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Read Transcript for “Do You Teach How To Flip Property Or How To Buy And Hold?”
“Are the properties that we’re going to be buying at the event flip properties or are we buying long term hold properties?”
Joe: Well, you want to be able to do both. You want to be able to first flip properties so that you can have money coming in all the time because you get bigger chunks of cash when you flip a property and you’ve got to have enough money to live on and build your business. So that’s what we focus on first – let’s teach you how to flip a property.
Joe: But the way you get rich in real estate is by keeping properties. The only way you’re going to become a millionaire… well, I guess if you’re making a few hundred thousand dollars a year you can get to be a millionaire pretty quickly by flipping properties. But, if you want to be able to get to the point where you’ve got millions of dollars’ worth of property and I’ve got a lot of students who have gone through this who have big portfolios now and they’ve bought all their properties with zero down and no credit using these techniques that I teach. That’s the second part of the process. The first part is to flip the properties. The second part is to keep the properties for the long term.
Joe: The ones that you keep are probably going to create some cash flow for you as well. But you might want to buy them inside a retirement account like a Roth IRA. If you buy them inside a Roth IRA, they can pay for themselves over time and they can be very profitable. You can also just buy them and put them inside a regular LLC and then you can take the tax depreciation on those properties off of your regular income from your flip income, so your flip income is offset by your tax benefits that you get from your “Subject To” properties that you buy and hold for the long term, even though you’re only making a hundred or two hundred or three hundred dollars a month of cash flow on the Subject To deals. You can make another hundred or two hundred or three hundred dollars a month in tax benefits and then a couple hundred dollars a month in the buy down on the note, and then maybe another couple hundred dollars a month in depreciation on the property.
Joe: And, you can have it all managed by a professional property manager. I don’t manage any of my own properties. I don’t ever want to talk to a tenant. I don’t ever want to clean a toilet or hammer a nail or any of that stuff; I don’t do any of that work any longer. I did when I began when I was flipping properties before I understood that I didn’t have to do it. Anyway, I hope that answers the question.