16 Sep Using Rental Properties to Build Wealth (Part 2)
Frank Cava discusses how to use rental properties to build wealth. Whether you’re building new and holding as rentals, buy and hold, or BRRRR, rental properties are the key to becoming rich.
Video replay of my interview with Frank Cava about Using Rental Properties to Build Wealth:
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More about Frank Cava and Using Rental Properties to Build Wealth:
In real estate since I was 5 years old
Worked my way up from the bottom for one of the largest homebuilders for 12 years
Built more than 2,000 houses
Sold more than 2,500 houses
Developed more than 3,000 lots
Managed teams of 70+ with annual sales of $75 million to $200 million.
Started on my own in 2009 …and closed over $1 billion in real estate
He also managed, trained, and cultivated over 300 employees
CG Leadership Team
More about Frank Cava: www.frankcava.com
SHOW NOTES from Using Rental Properties to Build Wealth:
1. Once you can consistently generate leads, then you’re in business. Otherwise, you’re a hobbyist.
2. Learning to pre-qualify leads will save you a ton of time on people who aren’t really going to sell.
3. Debt-service covered ratio is big. Banks want you to rent a property for about 1.2X what your costs are.
4. Path of Progress: You want your rental properties to be where the up-and-coming areas are so that your property will increase in value as the area improves.
5. Track your profits to see whether wholesaling or flipping is better.
6. Do your repairs/rehab on the property before you rent it out so you don’t have to do more expensive repairs later.
7. Take breakable things out of the house to reduce your repair calls (e.g., instead of a built-in microwave have a countertop model that the renter has to replace if they break).
8. When to form your own property management company? After you own 27-30 rental properties; that’s when it makes financial sense.
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About Steve Trang
Steve Trang (https://www.stevetrang.com) is the founder of the Real Estate Disruptors. He started his podcast in the middle of 2018 to inspire wholesalers and real estate agents to double their incomes by adding a 2nd leg to their business. The podcast has now grown to tens of thousands followers with new members of the community sharing their success story every week.
Steve also created the OfferFast Homes app. The purpose of the app is to help wholesalers jump start their career faster by putting all of the buyers in one place. The hope is to minimize the challenge of building a buyer list when getting started in wholesaling.
Steve’s legacy will be to create 100 Millionaires. One of his favorite quotes is from the great Zig Ziglar: “You can have everything in life you want, if you will just help enough other people get what they want.” He heard this quote when he first got into real estate, and it has stuck with him throughout his entire career. In fact, it’s essentially one of the core values Steve lives by.
Since starting the Stunning Homes Realty in 2013, the brokerage has over 130 agents. In the greater Phoenix area, SRH has almost 1% market share. One out of every 137 homes in Phoenix metro is sold by Stunning Homes Realty (https://www.stunninghomesrealty.com).