Chief CFO

Family First | CFO & Entrepreneur | 100% Self Made | Sharing My Experiences - FP&A 📊 Real Estate 🏘 Stocks 📈 STR’s 🏝 Small Businesses

[Chief CFO @chief_cfo]

BUY that 1st Property - How I turned $14k into $185k

Like a lot of people that grew up wanting to become wealthy I started reading books on how to create wealth.

Started with The Millionaire Nextdoor by David Bach, moved onto The Automatic Millionaire,

A THREAD ⬇️⬇️⬇️

[Chief CFO @chief_cfo]

@theraleighwill Launch

[Jas Singh @TheJasSingh]

AI just replaced Excel forever…

No more formulas, functions and other weird numbers.

Here’s the AI version of Excel, aka Excel on steroids:

[🧵Bookmark to user later]

[Chief CFO @chief_cfo]

If your thinking about buying a business in the future, bookmark the tweet below.

Quick read, easy to understand and great resources!

[Danny Vivier @itsDanny_V]

There are thousands of cash-flowing internet businesses for sale right now.

One deal can replace your 6-figure salary and allow you to work from anywhere.

Here's a simple guide to buying one:

[Chief CFO @chief_cfo]

@TKopelman This is how I feel when I work remote. I can get at least a few days of work done in one day without all the distractions of the office.

[jon @jonjfarb]

My team found a 4-bed house listed at $299,900

- Projected Monthly Airbnb Revenue: $9,329
- Monthly Expenses: $5,189
- Monthly Cash Flow: $3,861

Here's The Breakdown:

[Chief CFO @chief_cfo]

@jonjfarb These deal summaries are great!

When putting the numbers together for arbitrage deals, is it just an assumption that the owner will allow you to lease it and use it as a short term rental or is this detail already known?

[Chief CFO @chief_cfo]

@mikej36 @carlhancock @nickgerli1 Which treasury backed money market? Fidelity has a good money market return. However, never hurts to have additional options.

[Chief CFO @chief_cfo]

This is a great path to not only financial freedom, but also creating generational wealth

That is, if it is feasible in your market and with your financial situation

Definitely not an easy task for many. However, if you can find a way to swing it, you and your kids will be set

[Shawn Gorham @shawngorham]

An easier path the financial freedom:

10 houses free and clear in good areas with rents over $2000 a mo

For most $200k a year income is enough and it buys Freedom… which is what most really want

Buy 1 house a year for 10 years. Rent them out and use all your extra money to pay down the debt. Tenant rent + add a couple extra payments a year… boom you’ll own them before you know it

Its a simple path to wealth

Being a GP is one way.
Owning 1mm sq feet is another

But those can feel like large goals…

Buy one house a year, for 10 years…

If you want more after that… go for it

But for most - 10 houses changes your life

[Chief CFO @chief_cfo]

@Hoya08 I agree with this. If you need the flexibility opt for the 30 and pay the same payment you would make if it were 15. That way your not locked in.

If the rate difference is a full point or more, maybe consider the 15 if your comfortable locking in the higher payment.

[Chief CFO @chief_cfo]

This 👇🏼

Would be interested to see the same breakdown for a 15 year (reduced interest rate)

As a general rule of thumb, with a 30 year loan, you can plan on paying double the purchase price by the time the mortgage is paid off

Opting for 15 year can save a lot in interest

[Thomas Kopelman 💵 @TKopelman]

A $600,000 house with 20% down will cost you $1,125,412 over 30 years

This is pre any other expenses that go into it

Not many understand this

What they also don't understand is in the first 4 years they will have paid $119,725 in interest but only built $21,000 in equity (pre any appreciation)

In today's environment, be sure you want to buy and live there for awhile

[Chief CFO @chief_cfo]

I asked chatGPT:

Pay your mortgage bi weekly rather than monthly

What would the benefit be over the life of the loan?

#ChatGPT #chatgpt4 #finance #interest

[Chief CFO @chief_cfo]

@KYRRadio Let’s see what chat GPT has to say about it.

[Chief CFO @chief_cfo]

@AdamNev93 I think it depends on your current financial situation and what stage your at in life.

Early in in your career, beginning stages of building wealth etc. It should always be a viable option, if it makes sense

[Chief CFO @chief_cfo]

@AdamNev93 They need to be completely gutted? If so I may talk you out of it.

However, if they just need some sprucing up, sounds like their could be opportunity dependent on the rental market in those areas

The hard part is managing the rehabs (even if not significant) from long distance

[Chief CFO @chief_cfo]

@AKASpencerScott @umar482 This is unreal. Congrats @umar482 this is truly impressive.

[Chief CFO @chief_cfo]

@Dawnek16 @MattChiaCPA To be considered a short term rental

[Chief CFO @chief_cfo]

@TKopelman @JaredThomas_P That’s a perfect strategy. And yes, todays prices / the overall state of the economy make it hard to jump into real estate.

Passive is much better during the busy times in life. I recently made the mistake of purchasing a home that needs a full rehab & don’t have time for it 🤦🏻‍♂️

[Chief CFO @chief_cfo]

@JaredThomas_P @TKopelman These are some pretty aggressive assumptions.

If these numbers were accurate and it was as easy to do this as you make it sound (since everything your saying is completely hypothetical) we’d all be rich.

I’d love to turn $28k into $500k in 5 years.

Good luck 🍻

[Chief CFO @chief_cfo]

@JaredThomas_P @TKopelman Your correct. These returns are definitely not the norm. But there are times where they happen.

Real estate should be treated the same as stocks, with a dollar cost average approach. Buy properties over time.

Hard to time these events.