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All Real Estate 056: What is the Best Way to Invest my Money?
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People ask me this all the time I think this is you know the first question people ask me is do any real estate license. The second question they ask is how much money do I need to get started. And then after we talk they're like OK well I've got 50 or 100 grand and I'm like great I've got this place that we need to buy so we can flip it. What I really want you to understand is if you're not inundated in real estate, if you're not just up to your neck in real estate all the time, it's very daunting and very scary. And I don't want you to risk your entire life savings or your entire inheritance on the first deal. So I would really sit down with everybody individually and find out what your goals are. Find out what kind of monthly return you want on it. Find out what kind of cash will you want and how you need to structure it it's going to be a very individualized basis. But I would also give you a plan so that we can maybe take it in $10000 chunks or $20000 chunks and put put it into different you know real estate but put it into different areas so maybe some in residential some in commercial some in industrial and maybe we put more into one or the other depending on your goals so that is a question that I almost hate because it's not as easy as do I need a real estate license. No you don't need a license to go buy stuff. You know you usually attach this money like you want to make it back and I'm telling you how you can make all these great returns and all this stuff but it's really individualized and we really need to have a long heart to heart about it. And then I can probably guide you in the right direction but I don't have a clear yellow path. You know like in the Wizard of Oz I don't have that for that kind of question but I get that a lot and I know what I would do if I had a hundred grand but also know my plan. Right. And I know how much risk I'm willing to take on. And there is risk. Victor Jernigan I quote him a lot. He's the leader of the Knox REIA and he says that real estate investing is the only thing that you can do. The biggest investment that you can make that can result in generational wealth. But if you do real estate wrong it can result in generational poverty also and that that is scary but that's why you know my formulas my scripts that's why everything comes back into place to make sure that you have double and triple checked and cross-reference and done everything you can to make sure that you are building generational wealth and not setting yourself up for a big liability.
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