Aaron (7:55)

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Dave Meyer (8:31)

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So take the first step towards savvier Investing today. Visit biggerpockets.com BAM to learn more and get started. That's biggerpockets.com BAM professionals who accomplish more are smart with their time. They complete tasks efficiently and they focus on what truly matters. That's what stamps.com offers. It removes boring mailing tasks so users can concentrate on bigger priorities. Stamps.com, it's not just for stamps. It handles all mailing and shipping from anywhere, anytime. If you sell online, it works with all the big selling sites. Use the post office and UPS service right from your computer or phone, day or night. No lines, no waiting. It works on the go with their app. All you need is a computer and printer and they send you a free scale. Their rate advisor finds the best shipping prices in seconds, which can be up to 88% off. USPS and UPS have more flexibility in your life with stamps.com Sign up at stamps.comonthemarket for a special offer that includes a four week trial plus free postage and a free digital scale. No long term commitments or contracts, just go to stamps.comonthemarket. welcome back to the BiggerPockets podcast. We are talking today about how to become a millionaire through real estate investing. Before the break, we talked about the four key wealth drivers, which as a reminder are cash flow appreciation, amortization and tax benefits. And I know that probably all sounds good, but you're wondering, how do I actually do this? How do I take these sort of theoretical ideas and turn them into properties that make me a millionaire? Well, I'm going to give you an example here to showcase exactly how you can do just this. All right, let's start by imagining that you're buying a house. Let's see if I can draw a house here. And for anyone who's listening, I am just going to write this out on a whiteboard on YouTube. So you might want to check that out. Here's my really ugly looking house, everyone. I'm going to throw in a little windows here, but let's just say that we're going to buy a property for $300,000. That's lower than the average, but that's a nice sweet spot for investing these days. If you can find a property for $300,000, you usually have a pretty, pretty good chance that you're going to be able to make it generate cash flow and of that $300,000, we're going to put down 25%, right? So that means our down payment is going to come out to $75,000. So for the purposes of this example, that's going to be our investment. If you were actually making this investment, you're going to need some other costs. There's going to be some closing costs. You're going to need some cash reserves. But I want to just keep this example simple here. Use nice round numbers. So we're going to say that our investment for our purposes today is, is $75,000. Now, let's go through how this $75,000 investment actually translates into wealth building in the form of cash flow appreciation, amortization, and tax benefits. Let's go one by one. So first up, let's talk about cash flow and how this all translates. Using our example, let's assume that we are going to generate $2,800 in rent per month for this property. So this is not quite the 1% rule, if you're familiar with that, but it's close, which means that we have a good chance of cash flowing. And I'm not going to get into every single expense today. We have plenty of other videos on bigger pockets that you can check out to do that. But let's just say that we're going to generate our rent of 2,800 bucks and our expenses all in, when you factor in all of it, is $2,500. So what we need to do is subtract that $2,500 of expenses and that gets us our cash flow. This is easy, right? So we know that we're making $300 per month in cash flow. So that's actually already pretty good. Right? You're earning about $3,600 per year off your $75,000 investment. But obviously, as we've been talking about, cash flow is just one of the four wealth drivers. And we need to talk about appreciation next. So with appreciation, you know, we've seen sort of these crazy appreciation rates in real estate over the last couple of years. That is not normal, but it is normal for home prices to go up 2, 3, 4% in an average year. The long term average is about 3%. So I'm just going to say that our property price is going to go up 3% per year. And so that first year, remember, we bought it for 300,000. And so if you multiply 300,000 by 1.03, if it grows by 3%, that means that our property value after the first year is going to be 3, $309,000, meaning we just made $9,000 in profit. Right. All of that appreciation just goes straight into your net worth. Now you can't access it immediately. It's not like cash flow that's getting paid out to you every month. And we'll talk about that in a little bit. But that is $9,000 in net worth that you just earned from appreciation alone. Next up comes amortization, which again is the same thing as loan pay down. And basically for this style loan, if you got took out a $225,000 loan, because remember, we bought it for 300 grand, but we put down 75 grand, we would earn about $2500. I'm rounding a little bit, but it was about $2500 in loan pay down. So hopefully you're keeping track of this. Right? So from the three main wealth drivers that we've talked about so far, we actually for cash flow is about 30$600 per year. Then we had $9000 from appreciation and $2500 from amortization. So the total net that we're earning here actually comes out to roughly. And again, I'm rounding a little bit $14,100 in just that first year. Now you're probably thinking Those are only 3 of the wealth drivers. What about taxes? Now taxes are interesting because it doesn't actually make you money, but depending on some details, I did a little envelope math, depending on your tax bracket, how you want to go about your tax strategy, you're basically going to keep in your pocket an extra 750 to $1,200 a year. So I'm actually just going to put in another thousand dollars. Just, you know, it's kind of the average in tax savings. So your overall net benefit is about $15,000. So hopefully you see how amazing this is, right? You're talking about one property where you invested $75,000 and now you are earning $15,000. This is pretty simple math, right? We could do this one in our head. That equals a 20% ROI in year one, which is incredible. The average for the stock market is 8%. So we're talking about the first year of your investment property already earning you more than double the ROI of the stock market because we're combining these four different wealth pillars that are so unique to real estate investing. Now, before we move on, I think there's a couple of things that we need to talk about first, you know, $15,000 is not $1 million. So how do you actually scale this to get to enough properties and enough real estate where your net worth exceeds $1 million? I'll share with you two additional thoughts. The first principle that you need to remember is that the first year of owning real estate is usually the worst year that you have, right? Because rents tend to go up. And so I'm just going to use round numbers. But let's just imagine that in year two, our cash flow goes from 30$600 per year to $4,000 a year. That is a pretty realistic growth rate for rent. That's what normally happens. Now, for appreciation, we're going to just go up 3% again. But 3% of $309,000 is more than 3% of $300,000. So instead of $9,000 of appreciation, we have $9,270 of appreciation next amortization. This one actually goes up each and every year as well. This is just the way that bank loans work. The first year, they take a lot of interest. They don't let you pay down that principal. But over time, you start to gain an advantage. And so going from $2,500, it goes slowly. So let's just say it's $2,600, right? Tax benefits will still be about $1,000 even in that second year. That won't change that much. So that's 16,870 here as our total. Now, that's not crazy. That's not going to change your life. But look, the difference between the first year, which was $15,000, and the second year is nearly $17,000. And again, this is just on one property. And if we extrapolate this out, this is why I say, you know, you can replace your income in eight to 12 years because this is just one year out. In the next year, it's probably going to go to 19,000, and then I'll go to 22,000, and then it will go to 25,000. And so that's the principle to remember here about how real estate helps you become a millionaire. You make an amazing 20% ROI in year one, and then you make an even better ROI in year two. You make an even better ROI in Year 3 and scale from there. Now, of course, even if you scale out just one property, this isn't going to be enough. And so the next thing you need to do is acquire more property. So you bought this first house in year one for $300,000. Right. And over time, that is going to build up enough equity and, and hopefully you're still saving Some money where you can buy a second house. And so maybe that takes two years. Let's just say it takes two years for you to build up, you know, this $31,000 that you're getting from your existing rental property. Maybe you're able to save some money per year and you buy another second house two years later for $250,000. And then another two years. Let's just say you buy another house. My house is on drawing are just getting worse and worse. Let's say this one's for $350,000. And yes, that will take you five years, right? You buy one, then wait two years, and wait two years, four or five years. But now you own three rental properties, and instead of making 15, $17,000 a year, you know, you're on year five of that first investment, you're on year two or three of that second investment, and you're still making money off that first investment. Now you're maybe making 60 grand per year in just your fourth year. And this point is really where things start to accelerate. Because if you're making 50, 60, 70 grand a year now, you can start buying them every year, right? It's one year after this that you can reinvest and maybe buy another house worth 300 grand. And then one more year, and then you buy one maybe worth 350. Prices are going up. I don't know. Exactly. I'm just trying to show you that you can take the money from your initial investment. And yes, this assumes that you're saving money and reinvesting 100% of your profits. But if you do this for, I estimate, eight to 12 years, you can completely replace your income. And I've actually done the math on this using real deals right now, your current cash on cash return. But you can typically, if you follow this pattern, you take advantage of cash appreciation amortization and continuously reinvest into your real estate portfolio. You can replace almost all, if not all, of your income in 8 to 12 years. And the 8 to 12 will depend on how aggressive you are, how successful your deals are, you know, how much work you're willing to put into each deal. But this is the timeline for replacing your income. And to me, that is as exciting as it gets. You know, the average career in the US is like 45 years. Saying that you can replace your income in 8 to 12. That is super exciting. I think it's just a perfect example of why real estate is the best path to financial freedom. And I know this might sound sort of like pie in the sky. Like, of course, it's so easy. Just buy a house every two years. I know it's hard, right? The real hard part is saving for that first property. Because, you know, in this example, I just assumed you had $75,000 to invest. That's a ton of money, obviously, and you might need to save for a while for that. You might need to partner with some people to be able to get that. But the point of this exercise in this example is that once you get the first one, it really starts to accelerate. Even if it takes you three years to save up that 75 grand or more, the amount of time it will take you to save up for that next one is less because your real estate is now contributing to your savings. And yeah, maybe it takes three years to save for that second property. I said two here, but I'm just generalizing. But then maybe for the third property, it goes down to two years and then it goes down to one year and then eventually maybe you can buy them every six months. And you don't need to do this forever. This isn't like something you need to do for the rest of your life for most people. If you can buy 10 units, 15 units, 20 units, you're going to be able to replace your income, become a millionaire, and be financially free. The key here to remember is compounding, right? Einstein called it the eighth wonder of the world. And there is a reason for that. If you take your money, your hard earned, hard saved money, and invest it into an appreciating asset like real estate, and you continuously reinvest, if you do that for a long time, it is really hard to miss. It is of course possible, but you have a very, very, very good chance of replacing your income and becoming financially independent if you just follow this really simple path to taking advantage of the four wealth builders of real estate. Reinvesting all of your profits and doing it for eight to 12 years, that's it. So that's the basic building blocks of becoming a millionaire through real estate investing. But I actually have two bonus topics I want to share with you as well, which we'll get to right after this quick break.

Aaron (23:58)

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Dave Meyer (24:34)

Bp Are you looking to level up your investing game? Bam Capital can be a game changer for investors seeking reliable returns with a proven track record of success. They've distributed over $215 million to date thanks to their hands on management approach and deep market expertise. BAM Capital specializes in carefully managing your investments, ensuring they are handled with precision and care to maximize growth potential and mitigate risk. Whether you're new to investing or looking to diversify your portfolio, BAM Capital offers the tools and expertise you need to reach your financial goals. So take the first step towards savvier investing today. Visit BiggerPockets.com BAM to learn more and get started. That's BiggerPockets. Professionals who accomplish more are smart with their time. They complete tasks efficiently and they focus on what truly matters. That's what stamps.com offers. It removes boring mailing tasks so users can concentrate on bigger priorities. Stamps.com it's not just for stamps. It handles all mailing and shipping from anywhere, anytime. If you sell online, it works with all the big selling sites. Use the post office and UPS service right from your computer or phone, day or night. No lines, no waiting. It works on the go with their app. All you need need is a computer and printer and they send you a free scale. Their rate advisor finds the best shipping prices in seconds, which can be up to 88% off. USPS and UPS have more flexibility in your life with stamps.com Sign up at stamps.comonthemarket for a special offer that includes a four week trial plus free postage and a free digital scale. No long term commitments or contracts. Just go to stamps.com onthemarket Aaron, the ad guy here.

Aaron (26:10)

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Dave Meyer (27:42)

Welcome back to the BiggerPockets podcast. We're talking the basic building blocks of financial freedom and how you can become a millionaire through real estate investing. Before the break, I showed an example of how you can use our four key wealth builders of cash flow, appreciation, amortization and tax benefits. And if you do that for long enough, if you compound your returns, if you Stack properties over 8 to 12 years, you can become a millionaire and you can replace your income. Now I said before that sort of this difference between 8 to 12 years will depend on what kind of deals you do, how successful they are. And there are two sort of concepts I want to help everyone understand that can help you accelerate that timeline, maybe move you closer to eight years, maybe even faster. Honestly, if you, if you're super aggressive about it. And those two other concepts are value add and leverage. So let's talk about each of them. We're going to start with value add and sometimes you may hear this called forced appreciation. And there are other real estate educators who loop this in with appreciation, like the one we were talking about earlier as one of our four key growth drivers. I actually think they're pretty different and even though people call them both appreciation, I think like the way you generate them and the way you should think about them are almost entirely opposite, and so I like to separate them. Appreciation that we were talking about earlier is something I would categorize as market appreciation. That's basically large macroeconomic forces that are entirely outside of your control pushing up the value of homes, right? That's just how the world works. Value add is the opposite. It is something that you do very deliberately. It is a business plan that you enact to increase the value of your home. So both sort of get you to the same place where the home is worth more than it used to be. But one is sort of random and not up to you, and the other one is something that you very deliberately do. So just as an example of value add, right? This is something that you hear talk about with flipping, right? So let's just assume that we're going to flip a single family house and we're going to buy it for, I don't know, this is a cheap house. Let's say it's $150,000. But let's say in this area where we bought it, like a nice fixed up house, which we often called the ARV, the after repair value, let's just say it's worth $400,000. So we're buying a house that's not in great shape for 150. The ARV is $400,000. And let's just imagine that we can renovate this property for, let's say it's going to cost us 100 grand. And there are other costs. We're going to call these just holding costs. These are things like holding your loan, paying for insurance, paying taxes. These are things that you have to do even when you're renovating a property. Let's just say those come out to $50,000. So our expenses, all in, right, come out to $300,000. Remember, we paid 150 for it. Then we have the renovation costs, we have our holding costs, those are our expenses. But remember, we could sell it for $400,000. That's our ARV. And so when you subtract these, that means in $100,000 profit. Now, of course, I'm oversimplifying this. Value add is not the easiest thing to do. Renovating a home profitably does take some skill and some work. These are absolutely skills you can learn. If I can do these types of things, you can absolutely do them. But I just want to show you that people talk about these four wealth drivers of real estate. Those are kind of the plain vanilla. Just go buy a rental property that's already in good condition. But if you want to do stuff like this, if you want to really accelerate your growth as a real estate investor, you can start doing value add. That can mean doing flips, like the example here. But I think it's really important to remember that value add doesn't just work for flips. So, like this is a flip example, but you can do a rental example as well. Let's just talk about that for a second. Let's imagine you buy a property for $300,000 and the rents, let's just say they're kind of low. They're $2,000 per month, right? What if we did a renovation? Let's just say this is a modest renovation. It's going to be $25,000. That's, you know, a cosmetic rehab. That could bring our value of our house hopefully up more than $25,000. So let's just say that gets us to 340. So, right, we've just made $15,000. This is the goal of value add, right? You're putting in 25k, but you're netting more than that in value. So you drive up the cost of the home to $340,000, earning you 15 grand. But also you can raise your rents now, let's just say from $2,000 to $2,400. Again, I'm just making these up as an example, but what you can see here is not only did you make 15 grand, right, plus 15, 15k. Now you're making $400 a month more, which is $4,800 per year in more cash flow. And so this is just another simple example of how you can really accelerate your timeline using value add. Whether you're flipping houses using rentals. I should also say this works for the BRRRR method. This works for short term rentals as well. Value add is a great thing to consider if you want to become a millionaire and reach financial freedom as fast as possible possible. The last thing I want to talk about is leverage. And this isn't exactly a way you generate money, but it is a way that you get bigger returns in real estate than you do in a lot of other asset classes. And I want to caveat this by saying that leverage, which is just another word for using debt, it's basically saying that you take out a mortgage or you take out a loan to finance your investing. Taking on leverage is, has its pros and cons. It does come with risk because when you are taking out a loan, you have an obligation to pay that loan back. And if you don't, you can get foreclosed on, you can face bankruptcy. It is really important for everyone to understand that there is risk in taking on debt. But I also want to show you why this can be an advantage in building your real estate investing portfolio. All right, so let's go back to our original example from the beginning where we bought a house for 300k and we said that was going to appreciate, right, at 3% per year. And let's just imagine that we bought this house for cash. You know, most people can't do this. But let's just. For the purposes of this example, let's say we bought this house for cash and we're earning $9,000 because remember, that means that the property is worth 309k and that equals a $9,000 profit for us, right, in appreciation alone. That's what happens if you buy it for cash. Now, if you buy it with a loan, you get the same 9k profit. But when you are buying it for cash, right, if you invest 300k, your return is only a 3% return, right? That 9% comes out to 3%. But if instead you use leverage, right, if you put 25% down and finance the rest of it, remember what we said, you're only putting down 75k. And I know that's still a lot of money. I'm just saying compared to $300,000, it's a lot less. And in this case, instead of earning a 3% return, right, you are still earning this 9k profit. But if you're only investing 75k, this actually comes out to a 12% return. And I know this topic can be a little confusing because people are saying, oh, you're earning 9k either way. And that is true. But it's the efficiency with which you're earning that return that is so important. Because look, if you're buying cash, you need 300 grand to invest to earn that 9k. If you're using leverage, you need just 75k to earn the same amount. And if you are trying to grow and scale and become a millionaire, then you need to be efficient with your capital. Most people don't have this 300k to buy cash. And even if you did, you might not want to. And so you need to find ways to take the cash that you have and earn the best possible return. And leverage is a really powerful way to do that. Now, like I said, there are trade offs with leverage, and the first one is risk, right? As I said, you know, if Things don't go well with your property if your tenants don't pay. You still got to pay your mortgage. They are not giving you a break if tenants aren't paying. That doesn't usually happen. But that is a risk that you need to consider if you're going to take on a loan. So when we talk about leverage, yes, it is more efficient, but there is more risk. And the third implication here is less cash flow. That's another thing that you need to remind yourself because if you're buying a property for cash, right, your expenses every month are going to be less and that means you're going to increase your cash flow. But it comes at the benefit of generating more equity more quickly. And so this is a question you as a real estate investor need to think about for yourself. For a lot of investors, they don't think that much about it because they can't afford to buy properties, cash and so they leverage everything. That's most of us, right? That is for most people, for most of your career, as you get towards later in your career and you've built a lot of equity, you may choose to leverage less, you may choose to pay down some of your mortgages to not pull all the equity out of your properties to generate more cash flow because that's ultimately what's going to allow you to, to retire off of your real estate. And so that's just something as an investor you need to think about and change over time. But when you're in growth mode, most people recommend taking on leverage. Not so much that you're taking on unnecessary risk, but taking on enough leverage to be efficient without taking on so much leverage that you're putting your property and your personal finances at risk. All right, so that's leverage. Just as a reminder, this is just a strategic thing that you can think about and how you might want to boost your, your acquisitions and your growth. It allows you to start with much less money and to grow more quickly without having to inject more capital, more of your savings. And this again is pretty unique to real estate investing. Yeah, you can get leverage in the stock market, that's super risky. But in real estate, there are very good, relatively safe, risk adjusted ways to use debt and leverage to really build your own personal wealth and ultimately to become a millionaire. All right, so those are the two additional bonuses. We've got value add and we've got leverage to add to our four core growth pillars, which again are cash flow, amortization appreciation and tax benefits. So this is how you do it. Everyone Consider these growth pillars and start putting them into action and start building your own real estate portfolio and you too can realistically become a millionaire in just a couple of years. Now, one thing to remember is how you go about this and which growth levers you choose to pursue most aggressively is really up to you. For some people, let's just say for investor one, they might be mostly focused on cash flow and value add. Right? That's a totally good way to pursue a career for me. You know, when I first started in real estate, I really focused on appreciation and leverage because I needed that right. I also wanted cash flow, but it wasn't the most important thing to me. I was trying to build my equity as quickly as possible so I can invest later. My investing now is a lot more focused on value add because I think it's just a great way to make money in the short run. And because I have a more complicated portfolio, I really think about my tax advantages carefully for each deal that I do. And this is what's going to happen for you. Think about what you can accomplish today, which growth levers you can take advantage of just to get your foot in the door and just to get started. Because if you can do that, you will be able to compound those returns. You'll be able to stack your returns and really start building a portfolio. And you can always change them like I have. I've moved from appreciation to more of a value add investor, caring more about tax benefits. And that will happen for you too. But worry about that down the line. Think more carefully about what's important for you today and get started, get your foot in the game. Because that compounding that amount of time that you own these properties is really the single most important thing. So that is my advice to you. Figure out a way that you can take advantage of these levers and get started as soon as possible. Thank you all so much for listening to this episode of the Biggerpockets podcast. If you have any questions about this, please hit me up. If you're watching this on YouTube, you can drop a comment below. You can always find me on biggerpockets.com or on Instagram, where I'm Hedata Deli for BiggerPockets. I'm Dave Meyer. I'll see you next time. Thank you all for listening to the Biggerpockets Real estate podcast. Make sure you get all our new episodes by subscribing on YouTube, Apple, Spotify, or any other podcast platform. Our new episodes come out Monday, Wednesday and Friday. I'm the host and executive producer of the show, Dave Meyer. The show is produced by Ian K. Copywriting is by Calico, Content and editing is by Exodus Media. If you'd like to learn more about real estate investing or to sign up for our free newsletter, please visit www.biggerpockets.com. the content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk, so use your best judgment and consult with qualified advisors before investing. You should only risk capital you can afford to lose, and remember past performance is not indicative of future results. Biggerpockets, LLC disclaims all liability for direct, indirect, consequential or other damages arising from a reliance on information presented in this podcast. Professionals who accomplish more are smart with their time, they complete tasks efficiently and they focus on what truly matters. That's what stamps.com offer. It removes boring mailing tasks so users can concentrate on bigger priorities. Stamps.com, it's not just for stamps. It handles all mailing and shipping from anywhere, anytime. If you sell online, it works with all the big selling sites. Use the post office and UPS service right from your computer or phone, day or night. No lines, no waiting. It works on the go with their app. All you need is a computer and printer and they send you a free scale. Their rate advisor finds the best shipping prices in seconds, which can be up to 88% off. And USPS and UPS have more flexibility in your life with Stamps. Com. Sign up at stamps. Com onthemarket for a special offer that includes a four week trial plus free postage and a free digital scale. No long term commitments or contracts, just go to stamps.comonthemarket.