저자: KevinBugas · 외국인
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싼 주택(cheap houses)이 무조건 사기는 아니며, 수익은 현금흐름·시세차익·좋은 매입가(wedge deal) 세 요소로 봐야 한다고 주장. 예시: 6만 달러 투입, 45만 달러 주택 매입 후 연 3% 상승 가정 시 10년 뒤 약 31만 달러로 IRR 약 17.5%. 현금흐름이 0이어도 레버리지·감가상각·좋은 매입가로 수익 가능. 채널 자체 교육 과정과 투어 홍보 포함.
다듬은 글
next stop on the I'm over at or is New York hope to see you there check out the other locations link below I made a video about five reasons why cheap houses are a ripoff and while I still think a lot of those arguments are very true I do all use some clarifications and I'm going to respond to a lot of your comments so in this video not only are you going to see me respond to these comments and get some more perspective out but you're also going to learn the three part rule that is critical when thinking about investing in real estate especially when it comes to calculating your returns on your investment if you don't know this three-part rule you're about to learn a lot Lamas are best starts us off with the example of five a fifty thousand dollar houses verse five a five hundred thousand dollar houses is stupid it's still 10% you only get more on the two point five mil because it's well more and yes this is correct now here's where Lamas are best is wrong most people start real estate with one property that might be a four-plex or a duplex or a single-family house whatever it is people generally start with one property they hold that they fix it up a little bit they live in it then they move on to the next property and they generally keep the first property or they sell it to be able to move on to the next levels of real estate the problem with Lamas are best analysis of what I said is it doesn't recognize that somebody who's buying a fifty thousand dollar house could probably also buy a more expensive house and capitalize on some massive benefits here's what I mean by that when I bought my first property I spent less than twenty thousand dollars to control a three hundred thousand dollar house there's no way in heck I would have started with more than one property because when you start with one property that's that's a lot that makes you nervous that makes you want to be comfortable with the process so somebody's not gonna go out and buy a ton of $50,000 houses when they're starting look if you already have millions well then you're probably not watching these videos anyway you're learning how to start right so my argument here is that you might be better off even in cheaper house areas look at houses for $200,000 $300,000 look at a little bit more of an expensive area and take advantage of the fact that you could get into these deals with less money than you really think you need now look I'll take the blame here I should have said that in the video but folks I think it's very important to always take it a step further when I make an example think a little deeper about the perspective analogy are you really going to buy fifty fifty thousand dollar houses to get to two point five million dollars in assets or how much easier would it be to buy five five hundred thousand dollar assets that's the perspective John Sanderson says the difference is the new investor likely will not have five hundred thousand dollars to invest to buy the 2.5 million dollars worth of houses or as most people can come up with five to ten thousand dollars to get started and that right again reiterates how I started with three and a half percent down on the three hundred thousand dollar property and so I'm certainly not advocating that you get into like a negative cash flow or something you might be underwater in but what I do advocate is that you consider hey well wait a minute if I can control a larger dollar volume of real estate and the bank is taking more risk I can have a cash flowing deal and I can get a wedge deal it might make sense to own a larger dollar volume of real estate lazy walking piece says I love $50,000 houses buy them whenever I can pay cash though no loans and see this is also very very common when you get into the realm of cheaper houses there are less banks willing to finance these which was an argument I made in the other video which means you're more likely to pay cash and forego the benefits of positive leverage let's just do a quick example here if you pay cash for a fifty thousand dollar house and it goes up in value ten percent you made five thousand dollars in appreciation if you buy a five hundred thousand dollar house by putting ten percent down you now control a half million dollar property if that goes up 10 percent you just made fifty thousand dollars you should have cash flow you should insulate yourself by getting a good deal certainly we don't want you to be over leveraged and yes we know appreciation is speculative but wait for these three points because you're going to learn a lot at these three points but as far as paying cash yeah sure if you want to throw it down it's an easy way to go you're not subject to the bank and hey there's really no way you can get foreclosed on unless you don't pay your property taxes so while yes I agree that's a great way to go you're not going to amplify your returns with residential financing which is such a massive opportunity to build wealth extremely fast right now now this is where we really want to get into the big secret right here that is the three parts to analyzing your return on real estate that really very few people seem to consider and I think if you understand this concept which you will if you watch the rest of the video you're gonna be able to blow out of the water a lot of garbage and nonsense that comes up in real estate one of my biggest haters here somebody that always has critical questions of me which I actually I don't mind critical commentary you know I like responding to these so serious question though what is your return on a $500,000 property and this is a very similar to the other comments that we get such as cash flow is king not appreciation I would rather buy a 50k home and get a higher cash on cash return then buy a $500,000 house and hope it appreciates or this other comment buy goal investing I think you need to look at bigger pockets book again I remember reading specifically that they don't count on appreciation they believe in cash flow so what do we actually have going on here well based on these comments and based on probably a lot of what you know about real estate you might find that it seems like you have people either in the appreciation camp or in the cash flow camp but that's actually completely wrong and it's it's a misrepresentation as to what real estate and returns on real estate really are so let's explain the three parts that you need to understand to understand returns in real estate the easiest way to do this is by looking at what I call the yin and yang of real estate so this is going to depict the three parts on one side we have cash flow this let's just go ahead and say we're investing in an area like the Midwest Indianapolis Texas Florida and you know what we can see the 7% cash on cash returns that's awesome I think that's absolutely wonderful but now on the other side you know what we're gonna have what we call our appreciation return which even these areas have in fact a lot of these and this gets a little bit more complicated but a lot of these areas have been severely depressed and have had a lot of ketchup appreciation which has been great for those markets and that's a whole another concept but really we got our 7% cash return here you know on our investment and now the other part that generates money is going to be appreciation so let's go ahead and put three percent here so let's look at what we have here we have part number one which is your cash flow this you can calculate and then you have your appreciation which people generally say is more speculative which is fine I agree with you the reason people say it's more speculative is because you can't really calculate it upfront because you have no idea what the market is going to do but the third thing is what most people miss when it comes to realizing returns on real estate and the third thing is the most important part that I talk about daily in the real estate investing course and on our live streams now you don't have to be a part of that don't worry I'm about to tell you about it obviously the three hundred forty lectures that are there the private live streams that you get with me are going to be very beneficial for you so you should definitely check out the course but what is the third thing that makes you big freakin Bunney on real estate that nobody generally considers as one of the parts of your return on real estate how good of a deal you got and here's how we can look at this graphically on one side you have cash flow then you have appreciation and then watch this oh that's how I get my good deal buying something below market value and this is how you get people like rehab life saying my average ROI return on investment is 38% nobody can even come close to that on a high value property and so the problem is these comments about cash on cash returns are very deceptive they're kind of the comments that you hear when you go to a party and people are like oh yeah man I'm getting my 38% returns over here yeah yeah 25% consistently oh I'm at 15% brother we're killing it out there like this super freaking typical look I've worked with more than 300 clients individually on buying and closing actual deels I've been through every kind of analysis on what people think their actual cash on cash returns are and you'd be surprised how many people think that there's only one form of return in real estate some people think oh I got a good deal that's my only return some people think oh it's just appreciation some people most people think it's just cash flow it's all three of these when you analyze all three of these you realize you can actually get good deals in real estate no matter where you are in the world or what market you're in now let's just do a real example here so we can kind of explain how these three aspects would work let's say that you buy a $300,000 fixer-upper and you have $60,000 available obviously you could just buy a $60,000 house cash if it was $60,000 but in this case we're gonna assume you buy a $300,000 property now this particular $300,000 property is a fixer-upper so what you're actually going to do is you're going to put just ten thousand five hundred dollars down that's three and a half percent down and you're going to use the other forty nine thousand five hundred dollars to fix up the property note that's how you spent the sixty thousand dollars you control a three hundred thousand dollar property some of that money you had available what - a down payment and the other money went to fix up now because you got a good deal and you found yourself a really good wedge deal which is all I preach in the real estate investing course how to make well no matter what you're looking at here or a good deal and we're gonna say the house is worth $450,000 after you having made the repairs that's great I mean if you think about it this way you control a $450,000 property you only put 60 grand into it you only have debt for two hundred eighty nine thousand five hundred dollars which means you have a net worth position of 160 thousand five hundred dollars thanks to getting a good wedge deal notice we didn't say anything about cash flow we didn't talk about appreciation and yeah we haven't talked about selling cost so just have this in the back your mind because this is an actual return yeah there's selling cost maintenance and other stuff we'll talk about that but now what we're gonna do is we're gonna take this a step further let's assume the cash flow on the steel is zero it's absolutely zero it's a break even cash flow and as the rent goes up that extra money and rent you're getting is just gonna go towards maintaining the property and management so now you might be thinking well it sounds like a terrible investment you have a four door $50,000 property that has no cash flow that's terrible but wait a minute let's look at it this way for a second you control a $450,000 property you have two hundred eighty nine thousand five hundred dollars in debt and you only spent sixty grand which now the sudden you're sixty grand represents a hundred and sixty thousand five hundred dollars in equity now that's not obviously all accessible because if you sold you'd have selling costs and taxes and so on and so forth but let's keep running here for a second let me show you where the mistake is and where the correct analysis is the mistake which is very common is you're gonna get people that go I turned sixty thousand into a hundred sixty thousand dollars I got a two hundred sixty percent return whoa that's what you get at the parties that's what you get in the comment section but usually what you don't get is detail let's now delve into a detailed example of what these returns might really look like let's say you keep this place for ten years and the market appreciates just three percent for clarity that means your appreciation three percents right here and your cash flow zero looks like a pretty terrible deal right yeah but watch what the IRR the rate of return actually turns into because you did this oh you bought the course so in this case a $450,000 property appreciating three percent per year will be worth six hundred thousand dollars when it's time to sell it after ten years you've also now paid down the loan to two hundred thirty thousand dollars so that's another bonus of principle pay down now you're going to have to pay probably sixty thousand dollars in selling costs and maybe some new paint and carpet or whatever just to get it ready to sell and then you're gonna go sell it now let's also assume that after maybe six months or a year or two years of you living in the property you rented the property out what you can't do you got in with the homebuyer loan you fixed it up you live there for a bit and then you moved out you turn it into a rental that's how you got in with a three and a half percent down now it appreciates for ten years four fifty we'll end up at about $600,000 with that appreciation rate so what do we have well we have $600,000 is the value that's what you're gonna sell it for them now we're gonna subtract about sixty thousand dollars in selling cost that's maybe five percent for realtors you know a percent for escrow title and I put another four percent in there just for like repairs so you can fix up the property before you go to sell it you know maybe you have to repaint it's been 10 years whatever you get that done now your dad is already paid down to two hundred thirty thousand dollars which is kind of cool because the tenant was paying that anyway so it's bonus money this now leaves you three hundred ten thousand dollars after all expenses and fees are done so wrap your head around this for a second you just had sixty thousand dollars that 10 years later became three hundred and ten thousand dollars and how did you do that well you didn't do it with cash flow because the deal doesn't have any cash flow you did it in two ways one with leverage depreciation and two by getting a good deal see how this example I'm giving you only takes advantage of two parts of making money and real estate everybody thinks there's only cash flow in real estate and I'm all for cash flow I'm all for you buying cheap houses if they're wedge deals if you're getting into a situation that's good if you think you can keep tenants there long term I'm all for it I don't want people to think like oh here's Kevin he only cares about appreciation he doesn't care about cheap houses or cash flow that's wrong that is not what I am I am challenging your perspective to understand there are different ways to make money in real estate that's it a cash flow come on that's easy I'm gonna make a video going how to make seven percent in real estate buy a place in Texas and collect the rent right I mean come on so anyway now let's analyze what is it going to take to turn sixty thousand dollars into three hundred ten thousand dollars so if you invest at sixty thousand dollars today what rate of return would you have to get to get three hundred ten thousand dollars in the future the answer is 17.5% holy smokes 17.5% is the rate of return to go from sixty thousand dollars to three hundred ten thousand dollars and you just accomplished that with this deal with just three percent appreciation and getting a good deal that's it that is an amazing return and it goes to show why you see a grant cardone and Cardone capital talk about his goal of achieving a fifteen percent IRR or internal rate of return most of it is due partially because of cash flow but a lot of it leveraged depreciation think about it this way if he can control a hundred million dollar building with thirty million dollars worth of people's money other people's money and he'll collect his fees in the mean time but still you're getting appreciation on a hundred mil not 30 mil that's where big money is in real estate I'm not talking down the cash flow just saying good deal appreciation and cash flow whoo nice ways to make money real estate so what's something for you to know here well next time somebody talks to you at a party and says something like oh I make so much money on real estate oh I get I get a 30% return what do you get to do you get to ask them oh okay you know what appreciation are you seeing what cash on cash returns are you seeing from cash flow hey did you get it at a depressed price and now all of a sudden you can piece a part why somebody got a good deal rather than feeling bad and thinking to yourself man everybody else is kicking ass in real estate but I'm sucking meanwhile you've never started you've never bought anything that's usually the reason people feel bad as they see people getting these ridiculous returns and then you're on YouTube and reddit and bigger pockets wandering around going where am I gonna get returns like that not realizing the three parts of making money real see everybody's got your head on this this is beautiful I love this but when you combine all three it's even more beautiful now let's talk bigger pockets here's the thing cheap houses are not a scam what is a scam is what I talked about in that video where I talk about if you're buying an area with higher turnover a lack of financing you're overspending on cheap houses then you're getting scammed but as long as you pay attention to those things and you're a savvy investor you should have watched that video and thought those are good things I should watch out for now there are five reasons in total I just touched on with you here so watch that video but when you watch these videos understand it's not me taking a stand it's me suggesting hey this is perspective for you to understand so no cheap houses are not always a scam you can get great deals on cheap houses and I encourage you to follow BiggerPockets and take that perspective let me give you an example here we've got rob couch saying if you're putting a $25,000 kitchen into a $50,000 house you probably shouldn't be investing in real estate and that was sort of a rhetorical argument in response to what I said that means if you do a kitchen remodel for 25 grand you just spent 50% of the value of the property on a kitchen remodel that if you're buying a cheap house for 50 grand it doesn't make sense to spend a lot of money which the point of that argument is to say that most people when you buy a cheap house your goal is to go as cheap as possible with the improvements and that tends to attract people who prefer cheaper things who might not be as stable of tenants or the areas might be C or D neighborhoods look if you can invest in a or B neighborhoods and you can follow all of the other principles you can get a wedge deal you can get a $50,000 place so you can fix up and now it's worth 100 grand and you're gonna have tenants that are gonna stay there working-class neighborhoods that's awesome that's amazing that's perfect that's beautiful do it but to take a rhetorical argument out of perspective doesn't make sense it's much kind of like this other response year where Scott Schultz which I appreciate him for saying that but he says I just did a full kitchen remodel in a rental that I purchased new cabinets 13 linear feet countertops pull-out sink faucets single basin granite composite sink and four piece a stainless black appliances materials including appliances for twenty five hundred dollars and took me a week Scott that's awesome but let's be real here 13 linear feet is like seven cabinets it's not a big kitchen obviously we're not talking about you putting a 25 grand reamer kitchen of that property of course you're going to spend less on cheap houses but that isn't the point the point is if you buy a cheap house and it's fifty thousand dollars maybe it's worth eighty after you fix it up are you incentivize to go in and change out the entire electrical system for eight thousand dollars probably not probably just gonna leave it as is that is sometimes where the concern comes up now the last thing I want to address is some people arguing that hey Kevin you shouldn't put BiggerPockets name in the title you know why are you trying to ride coattails this or whatever let me just be very clear here when you go to London there's a place you can go to and what you'll find is there are people on podiums they stand on these boxes some of them have podiums a lot of people just stand on these boxes and they get up there and they could speak about whatever they want they share their opinion and crowds will form around the people and you know the crowds that form they listen and they hear the perspective of the speakers but what you'll also find is that the people in the audience will make counter arguments back and that is what I believe YouTube is all about being able to have a conversation with people who are having opinions if a bigger pockets author whom by the way was very gracious to thank me for making my video and attracting him to his blog you should actually go check out his blog he does write some pretty cool things I appreciate him for coming by who ends up benefiting the most from this interaction you the watcher the reader when you get ideas from here and ideas from here and ideas from here that's great but it's really not until these different idea sources start comparing each other to each other that you as the consumer of media stands to benefit the most so guess what i'ma keep putting names and titles because I'm going to keep commenting on other perspectives and sharing my perspective with you and that is exactly why I am going on the I'm over it tour because I'm sick and tired of one-sided perspectives I want to see what your opinions are on real estate and then give you my personal opinion as to what is going to be best for your situation some of you have been asking as you know the next tour is in New York City I hope to see you there but some of you have been asking hey what are we taking away from this what is the setup going to be like it I want you to know the goal of the I'm over it tour is to have an intimate conversation with I don't care if it's five people or if it's 25 people whatever it is I want to have a conversation with you analyze your problems why are you not buying real estate what is it going to take to get you a good deal how can we get you started while at the same time teaching you some amazing principles for real estate investing that's exactly why I encourage you to consider the real estate investing course and if you're in the investing course or the agent course you actually get a coupon to the I'm over at tour and that's because they don't replace each other one is a hands-on with Kevin analyzing your situation no matter where you are and the other one is everything that I know about real estate investing hope to see you in the course hope you appreciated this new perspective and really hope you've learned a lot with these three must follow rules of returns ]
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