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Real Estate Investing With No Money - Robert Kiyosaki - YouTube
Channel: The Rich Dad Channel
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(uplifting music)
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- So what makes Rich
Dad Poor Dad different
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is that, as you know, my poor
dad was a PhD in education,
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but what does school
teach you about money?
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Did you learn anything
about money at school?
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Most people don't.
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So that's why I had my rich dad,
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who was my best friend's father,
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and he was teaching me
what the rich teach me.
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So look ladies and gentlemen,
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if you wanna be poor, I hate to say this,
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you can go to school (chuckling)
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but you still won't learn
anything about money.
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And education's more important today,
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but what do you learn about money?
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Most kids now going to school,
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they're coming out of
school deeply in debt
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with student loans,
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still not learning anything about money.
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Look at the middle class.
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You know, they may have high-paying jobs,
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but the jobs are going away.
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And what makes Rich Dad different
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is we teach what the rich teach people.
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- Hey everyone, welcome back
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to Advanced Lessons in Millennial Money,
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featuring Robert Kiyosaki.
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I'm Alexandra Gonzales.
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In this episode,
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we have a very special
guest, Shane Caniglia.
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He is the CEO and president of Rich Dad,
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real estate investor
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and business partners of Robert and Kim.
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Thank you for joining us Shane.
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- Thank you Alex, happy to be here.
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- Thank you.
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So everything so far
has been very valuable
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and my main question too,
after all this information
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and my financial education,
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is if I can barely afford
(chuckling) my avocado toast,
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how can I get enough money for a capital
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for a down payment for the investment?
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- Okay first, we're gonna have
to cut the avocado toast out,
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no I'm just kidding.
(Alexandra laughing)
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So the first thing is, is
OPM, other people's money.
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So let's look at this from
a big picture point of view.
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I get this question a lot.
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Trillions of dollars move hands every day
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throughout the stock market,
throughout bank loans,
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throughout personal loans, car
purchases, retail purchases,
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so on and so forth.
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The reason I'm starting with that
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is is you have to get
the concept in your brain
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that the money is out there.
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And other people who have money,
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they wanna find good investments,
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but they don't wanna put the
work into finding the deal.
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So once you learn how to find the deal,
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and you get a good deal,
and the numbers make sense,
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and you can give somebody a
return on their investment,
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it would be foolish to get into
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what a good return would be
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because each deal is on
a case-by-case basis,
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there's not a magic number
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where you have to hit X% every time,
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so don't fall into that trap,
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but you have to get a good return.
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So once you set that return up,
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you'd be quite surprised,
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once you start within your network,
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your family, your friends
and so on and so forth,
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how much other people's money is out there
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that is looking for a good deal.
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They don't have to do
a lot of work for it,
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they get a return on it
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and they also own part
of the physical asset,
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that physical asset being the
property you've purchased.
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These are things that a lot of
people actually get scared of
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and I find it interesting
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because actually, that's
the most exciting part.
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That's where you have to focus
on your financial education.
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You have to understand what
does other people's money mean
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and how do you present that good deal?
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That's why, at Rich Dad, we
preach financial education.
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- So Robert actually
explains OPM perfectly,
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so let's watch a clip
of what he has to say.
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- You see the beauty about real estate
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is you learn to use debt to get rich.
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I'll give you another tip.
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If you're gonna be rich, you
have to learn to use debt.
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It's called other people's money.
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So when I hear poor people say to me,
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"I don't have any money,"
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I say, "'Cause you're
an idiot, that's why."
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(audience laughing)
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You're not supposed to use your money!
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You're supposed to use
other people's money.
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"But that's debt, I don't wanna do that,"
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and so they stay poor.
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(swishing)
- So OPM
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is something we're not
taught about in school.
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Now I would like to pick your brain
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about the major considerations
investors need to look at,
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and look for, when they are
searching for a property.
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- 'Kay, great, so, these
are the key questions
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that the considerations are, arguably,
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some of the most important things
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that you have to, not only address,
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but you have to make sure
that they're in line.
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So, when we talk about considerations,
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the first one is you gotta look
at the top line of the deal,
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you gotta make sure your
numbers roll out and make sense.
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And in those numbers,
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you have to make sure
you're considering things
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such as taxes, property
taxes won't go away,
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you have to consider things
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such as a percentage of
potential loss from non-rentals,
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so empty, right, or
vacancies, that's a big one.
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The next one would be
your maintenance issues,
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anything that's gonna happen
from air conditioners,
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to toilet to plumbing
and so on and so forth.
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The other one would be
basic type of udpates
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that you have to do
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when a tenant moves in and out.
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So for example, anything from
the cleaning of the carpet,
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to the replacement of the carpet,
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to dishwasher, appliances,
things of that nature,
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and then everything else
starts to drill down to,
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now there are other things.
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If we get into 'em all,
this video will be too long,
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but these will get you thinking.
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And then the next level
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is when you start getting into
back to the top of the line,
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in terms of that mortgage
payment, the interest rate,
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how long is the note gonna be carried.
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And you also have to include a percentage,
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if you're not going to
manage the property yourself,
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then you have to have some feel,
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or some concrete number to use,
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that you're gonna pay a property manager
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that's gonna take care of all these issues
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that could pop up.
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- In 1997, when I released
Rich Dad Poor Dad,
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that booked caused a bit of an upset
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because I said, "Your
house is not an asset."
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So in today's world, if you wanna be rich,
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you have to know this, between
assets versus liabilities.
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One of the reasons so many people
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are struggling financially today,
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is simply because they're calling
their liabilities, assets.
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Such as, your house is not an asset,
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your car is not an asset
and things like that.
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So very simply, when I was a young boy,
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my rich dad taught me, he says,
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"You have to understand
a financial statement."
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So this is an income statement,
this is a balance sheet.
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Now this is overly simplified.
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He says, "What creates
something to be an asset
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"is very simply assets cashflow money
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"into your pocket.
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"And a liability takes
money from your pocket."
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So for most people, their
houses are not assets,
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they're liabilities,
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'cause every month it takes
money to live in that house.
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Even those who say,
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"Well I don't have any debt
on my house, I paid it off."
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Look, you still have
insurance, still have upkeep,
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you still have maintenance.
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- So recently, over the summer,
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I planned to practice
the Rich Dad philosophy
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and I searched for my investment property
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so I could be prepared for the future,
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just like we've been taught here.
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- That's awesome.
- Doing the real thing.
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And I just realized
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that the numbers really didn't make sense
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and I did go through
that emotional attachment
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that you talked about,
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which was what was really hard for me
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when I tried to separate from the deal.
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But I realized that if the
numbers don't make sense,
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at least I went through
the process, learned,
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and now I'm prepared if there is a crash
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then I can go in
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and take advantage of the
education I received from this.
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- Right.
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So the great thing you said there
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is that you put into practice
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the Rich Dad education.
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So you took what you learned
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and you actually practically
applied it to a real deal,
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and that deal, at the end of
the day, did not make sense.
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That's just as important
as making the deal itself,
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because you didn't make a mistake.
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Now we don't wanna be
caught into the space
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of being too afraid to make a mistake.
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That we have to be really careful of
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because eventually, you're gonna
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have to sign on the
dotted line, as they say.
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But I just wanna repeat,
you have to take action.
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You can only do so many things
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and learn so many things
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before you take it, and you apply it
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and you learn what the
actual world is really like.
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So, I'm gonna say it just one more time,
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doing the real thing, is
where you will really learn
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and making sure you are
emotionally responsible
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and strong to walk away, like you did,
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if the deal doesn't make sense.
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Very important.
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- I agree 100%.
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And one thing that you
mentioned very valuable
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was the best deal is the
one that you walk away from.
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- Exactly.
- And that was crucial for me
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because I would've been
stuck with an investment
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that had negative numbers
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because of the emotional attachment.
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- The negative numbers, now stop you
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from going on to deal two,
three, four, so on and so forth.
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And it doesn't just stop you emotionally
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because you're gonna be
stressed out about it,
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but it stops you at the bank.
The bank's gonna look at that
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and say, "Hey, you've gotta
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"straighten out this first property,
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"or you won't be able to
use that first property
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"on your list of assets
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"when you try to get
approved for the next loan."
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And you just don't want that to happen.
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So being emotionally
responsible is very important,
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but again, can't say it enough,
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you gotta get at it, you
gotta do the real thing,
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you gotta apply your education.
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- Thank you so much Shane
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for teaching us all about
financial education, OPN,
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and the pros and cons of
renting versus buying.
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- You're welcome, happy to do it.
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- Thank you.
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Join us next time for Advanced
Lessons in Millennial Money.
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Don't forget to subscribe,
hit the like button
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and comment below.
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(Alexandra speaking in foreign language)
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(uplifting music)
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