12.13% XIRR), Bob’s Bedokian Portfolio didn’t fare well for 2018 (-1.94% XIRR), though he had collected 909 SGD.64 in dividends. Bob understands that his investment horizon is long-term, so this “down” is only a kink in the journey. On 2 Jan 2019 he’ll inject another SGD 5,000 to the collection, so watch out for this space within the next couple of days.
While I trust this idea in its general sense, its not either you have a rich mindset or you do not. If you take a person that’s been making 100k a year and eliminate all this money, he will know how to get back there again. Same with someone at 1 million and 100 million. But if the man is got by you making 100k to make 1 million, he will most likely not unless he evolves a millionaire’s way of thinking.
- Build your network
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Same is true for the man making 1 million if you ask him to make 100 million. Which means this is where I believe there’s many degree of a wealthy state of mind and you also gotta work your way up. He ends the class with a short plan on how to buy a residence at wholesale and selling it back again to rehabbers along with how to price it. My estimation: The first day was good. I like hearing about the non-public development stuff and the rich mindset idea. I believe this is a crucial step in building wealth. This notion was probably more important than the true estate strategies itself.
The short plan on how to buy a house at wholesale and selling back to a rehabber was worthless to me. He said you can find houses at low cost just by on offer your area and look for crappy houses and make them a really low offer. Then calculate what it cost to correct it and what it’ll be worth following the repair and sell it to a rehabber for a couple thousands dollars profit. You can either do a reassignment of the contract or simply flip the property.
Oh and also to find a rehabber, go out at your neighborhood hardware store just. While this can be a viable strategy for some social people, it was worthless to me. He goes over the 3 types of income: earned, passive residual, and profile. He goes over some examples of a real estate purchase and the steps included and the way to see if a deal is an excellent offer or not.
He goes over the facts of a real estate agreement and what all it includes. My estimation: All this stuff is basic investment 101. At this point, I can’t believe he’s teaching this. 2,000 for him to debate investing 101? And details of all the parts of a genuine estate contract? I could ask an agent plus they would’ve clarify all the elements of a real estate contract free of charge. But I am aware not many people are at the same level I’m at. I’ve spoken to other folks during the breaks plus some have been trading for decades plus some have never started whatsoever.
So I assume going over the fundamentals for the newbies was good. Of day 2 going over lease options He finished the 2nd part. He explained how you can get 20% money upfront for the consideration of the lease option which you can lease the house to them at 20 to 30% higher than normal rental.
The 20% upfront for the thought is like the price to buy a call or a put in the stock market. My estimation: At this point, I’m very confused about the rent option. Why would a person with that type or kind of money execute a rent option? Someone would actually pay 20% of the house value for a lease option consideration for 3 years? AND you can encourage them to pay 20 to 30% higher in lease for enough time they rent?
This was something brand new to me and what he was saying was just unbelievable. Apparently, I wasn’t the only person because plenty of other folks in the course asked more about any of it. However, at this true point the instructor started to become very RUDE to some of the students asking questions.
I felt so sorry for this one woman in the class that he continued picking on her behalf every time she acquired a question or comment. He was just downright rude to her. When I asked some relevant questions with this, he gave me an attitude too as though I’m just too stupid to understand it.