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That might be in the US. Here in New Zealand you need 20% for a residential property and up to 50% for investment property.
The cheapest house in the country is 350k and salaries $60k a year.
I have like $200k in equity in my house right now, after my tenants move out this coming April, any suggestions on the best way to invest? With the DSCR loan option or FHA or Conventional?
and are TurnKey rentals a good investment to get into? They are all set with tenants ready to go...idk any recommendations thanks!
Ok so what about PMI?
ОтветитьYeah but the problem is what happens when you have no tenants to pay the rent?
ОтветитьWho wants to move every year. That's don't make sense also debit to income to get these properties don't conventional go in your name and not an LLC?
ОтветитьCan't imagine how many people are going to try this and find out the harsh realities of zoning laws, permitting, etc. Not to mention getting blacklisted for trying to bail before FHA loan has seasoned.
ОтветитьThe first problem is buying an $500,000
ОтветитьJust do the DSCR loan
ОтветитьMissed about 24 months of equity😂
ОтветитьWe didn't share it because we knew our listeners were just not going to do it.
Why in the world would you subscribe and listen and invest in you. Makes me
Realize that most people like yourself are only here to help
Yourself
what country do these pertain too? Canada? the USA? Other?
ОтветитьLost me at historically low and 6-7% 😂
ОтветитьBuying houses as primary house with intention to convert it into a rental immediately, after few months or after 12 months is a fraud. All lenders ask you to sign a document that you are buying the property as your primary house. Instead lying intentionally is violation and you may end up losing the loan, house, fine or even jail.
ОтветитьOr, you could utilize creative finance and buy as many properties as you want
Ответить6-7% is now low interest? If you purchase with such a low down payment and take a 6% loan, you better bet you wont have the income to cover the mortgage. House prices have NOT come down enough to compensate for the high interest.
ОтветитьHow is this sneaky? I’ve done conventional with 5% down on all of my rental properties. In this day and age it doesn’t work as well because rates have gone up so now I add a bathroom etc which results in almost the same cost and the same cash flow as if I had just brought the 20 down.
I fail to see how this is sneaky or earth shattering. This is just common knowledge and not always the answer to what you’re seeking which of course is cash flow.
So I bought my first property before Covid for 250k at a 3% interest rate and it has grown in equity since. I want to rent out this house and try to qualify for another mortgage loan to get a second property. I only make about 60k a year. Any advice or direction on how to accomplish this? Based off the video if I’m understanding correctly if you rent your house it turns into income instead of debt when they calculate DTI. Any advice would be much appreciated!
ОтветитьSo if I buy my first primary residence at a 5% down payment. I live in it for a year, possibly add another unit or two. I then simply find another house that I can see doing the same thing. 5% down again. But when I move out of first one after the year, I have no strings tied even though that is no longer my primary residence? The bank won’t come after me for more money as that’s how I leveraged the 5% down and not 20-25%? That’s the part I don’t get. Or after the year am I refinancing the first primary residence as in this example I rehabbed it and added units, adding value. I now get equity to move into another primary residence correct? The banks or whoever is fine with me just renting out that first residence even tho a year prior I said it’s my primary and how I only had to pay 5%?
Sorry if I’m confusing or misunderstanding. It just sounds to easy to make that move to 2nd house so just want that clarified. Thanks!!
Hi i have heard so many podcast on pandora your podcast to be exact i love all the info thank you
ОтветитьIf your income doesn’t go up significantly in this time your buying power is still limited. They add 75% of the rental income to your income but require 2-3x the mortgage payment on your income so each time you get a new property you have less buying power. Also, there are conventional loans that allow you to put 5% down on a property so you don’t necessarily need to do it this way unless you are using an FHA loan
ОтветитьOk I can see this working but all I been able to find on conventional loans that give you 5% you have to keep it as your primary so how does that work for the next one, refinancing ?
ОтветитьLoved this. However, wouldn't you say with the high interest rates, it's kind of digging into that "low" entry down payment? I'd say over time it probably ends up being 10-15% or more with the astounding interest rates. But I still loved the video and hope to get real estate of some sort this year. Hopefully through creative financing.
ОтветитьI turned my condo into a rental. I purchased low, and now I rent it out. I would like to purchase a duplex, but if you get a primary property in another city. You have to be a 100 percent remote employee, or plan to.move there.
ОтветитьI’ve been doing this since 2017. Bought a 4 unit with 4% down, two years later, sold it, bought a 12 unit, duplex, and invested in 5 cabins. Since then I’ve bought a single family home with an adu that’s on Airbnb. I wasn’t able to buy in good areas until the latest house. Ready to quit my day job in less than a year.
ОтветитьThe most important thing that should be on everyone's mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies.
ОтветитьThis is basic bitch education.
ОтветитьI appreciate you! Thank you for sharing your knowledge on the subject.
ОтветитьIsn't this a dangerous method to get into debt?
ОтветитьWhat time does this show come on?
ОтветитьGood luck in NYC or Cali
ОтветитьAlso banks won’t lend money on home that needs a lot of work. How do we get passed that?
ОтветитьDo you have to pay the house of in a year before you finance another 1?
ОтветитьHold up! Some of those mortgages require you to stay in the house for a period of time and if you move out that would be considered a violation of your mortgage agreement. If you don't tell them (read, sneaky) thats mortgage fraud and you may find yourself in a bad place.
ОтветитьThey just lost me with 6/7% interest are still historically low 😂 what a joke
ОтветитьThis is how im going to afford my 10 acre compound.
ОтветитьLol. Not the best video to post during the worst real estate buying opportunities ever. 🤡
ОтветитьI can't believe you quoted Dave Ramsey while talking about leveraging debt. 😬
ОтветитьCan somebody please tell what is this? I get lost no matter how many times I watch it. Is he talking about BRRR? Sounds like it. Is it another way to call it like that? Thank you
ОтветитьYep, if life was perfect like that!!!
ОтветитьDo you have any videos on how to properly convert 1 unit into 2 or 3 and or ADU additions?
ОтветитьHow can you get a mortgage for a primary residence when you already have one ? 🤔
ОтветитьThis really depends on where you live. There is still historically low inventory in the US. This also means there are historically fewer properties that qualify to be able to do this. Not all locales or neighborhoods allow adding ADUs to an existing multi or single-family home either. So please do the research before buying a property to execute this strategy.
ОтветитьIs this possible for group homes
ОтветитьWould you need to start a business first?
ОтветитьThat’s sounds good. But what if you have small kids? Are we supposed to move every year? Change schools ?
That’s my only concern on this…
Help?
This works great on the first home and maybe the second. However if you plan to get an agency loan each time you will end up having a DTI that is too high to qualify for the next purchase. Even with the rental income.
ОтветитьThis episode was very confusing compared to others.
ОтветитьThis is awful advice well meaning but also terrible. You are saying leverage up infinitely , with the thinnest of margins.
ОтветитьWhats an adu
Ответитьmost banks I have tried automatically close doors to wealth. I'm in Iowa super hills have eyes. How do I get around banks that discriminant.
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