HELOC Explained For Beginners

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In this podcast episode, you'll learn about HELOCs (home equity lines of credit) for real estate. HELOCs have good things like low fees and affordable interest rates. Also, if your home's value goes up, you can borrow money based on its new value.
With a HELOC, you can buy more real estate without selling what you already have. But be careful about changing interest rates and rules.
Overall, a HELOC is a great way to fund your first real estate investments, especially if you already own a home. The money you get can be used for renovations, down payments, and more.
Watch this video to learn all about HELOCs and how to use them. Check it out!
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0:00 Intro
1:37 About D’Andre Clayton
2:20 What is a HELOC?
3:45 Difference Between a First and Second Lien Position HELOC on a House
5:29 Why is a HELOC great for credit?
7:46 What Type of Credit Score Should the Average Person Need to Get a HELOC?
8:13 What Score is Needed on a Second Lien Position HELOC?
8:59 Is it Better to Have a 1st Lien Position or Second Lien Position HELOC?
12:36 What Other Opportunities Does a HELOC Present?
15:28 Why It’s Important to Have a HELOC?
18:30 What Would You Say to Someone on the Fence about this?
21:45 What are HELOC Interest Rates Today?
22:22 What if Your Scores are Lower with Today’s Interest Rates?
24:25 Why Interest Rates Doesn’t Matter?
30:34 What’s the Difference Between Amortized Interest and Simple Interest?
35:12 How Does a HELOC Affect Taxes?
40:10 What Are the Dangers of Using a HELOC?
49:43 Best HELOC Methods
53:13 HELOC Examples
1:03:55 Contact D’Andre Clayton
1:05:23 Recommended Books
1:09:56 Last Words
#heloc #realestate #jamelgibbs #homeequitylineofcredit #investingforbeginners

Опубликовано:

7 июл 2024

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Комментарии : 78

@jamelgibbs 11 месяцев назад

↓Subscribe for more real estate investing tips↓ reieducationacademy.com/RU-vid-Subscribe Also, share and leave a comment below.

@christygray8616 9 месяцев назад

My money goes to my business. Can you talk about how that would work.

@nunya2954 9 месяцев назад

I don't understand on HELOC, if there is only interest paid in the beginning, how do you ever pay the principle down? Is there a penalty for early pay off?

@TEKNIKS81 28 дней назад

With the second lien heloc when it’s available you can put that full amount towards the first lien mortgage in order to pay off the mortgage faster therefore paying speeding up the whole process of paying off the mortgage faster… essentially unlocking more equity that you can take a bigger heloc out after the first heloc is paid off

@lanilani5774 11 месяцев назад

You have just given me the ability to renovate a property I bought for renting and to start another business. Thank you for this video because I didn't know how to get it done before. Thank you for sharing your knowledge.

@jamelgibbs 11 месяцев назад

That’s great.

@andrewslife1979 8 месяцев назад

This is bad advice you'll probably get foreclosed on before you're able to pay back the loan

@rickykingi5191 3 месяца назад

Hey Jamel hopefully you see this, so glad I’ve come across this channel.. just a question, what’s the criteria needed for the HELOC & would this apply to here in Australia 🇦🇺? Hear from you soon thanks 🙏

@kingjudah22 8 месяцев назад

I watched this twice. Great information and nice flow. You guys need to link up again. Very thankful for the free game. Peace.

@MerianyBenthin 6 месяцев назад

Thank you for this content and explanation. Getting a Heloc makes a lot of sense to me but fear always stop me. My house is paid off, but I’m drawing in debt due to a health issue I had -which is over now thanks be to God. Teachings like yours helps me to get a little more courage to act. God bless!

@danahoward759 10 месяцев назад

Im loving how he makes this so easy to understand. I thoroughly enjoyed all the information and insight

@natanyagaston5731 11 месяцев назад

This information was mind blowing to me. I felt like we've been sitting on an opportunity and not knowing what to do with it. Definitely going to see what option is best for us! Thank you Jamel and D'Andre!

@eileenwatt8283 10 месяцев назад

Make sure you have life insurance on yourself and unemployment insurance incase you pass and if you are ill and unable to work. These guarantee the loan will be paid.

@Kingjosiahmba 8 месяцев назад

How do you go about it

@scottscott45 11 месяцев назад

Man I’m checking on a heloc Monday, I’m a beginner in REi and was about to take a hard money loan for a cash flowing property I have a purchase agreement on, I’ve got 250k equity in my personal home. Thanks for the knowledge!

@RyanKeefeMusic 7 месяцев назад

Very solid content right here! This was exactly what I was looking for!! Thank you for this!

@lisaterry1007 11 месяцев назад

Thank you both. I appreciate the patience your giving to us with this videos, building the community. 🙏

@jamelgibbs 11 месяцев назад

Our pleasure!

@detroitstateofmind6203 7 месяцев назад

Truly enjoyed all of the information ✌🏾 God Bless Both of You 🙏🏾

@iramcc409 11 месяцев назад

Another great video! You guys definitely dropped a lot of game here. Thanks!

@Elffornow 9 месяцев назад

Really appreciate your time and info! Thank you

@latoniamb 10 месяцев назад

Thank you for the information.

@diamondtasha_nailz8758 8 месяцев назад

Knowledge is so powerful

@saundyfx6126 10 месяцев назад

I'm completely new to this and I'm seeking the information. Thank you for your video.

@annyalvarez5516 7 месяцев назад

Omg you guys! I cant thank you enough for all this amazing information you shared in this video! You are the best. Thank you!!!! God bless you.

@antoniofergus9680 8 месяцев назад

Really great information...

@Phillip_01 6 месяцев назад

Mr.Gibbs, thank you for this content!

@hedgefund996 6 месяцев назад

Awesome Educational Content

@workingonit5107 5 месяцев назад

Great info given in a very easy to understand way, subscribed

@ralphyboy3856 10 месяцев назад

credit score is always the key to get started, I'm sitting a ton of equity on my home but can not touch it cause my score not good enough. Bummer cause I wish I can pull some and get ride of high credit card intrest and truck. 😮‍💨😮‍💨

@nunya2954 9 месяцев назад

Can I ask what your credit score is?

@RicoMonterrico 9 месяцев назад

Thanks for the Gems

@pamelahjones7656 10 месяцев назад

This is great

@Phillip_01 6 месяцев назад

Badass content right here!

@josephedwards9645 8 месяцев назад

Please send more information. Thanks Guys!

@rachelf4883 10 месяцев назад

Such an informative video! I want to hear more about the 32 year old investing 100k. What are the specifics and where to invest?

@user-cy2nm7ov1v 7 месяцев назад

What are the best ways to begin I you have debt? Should you pay that off first?

@Kevingotheart Месяц назад

1:01:41 teachers need to make more $😤💯

@96ej 4 месяца назад

At what income level does this make sense for most people

@WAARBA 2 месяца назад

Great Video, thank you for putting this together. Question- what happens to. My ‘second position heloc’ after I pay off my ‘first position’ mortgage? Does/will the heloc still only charge interest only on any charges?

@rachelf4883 10 месяцев назад

Please do a video on HELOCs and estate planning. Does the same dangers apply with mortgages?

@dandreclayton7936 10 месяцев назад

Great questions the dangers of not having your estate planning done apply to every situation is there is any transfer of wealth or possession or perhaps if there is a need to be kept alive while incapacitated. If your estate plan isn't done bankruptcy and foreclosure should be an expected result if your alive when a life altering event happens, 70% of people need Long-term care the older they get. If it isn't done and you've died, Probate and the confiscation of the property and perhaps having unclaimed funds that are stuck in the state treasury should be the expected result.

@awakeninvestment 5 месяцев назад

@@dandreclayton7936 have a question. What if you have a home, and you were in forbearance. After forbearance I’m doing a partial claim to bring the loan current. How does the HELOC work with that? Would that need to be cleared up before applying? Also what does my credit profile need to look like? I know the score is 680 for first lien position but what about the credit profile such as collection accounts, closed accounts that’s charged off?

@773group 7 месяцев назад

@6:30 That little laugh by the host means his pulled that before. 😂

@therealopenair247 7 месяцев назад

Great video I love the Contant I just have one question that I’m confused about, so can I take a first lien position if I already have a mortgage that is not paid off credit scores great 782, but I was a little confused as if I need to take a second lien position because I already have a mortgage that’s not paid off

@k.johnson2120 21 час назад

This is fire!! Thank you 🙏🏾 guy’s for real! I’m presently waiting approval for my first lien heloc and I’m seeking wisdom on how to incorporate a mutual life insurance plan paid through the heloc. If you’re available to advise. Thank you. Kerry

@lindsaypena8154 9 месяцев назад

What is the best back to apply? I live in GA.

@emilylawrence2349 4 месяца назад

Howto get in touch with the speaker

@victoriar1336 9 месяцев назад

Thanks so much for this valuable info. I live in Washington state, I’m a homeowner with close to 300,000 equity in my home. Twice I was denied a home refinance using the equity in my home to mainly renovate my kitchen and pay off an IRS pass through tax liability debt. I wish the lenders had suggested or even told me the difference between a refi & HELOC loan. My question is that I just initiated my second try at a refi and was again denied, but is it too late to convert this application to a HELOC if the application was started on Aug 25? Any help/suggestions will be so appreciated. Thank you

@tamergendi8864 8 дней назад

Great video and explanation. Do you have a spreadsheet to compare mortgage to Heloc?

@user-pt7og3ys1y 3 месяца назад

Does a heloc replaces a first position mortgage

@shannonford806 10 месяцев назад

If you take out a HELOC can you purchase an investment property with the funds and how soon?

@chauncyjohnson7582 3 месяца назад

Yes you can take out funds from a heloc if you have enough equity in your home or property.

@Lisa-nt7wt 11 месяцев назад

I really enjoyed this video. I don't worry about interest rates for my mortgage because I utilize velocity banking. Extra payments towards the principal helped me payoff 2 vehicles and now my house is almost paid off in 1 year ! Helocs may be something I try in the future. Thanks😊

@nunya2954 9 месяцев назад

How do you do veloicity banking to pay off a mortgage early

@evaperez3732 9 месяцев назад

Velocity banking is the "HELOC" strategy

@pbdmd3688 4 месяца назад

Is 1st lien HELOC available and allowed in Texas? I have 2 primary and 3 investment properties in Dallas TX. I would like to explore it for sure.

@hunterchasemaynard2529 2 месяца назад

I have a ?. I have a son on SSID. will putting him on the Revocable trust affect his benefits?. He will be 18 in October

@yourwealthspecialist 3 месяца назад

jamel.....not sure if you will see this or not but have been watching a few of your videos related to HELOC's ..... I do IBC exclusively and want to incorporate using the Heloc but truthfully not sure which direction to head in - can you offer any suggestions or be willing to chat a few minutes?

@keithwisdom1663 11 месяцев назад

Unless you inherit or have a high salary you have to invest in stocks real estate and or business.

@jamelgibbs 11 месяцев назад

That’s a fact.

@garyarnold2825 10 месяцев назад

Now, I understand HELOC but doesn’t the majority of Mortgages have Escrow included, therefor, when you use a HELOC, should there be a plan to pay Taxes and Property Insurance? What is the answer to this additional liability for homeowners (sometime roughly $7,000 a yr.). I’ll be checking back for a response.

@dandreclayton7936 10 месяцев назад

Yes when we perform the calculations we include the Escrow of the Homeowners Insurance and taxes.

@ewill5458 3 месяца назад

Can you please tell me how do I reach Mr D’Andre Clayton

@abelinenoncent8540 7 месяцев назад

Hi gibbons can you help me with existing house to buy a second house

@wallacemiles975 5 месяцев назад

🎉

@daddygamer5552 5 месяцев назад

I’m sorry guys, I’m trying real hard to understand but I’m still lost and confused? How do you put your first position mortgage into a first position HELOC and pay it off in 7 years?? What???

@danahoward759 27 дней назад

I owe $39,000 on my home i purchased in 1998.. So...should I pay my home off and then get a HELOC?

@tyrondrew250 2 месяца назад

What if your house is paid for free and clear and worth 100,000

@times461 3 месяца назад

I don't have over an hour time to watch this....

@andrewslife1979 8 месяцев назад

Here's what I know about a heloc... Don't take it live within your means instead

@JC-hd2tt 7 месяцев назад

For the love of God, don’t refinance your low interest mortgage to a first lien HELOC! There is no such thing as amortized interest. You’ll be paying more with the higher interest HELOC. Just pay extra to your principal if you really want to pay off your house faster. If it really makes you feel better, have a second lien HELOC but don’t use it unless it’s an emergency.

@dandreclayton7936 7 месяцев назад

I always love when I see comments like this. So first I will will agree with one part of the statement you made. Don't Refinance into a First Lien HELOC but there's an if. That IF is if you don't have a decent amount of cashflow or have not learned how to budget. Now if the opposite is true however we make sure to include in our calculations for the clients the Effective Interest Rate of the loan which would be the equivalent if a person had the HELOC in place for the 30 years following our strategies. Just yesterday we did a calculation where the client cashflow was 3k and their effective interest rate if the loan was amortized came out to be calculated at 1.4%. So I guess the question is can you find an interest rate lower than that in today's market.