How To Build Wealth In Your 20s - The Easy Way
Published: 2021-12-22
Status:
Available
|
Analyzed
Published: 2021-12-22
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
The speaker aimed to have no money left in their account by year-end, signifying full investment of available funds.
"by the end of the year i wanted to have no money left over in my account because that means i had invested all of it"
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Before age 30, the speaker exclusively purchased assets with guaranteed value retention or rental properties for profit after renovation.
"up until the age of about 30 which wasn't that long ago i would only buy assets that i knew would retain their value or rental properties that i could fix out and rent out for a profit"
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In 2016, a $80,000 home in West LA was purchased and renovated for $50,000, coinciding with a booming real estate market where clients were actively buying homes.
"in 2016 my largest purchase was a $80,000 three bedroom home in west los angeles that i then spent $50,000 fixing up as i mentioned prior to this my career as a real estate agent really began to take off and a lot of my previous clients ended up buying homes as the entire market was going up in value"
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A foreclosure property was bought at market low, driven by a desire for passive income due to the inconsistent nature of real estate agent earnings, which led to a strong interest in real estate.
"this is just as a foreclosure in o at the very bottom of the market because frankly i was really concerned about the inconsistency of making money as a real estate agent and i wanted something to bring me passive income regardless of what this first deal happened to my career got me absolutely hooked on real estate"
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A triplex was rented for $1,150 per month and is still owned 10 years later.
"the triplex ended up renting for $1,150 a month and 10 years later still have it"
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The Oppenheim Group, featured on 'Selling Sunset', is recognized as a real estate brokerage.
"the oppenheim group some of you might know them as the real estate brokerage on the netflix show selling sunset"
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By adopting a more selective approach to listings, similar to a colleague, the speaker's income significantly increased, indicating that becoming pickier led to greater earnings.
"by watching him and taking on the same approach myself my income skyrocketed all of a sudden the pickier i became the more money i started to make"
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The speaker achieved their first million dollars by the age of 26.
"i made my first million dollars by the time i was 26 years old"
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The speaker's year-end financial goal was to have no money remaining in their account, indicating all funds had been invested.
"my goal was that by the end of the year i wanted to have no money left over in my account because that means i had invested all of it"
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A property was re-classified as a two-bedroom and rented out for a significantly higher price than previously achieved.
"i purchased it i called it a two bedroom and i rented it out for substantially more than what the previous owner was getting"
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Through real estate investments, control of properties was achieved with only 20-25% down payment.
"i was investing in real estate i was able to control the entire property for just 20 to 25% down"
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Minimizing investment costs enabled reinvestment of growth into acquiring further investments.
"because i kept my investments as low as possible that allowed me to reinvest all of that growth into buying more investments"
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A turn-key property, requiring no work, was purchased, having been extensively remodeled by the previous owners.
"this is a completely turn key property that needed absolutely nothing and since the last owners remodeled it for themselves they spent a considerable amount of money making it perfect"
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A property was mislabeled by the seller as a one-bedroom, when a bonus room could be converted into a second bedroom.
"the seller mislabeled the property as a one bedroom one bathroom when in reality there was a bonus room that could easily be sectioned off to create a second bedroom"
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A previously purchased house has nearly doubled in value.
"the house is almost doubled in value since then"
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A duplex purchase and renovation was documented on YouTube, focusing on house hacking and living for free by renting out half the property, using rental income to cover mortgage and living expenses, and a garage for tax write-offs.
"i used it as an opportunity to talk about the purchase the remodeling process and document as much as i could on the subject of house hacking and living for free essentially by renting out the other half of the property paying down my mortgage and using the garage as a tax write off that completely covered my cost of living meaning i got to stay there for free"
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The speaker's initial purchase was a 2005 Toyota Prius for $500.
"my first purchase was a us 2005 toyota prius that i bought for $500"
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A $500 tailored suit was purchased.
"the second i also purchased the $500 tailored suit"
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At 19, after selling their first house, the speaker used almost all the commission to buy a used Lotus Elise for $20,000.
"when i was 19 years old and sold my first house i used almost all of that commission to buy a used lotus elisee for $20,000"
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The Lotus Elise was kept for two years, facilitating the acquisition of friends and clients through car meets, and was later sold at the purchase price.
"i kept the car for two years i ended up meeting some of my best friends and clients through those car meets and i later sold the car for the same price i paid for it"
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At 21 years old in 2011, the speaker spent $2,000 to purchase and renovate their first property.
"when i was 21 years old in 2011 i spent $2,000 buying and fixing up my first property"
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A purchased property was rented out for approximately $1,000 per month.
"i ended up renting it out for about $1,000 a month"
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A fifth purchase, a rental property in San Bernardino, was acquired for $80,000, with renovations included.
"my fifth purchase which is another rental property in san bernardino that i bought for $80,000 renovations"
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A triplex was purchased for $14,000 concurrently with another property acquisition.
"at the same time as that i bought a triplex down the street for another $14,000"
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A 2008 Lotus Exige S240 was purchased for $50,000.
"i spent another $50,000 to buy a 2008 lotus ex s240"
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The 2008 Lotus Exige S240 was sold for the initial purchase price of $50,000, effectively making it a free car.
"i got back that very same $50,000 that i paid for it so again it was a totally free car"
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An additional $50,000 was spent on renovations for a property.
"i then spent $50,000 fixing up"
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A recently purchased home was rented out for $3,200.
"i later ended up renting out the home for $3,200"
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A duplex was purchased for $85,000 and subsequently renovated for an additional $80,000.
"i purchased a duplex that i bought for $85,000 which i then spent another $80,000 fixing up"
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A property acquired for $115,000, located near a previous purchase, was the final acquisition that surpassed the one million dollar net worth mark.
"the one purchase that put me over that one million dollar mark was another property that i bought right down the street from that for $115,000"
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A rental property was leased for a significantly higher amount than the previous owner had achieved.
"i rented it out for substantially more than what the previous owner was getting"
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