Our guest today, Riley Oickle, is the founder of Your First Income Property where he teaches people how to purchase and manage their income properties for those who want to use real estate as a tool for wealth growth. Today we are talking about how you can use real estate as a tool to grow your wealth.
Riley chats with us about how he got started in real estate, the mindset shifts (real estate vs. stocks, etc), the steps in the process of buying real estate, and the number that is considered a healthy profit when looking at return on investment (ROI).
Riley explains that an integral part in the process is learning that you can buy property. He explains that a lot of people do not realize that and once you have that realization, it opens up the possibilities.
Riley further explains that there are three steps in the process of buying property:
- Analyze the city.
- Which city is best? How do you analyze that?
- Part of this analysis includes figuring out what is important to you. Is appreciation important? Is cash flow important?
- What type of property do you want to buy?
- Single-family? Commercial? Land development?
- Riley prefers 2-4 unit buildings (and he explains why in the episode).
- Figure out what type of strategy you want to use.
- Flip? Wholesale? BRRRR strategy?
Riley explains how to do a proper analysis on a property (even when you are in another state or country). He explains the two most important numbers that we need to make sure are met when looking at what would be considered a healthy profit. Those two major numbers that need to be met are:
- Cash-on-cash ROI
- Minimum of 10%
- Annual cash flow / initial investment
- Total ROI
- Most important number
- 25% ROI
- Total ROI made up of
- Cash-on-cash ROI
- Equity ROI
- Appreciation ROI
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Riley explains that above all, remain patient! Tune in today to hear all of Riley’s tips about investing in real estate!
MORE ABOUT RILEY:
Riley Oickle is a graduate from Western University where he studied Business & Kinesiology while competing in Varsity Track & Field. From the age of 18 to 24, he started multiple businesses including ‘Home Maintenance London’ & ‘RO Business Consulting’ which combined surpassed $2 million in revenue. Since then, Riley still operates his businesses from afar, and now focuses his career in Real Estate Investing full-time. He is passionate about helping people take their first step toward financial freedom through the investment vehicle of Real Estate.
WHERE TO CONNECT WITH RILEY:
Website: https://www.rileyoickle.com/ - Book your discovery call with him here
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