Did you know that Justin Bieber just lost roughly $1.2 million on his JPEG of a bored ape? Makes boring real estate seem less boring. As real estate investors we will exchange volatility for cash flow any day!
Which brings me to this week’s investor who is building is portfolio the tried and true way. Save your money, buy a distressed multi-family, fix it up, and rent it out to great tenants.
It is my pleasure to introduce you to Joseph Careri!
How many doors do you have?
5 (not including my primary residence)
What got you into real estate investing?
As an apprentice in my trade, one of the journeyman I apprenticed under was investing in real estate and got me interested in the game.
Seeing the amount of equity I had in my primary residence just sitting there doing nothing. I began to listen to Grant Cardone and BiggerPockets Podcast on how real estate investing can help you become financially free.
What market(s) do you operate in?
St. Catharines, Ontario
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How would you describe your portfolio?
My portfolio is a nice nest for what it will one day become, which is planned for expansion through selling the smaller properties and trading up for bigger ones.
What are you currently buying?
Currently, I’m looking at duplex’s, triplex’s and 4-plex’s. Smaller residential properties, but staying away from single family residential. I like the safety net that multi properties give when it comes to vacancies.
Tell us about your biggest mistake in real estate?
“Not starting sooner” is an over played saying, but it is true. I think we can all relate to that. Besides that, I’d say with my first renovation project, I wish I hadn’t cheaped out on certain material. I thought cheaping out would be a better and easier alternative, but realize now that you’ll end up paying more later. Pay more upfront and reap the benefits after.
Tell us about your biggest win in real estate?
So far the biggest win would be the equity that has quickly formed on my properties. Where they are situated plays a huge role in that. I also see my value added through renovations as a big win because I get to supply a beautiful home to people, as well as gain forced appreciation from my work.
Outside of real estate what else do you invest in?
Besides real estate, I got my pockets in a few stocks (not really my cup of tea though). I’ve also invested in precious metals like gold and silver, or as Robert Kiyosaki calls it, GOD’S MONEY.
Books people should read before investing
The first book I read that I recommend to everyone is ‘Rich Dad Poor Dad’ by Robert Kiyosaki. I also enjoy reading ‘The Book On Rental Property Investing’ and ‘The Book On Managing Rental Properties’ By Brandon and Heather Turner. These are great whether you’re just getting started or need a reference during your real estate investing endeavours.
What advice would you give to a new investor?
Books, podcasts and videos will only get you so far. At some point, you need to take the leap to get started yourself. Real estate investing can be your gateway to financial freedom, but without action you’ll never get there.
Remember that real estate is a long term game, the longer you’re in it, the longer you’ll reap the rewards it can give.
Find Joseph on Twitter
This Week on YouTube
Seller Financing – how to explain to a homeowner — www.youtube.com
Seller Financing can open a ton of doors. Not to mention incredibly lucrative doors! Yet how does it actually work and how do you explain to a homeowner.Po…
This Week on the Podcast
We hear from Mr. Creative-Finance himself, Pace Morby. All on how we can structure deals to buy properties via seller financing.
Editorial Note: This episode slaps
The image below is a realtor hearing the following from a prospective seller:
“I understand the market is down – but my house is special!”
We’re talking with Lauren K. Aumond on automating your short term rental business