How To Prepare Financially To Buy Your First House Or Rental Property
Вставка
- Опубліковано 19 вер 2024
- Subscribe for more videos: @ThachNguyen
Thank you for watching!
If you have any questions, don’t hesitate to give Cody a call.
206-909-2007
Start your real estate investing journey with mentorship from me and my team: learn.springbo...
For business inquiries, partnerships, sponsorships, and collaborations: bizthach@gmail.com
Thach Nguyen has come a long way since arriving in America at age 4 with his parents, four brothers, and sister in 1975. Focus, drive, determination, and great mentors paved the way for him to go from a homeless refugee to a multi-millionaire.
Thach is the CEO & Founder of Thach Real Estate Group and principal of Springboard to Wealth. He is not only a seasoned realtor, investor, coach, author, and speaker, but also a proud ambassador of the American Dream. During his 30 years in the real estate industry, he has built more than 300 homes, townhouses, multifamily units and completed over 100 flips, and owns over 100 rental properties giving him over $100,000 a month in passive income. Thach and his team have assisted more than 1,500 families to create their own American Dream of home ownership, ranking him in the Top 1% of all real estate professionals nationwide.
Follow on Instagram: / thachnguyen
If you have any questions, don’t hesitate to give Cody a call.
206-909-2007
Really loving the content 😎
I'll be calling you later today! You talk straight talk good content totally educational
Is this real
Question: How would I make double my monthly income? I literally only have a job, and my check is like 1,200 biweekly. I'm 20 live with my parents don't pay rent or car rent I use my dad's truck my parents cook at home I dont spend alot. I want to start and get a rental property but still dont know where to start if rent is like 3,000+ I don't even make that much?
He ended up being right 8:00
I’m in Ohio and the housing market here over the last 7-8 years is unlike anything I’ve ever seen. Homes that were bought for $130K in 2015 are now being sold for $590k. I’m talking about tiny, disgusting, poorly built 950 square foot shit boxes in quite mediocre neighborhoods. Then you’ve got Better, average sized homes in nicer neighborhoods that were $300K+ 10 years ago selling for $750k+ now. Wild times.
This is precisely why I like having an asset manager look over my day-to-day market decisions: with their extensive knowledge of going long and short at the same time, using risk for its asymmetrical upside and laying it off as a hedge against the inevitable downward turns, their skillset makes it nearly impossible for them to underperform. I've been utilizing a manager for more than two years, and I've made over 85% of my initial amount/
Mind if I ask you to recommend this particular coach you using their service?
’ Sonya Lee Mitchell, is respected in her field. I suggest delving deeper into her credentials, as she possesses experience and serves as a valuable resource
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I just curiously searched her up, and I have sent her an email. I hope she gets back to me soon. Thank you
6 years ago I couldn’t even get a secured card my credit was so bad😂. Own 4 properties now. 740 score. You can do it. Be patient, trust the process.
What apps do you use to collect rent or online payments?
Any inheritance or all from scratch?
@@RipMa not at all, I’m a felon on probation still I make 50 k a year my girlfriend makes 30. I always love that people always think that. I drive a 2001 Buick lasabre, if you sold you bike I’m sure you could buy something
@@josephstupar3372are you a part of springboard?
What was your step by step process? What did you buy first? A house or rental?
I'm a single, 43-year-old father who resides in Hamburg. If everything continues to go well for me, I intend to retire at age 50. I couldn't be happier right now than I am that I just bought my first house last month. I'm so happy that I made wise choices that altered my life forever.
Salutations, dude. At your age, you're doing extremely well. I'm 54 years old, and right now my finances are a mess. Any helpful advice would be greatly appreciated in helping to mold my life. I want to buy a home of my own.
It seems like I used the FIRE movement to manage my finances. Investigate it further by doing some research. With the help of a financial professional, they were then successful when investing in stocks, cryptocurrencies, and real estate.
I encountered Catherine Morrison Evans through my wife, and I emailed her. She is guiding me. Since then, she has given me chances to buy and sell the stocks in which I'm interested in. You can hunt her up online if you require care supervision.
I greatly appreciate it. I'm fortunate to have come upon your message because investing greatly fascinates me. I'll look Catherine up and send her a message. You've truly motivated me. God's blessings on you.
Hello
I’m a new dad, I moved to the Bay Area a few years ago and I’m thinking of purchasing a single family home, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.
it’s a personal decision, but according to Forbes, housing activities will remain stagnant for the most part of the year, so maybe hold off a little.
well you could put a downpayment on a home and as well diversify as much as you can into Ai and pharm. stocks like Pfizer and JnJ.
Certain Ai companies are rumoured to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I.
this is all new to me, where do I find a fiduciary, can you recommend any?
Vivian Carol Gioia maintains an online presence that can be easily found through a simple search of her name on the internet.
I predict a housing crash due to people buying homes over asking price, lacking equity if prices decline further. Foreclosure becomes likely if they can't afford the house, and selling won't yield profits. With anticipated layoffs and rising living costs, many individuals may face this situation.
I suggest you offset your real estate and get into stocks, A recession as bad as it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too.
You are right! I’ve diversified my portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
Do you mind sharing info on the adviser who assisted you?
My Financial adviser is ‘’Stacie Lynn Winson’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
For newbies, be aware that this is a grossly oversimplified scenario. For one thing, you can't get a mortgage on an investment property without at least 25% down payment. Two, it's easy to see comps for house purchase prices, but it takes a lot of research to understand the comps on rent prices. The trick is to find a place where renting is more expensive than buying, but those places are less common because of this very type of scenario. Three, you have to remember that rent number he's using is supposed to be net income, not gross. So you have to think about costs for taxes, insurance, maintenance and vacancy when you're researching investments. All that said, real estate investing is a good tool for wealth accumulation. But it isn't foolproof.
Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance Long story short, its been 2years now and I’ve gained over $860k following guidance from my investment adviser.
This is huge! think you can point me towards the direction of your advisor? been looking at advisory management myself.. seeking ways to invest and make more money with the uncertainty in the economy.
Actually, I've shuffled through a few advisors in the past, and “Colleen Janie Towe” remains the most resourceful thus far. Her strategy proves profitable, and sustainable both in a bull & bear market. Most likely, her deets can be found on the net, so you can confirm yourself.
Mortgage rates are currently at an all time high since 2000(23 years) and based on statistics on inflation, we might see that number skyrocket further, a 30-year fixed rate was only 5% this time last year, so do I just keep waiting for a housing crash before buying or redirect my focus to the equity market
True, I mostly just buy and hold stocks, but my portfolio has been mostly in the red for quite awhile now. Unfortunately to be able to make good gains, you’ll need to be consistent and restructure your portfolio frequently.
Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Personally, I can connect to that. When I began working with a fiduciary financial counsellor, my advantages were certain. I got into the market early 2019 and the constant downtrends and losses discouraged me so I sold off, got back in Dec 2021 this time with guidance Long story short, its been 2years now and I’ve gained over $860k following guidance from my investment adviser.
@@MarkFreeman-xi3rk Interesting Mark. I've been thinking of going that route been holding on to a bunch of stocks that keeps tanking and I don't know if to keep holding or just dump them, do think your Inv-coach could guide me with portfolio-restructuring as i wouldn’t mind a recommendation.
Actually, I've shuffled through a few advisors in the past, and “ Margaret Johnson Arndt” remains the most resourceful thus far. Her strategy proves profitable, and sustainable both in a bull & bear market. Most likely, her deets can be found on the net, so you can confirm yourself.
Insightful... I curiously looked up her name on the internet and I found her site and i must say she seems proficient, wrote her an email outlining my objectives. Thanks for sharing.
*I wasn't financial free until my 40’s and I’m still in my 40’s, bought my third house already, earn on a monthly through passive income, and got 4 out of 5 goals, just hope it encourages someone's that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made.*
The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on government paycheck, especially with the current economic crisis around the world. This is still a time to invest in Stocks, Forex and Digital currencies.
@@JenniferLyndEven with the right technique and assets some investors would still make more than others. As an investor, you should've known that by now that nothing beats experience and that's final. Personally I had to reach out to a stock expert for guidance which is how I was able to grow my account close to $35k, withdraw my profit right before the correction and now I'm buying again.
@@chinwu5042Trading under the guidance of an expert is the best strategy for beginners.
@@TheresaDiana12wanted to trade, but I got discouraged with the market price fluctuations 😊
I also keep seeing lot's of people testifying about how they make money investing in Stock, Forex and Bitcoin and I wonder why I keep loosing. Can anyone help me out or at least advice me on what to do.
Building wealth involves developing good habits like regularly putting money away in intervals for solid investments. Financial management is a crucial topic that most tend to shy away from, and ends up haunting them in the near future. Putting our time and effort in activities and investments that will yield a profitable return in the future is what we should be aiming for. Success depends on the actions or steps you take to achieve it. "You're not going to remember those expensive shoes you bought ten years ago, but you will remember every single morning when you look at your bank account that extra 0 in there. I promise, that's going to be way more fun to look at everyday", I pray that anyone who reads this will be successful in life
You're absolutely right, to be a successful in life required not only hard work but awareness and sometime opportunity at the moment, investment remains the best way to start.
I agree with you. Investment is the key to sustaining your financial longevity. And not just any investment but an investment with guaranteed return.
@@godfreybarinor-dl3fqyeah investment is the key to sustaining your financial longevity but venturing into any legit investment or business without a proper guidance of an expert can lead to great loss too.
@@ashtonakhtar5892Exactly and many of us don't know where to invest our money so we invest it on wrong place and to the wrong people
She helped me recovered all I've lost trading by myself
Thanks for the video! I am currently 26 I bought my first house at 24 and I just bought another property this month. I created an LLC and will be doing short term rentals on my old property. My plan is to retire at 30. Real estate is TRUE WEALTH!!
Are you still currently living in your first house? What are your means of income to support mortgage for both houses? I own a house and I want to create the same scenario you described
When it comes to investment diversification is key. That's is why I have my interest set on key sectors based on performance and projected growth. They range from the EV sector, renewable energy, Crypto, Real estate and Tech.
I think working with a professional is the best way to go about it.
Yes tried starting on my own but I had lota of losses until I was introduced to Gloria Blanche. Made my first profit of over €80k with her.
Essentially nothing beats working with a professional
Tried investing on my own, lost almost everything. I just gave it up
Telegramx
"Having recently gained more knowledge about personal finance, I've subscribed to your channel. I want to commend everyone who's tirelessly working to earn a living while also building wealth during this recession. At 45, I'm retired, along with my 51-year-old husband, and we're debt-free. Our plan is to relocate to Thailand. Thanks to our frugal and financially savvy lifestyle, as well as our commitment to saving and investing in the financial market, we've been able to generate passive income even in this recessionary period, allowing us to sustain our desired lifestyle."
Congratulations on your early retirement, Interesting indeed! Currently, I am in dire need of investment advice or tips. Last year, I hesitated and failed to take any action until the year concluded. However, this year, I am determined to try something new, as I am very receptive to various investment ideas. I want to be retired in my forties or fifties.
No problem at all! If you're seeking to earn substantial profits from your investment, I would suggest determining your investment horizon and implementing a long-term plan. I worked with Nolan Velden Brent to create a long-term investment strategy, and he assisted us in managing our investments while we focused on my jobs without any concerns.
Thank you for your advice. It's challenging to find a reliable investment advisor here, and I appreciate your input. Seeing the successes you've achieved through investing, I would love to have access to your investment advisor's information if you wouldn't mind sharing it.
I work with *Nolan Velden Brent* ,who is based in the United States. If you would like more information about him, you can conduct a search online. He even got featured on CNN recently.
Thailand is really a nice comfy plan to retire. Working with a skilled financial planner can be compared to having a mentor in the field of finance. I used to struggle to invest on my own and ended up losing money, but things changed once I started working with *Nolan Velden Brent* . He played a pivotal role in helping me improve my financial situation. Previously, I relied solely on my job and salary for income, but now I have found ways to generate additional income with ease, which has allowed me to leave traditional employment. Nowadays, I believe that investing is not a choice, but a necessity for anyone who desires financial independence and a good quality of life.
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass up to $1m amid crisis, and even pull it off easily in a favorable economy. Unequivocally, the bubble/ collapse is getting somebody somewhere rich
The issue is most people have the " want to do it myself mentality" but not equipped enough for a crash, hence get burnt, no offense. In general, invt-advisors are ideal reps for investing jobs, and at firsthand encounter, since Jan. 2020, amidst covid outbreak, my portfolio has yielded nearly 300%, summing up to 7-figure as of today.
John Desmond Heppolette is the advisor that oversees my portfolio. He's been able to gain some reputation and online recognition with over two decades in service, so it shouldn't be a hassle to find basic info.
The success behind every rich person today is the decision they made for themselves regarding investment, and calculated expenses to income
I engage in various prolific investments by compound interest & leveraging and as well operating with an investment professional mark williams, So far I’ve attained returns of over $30k last week
Wow😊I know him and I have also been trading with him,he’s such an amazing man with good skills,keeps me happy all week knowing I earn 15thousand extra income trading with him.
His trading income stream is mind blowing,I also trade with him .I’ve made $26,500 so far trading with his guidance/advice.
Wow! wow! Please is there any way to reach their services?
>>>His availability on
Fantastic video! As an ex banker myself, Cody's insight about credit is 100% accurate and super helpful to everyone! Thats money right there 🔥
Thank you and we try to give people real info
Love the video! One of my favorite things to tell new investors is that there should be some peace in knowing that the first one is always the 'hardest'💯
Dang, I remember watching this video in June 2023. Bought my first rental and started putting it to work in Aug 2023. Renters have paid my mortgage every single month to this day. Everything they are saying is true
I got 3 properties in 4 months. My goal is 100 by the end of this year
Great Video, apparently you all have been following the recent development in block chain technology. I heard some blockchain companies now have smart contract for mortgages.
Yeah, right now looks like all you need is just 10% of your property valuation ,just like the banks ask for ,then the blockchain ECN does the rest.
Please Make a video on how you deal with tenants who refuse to pay and squatters that take over your vacant properties and the eviction process. I used to rent my basement apartment out to people and single rooms upstairs to college kids. I couldn't stand crappy people anymore and stopped renting and sold that property. Crappy tenants have scared me off of buying a rental. I'd like to hear about how you get a 100 million and deal with bad people. Thanks.
Question: How would I make double my monthly income? I literally only have a job, and my check is like 1,200 biweekly. I'm 20 live with my parents don't pay rent or car rent I use my dad's truck my parents cook at home I dont spend alot. I want to start and get a rental property but still dont know where to start if rent is like 3,000+ I don't even make that much?
Telegramx
@GloriaBlanche
Gloria Blanche helped me
That's her info above
im going to buy my first property this yr, really enjoying all the great content, thanks!
Would love to see a sit down and talk getting a plan done
Closing on my first house at the end of January at the age 21, might as well do it now then waiting and seeing prices double maybe triple.
If I had no idea who you were and told you never buy a rental. I would be right 90% of the time. Most people do not have the disposition to own rentals. Dealing with contractors that do repairs, Selecting tenants and fully understanding finance are things most people can't do EFFECTIVELY. I didn't say you couldn't do them. But you have to do them in a way where you don't make mistakes and you make money.
Buying at a high interest rate now and hoping it comes down in the future is fine, but just make sure you are comfortable always paying that higher payment just in case rates don't come down like you had hoped.
Capital One, That's the one that help me out building my credit, even thought I just have an ITIN #.
Do you recommend purchasing a rental property before owning a primary resident home? Smart or bad idea
Done Watching! This is my first view of your topic in UA-cam. I want to know more about this and start over there at US. "23Years Old -Philippines" "I want wealth!!! it's so hard in here in the Philippines were taxes, insurance and many stuff go beyond above our monthly salary. We can't sustain a living with 300$ taxable money a month. By the way I've watch the 2-day seminar at webinar where 6 students share their stories about real states especially the 3 people that has a construction, the 5% down, and the another has a private lender. damn! Can't wait to join your journey!!! Not hopefully but someday I will! I had so much to do working on papers to get there, have some job for milking and then join your journey. This technique can make myself wealthy, Thanks man!
What the credit cards only wanted $200 to begin with so I put 700 on it and only allowed a 200.00 spending. This will keep your credit above 30% 100% of the time or you did something else. This is so you can pay any fees our purchases that comes out late might confuse you at times. So you might need a little bit more extra money to give you a little bit more credit so it doesn't impact your credit score is bad if a hiccup comes. A higher deposit means you don't have to ask for an increase just a new card or upgrade. Don't do this if you're just going to buy a bunch of shoes and stuff. Don't go out and buy a TV. You can go out and put a down payment on a car and then doordash or Uber. Make sure you swipe it for what you need it or if the product or new hobby toy is going to make you money/paying back the cards for you. what I'm saying you can make it easy for yourself or hard
I bought my first home for 18k when i was 20 years old back in 2010. I still own it and i just rent it out.. my parents gave me good advice at the time and i listened.
You didn’t buy more?
Love this video, the first step is always the scariest!
So true bro 🔥🔥🔥
This video is very helpful. Thank you, Thach!
Very great information, I'm barely learning all this stuff, most continue to learn. I appreciate all your videos & help. 💪🙏
My pleasure bro
This is such great advice! Please keep the videos coming.
Thach was very informative!!!
Hope to see more videos like this.
More to come!👊🏼🙏
Ok, I have only had part time jobs thus far because I’ve been a student for the past four years. I’m 21 and I’m interested in a house, I don’t have a stable income, I just started a small business, I really want to have my own space to grow. The house I’m looking at is $345,000 that’s a standard where I live, anything lower is a house that I don’t want to invest in. I want to invest in a house long term, a house I can marry, raise kids, etc etc. but I’m nervous because I don’t have a lot in my bank account, but I’m afraid the market will only go up and buying a house like the one I’m interested won’t be a possibility unless I’m super wealthy. What should I do?
amazing video, answered my questions perfectly 🙏🏼
Great to hear!👊🏼🔥
if i get a triple decker ( 3 Unit ) rent 2 units out and live in the 3rd that would be considered owner occupied correct?
Yes
I always appreciate and am forever open receiving a tremendous amount of value for all content intended for beginners. Thank you for helping build confidence to get a jump start in this challenging industry. Enjoy the ride ya'll!
I’m 23, live in Delaware, only debt is 11k on car-$254/Month, Gross monthly income is around $4000+/-, I have roughly 15k+/- total in cash/savings, but I can’t qualify for anything in my area, the lender says my max is 150k, while homes are 300k minimum
Find another lender you can go through first time home buyer program for cash assistance down and other programs they have available
Thank you for this really helped understand the process.
Hi Thac, I just closed on my first wholesale deal a few weeks back for 29,500$. I've been admiring your journey for quite sometime now!
Where did you get your contract for wholesaling ? I’ve wanted to wholesale since I was 16 I’m in my 20s now if you could share me your email I’d love to ask you a few questions.
@@brendanngin9939 what’s your email?
So insightful. Thank you guys ❤
“Passive”
Might be a dumb question, but can I get into rental investing if I live in an apartment. Can I still purchase investment properties or do I have to own a primary house before I can invest?
Damn. Very enlightening. I think I'll go ahead and subscribe.
re: secured credit cards, Discover It is the way to go! I started with null credit. Got Discover It as a secured card. They were the first to graduate me and refund the deposit.
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly
Investors should exercise caution with their exposure and exercise caution when considering new investments, particularly during periods of inflation. It is advisable to seek guidance from a professional or trusted advisor in order to navigate this recession and achieve potential high yields
Through closely monitoring the performance of my portfolio, I have witnessed a remarkable growth of $508k in just the past two quarters. This experience has shed light on why experienced traders are able to generate substantial returns even in lesser-known markets. It is safe to say that this bold decision has been one of the most impactful choi
I've actually been thinking of reaching a portfolio-adviser, my 401k and stocks been losing everything it's gained since 2019, mind if I looked-up this one coach you use?
The adviser I'm in touch with is *CAROLINA MELINA PHERSON* she works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me she strategy works hence my result. She provides entry and exit point for the securities I focus on.
She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.
First time running into your channel, great video! As a realtor/investor this was some great info. 👍
At 20 yrs old I have a 728 credit score just from using good methods and being smart if I can do so can you I’m positive
Trying to learn everything, straight wisdom
Glad it’s helpful 👊🏼
thach i am so glad i found your videos!!! you are such a great mentor and really break down all the information. im a beginner but recently bought a property and so happy to hear all your advice!!
amazing video, answered my questions perfectly . Excellent content looking forward to part 2 ..
Great video! I would like to see some more advice for young people and how to run the numbers great video btw
The search bar is your friend
What kind of number you need to know more of ?
very informative! unlike some other real estate influencers, you provide detailed information and insight on your channels. keep it up!
REAL ESTATE IS A MONSTER, YOU GOTTA KEEP FEEDING IT MONEY.
do a vid on first investment properties for a new person who has only a 300 dollar monthly bill
Great info! We appreciate the content and the ability to get started in investing!
Spot on... thanks for sharing. This is very insightful
Thanks for watching!👊🏼👊🏼
This video is so helpful. Thanks Thach. I appreciate these videos. He literally broke everything down.
I wait for part 2, your videos are amazing
Already end of the year and no reduction in interest rate. Also no chance of interest rate reduction early next year.
Inflation and rates coming down??? Hmmmm, looks like you guys are either hoping or y’all are trying to help shift perspectives so real estate doesn’t crash
I appreciate his wisdom, but I don't see how intrest rates will come down soon. Inflation is sky high and government spending isn't slowing. I do anticipate prices to come down a bit as our economy puts the squeeze on folks who took on to much debt though.
am from Ethiopia. I have a mortgage of 1.5 million birr and now after 4 years my house market value is 5.5 million birr. Now my mortgage maximum limit is 3 million. What i have to do to increase my portfolio?
Getting all my credit cards paid off went up 67 points yesterday or so still waiting on another card to report. I got a loan paid that off with same company opening bigger loan. I have a car payment. Now i pay pay pay and ill be there. But i have to save down payment. Time is the killer aint it.
I'm 23 years old. I own an event space now, but I'd like to get into something that will increase my fortune and that of my family and future generations. My credit score is good, but should I start with an investment property or my personal residence? In any case, I'm thinking of submitting an FHA loan application. I do want to start investing in real estate in the future; I don't want to wait to do so until I'm older or my credit gets better. Please helpppppp lol 🙏🏽
Did you do anything yet? Im around your age, considering house hacking to check both boxes of residence and investment property.
@@michaels7866 I have not yet, but I am planning on it soon! Good luck to u
Very impressive , both of you give great information .
It’s short , concise but so informative.
Keep up the great work , you both are doing the right thing of “ giving back” and helping others to take the steps needed to achieve a reasonable standard of living .
Our pleasure! 👊🏼👊🏼
What if i dont own a home for myself, want to buy an investment property, but dont have 25% down, how can i get the 25 down to the 5 and below like the FHA?
Another excellent video 🔥🔥👍👍
Is 2023 a good year to buy investment for rental. Given the high interest rates
NEEDED THIS
Good video great content can you make something for someone who new to the game with a VA loan? Maybe where to really start.
Why would I buy at a high interest rate? If the value of the home increases and rates go down, I still have to pay refinance fees.
Thank you! Can you list Cody’s info in the description?
128 rentals,25k a month. So about 195 dollars a month per rental unit. That’s crazy. So I gotta clear 10 rentals just to be 2k a month in profit. Wild.
Yesss i neeeded this video😊
Great info Thach!
Excellent content looking forward to part 2 .
Awesome glad you like it
I will be coming
Would love to hear more about not waiting to refinance. I’m in that exact situation. Paid cash to renovate but hesitant to do a cash out refi because my current rate is 2.5%, which I doubt we’ll see any time soon, maybe not for another 15 years. But now I’m playing the waiting game to rebuild my cash for another investment.
Where do you find your properties, I know of a few sites and auction apps but a lot them aren’t in quality areas Atleast in my state. Financially ready to do my first BRRRR! Let’s gooooo!
I going to pay $10,000 a month on my mortgage and $2,500 my car note and 5000 on medical expenses. No biggie
What do you guys mean by unit, is it houses or rooms rented out. Like a 3 storey building with 30 rooms is it 30units or 1 unit because it a house ?
That was very informative, thank you
Good information. Thanks.
Interest rate will drop, houses prices will go up, but due to insane inflation people will not be buying houses as "theories" anticipate, ppl are spread thin, salaries are not keeping up with inflation and housing prices.
Nice videos, love the story.... but 25k a month??? It's not much.... i'm over 30k a month passive and i'm still having a hard time.... growing up in the hood trying to make it out is the hardest thing ever.... the more you make the more family you have to help... paying 5 house bills of family members.... wish i wasn't asian....
Great video, thank you for putting this together!
It is smart to get a second loan on your main house, to buy another property
Thanks for the video as always gold information
4:29 pay for deletion. Can one negotiate the total sum owed down and get them to agree to delete? And if deleted, does "settled" or the missed payments go/remain on record?
Lol TY for all the info. U are hilarious in your presentation btw. Keeps me watching 😂
Hello. I just saw your video for first time. I appreciate your video and sharing your experience with us. I heard about assuming a mortgage and I'm hopeful you can show me how to find people who are willing to transfer their mortgage. Is there website for possible foreclosures?
Currently, I have a two family home and would like to purchase another one, but I'd like some guidance. I'm hoping you can help me? Thank you in advance
*So lets say, the rent is $1,000,000.00 and it leaves you $25000.00 a month, that's 0.025% gravy.*
*I think it's attractive only if you have a huge investment that yields a huge rent - otherwise, if you look at it, you are getting only 0.3% of the annual rent.*
This mortgage agent has no sense of what the real rates are right now. Going FHA on a $500k house is next to impossible due to price caps.
The real price of your loan buying a $500k house with 3.5% down (no matching grants) is going to be dependent on the property tax rate on the assessed value of the home, with a homeowners insurance policy rolled in AND PMI. Your net all in total is going to be like $4050 if you can secure a 7.25% rate.
Taking in a 2X DTI is absurd. Modern advice is ~ 35% post tax, so to afford that 500k house at 3.5%, you should be bringing in $6225 monthly.
If you got that, go for it... but realize that you would be better off buying a cheaper house and paying it down faster or taking the differential and using it to buy your first concurrent investment property.
Great thinking on this video
Missing info for Cody. Please send his info
Agree. Where's Cody's info