3. Finding just the right amount of debt, the impact of COVID-19, and the power of BRRRR | Chris, half of The Stealth Rich
Grab your pen and paper, because I talk for over an hour to Chris, one of the two awesome guys behind The Stealthy Rich. They have changed how I run my numbers (price to rent ratio as my 1% rule number) and the type of loans we use, which enabled us to buy house #4 (portfolio loans!). They both have full-time jobs with a heard of kids ( 7 combined). Besides keeping no personal debt, we all agree that the second most important ingredient to our success "secret sauce" is a work from home job. These two have been making working from home, no-contact showings, and mailing handwritten letters like your grandma cool since before COVID. My FAV highlights: Even the seasoned wrestle with how much debt and the ideal mortgage length To make money in real estate, you have to break free of that boat anchor called personal debt. The favorite way Chris & Dave find houses to buy with crazy Yellow Letter campaigns Their boring (I say brilliant) “rinse and repeat” method of remodeling. The benefits of keeping cash on hand, because VTSAX & Chill is GREAT, but you need to be ready for emergencies. The best wear layers when buying LVP floors. (In case you are wondering, since this interview, I HAVE learned that you can, in fact, find LVP with a 20 mil wear layer or more, for under $2/sq foot). "Refi till you die” is overrated. LEARN MORE: But Dave Ramsey says debt is dumb even in real estate BURRR method Cash on Cash Returns Portfolio Loans Jerry Puckett & their exact yellow letters The Mad Fientist & the 4% rule MMM on emergency funds here & here (and why I hate it here) My take on mortgage forbearance programs Property managers 1% rule & why it matters Rent to Price Ratio with The Stealth Rich Rent analysis with Rentometer --- Support this podcast: https://podcasters.spotify.com/pod/show/nerdsguidetofi/support