This channel simplifies the world of real estate investing and personal finance so that you can get out of the financial grind (aka achieve financial independence) and do more of what matters in life. What matters may be continuing to work, but doing it on your terms. Or it may mean quitting work altogether to travel, spend more time with family, and start projects that have nothing to do with money.
Whatever matters to YOU, I'd love to help you get there. Thanks for stopping by to visit! I hope you'll subscribe and get regular video updates from me.
This episode was so amazing! Full of gold nuggets and I will be rewatching it again to gain more insight. Thanks for sharing your mentor and mentorship with us.
This seems like a lot of work for 2.85% cash on cash return. I feel like it’s easier to earn more trading stock as they pop more than this in a day. Also can open a margin account for bigger gains.
Man I’m doing my first! Watching. Your vids got a heloc for 90k Made an offer on an off market got accepted wrote the contract and got it approved by the bank Friday
I just want to get started. I’m just not sure how to take the first initial step. I currently own one house. The house that I live in, which is not paid off.
I want to be a SMALL & MIGHTY INVESTOR. Thank You for this information My copy of TSMI will be here Monday, bought through AMAZON. Looking forward to reading & learning so I can do more of what matters.😊
Y the hell I'm I getting qouted 20k per unit. I have a two family im thinking because I'm going thru mass save and able to get a rebate for 10k each unit I feel there factoring it in. the cheapest brand was a mini split made by madea called comfort its ductless where they quoted me 47k with 20k off which I would get 7 years financing 0 interest and this is in Boston mass or get Mitsubishi and that's 59k with 20k off thise r ductless now I have forced hot air in the basement but I want to clear the basement to redue it but I got quoted where I can get central air they will redue all the ductwork but your basically adding 12k xtra for each unit which Mitsubishi being around 50k after the 20k off I'm like wtf and this was the cheapest out of 4 companies coming in. I swear it's because of mass save program cause that's the 1st thing they ask I have solar on mine 48 panels right now my bill is -2700 on my bill they owe me 2700 that's y I'm going electric
Did I miss it... Why not include the cost of disposal of the property? I understand its impact on annual returns varies based on length of ownership, so it'd have to be based a predetermined length of time as an example. But when I look at the numbers it's important to consider how long I want to own this property. If less than 10 years and buying with a loan the impact on annual returns is very significant because not all that much equity is built in that timeframe and 6% on the full (appreciated) value of the house is a lot when compared to the initial cash investment via a DP/closing costs/initial repairs.
I have similar goals in mind but my spouse says why pay off the debt when you can invest in another property. I tried to explain the compounding interest payments but she talks about equity in a second property instead. Which is a better long term strategy.
If you are borrowing money to purchase property you have to understand the mortgage rates then rental income and market Then you count on tenants who pay their rent Lots of variables What fi your property value tanks... then you are underwater Not a simple exercise
Just found your channel and I truly appreciate it! I got my first property in 2023 and was debating on the approach for my second one. This video gave me some insight
Where I got stuck trying this was my inability to get a refinance loan since I was self employed. I got stuck with my heloc and couldn't do any more deals
The interest rate for a HELOC was similar to conventional mortgage rates, at this time (March 2024). Being able to make an "all cash offer" made us stand out against the competition and lead to a quick and easy close. 9 weeks later when we pulled the cash out and paid off our HELOC, then we utilized a conventional mortgage for the long term. The HELOC was just a short term solution.
Good question. I can confirm with my husband- he did all the initial paperwork. I am guessing they verified his income, but it is mostly about the equity in your home. I will ask him and circle back! (whether he remembers or knows from his own banking job!)
My jaw drops at these home prices… I have two 3 bedroom house with attached garages and I can only get $250,000 combined… I can rent them for maybe as high as $800.00 each
I also got a heloc on one property that appreciated (my former primary home). I used it for a reno and was able to pay it off when I refinanced, which was great. Now I used it for the downpayment on another property and feel overleveraged while trying to stabilize the new property- now I will have to pay it down before I can use it again. I felt much more comfortable having it for strategic reserves/renovation fund. So my point is a heloc is a very powerful tool but have a strategic game plan to how you will use it and pay it off.
100% agree. Thanks for sharing your story. To me a HELOC is best a short term tool. Get in. Get out. Either refi or sell to pay it off. Leaving in property often creates negative cash flow until its paid back. And there is risk of it being called due in a big economic downturn like 2008.
Speaking as a patent attorney and a real estate investor myself, she made the right decision to go into real estate investing instead of spending thousands and thousands of dollars on a patent application for her invention. Very few patented inventions are ever successfully commercialized.
John's book is one of the best out there. RU-vid and other media have ruined good content with people trying to get famous or sell a course. I'm just finding coach Carson and he seems to be bucking that trend.
Great educational content, one major component not considered in regard to the payment??? The payment is both interest and principal. You can be break even on cash flow but paying 800/mo. principle reduction. For my consideration it is 800 in positive cash flow. Although you didn’t mention if the loan was interest only???
