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1) If you can buy your house without a mortgage with cash, still have
enough money saved and invested so you can survive for a year without a
job, and you want to live at that house for 10 years plus, then buy the
house, if not just rent. 2) I really hope Phil doesn’t become one of those
douchey youtube dudes that try to sell you something and then spam you with
emails. If he just sticks to making videos and writing books, he will
remain as one of the best real estate investing gentlemen on youtube.
Thanks Phil for the advice because my dream is to become the best
business/real estate investor that I can be. ?
Phil- Thank YOU SO MUCH! I’ve read The Millionaire Mind and as you’ve
mentioned, it’s an epic combination of both philosophies. Stanley does an
incredible job of substantiating his views with FACTS & NUMBERS!
I think the audiobook is free on youtube.
I feel like I’m off to a great start at 15, and a lot of it is due to
priceless advice straight from you on a number of topics.
Phil, right now a lot of family members think I’m crazy for not taking the
road most traveled. I’m sure that after finishing college and doing this RE
“thing” as others would put it was met w/ “you can’t do that” or “it’s one
in a million”.
I’m doing a great job of ignoring the naysayers, but do you have any advice
on getting over the hump? I don’t want to sever my relationship w/ family
members over my views, but I WON’T give in. Thoughts?
Thanks~ John?
Phil, you were spot on until you bashed home ownership. If you are talking
up your book of positive cash flow rental properties, then ok (I also want
more rental units and more tenants to fill them). If you really think one
should not be a home owner and just be a renter, then you are off the mark.
James Altucher had the same position on home ownership, which I completely
refuted.
Your basic position is that all of the “downside” of home ownership, like
taxes, insurance, repairs, etc. doesn’t exist for renters. Well, how do you
think the landlord pays for that downside? From the rental income! The
bottom line is that a renter is renting the property and paying for the
taxes, insurance, repairs, mortgage debt, and net positive cash flow to the
landlord. A home owner is renting from the lender the money to buy the
home, and still paying for all of the other costs. The net positive cash
flow for the landlord equates to the benefit of the home owner having a
roof over his head. As far as ease of mobility for a renter, as a home
owner I also have full mobility, because I understand real estate creative
financing. I can move anywhere in 30 days without worrying about how to
“get out” of my 100% financed home (down payments are so overrated).
Everything else in your video is spot on and follows my teachings in my
YouTube channel and websites. Wealthy people build or buy positive cash
flow assets that pay for their liabilities (toys). Non-wealthy people use
bad consumer debt to buy their liabilities (toys) that depreciate faster
than their loan balances.?
I suppose that I will just rent to myself just as long as I get the
penthouse in my own apartment complex. That makes everything but the rent
checks I pay my buisiness tax deductible. Hmmm . . . Thanks, Phil! This is
a great video, no doubt! Rich Dad, Poor Dad is the book that got me looking
into other business opportunities to include Real Estate. Just stay away
from Robert’s coaching program because it is a total waste of time AND
significant amount of money.?
What do you think of Robert Allen’s Books. 1 Minute Millionaire and
Multiple Income Streams. I’ve read Millionaire Mind two times. ?
Phil what’s going on man I’m looking to close my first deal I have access
to incredible opportunities for motivated sellers and I have cash buyers
all across the US I just honestly don’t know how to even make a call to the
home owner or any of the process ?
This is the personal finance advice I wish someone would have told me when
I was first getting started.?
your def spreading the truth phil thanks for the vids ..great great
content ?
Dude I love your stuff and content. You are one of the only RE investors
that I consistently watch their 30 minute videos… keep it up?
This Video’s Pretty Cool?
Great video Phil. I totally agree a mixed of both views is key. That’s why
when Dave Ramsey says invest in mutual funds to people with a net worth of
500k I cringe. ?
I like how you said Both are right and Both are Wrong. Yes I have read
Millionaire Mind as well. I love Kiyosaki. I didn’t know people felt so
strong about Millionaire Mind. I’ve read that a few times. ?
Wow thanks Phil! See you at the top!?
Thanks, Phil. As a CFP, I am always looking for additional resources to
share with my clients to get them up to speed financially, so that I can
focus in on more specific challenges they have in our time together. Just
as you don’t buy everything taught by Robert K. or Dave Ramsey, but mesh
them together in a workable format, there are a few things I disagree with
in your presentation but much that can and should be adopted. On the
whole, it is very good information and can complement the other principles
I teach to my clients and friends.?
Hi Phil, i would just like to know if there are any good books like
“millionaire mind” but that are related to starting your own business, that
you would suggest? Or possibly a good speaker on such topics.
Thank you!?
I love your enthusiasm , I want to get to invest in real estate in Los
Angeles. How do I start ? Should i get my real estate license first ? And
start saving ??
Thank you for your response. Yes, I don’t consider myself a novice. I was
wondering if you could do a video and give advice for more experienced real
estate investors. I haven’t seen any. If you already have done this then
great, I’ll check it out.?
I completely disagree with renting instead of buying. You read Rich dad
poor dad! Why would you be leverage for a landlord!!!??? Buy a very
reasonable home and pay it off instead of throwing money away on rent. Not
good advice my man. It is almost always more $ to rent in most markets
because people are scared to buy and the landlords know that!?
Great video I agree on most points but theres no way renting a home &
pumping cash into someone elses mortgage can be better than taking out a
mortgage on a property & living in it? If your planning on flipping short
term then yes high risk but if your owning for the long run your home will
of course appreciate as the currency depreciates?
Hello I’m from St Louis and their asses 2 family duplex if I said it
correctly down the street from my mother’s house and I’m thinking about
turning it into rental property but I’m deep in the ghetto I mean deep in
the ghetto I’m talking about whole street on both sides of the street
vacant houses and it is a poor neighborhood would it be wise to invest in
flipping houses or should I think I’m more into renting or leave it alone?
Personal Finance Wisdom You’ll Hear No Where Else?
I have two rental properties and I am looking to buy a third so I don’t
consider myself a novice real estate investor. All these real estate videos
seem geared to novices so I am not learning anything new. Can you do some
videos for more advanced real estate investors??
I wish I’d heard (and had the experience to comprehend) this when I was 15.
A very important foundation to leading a good life.?
thank you for this video. i going to get this book right now.?
Good video Phil. Great comparison as well. ?
Thanks Phil for sharing you insights, that is a helpful balanced review of
two key financial leaders. God Bless.?
Excellent video with very valuable info. I totally agree with you with on
the “renting vs owning”. I own several rental properties in US but pay a
rent here in Toronto where I live. Cheers,?
Remarkable. These lessons will be repeated. Great segue and low hype
discourse. ?
Phil, awesome video! I agree and have been implementing each subject that
you discussed besides the real estate side(which I’m ready to go). I
applied to your program and Cody left me a message. I called back and left
him a message, but never heard anything. I have a full time job and a
part-time small business and want to start investing my savings in more
assets. I guarantee I will be a beneficial mentee. I ready to start.?
I’m considering purchasing my first property, without cash or credit my
preference would be owner fiance.?
Right on the money Phil. Great content. Dr. Stanley’s books are
must-reads. I’d also like to give your book How To Be a Real Estate
Investor my highest recommendation. I couldn’t put it down. I share your
passion that creative real estate investing is the best (and quickest) way
for most people to take charge of their financial futures. I’ll be sharing
this video. Thank you.?
Phil,
Thank you so much for sharing this information! Your time is MUCH
appreciated!?
Phil, this video is gold! I’ve been torn with the advice of Dave Ramsey and
Robert Kiyosaki. Your video pretty much describes how I feel about personal
finance. ?
Phil, this is amazing. Thank you?
Awesome video! Thank you for posting it Phil.?
Excellent video…Agree…. I do a combination of all.. Own mutual funds,
real estate etc… Work make a great income and plan soon to start an LLC.
(y)?
Phil thank you so much for this wisdom! The millionaire mindset – I’m on
it!?
Best synopsis I’ve ever heard! Great job!?
You are God-sent. Keep at it?
Phil, first of all thank you very much. I’m from Armenia and I watch your
videos a lot and am going to read your book soon… So I have read couple
of Kiyosaki’s books, including Rich Dad Poor Dad, and frankly saying, that
book got me into thinking of doing business rather than anything else. In
this video you said that you don’t agree with Kiyosaki in some cases, so
I’m wondering why? What exactly do you not agree with, especially in real
estate? I want to know this because, right now I totally agree with
everything Robert says, and respecting and listening to your opinion as a
real estate master investor, :), I would like to see, so to say, both sides
of the coin. ?
The best way to become a millionaire is to sell.. example Kiyosaki sold 30
million copies for a book he wrote once. Phil, Robert, Suzie, Dave all sell
books with their knowledge and can sell 30 million copies. Musicians sell
their albums 10+ million times and continue to receive royalties without
ever having to make the music again.?
Hey Phil, since you’re on the subject of finances I would recommend The
E-Myth Revisited by Michael Gerber. A really good read on how to not fall
into the trap of not going into business like most people do.
I began investing in real estate in 2011 and I myself have made a few
costly mistakes that cost me in my investing endeavors. I own three
properties, 2 units each and rent for income. I would have been a little
wiser with some expenses had I seen your videos a 3 years ago. I probably
would have been sitting on at least 2 more properties doing it the
traditional way. Either way education isn’t free right?
My plan was to leverage one property to have the capital to buy the next
investment.
This didn’t work so well since most bank lending requirements are so
complicated that owning property doesn’t really help a beginning investor.
Since the last property I purchased, it has been really difficult to move
on in real estate investing. I feel stuck. Any suggestions??
Thanks for your response ! It was really fast ! Thank-You !?
This is the personal finance advice I wish someone would have told me when
I was first getting started.?
Great video! Thank you?
Phil — I’m a big fan of your videos. You’re so real! Personally, I think
real estate investing is not only a way to make personal wealth but to
improve the health of this country. I live on the west coast but invest in
rental real estate in Ohio where my team lives. Hoping to move some ops
this way in the near future. I’ve got your book. I’ve seen many of your
videos. (Apprentice material?) Thanks!?
Great video Sir ! ?
This was awesome! I have taken Dave Ramsey’s course and read Rich Dad Poor
Dad. I have had the same thoughts. Thank you so much for making it clear
and encouraging me about those with a 9-5 and starting my own business. I
am just beginning and trying hard to make my first deal go through. I am
trying to get a buyer and so I am encouraged to keep pushing on!?
Great video, filled with very useful info?
Phil excuse my language. Your the PHUCKIN man. So insightful, helpful and
you teach well. Most people cant teach what they’ve learned. However I’m in
Real Estate school in charlotte, NC……and good tips to build
wealth…..oh wait i’ll go watch…..lol #great #job ?