Money Advice From a Real Estate Billionaire
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Moral hazard defeated 101
Very good information
Yes I’ll take this into account next time I buy a skyscraper
Rice and beans beans and rice
I learned that when I was 12. Steak is better than pasta
agreed
Am I the only one who is bothered by how he pronounces pasta?
Pah-stuh
what he is trying to tell you in simple words is dont overlevrage. dont just keep on pulling out the arv and equity of the property over and over again my rule is dont have more than two properties on mortgage. as soon as one is paid then pull out the equity and go on to the next
“started with nothing” for these now billionaires usually means a couple million 😂😂
I bet you couldn’t make as much as 1% of what that guy have made. Many billionaires accumulated a few hundred thousand on the startup and that was it. It is very likely you would go bankrupt even with these money. it’s not as easy as you think. Building a business is way harder than accumulating the money.
@@Seongbin-0″A few hundred thousand” smartest billionaire bootlicker alive man good job
@@Seongbin-0 this!!! If he started with 100grand, it’s not exactly hard to lose that capital.
He did stuff constantly and consistently for years and lived below his means (pasta thing) and eventually became a billionaire.
It doesn’t happen overnight
Came over with nothing and bought a building. Yeah sure bud
If he is 60 and a multi billionaire now, came over when was 18, that is 42 years of action.
He probably bought a run down house as his residential mortgage, divided to a Twin/duplex while actually living in a rented room somewhere else, or living in the house where the renovations were taking place.
He did this few times, plus
Bought few bigger flats and divided them to smaller ones, kept them for positive cash flow to sustain himself.
Then he started as small developer, actually building duplexes not just converting old houses into them or continue both methods.
All his money were recycled into next projects while sustaining himself from rental income and step by step he took on bigger projects until becoming a multi billionaire and now owns a yacht and stuff. But when he was young he was focused and frugal and made sure that his cashflow is protected/reliable.
Happens all the time. I know dozens of immigrants that bought multi hundred unit apartment buildings and than employed all their family by bringing them over on work visas. You probably vote blue and think everything is impossible.
@@tomaszstarzZzyou don’t understand the word nothing. Banks do not give loans to nothing. It means this guy definitely had something.
@@SqueakyKneesI’m bilingual and sometimes byelingual (forgot a word in both languages and just stuck with an image of an item in my head 😅) but it was clearly said that he came to the USA with nothing not that he bought a building with nothing.
It’s believable if he started from 80’s real estate are so inflated now
first the dog, then the car, then the house, but eventually got my Flokong®
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Fantastic simplistic way of thinking a businessman life strategy
Ive eaten my first steak with 24 and bought my house and flat with 25.
When I hear people say they immigrated here with nothing across the alantic ocean 9/10 times it means they are the son or daughter of a doctor or academic and they were like in the top 10% of incomes in their country, they came highly educated, a safety net, and almost certainly money.
@@Alan-wj5zc 80% of all millionaires in the US are self made. A lot of them had broken families or financial problems which led them to more focused and determined in reaching a millionaire status.