The Roadmap To Real Estate Riches: Your Ultimate Beginners Guide #MakingBank #S8E6

Welcome back to Making Bank. On today’s episode, we have a compilation of previous episodes with Chris Prefontaine, Mat Simmons, Avery Carl, Salvatore Buscemi, Jake Stenzanio, and Gino Barbaro and in this episode you will hear tips and tricks from top entrepreneurs about how to successfully begin your career in Real Estate.   (1:29) Chris Prefontaine There's chaos again. There's a little uncertainty again. The media's screaming recession. But all we do know is that interest rates went up. A lot of the buyers get pushed to the side who sadly thought they could buy. Demand came down a little bit and there is no other time better than right now to adapt creative financing. Recession may be scary but with proper creative financing, it shouldn’t be a problem.   (7:27) Mat Simmons Be very picky and choosy about what you buy. Make sure that your interest rate is lower than your cap rate, so you're not negative leverage and make sure that whatever you're buying right now, with whatever loan program or debt you're using does not have a prepayment penalty on it within the next two to three years because rates are gonna be lower than in next, next two to three years than where they're at now.   (15:03) Avery Carl Start early. The earlier you invest the better. Most of us when we are buying a house, we would require it to be like our dream house, our forever house. A house as nice as our parent’s house and for this reason we lose out on a lot of great deals. The cheap house which we rejected yesterday might be worth millions today. The best time to buy real estate was yesterday.    (20:01) Salvatore Buscemi The type of commercial real estate comes in is speculative. That's single family homes and that's multi-family. It's a wealth creator. That's where you buy it, fix it, flip it. That's construction. You buy, you flip it, you change from class C to class B, apartment families, anything with residential. It is a wealth creation mechanism.   (25:12) Jake Stenziano It always comes down to supply and demand. But keep in mind, This is a basic human need. You want to make sure that the jobs are there, the population is there, the growth is going to be there, wherever you're investing in. If you're in a growth market where people want to be okay, where there's population and job growth, you're gonna be much more insulated than if you're in one where they've been losing population.   (28:37) Gino Barbaro You have to understand the market cycle and what type of asset to buy and what type of debt you need to do, and what type of exit strategy to have. You need to learn all of these things whether you're in real estate or any other investment. When you become really savvy, you know when to buy, whether the market is going up or the market's going down.   (32:07) Jake Stenziano Buy right, manage right, and finance right. These three pillars are significant to sound multifamily investing. It's a framework. Once you buy it, that's done. Once you finance it, you’re probably fixing for a minimum of 10 years and then it all comes down to management.    Link: @smartrealestatecoach  @realmatsimmons @theshorttermshop @salvatorembuscemi @jakeandgino