Mastering Real Estate Investing: The Dos & Don'ts for New Investors
CRAFTED Millionaire
Cayla Craft
4.8 • 1.3K Ratings
🗓️ 29 July 2024
⏱️ 20 minutes
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Summary
Mastering Real Estate Investing: The Dos & Don'ts for New Investors
In this episode of her podcast, Cayla Craft dives into the mindset barriers that often hold people back from investing in real estate, emphasizing the importance of resourcefulness. She explains the 1% rule for beginners, which helps new investors evaluate potential deals by ensuring the rental income is at least 1% of the property's purchase price. Cayla shares her experience with markets like Bakersfield, highlighting the importance of understanding local markets to find profitable deals. She discusses the value of exploring various real estate avenues, such as wholesaling, to discover personal preferences. Cayla also mentions the importance of branding and networking, leveraging her social media expertise to attract deals and investors. She stresses the significance of choosing the right market, looking at factors like neighborhood growth, business presence, and property demand. Throughout the episode, Cayla shares practical tips and insights from her and her brother-in-law's experiences in flipping homes and creating off-market deals.
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Show Notes:
00:00 - Overcoming the mindset barrier of not having money to invest.
00:30 - Introduction of the 1% rule for beginners in real estate investing.
01:00 - Importance of understanding and choosing the right market.
02:05 - Exploring different types of real estate investing, including wholesaling.
04:02 - The role of branding and social media in real estate investing.
05:49 - Key factors to look for when evaluating a market for investment.
07:57 - Practical tips from personal experiences in real estate.
09:15 - Discussing the importance of building a solid team in real estate.
11:03 - Navigating the challenges and rewards of flipping homes.
12:22 - Cayla's experience with off-market deals and how they can be beneficial.
14:30 - Understanding the legal aspects and paperwork involved in real estate transactions.
16:48 - The significance of continual education and learning in the real estate industry.
18:10 - Tips on financing and funding real estate investments.
19:45 - The importance of having a long-term vision and strategy in real estate.
21:30 - Cayla's closing thoughts and encouragement for new real estate investors.
Transcript
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| 0:00.0 | that I don't have money to invest is a mindset, right? |
| 0:03.4 | And if you speak like that and you say that out loud, |
| 0:06.3 | you don't have money to invest. |
| 0:07.6 | And that will be your story for the rest of your life. |
| 0:09.8 | But you can always find the money if you are resourceful enough. The 1% rule is for beginners. |
| 0:33.0 | And so when I posted that reel, |
| 0:34.7 | I had these people who were like longtime investors, |
| 0:37.8 | like that's not how we do it. |
| 0:39.8 | And I'm like, I'm not talking to you. |
| 0:41.6 | You know, like this content is not for you. So in the beginning, like you need to have rules like when it comes to investing because you can get really screwed if you pick the wrong deal based off of projections, right? |
| 0:52.5 | You're like, oh, I hope one day I'm going to get this amount of rent, |
| 0:55.0 | but if you buy it with hopes, then like sometimes that can crumble. |
| 0:58.2 | Sometimes things go good and it ends up like cash flowing. |
| 1:01.1 | But most of the time, like, things don't always work out, |
| 1:05.4 | like, as planned, right? |
| 1:06.9 | So you always want to like go with that 1% rule, |
| 1:09.9 | which is basically, like I would say, |
| 1:12.3 | if you haven't done more than 20 deals you need to do the 1% rule and what this is is the buy and hold strategy so that means you're buying a property to then hold and cash flow so this is something you would add into your portfolio to get cash flow like monthly. |
| 1:26.4 | Okay? So the 1% rule is you basically base the purchase price off of the rent you're going to be able to get. |
| 1:33.7 | So if you purchase something for $160,000, you want to be able to get 1% of that monthly, |
| 1:39.4 | which is $1,600. And so a lot of people commented and they're like, oh my gosh, you know, where are you going to be able |
| 1:45.5 | to find a $160,000 house to get $1,600 out of it? |
... |
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