Get Rich Education Real Estate Investing with Keith Weinhold

Really… Detroit? It’s in America’s cash-flowing Midwest. But is there a stigma involved? Does it matter?
In the 1950s, Detroit was the wealthiest city in the entire world, led by the manufacturing and automotive industry.
But it endured a horrific economic and population downfall late last century due to aging manufacturing plants, high taxes, overregulation, poor services, corruption, and lack of public administration.
Detroit even filed for bankruptcy.
Between 2010 and 2020, the population of the Detroit Metro grew 2%+, per the US Census Bureau.
Time magazine named Detroit one of the World’s 50 Best Places To Live—one of just five US cities.
Our own COO, Aundrea Newbern, MBA, recently chose to move to the Detroit Metro. 
The average Detroit income property from today’s guest provider rents for $1,100 to $1,200 and costs about $120K.
These are renovated single-family homes, often brick.
The Big 3 auto manufacturers are all headquartered in Michigan today.
Detroit’s substantial employment sectors today include: manufacturing, automotive, engineering, IT, medical, trade & transportation, technology, and finance.
The income property provider is aware that Detroit has a stigma. They encourage you on an in-person tour. Get started at: GREmarketplace.com/Detroit
Often, you’re buying property at less than replacement cost.
This provider encourages buyers to do independent third-party property inspections first. (I love this!)
If you’d like to learn more, start at: GREmarketplace.com/Detroit
Resources mentioned:
Show Notes:
www.GetRichEducation.com/434
Explore Detroit income property:
GREmarketplace.com/Detroit
Detroit makes TIME’s ‘World’s Greatest Places’ list, 1 of only 5 US cities:
https://time.com/collection/worlds-greatest-places-2022
Get mortgage loans for investment property:
RidgeLendingGroup.com or call 855-74-RIDGE 
or e-mail: info@RidgeLendingGroup.com
Analyze your RE portfolio at (use code “GRE” for 10% off):
MyPropertyStats.com 
Memphis property that cash flows from Day 1:
www.MidSouthHomeBuyers.com
I’d be grateful if you search “how to leave an Apple Podcasts review” and do this for the show.
Top Properties & Providers:
GREmarketplace.com
Best Financial Education:
GetRichEducation.com
Get our wealth-building newsletter free—text ‘GRE’ to 66866
Our YouTube Channel:
www.youtube.com/c/GetRichEducation
Follow us on Instagram:
@getricheducation
Keith’s personal Instagram:
@keithweinhold

Learn the beginner's mistakes to avoid.
Is setting up a real estate LLC even worth it?
Learn how to build the right credit score for a mortgage loan, including why you actually don’t want a score over 800.
If a cash flowing property is so great, why would anyone sell it to you? I outline a myriad of reasons.
Should you make a lowball offer to a real estate seller? Learn negotiation techniques.
Earnest money procedures are covered.
The real estate buying process is slow. From the time that you make the offer, it can often take over 30 days to close the deal.
Once your offer is accepted, I recommend a professional third party inspection. It can cost you $300 to $500 for a single-family income property up to $1,000 for a fourplex inspection.
I cover property appraisals and how they verify the quality of the bank’s collateral.
Learn how to get a good feel for your property manager and what their duties are. 
I discuss the Management Agreement between you and your manager.
Be sure to tell your insurance provider that this is a rental property, not your primary residence.
A mobile notary meets you at your home, workplace, airport, or even a restaurant in order to complete the paper-and-ink closing process. This wraps up the deal.
Get started with income property at: GREmarketplace.com.
For free coaching to help get you started, contact our free Investment Coach, Naresh, at: GREmarketplace.com/Coach
Resources mentioned:
Show Notes:
www.GetRichEducation.com/433
Get mortgage loans for investment property:
RidgeLendingGroup.com or call 855-74-RIDGE 
or e-mail: info@RidgeLendingGroup.com
Analyze your RE portfolio at (use code “GRE” for 10% off):
MyPropertyStats.com 
Memphis property that cash flows from Day 1:
www.MidSouthHomeBuyers.com
I’d be grateful if you search “how to leave an Apple Podcasts review” and do this for the show.
Top Properties & Providers:
GREmarketplace.com
Best Financial Education:
GetRichEducation.com
Get our wealth-building newsletter free—text ‘GRE’ to 66866
Our YouTube Channel:
www.youtube.com/c/GetRichEducation
Follow us on Instagram:
@getricheducation
Keith’s personal Instagram:
@keithweinhold
 
Welcome to GRE! I’m your host Keith Weinhold, here to help BEGINNING Real Estate Investors Today. 
 
The biggest beginner mistakes to avoid, when you make an offer - can you lowball a turnkey provider, and all those buyer steps like LLCs, mortgage pre-approval, inspection, appraisal, and closing. Today, on Get Rich Education.
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Welcome to GRE. From Athens, Greece to Athens, Georgia and across 188 nations worldwide. The voice of REI since 2014. 
 
This is Get Rich Education Podcast episode 433 - and this is your Beginner’s Real Estate Investing Audio Guide. Hi, I’m your host Keith Weinhold.
 
We’re talking about how to get into long-term buy & hold RE investing - and that’s because it’s the most generationally-proven way to build wealth.
 
First, let’s talk about a couple of the biggest mistakes that real estate investors make - it’s being invested in only one geographic market. Often, that’s the market that they just happen to live in. 
 
There is more risk with being in only one market than most realize, because you’re now tied to the fortunes or misfortunes of just one area’s economy.
 
Another substantial, common real estate investor mistake is that they continue to hold onto one - I’ll call it - special - property in their portfolio that they usually need to get rid of - but they have either sentimental ties to it - or they just hold onto it for convenience, and do you know what that property is?
 
I’m actually talking about a specific property here.
 
It’s the home that YOU YOU USED TO LIVE IN yourself. Well, what’s wrong with renting out the home that you used to live in yourself? 
 
You might still have the preferable owner-occupied financing locked in on that o

Everyone is moving here. Where is “here”? You get an answer that you never expected.
Among those that move, it’s not for job-related reasons. It’s housing-related.
The American mobility rate has declined from 20% in the middle of the last century to 8.4% today. Learn three reasons why more Americans are staying in-place.
Lower domestic migration can have positive results like: less stress, more community formation, longer tenancies, and a boon for the remodeling industry.
The negative impacts include headwinds for real estate agents and mortgage loan companies.
Should you rent or own the home that you live in?
Learn 18 rent vs. own trade-offs.
Paying rent is NOT the same as throwing money away. 
Join me live on tomorrow’s webinar about car wash cash flow. You can ask me questions. Register free now at: www.GREwebinars.com
Resources mentioned:
Show Notes:
www.GetRichEducation.com/432
Join me live on tomorrow’s car wash webinar:
GREwebinars.com
Most Americans Couldn’t Afford To Buy Their Own Home Today: https://thehill.com/policy/finance/3791139-most-americans-couldnt-afford-to-buy-their-own-home-today-survey/
Get mortgage loans for investment property:
RidgeLendingGroup.com or call 855-74-RIDGE 
or e-mail: info@RidgeLendingGroup.com
Analyze your RE portfolio at (use code “GRE” for 10% off):
MyPropertyStats.com 
Memphis property that cash flows from Day 1:
www.MidSouthHomeBuyers.com
I’d be grateful if you search “how to leave an Apple Podcasts review” and do this for the show.
Top Properties & Providers:
GREmarketplace.com
Best Financial Education:
GetRichEducation.com
Get our wealth-building newsletter free—text ‘GRE’ to 66866
Our YouTube Channel:
www.youtube.com/c/GetRichEducation
Follow us on Instagram:
@getricheducation
Keith’s personal Instagram:
@keithweinhold

What happens when a real estate investment goes sideways? 
An international business was impacted—Panama coffee farms.
The pandemic disrupted coffee supply chains and labor. Erratic weather affected crop yields.
It’s been about four years since we’ve discussed this on the show. 
The Panamanian government shut down many businesses. There was little or no government assistance for idled workers. 
The co-founder explains Panama coffee problems and opportunities.
Learn why the coffee parcel deed issuance has been slow for investors.
There’s a new distribution partner going forward, named Typica. They help sell the coffee.
This is all high-end, specialty coffee, like the geisha variety.
Coffee farm parcels are in the volcanic soil highlands of western Panama, near Boquete. It’s shade-grown.
The provider has acquired their 12th coffee farm. If you’d like to learn more about the investment, start at GREmarketplace.com/Coffee
There are upcoming group tours in March and May.
Resources mentioned:
Show Notes:
www.GetRichEducation.com/431
Learn more about Panama coffee farm investing:
GREmarketplace.com/Coffee
Get mortgage loans for investment property:
RidgeLendingGroup.com or call 855-74-RIDGE 
or e-mail: info@RidgeLendingGroup.com
Analyze your RE portfolio at (use code “GRE” for 10% off):
MyPropertyStats.com 
Memphis property that cash flows from Day 1:
www.MidSouthHomeBuyers.com
I’d be grateful if you search “how to leave an Apple Podcasts review” and do this for the show.
Top Properties & Providers:
GREmarketplace.com
Best Financial Education:
GetRichEducation.com
Get our wealth-building newsletter free—text ‘GRE’ to 66866
Our YouTube Channel:
www.youtube.com/c/GetRichEducation
Follow us on Instagram:
@getricheducation
Keith’s personal Instagram:
@keithweinhold

Answer this one question and you won’t have money concerns for the rest of your life.
The Dow Jones once fell so hard that it didn’t recover for 25 years
Japan’s NIKKEI peaked in 1989 and still has not recovered.
I discuss the differences between an economic recession and depression.
During the 2008 housing crisis, national housing values only fell 19%. 
Originally, 401(k)s were called “Salary Reduction Plans”. They had to scrap the name to foster participation.
Some investing questions are:
How do I max out my 401(k)?
How can I attend my dream college?
How can I become a millionaire?
After building context, I reveal the most important question in the investing world.
Learn how to keep emotions separate from investing.
The vital question is: “Will this property secure an income stream?”
Resources mentioned:
Show Notes:
www.GetRichEducation.com/430
National Median Home Prices:
https://fred.stlouisfed.org/series/MSPUS
Get mortgage loans for investment property:
RidgeLendingGroup.com or call 855-74-RIDGE 
or e-mail: info@RidgeLendingGroup.com
Analyze your RE portfolio at (use code “GRE” for 10% off):
MyPropertyStats.com 
Memphis property that cash flows from Day 1:
www.MidSouthHomeBuyers.com
I’d be grateful if you search “how to leave an Apple Podcasts review” and do this for the show.
Top Properties & Providers:
GREmarketplace.com
Best Financial Education:
GetRichEducation.com
Get our wealth-building newsletter free—text ‘GRE’ to 66866
Our YouTube Channel:
www.youtube.com/c/GetRichEducation
Follow us on Instagram:
@getricheducation
Keith’s personal Instagram:
@keithweinhold
 
Full transcript:
 
Welcome to GRE! I’m your host, Keith Weinhold. Happy New Year! What is the most important question in the entire investing world? It is a vital one - and this coming year makes it as relevant as ever. 
 
Asking yourself this question & answering it can make you wealthy - and you’ve probably never even heard this question before. That & loads of financial education, today on Get Rich Education!
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Welcome to GRE! From Lake Champlain, NY to Lake Charles, Louisiana and across 188 nations worldwide, you’re listening to one of America’s longest-running and most listened-to investing shows.
 
I’m your host. My name’s Keith Weinhold. I’m grateful to be here myself. Thank you FOR being here… and you aren’t here for me. You’re here for you… so let’s build your wealth today.
 
What’s the most important, vital, essential, and almost MANDATORY question in the investing world today?
 
While you’re thinking about that, let me build some context so that it makes sense.
 
Now, why don’t we discuss stocks more on the show here? 
 
When most people hear the word “investing”, they might think of stocks first. Their mind might shoot there immediately.
 
When someone refers to the market, they just simply say, “the market”, they typically mean the stock market, like the DJIA or the S&P 500.
 
Look, with persistently higher interest rates, it’s likely that economic headwinds are still coming.
 
Now, what if things got worse than a recession and we entered a depression? I’m not saying that it’s likely, but let’s look at what CAN happen because this actually HAS happened.
 
What can happen in a depression?! The stock market falls  and doesn’t recover for 25 years. That’s not a guess. That really happened in the United States!
 
Yes, the DJIA peaked in 1929.  The market crash hit. These were the times of “The Great Depression”. 
 
Stocks lost nearly 90% of their value. Yes, 90%. That means that after a loss like that, stocks would have to rebound 9X, 900% just to get back to even.
 
Well, I told you that the US stock market crashed in 1929. The Dow didn't fully recover until late 1954. Yes, 1929 to 1954. That is fully 25 years… just to get back to even.
 
25 years of

Greed is defined as an “intense and selfish desire for something, especially wealth, power, or food”. 
Should wealth be redistributed so that everyone is equal?
“I have never understood why it is “greed” to want to keep the money you have earned but not greed to want to take somebody else’s money.” -Thomas Sowell
When I was a fresh college graduate, I resented the rich. I discuss the catharsis that made me change my mind.
Our guest, Doug Casey, believes that college reinforces the wrong wealth mindsets.
Today, one often hears that one should “pay their fair share” of tax. What does this really mean?
If one obtains wealth with integrity, that wealthy person makes everyone else wealthy. I give the example of Jeff Bezos and Amazon.
Learn why Doug believes that Social Security is a redistribution scam.
Resources mentioned:
Show Notes:
www.GetRichEducation.com/429
Learn more about Doug Casey:
www.InternationalMan.com
His YouTube show is: Doug Casey’s Take
Get mortgage loans for investment property:
RidgeLendingGroup.com or call 855-74-RIDGE 
or e-mail: info@RidgeLendingGroup.com
JWB’s available Florida income property:
www.jwbrealestate.com/gre or (904) 677-6777
To learn more about eQRPs: text “GRE” to 307-213-3475 or:
eQRP.com
Analyze your RE portfolio at (use code “GRE” for 10% off):
MyPropertyStats.com 
Memphis property that cash flows from Day 1:
www.MidSouthHomeBuyers.com
I’d be grateful if you search “how to leave an Apple Podcasts review” and do this for the show.
Best Financial Education:
GetRichEducation.com
Get our wealth-building newsletter free—text ‘GRE’ to 66866
Our YouTube Channel:
www.youtube.com/c/GetRichEducation
Top Properties & Providers:
GREmarketplace.com
Follow us on Instagram:
@getricheducation
Keith’s personal Instagram:
@keithweinhold
 
Partial transcript:
 
Welcome to GRE! I’m your host, Keith Weinhold. Should we “eat the rich”? Are wealthy people greedy? And where does that belief come from? Should everyone be financially equal and taxed equally too. I answer, “Are rich people greedy?” Today, on episode 429 of the GRE Podcast.
 
Welcome to GRE! From Hartford, CT to Weatherford, TX and across 188 nations worldwide. You’re back where FF beats DF. I’m Keith Weinhold. This is Get Rich Education. Welcome to the last show of the year.
 
Are rich people greedy?
 
First, what’s the definition of greed? Well, the world’s best known search engine puts the Oxford dictionary definition at the top.
 
Yeah, I think this is a good definition. It says greed is:
 
An intense and selfish desire for something, especially wealth, power, or food. That’s the definition. And then the example of the use of the word in a sentence is “mercenaries who had allowed greed to overtake their principles”.
 
You know, the example really hints that greed is a corruption of sound morals or principles in order to get more for oneself. 
 
Greed is not good. 
 
Now, for some reason, actors and entertainers can make gigantic salaries and high-flying paydays but people don’t seem to resent them as much as entrepreneurs or CEOs that make a lot of money.
 
For some reason, the actors and entertainers as seen as lovable and the entrepreneur or CEO is deemed greedy.
 
Recently, soccer star Cristiano Ronaldo became the highest-paid athlete ever at $200M per year.
 
Yankees slugger Aaron Judge $360M over nine years.
 
Those athletes entertain others. I like watching sports. But I don’t know that they’re advancing society like the innovation that Steve Jobs brought to Apple.
 
Yet it seems like an entrepreneur could get more criticism.  
 
Now, there are bad examples too. I specifically remember when Shark Tank’s Kevin O’Leary criticized crypto. Then he seemed to do a 180. 
 
Later, we learned that Kevin O’ Leary accepted $15M to promote the crypto company, FTX, that had horri