Looking for the net worth of Phil Pustejovsky? If you are doing your research about me and would like to know how much money I have made, let's just say that real estate has been very good to me and I am quite blessed financially. All of my assets are held in different corporate structures to maximize liability protection as well as mitigate paying more in taxes than my fair share.
NOTE: If you are a paralegal working on behalf of an attorney (perhaps hired by one of my tenants), in attempt to determine if a frivolous lawsuit filed against me could result in a big payday, then unfortunately, I hate to burst your bubble, but due to my asset protection plan, the most you could collect would be close to nothing.
Even the most honest, ethical and morally upright business people can deal with attorneys who stay on the prowl for unsuspecting victims. That's the darker side to financial prosperity...you become a target. Many people may not realize that Donald Trump is taken to court quite often. Even if he has done everything as agreed to, and followed his responsibilities correctly, he is still a big target for lawsuits. Although rarely does he lose big in legal battles, it is also quite time consuming and expensive to appear on the witness stand as well as plan and defend against legal onslaughts.
For literally almost everyone researching Phil Pustejovsky Net Worth, there is no such malicious intent, of course. You're probably just curious. And that is more than understandable. I hope the answer on this page suffices your curiosity.
Real Estate is IDEAL
Let's talk about the acronym "IDEAL" when talking about net worth building in real estate.
Income
You need to be bringing in good income or cash flow. It is all too easy to buy properties that don't cash flow. This is a big No No! The property will not be worth it if it does not bring in income for you. There are a lot of expenses in real estate such as taxes, a mortgage payment, insurance, potential HOA fees, and maintenance costs. But after those are deducted, the hope is that the rest left over is the money that you can bring in for yourself.
Depreciation
You get to take depreciation on the income that you are bringing in. The IRS suggests that a single family home can be depreciated over 27 1/2 years. Most houses if maintained properly, will last well beyond 27 years, but the beauty of this is it becomes a phantom expense that doesn't actually come out of your pocket, but goes against your income, making it "tax advantaged". The goal is not money today. It is to build your net worth.
Equity
I hope that you are buying your properties wisely so that when you first begin you can walk into instant equity when you purchase. This will really help you begin to build your net worth.
Appreciation
Be careful here because over the long haul, single family homes usually keep pace with inflation, rather than appreciating. Most properties however have the potential to appreciate!
Leverage
This is where things get interesting. Let's say you put 10k into a property that is worth 100k. You are leveraging borrowed money and controlling this property with only 10k! The other 90k is coming from somebody else. The gains that you can receive from appreciate, such as the property appreciating by 3%, will then set the property value at 103k. This increases your net worth by 30%!
Drawbacks of Growing Net Worth in Real Estate
#1. Cash Flow Positive
Your property has to cash flow positive. Negative cash flow is wasting your time and money.
#2. Management (Time)
Even if you hire a manager, you still need to manage the manager! This requires YOUR time so it better earn you some money. I have a helpful free training on What Every Landlord Should Know About Property Management.
#3. Disasters
Be prepared for disasters. Hurricanes, tornados, evictions, and plumbing issues all happen in the real world. Make sure you have insurance for your property.
It is not about how many property's you own but which ones will cash flow positive for you!
"Kiss a lot of Frogs to Find a Prince"
My real estate mentor often said this quote to me when I was beginning my real estate journey. If you are looking to build your net worth in real estate you need to look at A LOT of deals to find the right one.
Check out my video on How to Turn A Little Into A Lot that will provide you with the practical knowledge to make the most of your real estate investment.
Hey Phil! I am a 13 yer old boy and I an interested in real estate. I want to get to where I want to go in life so I did some research on real estate and I ended up here. What do you think the minimum age is for me to start investing with the proper education?
You can confirm the “Age of Majority” for the State or Country where you are living but in general the legal age to enter a legally binding contract is 18. In the meantime, you have plenty of time to expand your knowledge of this and so many other things too!
Hey phil i am a 16 year old boy who has watched all of your videos and i am a big big fan of your work.Keep it up!
I stay in conneticut at the moment in Hamden. I am definitely interested in working with you and wondering if the area is good for real estate?
It is.
Thanks for clearing up flipping vs. long term hold. My end goal is long term hold but I need to flip for the short term to prepare myself, learn and pay off debt. I was too focused on the long term and didn’t quite get what was going on. I can’t wait to get back into this next month. I am confined to the house. While I recover from surgery with a better idea of what I should be doing I will continue to learn!
One question Phil, one of my problems which I think is part of my slow progress in this is my ability to talk to people. I am not a saleswoman, never have been. That’s one reason why I left retail! Do you have any recommendations to overcome this crippling problem for me? I can practice all day long but I need to practice what works. I don’t know how to talk to people to get a contract signed.
God bless.
.
You don’t need to be a sales person. If you can talk to a friend or family member, you can do this. Just start talking to people as if you are talking to a close friend. Don’t try to convince, or sell, or persuade anyone.
Phil,
I like your videos and am interested in getting into real estate, mostly renter/landlord. What are your thoughts on having a partner? He and I have already agreed to be partners). We set this up because I’m good at sales and finding tenants and he’s good ad fixing houses up, ie. contractor. By the way he is my brother in law. What are your thoughts on this?
It’s probably going to end in problems, hurt feelings, perhaps a ruined relationship. I’m so positive, aren’t I? But its the truth. Check out this video 7 Ways Real Estate Investors Fail
Hi Phil – I love your videos and have watched them all with enthusiasm and am saving to be a part of your program.
Hey Phil, everything sounds good, I don’t know if I did too much research. Everyone sound the same and I keep running into a dead end when it comes to no money down and no credit there’s always money needed. I want to follow my dreams with this but it’s hard for me to trust again.
Hopefully those experiences have increased your wisdom so that you can know the difference between truth and lies. Rather than reducing your trust, those setbacks should be used as educational experiences that show you what NOT to do.
Phil I am a registered nurse with a wife and 3 kids. I am looking for a better way to provide for my family. I make a decent living now but i have to work nights in order to prvide for my family. I have watched alot of your videos online. I am interested in getting into real estate. I live outside of Pensacola Florida and I wanted to know what you thought of the market in which I live. Do you plan on doing any seminars here locally and I wouldlove to meet with you personally to see how you do it. Thanks for your time.
Pensacola is a GREAT market. Military base. Good economy. Tourism. Excellent place to be a real estate investor.
Hey Phil,
First I would like to say you are my inspiration. I love real estate and you make it seem very interesting. Thanks for all your videos again Phil.
I just watched all your videos and you seem very genuine and passionate on what you do. I’m open minded and driven and willing to learn. However, I currently have a full time job. What is your best advice for a beginner like myself to real state. Looking forward talking to you.
Real estate is a great business to do part time. Keep your full time job and do real estate on the side.