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The world of investing can be intimidating and scary to jump into but having tips and tools of the trade can make it easier to jump in and start building legacy wealth for you and your family!
This episode is the follow-up to my season ending episode "Trade Secrets-Real Talk on Investing & Wealth Building"
I was joined for this enlightening discussion by 2 giants in their respective fields:
- Mr. Asa Patterson, Entrepreneur, Real estate investor, Business and Real estate mentor and coach
- Mr. Kyle Stephenson, Real estate investor & Founder of the property management firm, KRS Holdings, Inc.
Asa & Kyle gave us some invaluable tips and advice on real estate investing and creative ways to build wealth.
Key Takeaways:
- Know your goal for the investment (Asa)
- Have a good foundation and understanding of what you want to do and know the goal of why you're doing it.(Asa)
- Make sure in your first deal, that what you pay for and what the rent truly is will take care of all of the expenses. (Kyle)
- You shouldn't get into anything speculative! (Kyle)
- Land is not a cashflow type of product (Asa)
- If you are a new investor with little money and a lot of time wholesaling is a good way to start in real estate investing. (Asa)
- If you have a little time, if you have a little credit and a little money you would look into a bread and butter. A bread and butter neighborhood is, where working class, median income neighborhood, where the crime is lower, the better schools, then you can buy something using your cash and your credit to rent (out) (Asa)
- Build a relationship with your local credit union! (Asa)
- There's good debt and there's bad debt. (Kyle)
- An investment property that generates cash that can pay that debt is good debt! (Kyle)
- Bad debt is debt that you can't pay back and it's at 18%! (Kyle)
- Financial literacy will set you free! (Kyle & Asa)
Guest Contact Info:
Asa Patterson-
https://www.premier72.com
https://twitter.com/asapmentor4u
https://www.instagram.com/mrasapatterson/
https://www.facebook.com/asa.e.patterson/
https://www.linkedin.com/in/asa-e-patterson-m-ed-897a4b4/
Kyle Stephenson-
https://www.krsholdings.com/
https://www.facebook.com/krsholdings.property/
https://twitter.com/krsholdings
https://www.linkedin.com/company/krs-holdings-inc-
Intro: "Welcome To The Kandid Shop by: Buss_TE (Anthony Nelson)
Outro: "Union" by Walz
Join me on Wednesday March 30th @ 7:30pm for a very special "live video " kandid chat with Cecil "DC Brain Supreme" Glenn from the 90's hip-hop duo "Tag Team!"
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Intro Music by: Anthony Nelson aka BUSS
https://music.apple.com/us/artist/buss/252316338
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