Buying Real Estate: Hacks you DIDN’T Know
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- Опубліковано 12 лип 2024
- You didn’t know these real estate hacks. Now you do.
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Kevin, it was great working with you on another deal! I love your channel and am stoked to be on your show. To the "Meet Kevin" Nation, I recently started a new Mortgage Company - Harris Mortgage and a new UA-cam channel and I'd like to earn a "Subscribe" from you based on content filled entertaining videos. Leave me a comment below or on my channel about any subjects you would like to see covered by a lender and I'll get on it. I am putting a Rent Vs. Own analysis video together that should be out soon. Thank you Kevin, thank you Meet Kevin Nation!
ua-cam.com/channels/fjsBsepMxI14sD2ZOKfOkg.html
So you can get 75 percent of the rental lease gross income to qualify?
Yes, if you buy a new primary residence and convert your old primary residence to a rental, you can get a lease signed and use 75% of that rent as income to qualify on your new purchase.
Thank you guys for posting this video! I am currently working with a local lender and so anxious about the actual closing of the loan! 😬
I also enjoyed Brians transparency! Always makes me feel better to know there are people who are professional and honest! Thank you Brian!
Thank you Jesse! I appreciate it.
This has to be one of the best insider realestate breakdown I've heard in a very long time... bravo!
The bank must love yah Kevin
Yes!! I love that he mentioned how they can get creative with qualifying for a loan as an investment property! That’s how I was able to buy my first rental!! They didn’t use income at all but was able to use the “expected rental value” of the home I was purchasing and was able to qualify! Now I have renters paying my mortgage! Happy camper here!
This was soo informative! Thank you
Great interview man! Can't wait to get the course! 😊😊😊
Good stuff Kevin. This Q&A is very helpful.
Thank you!!
Jesus, Thank you
Brian Harris Thank you Brian for sharing that valuable information.
I just wanted to say thank you very much for taking the time to share your knowledge and expertise on the matter. I'm sure you don't have to as you are successful at what you so i wanted to tell you thank you for taking the time!
These type of videos should
Be in the course!!! Love the collaboration🙏🏻
thanks so much! tons of value coming in that course; promised :D
Some many important questions and answers. I loved this video man keep up the good job.
That sock tho... really putting in work, the difference is nuts
Awesome video. Thank you.
Love this video!! Learned a lot!! Thanks!
Great video ! thanks Kevin !
Great content guys, well done!
AWESOME video! 👍🏻
Absolutely loved this video! I've been looking for a video where I can cross check some info I've been getting from my own personal research when it comes to getting loans and the pros and cons of different personal situations like where is your income coming from.
Great info as always. Keep up the good work.
ty jesse!!
I was only missing the income I guess. My credit union wouldnt accept overtime unless I was with the company for at least 2 years, and I had only been with the company for 7 months.
In fact, I have been consistently been getting overtime all of my life, including the last 2 years, with it being guaranteed going forward. Its annoying knowing you can easily pay for a place, and I wanted to rent out the rooms, which is easy in this high demand area, to pay the mortgage. But no chance. Now I have to wait 8 months for a down payment. Sigh...
I just wanted to get moving since I am not in the best house sharing situation. Now I am looking for another place to rent share while I save up.
I wish there was another option, but I sure wont look good to a private lender I would suspect. I dont exactly have assets since I dont own anything. I am typically a minimalist, but I got a promotion this month with another one expected in the next year based on my experience, so I am ready to move now.
Debt free, 770 credit, etc...
Great contents. Thanks.
Awesome Kevin. It sounds like you got good terms based on the relationship you built and a strong track record.
Heck yeah thanks Tony!
True
Very nice information 👍
Wow I learned a lot thank you Kevin!
Incredibly informative. Thanks for sharing this information. This was GREAT! Learned more than a few things. I agree with Brian "Whos giving you a thumbs down?"...because this is stuff average person doesnt know - at least not all of it. Again - great info!! What would we do without UA-cam and people who inform.
I like this guy Kevin... He got comfortable towards the end I like it..
And thank you for the rental income info
Putting a comment because you just gave soooo much great information I give ya respect 👌👌👌
I love hearing it straight from the lenders lips
I commented on BeatTheBush's video that it reminded me of "old Meet Kevin videos" and now UA-cam is just recommending me old Meet Kevin videos.
Awesome video as always Kevin! Huge fan of yours and Graham Stephan's content. One thing to add is that with FHA loans, to my knowledge, if you put down at least 10% or more, you can actually still expect to have PMI fall off after about 10-11 years. A potentially longer period of time than with conventional depending on when you reach 20% equity, but still something to keep in mind. Also, it was awesome that you involved a lender in this video, and for knowledgeable people this was probably a great video, I even learned a couple things and got clarity on others, but some of the language used still could come off as obscure to someone completely new to real estate. In the future I would definitely make sure to keep the language newb friendly so that more people can benefit from the info. Overall though man, once again, huge fan. Current subscriber and all.
True on language! And thanks for that info on FHA!!
No problemo! I work for a mortgage lender here in CT the specializes in FHA/USDA/Conventional financing so we come across it a lot.
Great info-- BTW, can't help but comment on that blue-(love that blue color on you both)
Getting ready to buy my first house. My credit union offers a 5/5 ARM with 100% financing and will loan 2k in closing costs for first time home buyers.
Two thumbs way up!
Wow, great video!
It was all Kevin, but thanks Jose!
Well done again.
ty!!!
mind blown with this video!
Quality content
Finally!! Time stamps!!
haha yes!!
I have been explaining how loans work to a lot people over the years, but almost all of then say it is not doable or it is way too risky.
What do you consider low to medium income?
Hey Kevin, hope you don’t mind if elaborate on a few points I think are important in items mentioned for those interested.
Boarder income on home ready and home possible are great but they must have lived you for 12 months and intend to move in to the new place with you as well for that income to be considered.
Bond programs are great for help with the down payment but rates and costs can be higher. Typically 1-1.5% higher than standard conventional rates and an origination charges/fees can be higher eating up some of that assistance.
Lastly, there are some cool programs available that allow you to use rental income to qualify for the next deal without having to provide a lease agreement :)
Mr. Home Loan, appreciate your input. As I watched the video I thought, I should have said this...I should have said that. So I appreciate the extra color you provided.
Here is a link to HomeReady's boarders income requirement. You are correct, you do need to document a history of receiving boarders income to use it. www.fanniemae.com/content/fact_sheet/homeready-boarder-accessory-unit-income.pdf
Regarding Grant programs and having a higher rate, that is correct too, no free lunch unfortunately.
Here is a link to the GSFA Platinum Rates, GSFA sets the rates on this program, not the lender. nhfresportal.nhfloan.org/pub/USB_GSFA.aspx
Here is a link to the GSFA Platinum income limits by county. www.gsfahome.org/programs/dpa/limits.aspx
Regarding using rental income from a property you are vacating, I like to mention the worst case scenario which is you need to provide a lease and show a security deposit being deposited and clearing your bank account. I've found some lender will allow for a rent survey from an appraiser in lieu of a signed lease, but if there is something easier out there that is great, I don't have. Thank you sir and good day to you !
Brian Harris yup, definitely not hating anything said. All great info 👍 as I think we’d both say “talk to your local lender” 😁
Stupendous!!!
thanks so much!
@@MeetKevin you're the son every parent dreams of. A go getter that knows the value of EFFORT.
Keep up the great work.
Your work is Informative and Entertaining. Pretty soon you'll be on a major Network. :-)
27:16 The sound of walking through a cluttered garage 😝
haha good catch
Hi, I recently inherited farmland. Can I use the equity in the land to buy a first home?
Great content. Heads up for the future, if you're using a stereo mic for voice recording, mix it down to mono in post production. It's super annoying to listen to in headphones. :)
What a great deal you got! Real estate is a relationship business it seems, but many sectors have that in common I suppose. Unrelated question: what do you think about metal roofs? Do you think they are worth the cost to install on a rental that you plan on keeping forever? I have read that they can last 60 years with little maintenance.
A typical 1500 or so square foot house might be around 20-24 "squares" including the garage. Say $9,600-11,000 as an average shingle cost. Metal roof would probably run, for the same house, about 2.2 times as much. So I'd answer this a few ways: 1) What's the weather like in your area? Do shingles last? In SoCal, I'd 100% go with a cheap, shingle roof that'll last me 30 years, properly maintain it and probably milk it to 35 years. In which case, the value of that extra money invested would be worth WAY more than the benefit of a metal roof. Metal roofs are also usually contemporary / art-style, which look beautiful! But I'm not sure that's worth it for a rental. Would be an overimprovement and you wouldn't get your money back on a sale.
@@MeetKevinI'm from new England, and the weather isn't too bad around here. We get some bad snowstorms and bad windstorm but that's about it. That's some solid advice though, and something I will definately give it some more thought. Do you think you could do a video comparing the costs and potential benefits of different types of capital improvements like that (roofs, boilers, siding, pavement) for use solely on a rental?
Metal roofs are cheap if you do them yourself
Everything is cheap if you do it yourself lol
so if you do something like you asked, buying a home and renting it out later, what would be different when buying the first home and the second home? like higher down payment ? higher interest rate? I would think you wouldn't be able to qualify for a first time home buyer loan again? ...
Snicklefritz as far as I know. You would use something like an FHA loan on the first house (3.5% down payment usually) most require you live in it for 1 year before refinancing or renting it out. So after that year, you find a new house to move into, finance that with FHA (3.5%). Market your first home for rent, get a lease, and future income can be used to qualify you for the 2nd home purchase. Most investment properties require 20% DP so you save huge amounts in down payments by using FHA or conventional loans.
As someone who previously used to be self employed (Owner Operator of a Drywall Company) another vastly important issue that can seriously effect you by writing off too much income is if you wind up becoming injured / disabled and in turn have to apply for disability SSDI as it can make a huge difference in what you receive for disability benefits per month down the road if you were to ever wind up in this situation that happened to me ..........................
How can someone start a company like brain works for? How can someone lend money but still have the right paperwork in place so he/she doesn't get screwed
"brain" hahahaha
I did't know that your college years count as work history and you can buy immediately after graduating. Should have done that last year haha.
Which application or software are you using for 3D mapping of house?
OmG 🧐 💭 Solid Meat🥩
Thank you Kevin!👌🏼👍🏼
Private Money should be plan a not plan b
Can I refinance credit card debt into the purchase price if there's enough equity?
I think the video would get more views if you had the words mortgage lending or real estate lending in it.
what is the minimum annual income needed to become an individual real estate investor in los Angeles? and below which amount are the chances of literally zero? with an FHA loan ofcourse
What is the interest rate for private lending?
7-10%
Investment groups buy bundled mortgages for investment rates. Probably to borrow from.
They buy and sell paper.
Listen Kevin....it’s a lot u missed what was the LTV? Values ... resell amount? Rehab cost? Profit?
I’m coming for your mortgage lender for my investments 🤓
The Grant Cardone staff is definitely giving those dislikes. 😂
hahahalove that you caught that part :D :D :D
Use a black sock 🧦. 😅👍
I've been through the home buying process two times now for my personal residence. I'm hoping my third will be the start of my real estate investing journey.
I 'think' you may have stated something incorrectly (unless things changed). "You said FHA has mortgage insurance for the life of the loan".
I dont believe this is correct, FHA loan has insurance for a minimum of 5 years, and once you get 20% equity the insurance goes away. My loan is FHA, I paid mortgage insurance for 5 years because I didnt have the 20% down; however, I made extra payments to have just over 20% on the 5th year. I no longer pay mortgage insurance on my FHA loan
482,000 first house??? I can buy 5 homes better than that at the price. California prices are nuts.
yup
Soooo how is the UA-cam flip doing?
Done -- just have to make the detail video :D
So if a person owns 2 million in real estate and owes the bank 1,999,999.99, that makes a person a millionaire? 🤔
Justin Knepp No. A millionaire needs a million dollars in equity or cash, etc.
@@cynthiagraham4046 I know this. I love watching all these young guys doing great but the more I listen, the more it sounds like all of them have a shit ton of loans and very little actual "equity". Or maybe I'm wrong.
Terrible idea to keep properties highly leveraged like that -- I always recommend keeping properties around 35% if you can
The grant has a much higher interest rate so you end up paying for it
Self-employed "write offs" haha, how about that extra 15% tax
One day someone is going to get the bank to loan them a huge amount of money and they’re going to leave the country for good 😱
LOL! #Ninja
Soooooo many ads
Kevin you put too much down.
I dont think this goes for canadians. We only are allowed to have one primary residence at a time not two like you are teaching. Or maybe i failed to understand.
It's pretty universal that you can only have one primary residence, but you can purchase a primary residence, live there for a bit, then purchase a new primary and turn your first into a rental
So if I leave my primary residence to buy another property wont it be treated as an investment property thereby forfeiting the tax advantage?
If you lived in your primary for 2 out of the last 5 years, you get to maintain the homeowner's exemption (should you sell) for 3 years after you moved out. Obviously verify details and terms with your cpa, etc.
Oml
Nice, first!!!
THIS IS HOW crashes start 100 percent lending then 125 percent then no job no credit no problem
its how it starts speculation what if kevin gets 100 percent financing then stock market crashes /real estate crashes /and he loses all his renters they start hoovervilles well obamavilles what it will be trumpvilles when folks lose jobs they leave there rentals and camp out or live in there cars . a student of history knows before depression lenders only would lend 50 percent and see what occurred no skin in the game means exposed organs get it exposed hahahahahah!!!!!!!!!! having good credit will not pay bills it just means one paid there bills up to this point in time but the no job no credit no pulse lending is coming back doubt it not /\ \/
Carl, haha, I hear you but this deal was different than that.
Buying at less than market value, proof of funds to improve property post purchase, doable renovation plan in place to increase value, exit strategy in place, good income, good assets, and good credit. Working with someone who follows the motto of, "I do what I says and say what I do"
"Ninja" No income, No Job, No assets was mentioned in jest, not a good thing in 2008, not a good thing today, but that is not what this deal was. I appreciate your comment though Carl, I bet others were thinking the same thing!
true my renters are getting a bargain im debt free hoarding for next down turn rotchild said buy when theres blood in the streets when I see risky lending I see 2006-7 all over again
Thanks Trevor!
I agree I would even loan to kevin hes a unicorn heres a great vid of whats coming im ready r u -ua-cam.com/video/_Fkw4DLIrd0/v-deo.html
First ?
so close! Yeh No got you with "Oml"