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Lol.
Elaborate?
I didn't realize you were actually looking for a serious answer. No, this guy is full of shit and this is a staged infomercial. This is based on me watching about 30secs of the beginning and then just skipped to the ending to confirm he puts the contact info out which will be a link or page to buy his "how to manual".
Using his 100k deal he flipped for 150k as an example, this acq and disp cost alone will run conservatively run 12k(7.5k commission and another 4.5k title/escrow). That leaves him 38k of profit which will be taxed as ordinary income leaving him with 25k. This is assuming he has no turn cost or hold interest at all. So at that rate, he'd have to do 40 deals since 18 or 20 a year to be a "millionaire".
If I wasn't bored as fuck after eating a huge ribeye, I wouldn't bother writing this response but I'm in a generous mood.
That was a great insight, Young Cub. Please, have a SB.
lol commissions aren’t that high on residential lol
Either you're dumb or you can't do math....probably a bit of both.
let me break it down for you, 5% on 150k equals.......7.5%. if you think you're going to find a broker that's going to take less than a full 3% on the buy side, I got a 40% IRR deal for you in Nigeria
I don't buy this guy's story. I do have a personal friend who is on Youtube and he has a net worth well over $1.5 MM (by my own calculations) and he's under 30. He's a lot more polished and doesn't wear a backyards Gucci hat though. EDIT: Just watch 8:20 on this, dude brags about being a stoner then joining a pyramid scheme. This guy is a fucking joke.
Graham Stephans?
Yep. More of an acquaintance because we barley talk anymore. But he’s a genuinely nice person too.
I think this really depends on timing and location.
I have quite a few friends in real estate here in sf that became millionaires because they bought a few properties from 2009-2011. All of them are under 30.
I also actually believe it. Prob got a few properties in 2012 then flipped em for a hundred grand or so profit.
Everyone in SF who bought btw 2009 and 2012 is a "millionaire" then. That being said, it still takes a few hundred grand down and more importantly, the right timing.
I bought a place is 2012 and 3 months later, my neighbor sold his smaller place on a smaller lot for just a hair under 400k more than what I paid for mine house next door to his.
Only a millionaire "by some standards," lmfao
Homeboy is out raising money: https://www.sec.gov/Archives/edgar/data/1771336/000177133619000001/xslF…
Can't speak on his net worth but I'll see if I can track an asset on title and pull up the portflio via landvision.
He's not "PE polished" but he could be really doing his own thing. Tony Robbins seminars and MLM stuff is corny AF however... I will say he might be doing his own thing and controlling his own destiny.
I'll never knock anybody who bets on themselves - regardless if they are commercially successful or not. They are their own man.
Great catch. Sitting in Santa Monica but purchasing SFRs in Florida. Godspeed.
Setting Google Alert for "FL AMV SFR FIX FUND I LLC" now.
This guy is a millionaire in the same way every internet huckster is a millionaire - not counting debt.
I'm sure the guy owns 1.1mm of property and calls himself a millionaire, despite having 1.05mm of debt.
Just listened to the first half of this. Honestly this could have been an SNL skit - this kid is totally clueless, and he gives away the whole game early on; he's getting 100% leverage on these properties from rich investors, so really this is another case of Rich Uncle LLC funding his success.
Anyway listening to him talk about his history of involvement of get rich quick schemes, it sounds like if we revisit his story in a year, when a bad economy means he can't flip these homes in the space of a month or two, he'll be back to smoking weed all day and living in his parent's basement.
anyone who shares his own story of how to become rich and then ask you to buy his courses is not trustworthy.
This dude shows up to a property im touring looking like Ali G - he ain't getting that deal.
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