealth in real estate

And you choose to get a 30-year mortgage

Yes, you’ll be getting some cash flow if you’re good at running the math

But it will take you decades to build up equity on that property

And for the first few years, you’ll be paying a large sum of money towards interest

And very little will go towards capital pay fown

So building wealth will not happen over night

Plus think about this too:

You may be able to buy a property to rent

But it takes time to build a large portfolio

Because rental properties are not cheap

Tip: you could get creative with the finances but that will increase your risk

It’ll take up your time ( its not as passive as they want you to think )

Buying a property and getting tenant is goig to make you a landlord

And when you buy a property, things are just waiting to break

So you will have to stay on all of these things

Things you have to worry about:

Getting a great deal

Maintening it

And making sure you’re making as much money from it as you can

And don’t forget about finding the next deal

However:

Its not to say you cant hire people to help you make this process easier

But remember that will cost you

And that will eat up at your margins

Dealing with Difficult people

You ever delt with someone that when they needed they acted one way

And then after something happens they become someone else

That’s happened to me before, not as a landlord but as a tenant ( so it goes both ways )

The best thing you can do:

Is to all your due deligence you can do

So you make sure the person that ends up living in your proerty is solid

And even every now and then, people that look good on paper wont be in real life, but thatll happen a lot less often tham it would if you werent doing all the due diligence

Ps. The only way to get better at dealing with people is by dealing with people

Taxes and Paperwork

Yes there are a lot of tax benefits to owning real estate

But you need to keep records of all that you spend on that propery and all the cost

And make sure everythig gets filed on time

For this:

Best thing to do is to hire a CPA

That person will be in charge of doing all the things you don’t enjoy doing

Or if you do enjoy doing it, use a software to make your life easier

Risk of Losing your Investment

Everyone talks about buying a property

But you don’t hear about epople lossing heir properties do you

But that’s a legit possibility if youre not careful

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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