Discover 3 ways to turn a single family house into a cash flowing machine that makes a huge profit year after year. Houses are not typically known for cash flowing well, but by applying 1 of these 3 techniques, you can turbo charge the profitability while not having to change the property from being a house.
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Thanks for this tutorial, Phil. I remember you said in another video that the best renters are nurses. You LOVE nurses because of their job being in demand, they’re always employed somewhere and they can increase their income from working OT. Are there any other ideal occupations to look out for when sorting through potential renters??
+gnewt75 Government workers. They want to keep those jobs for life so they will do anything to keep them, including paying their rent on time each month. Anyone who has had the same job for more than 5 years. That’s another big one. How long they have been on their current job.
+Phil Pustejovsky This is awesome. Thanks!!
gnewt75 fooduuu
RealestRealist … Yeah, will the won’t adore you if you become their ‘slumlord’!! Just make sure to not go to the hospital and the same floor they’re on .. lol
Wow Phil thank you for the video, loved it! Man the energy is out of this world, love it. I’ve rented my single family home out for six years now, been through 3 different renters and have learned a lot from experience and I appreciate your youtube videos very much. You’ve definitely sparked some thought about the future of my real estate ownerships/journey. Renting to own is a brilliant idea sir. Thank you so much for sharing. You rock man.
Love your passion phil 🙂 Your first method is known as a House of Multiple Occupation (HMO) here in the UK. Some require a licence depending on the size and location. I have not yet tried the rent to own strategy, but I will definitely look into it. Thanks.
Monoperty you live in a communist place not the usa.
Phil, great video. Thanks for finally putting it out there that the real key to the lease option is that tenant/possible purchaser hardly ever exercises the purchase option. I feel like that never gets addressed when people discuss the lease option.
Phil, do you think it is still a good idea to do lease-purchase options in Texas given the strict requirements (i.e.-no mortgage can be on the property, several additional documents must be provided, etc.) and heavy penalties for not following each technical requirement?
Hi @philPustejovsky ! I am loving all of the info in your videos! I am also confused about the rental credits. When the tenant decides that they no longer want to rent, and also do not want to buy, do they get their rental credit back? Does the rental credit serve as monthly payments towards the house(like a loan)? Or just as a discount only IF they purchase?
Thanks again for your videos!
I’m 20 and you’ve taught me more in a few videos than all of my schooling combined for real world advice.
Awesome videos! 🙂
Phil, thank you so much for what you do!!! Your desire and willingness to give such valuable and potentially life-altering information literally blows my mind. Your enthusiasm and charisma just shines through. I am a single mom and Registered Nurse who is ready for a change. I love what I do, but I crave more. And I’ve always been curious a little real estate. I’m at the point of researching and attempting to learn strategies to change my financial future for myself and my young son. You have now become a God-sent angel that I truly feel will assist me to attain the highest level of my purpose and true happiness here on this earth. Becoming successful in real estate investment will not only be the spring board to my financial freedom and gateway to entrepreneurship, but most importantly, my way to be a good steward by sharing knowledge with others, by the same design in which you have. May God continue to bless and keep you and your family. Happy Investing!!!!
How is it going 5 years on Veronica? Hope you’re good.
This guy is one of the rare speculators that “gets it”. Listen and learn, it’s taken me many years of hard knocks to learn what he’s giving away.
You must trust your abilities, assuming you’ve acquired them. The “experts” like stock brokers, Realtors, attorneys, investment advisor’s and even hedge fund managers making billions for themselves know little about making you money and a lot about getting your money into their pockets.
lol
Exactly
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Hey Phil, love your teachings and these videos. I am a video editor for a big church in my area but am aspiring to get into the real estate game. I interviewed before for your apprentice program but timing wasn’t good for me to get started back then. I am considering the program again because I do respect your philosophies. Maybe we could make a trade video editing for coaching… lol
The most passionate teacher I’ve ever watched teaching real estate. I really learnt something and it was fun at the same time. Great video!
Or learned.
@Hilda Graham c’mon, your company is expected to earn $0 dollars a day USD
@John Chestnutt I recently learned that learnt is also proper. Now I say it all of the time because it’s funny to me, but also proper English.
Great strategy on your 3 ways to turn a house into a cash flow machine. Also, your passion for teaching real estate investing is important, more than important, it’s contagious! Great job Phil.
Excellent lessons on what the challenges are to be expected and how to mitigate them. Really creative strategies for multiplying income. It’s all about income generation. Thank you Phil. You are an exciting and clear teacher with passion and energy.
Been watching your videos for the last 3 days. I can’t get enough of them! Trying to consider whether I should pull equity out from my own house to invest in future rental properties and these videos have been so informative.
I love your style, Phil! Keep up the good work!
Phil–thanks for giving us the “right angle” on the “rent to own” tool. Sounds like a brilliant option. My question here is what do the legal agreements look like to make this happen–ie. is there a special lease agreement or good standard addendum to a lease agreement?? Or is there a “Bloomberg Form” of some sort for this arrangement? Also are there certain states in the US where it is harder or easier to do this than others. Thanks again for this idea as you have piqued my curiosity. Harvey Heit New York, NY
Watch this video: https://www.youtube.com/watch?v=hg4K12a4WZo
Great information! I like #3. Rent to own. I had a great experience as a Landlord renting to single family homes to Section 8 tenants and private sector tenants. As he said in the video, the cap rates are low for single family residential homes when renting to one tenant. If I go back into renting single family homes, I will consider the rent to own.
I’m amazed by you. Thank you so much for the information. I feel pretty good that I was along the same thought process. Keep up the great work and I wish you an abundance of continued success. 😊
Phil, I want to thank you for sharing your expertise. What an amazing and powerful video this is. You are a great teacher and definitely have a talent for teaching. I extremely enjoyed reading your book ” How To Be A Real Estate Investor”. For those that never read this book is a MUST.
Hi Phil – great video and I especially love the last option!!! I do have a quick question: I have a renter right now in my property and he has been good at paying on time so far. However, if I offer this option, I am concerned about two things (at least for now): the amount of time to offer the tenant to pay down the loan, as banks typically have a fairly long timeframe for loans, and if things go south in the future, how to go about evicting the tenant and what happens to all of the payments that he has made up to that point? Thanks for your advice in advance!
Watch this video: https://www.youtube.com/watch?v=hg4K12a4WZo
THANK YOU PHIL!! I particularly like Phil’s idea of the leasing of rooms. They don’t need to be students! I’m a work nomad with a base camp house in a really nice small city, and I do a partial lease on my house to allow me to return whenever I want. I also keep most my belongings there and bivouac in the big, crowded, expensive, city I work at a low-cost minimal apartment. When I return to live in my “base camp” I’ll keep leasing room(s) to keep money coming in to defray costs. If you’re going to have students, as I did, I recommend having graduate students. AirBNB is a great option, but only if your neighborhood and city allows this. If you otherwise like the hotel business, you might consider AirBNB/short term rental suitability if you want to buy another house for investment.