By Keenan Handy, July 1, 2014
http://www.freedommentor.com/personal-finance-wisdom/ – The most valuable personal finance wisdom that you probably will hear no where else.
This is the personal finance advice I wish someone would have told me when
I was first getting started.
Phil, you were spot on until you bashed home ownership. If you are talking
up your book of positive cash flow rental properties, then ok (I also want
more rental units and more tenants to fill them). If you really think one
should not be a home owner and just be a renter, then you are off the mark.
James Altucher had the same position on home ownership, which I completely
Your basic position is that all of the “downside” of home ownership, like
taxes, insurance, repairs, etc. doesn’t exist for renters. Well, how do you
think the landlord pays for that downside? From the rental income! The
bottom line is that a renter is renting the property and paying for the
taxes, insurance, repairs, mortgage debt, and net positive cash flow to the
landlord. A home owner is renting from the lender the money to buy the
home, and still paying for all of the other costs. The net positive cash
flow for the landlord equates to the benefit of the home owner having a
roof over his head. As far as ease of mobility for a renter, as a home
owner I also have full mobility, because I understand real estate creative
financing. I can move anywhere in 30 days without worrying about how to
“get out” of my 100% financed home (down payments are so overrated).
Everything else in your video is spot on and follows my teachings in my
YouTube channel and websites. Wealthy people build or buy positive cash
flow assets that pay for their liabilities (toys). Non-wealthy people use
bad consumer debt to buy their liabilities (toys) that depreciate faster
than their loan balances.
Phil- Thank YOU SO MUCH! I’ve read The Millionaire Mind and as you’ve
mentioned, it’s an epic combination of both philosophies. Stanley does an
incredible job of substantiating his views with FACTS & NUMBERS!
I think the audiobook is free on youtube.
I feel like I’m off to a great start at 15, and a lot of it is due to
priceless advice straight from you on a number of topics.
Phil, right now a lot of family members think I’m crazy for not taking the
road most traveled. I’m sure that after finishing college and doing this RE
“thing” as others would put it was met w/ “you can’t do that” or “it’s one
in a million”.
I’m doing a great job of ignoring the naysayers, but do you have any advice
on getting over the hump? I don’t want to sever my relationship w/ family
members over my views, but I WON’T give in. Thoughts?
I wish I’d heard (and had the experience to comprehend) this when I was 15.
A very important foundation to leading a good life.
thank you for this video. i going to get this book right now.
Great video Phil. I totally agree a mixed of both views is key. That’s why
when Dave Ramsey says invest in mutual funds to people with a net worth of
500k I cringe.
your def spreading the truth phil thanks for the vids ..great great
Good video Phil. Great comparison as well.
I completely disagree with renting instead of buying. You read Rich dad
poor dad! Why would you be leverage for a landlord!!!??? Buy a very
reasonable home and pay it off instead of throwing money away on rent. Not
good advice my man. It is almost always more $ to rent in most markets
because people are scared to buy and the landlords know that!
Dude I love your stuff and content. You are one of the only RE investors
that I consistently watch their 30 minute videos… keep it up
Phil what’s going on man I’m looking to close my first deal I have access
to incredible opportunities for motivated sellers and I have cash buyers
all across the US I just honestly don’t know how to even make a call to the
home owner or any of the process
Wow thanks Phil! See you at the top!
I have two rental properties and I am looking to buy a third so I don’t
consider myself a novice real estate investor. All these real estate videos
seem geared to novices so I am not learning anything new. Can you do some
videos for more advanced real estate investors?
Thank you for your response. Yes, I don’t consider myself a novice. I was
wondering if you could do a video and give advice for more experienced real
estate investors. I haven’t seen any. If you already have done this then
great, I’ll check it out.
Hello I’m from St Louis and their asses 2 family duplex if I said it
correctly down the street from my mother’s house and I’m thinking about
turning it into rental property but I’m deep in the ghetto I mean deep in
the ghetto I’m talking about whole street on both sides of the street
vacant houses and it is a poor neighborhood would it be wise to invest in
flipping houses or should I think I’m more into renting or leave it alone
Excellent video with very valuable info. I totally agree with you with on
the “renting vs owning”. I own several rental properties in US but pay a
rent here in Toronto where I live. Cheers,
I suppose that I will just rent to myself just as long as I get the
penthouse in my own apartment complex. That makes everything but the rent
checks I pay my buisiness tax deductible. Hmmm . . . Thanks, Phil! This is
a great video, no doubt! Rich Dad, Poor Dad is the book that got me looking
into other business opportunities to include Real Estate. Just stay away
from Robert’s coaching program because it is a total waste of time AND
significant amount of money.
I like how you said Both are right and Both are Wrong. Yes I have read
Millionaire Mind as well. I love Kiyosaki. I didn’t know people felt so
strong about Millionaire Mind. I’ve read that a few times.
What do you think of Robert Allen’s Books. 1 Minute Millionaire and
Multiple Income Streams. I’ve read Millionaire Mind two times.
I love your enthusiasm , I want to get to invest in real estate in Los
Angeles. How do I start ? Should i get my real estate license first ? And
start saving ?
This Video’s Pretty Cool
Thanks Phil for sharing you insights, that is a helpful balanced review of
two key financial leaders. God Bless.
Phil, first of all thank you very much. I’m from Armenia and I watch your
videos a lot and am going to read your book soon… So I have read couple
of Kiyosaki’s books, including Rich Dad Poor Dad, and frankly saying, that
book got me into thinking of doing business rather than anything else. In
this video you said that you don’t agree with Kiyosaki in some cases, so
I’m wondering why? What exactly do you not agree with, especially in real
estate? I want to know this because, right now I totally agree with
everything Robert says, and respecting and listening to your opinion as a
real estate master investor, :), I would like to see, so to say, both sides
of the coin.
You are God-sent. Keep at it