HOW TO BUY RENTAL PROPERTY AND NEVER USE YOUR MONEY
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- Опубліковано 2 лют 2023
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RF Financial Consulting LLC
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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One thing you're leaving out is that most banks want that down payment to have been in your account for at least three months. If less than three months, they want to know where the money came from.
.. , ✍🏻ᴛʜᴀɴᴋꜱ
ꜱᴇɴᴅ ᴀ ᴍᴇꜱꜱᴀɢᴇ
♱𝟷𝟻𝟷𝟸𝟹𝟾𝟽𝟽𝟶𝟼𝟺👍📈.
Yes. They always go back 3 months to make sure no big deposits we're made. Additionally will your credit score not take a major hit when the money is transferred over?
@@mikeg8282 Yep, your credit score will take a hit if the money you borrowed raises your debt utilization a lot.
I wonder the same exact thing everytime he brings up this strategy.
@@MrYasser13not with a business credit card.
This brother is the truth man frfr. Speaking real knowledge. I sure wish I would've been following you years ago dang. Yeap spring ya money in the bank is not the thing to do.
Thank you for this video. The most clear I’ve seen
This was the most information ally packed videos from you. I’m gonna download it before it disappears off the internet 😂 see you at the million dollar mark Richard!
Very good episode. I’m glad you did tell people the truth. No matter what YOU HAVE TO HAVE GREAT CREDIT before you can seriously get into the real estate industry.
Thank you for popping up on my feed!
Subscribed!☺️👍🏾
Thanks brother, waiting to do a few things before I look into my rental property.
Thank you for this valuable information!
Getting rental properties is the easy part..
Finding and keeping steady paying decent renters is the hard part
Hey , I love your channel keep publishing and educating you are good at it !!!
Great articulation Richard!!!
The concept that your deposit with a bank is a liability for them ... that is gold. That concept alone could change the way people think about finance ... if they truly absorb the implications
I have been researching and asking questions, watching videos, on places I would like to leave here, yes because of cost of living, but more so it’s about people, caring and peace of mind! My thoughts have been México, Costa Rica, Portugal (check out the Azures) my issue is I want to be close to the US, for family. But ultimately I want to also experience other cultures. So thank you for all the information you provide!
My man you always got great info and 🧠 shout to you.
I’m going to listen to this Every Single Day!!!
Thank You Mr. Fain.
I “really” appreciate your video content; Especially THIS One!!!
Thanks again Man!
God Bless You!
Thanks for leaving a comment, Reach out to me directly for more insight 💯
Thank you for sharing brother!
Thank you for explaining stupid simple for people like me and giving great examples!!! KEEP ‘EM COMIN. Also what about investing money for our kids in the future?
Than is great advice Richard I really precious and your video is awesome and you are great management experience and tactics I learned alot from you thanks for sharing great ideas keep it up good work .
Thank You Richard
I'd like that concept but I'm proud of what you're talking about,,,
Credit card Direct Deposit Transfer.... Love it. Thanks for sharing
Love it! Much thanks!
Yeah right, now you have to pay the CC company back in 12- 18 months interest free approximately 45 - 60k. What is the size of that payment monthly? In addition to that you have to service the mortgage debt. What will that payment be? 1k maybe 2k per month in rent. What if you need to make repairs after acquiring the property? Highly unlikely you purchase a home move in ready unless you purchase with tenants in place. As for the credit card, this must be a business credit card, using a personal card would ruin your credit score. Over 30% utilization ratio. The underwriters want to know where, how, when did you obtain the 20-25% down if conventional financing the property. At some point not far down the line you will need to have your own capital to at least pay off that card in full. There's other variables I may have left out. This is not as 1-2-3 easy. Oh, another thing is you need to have reserves to cover the mortgage. Banks want to see reserves sitting in your account. Bottom line you still need significant capital to play the game starting off. OPM is a highly risky strategy without capital or collateral.
Good response
How do u pay back the 45k in 12-18 mins?
I was thinking this same exact thought. With an initial of $45k debt at 0% interest for 18 months for the 20% down payment and a cash flow of $1,000 per month: Assuming you have a tenant ready to move in, this would amount to $18k cash flow by the end of credit card promotion period. This would leave you with an open balance of $27k. Since we’re here about using other people’s money (OPM), where/how do we utilize OPM to pay the remaining balance?
I’m not wondering about the 260k mortgage loan payment as the tenant(s) would take care of that monthly payment.
@@mike6784172by already having money out away for it I guess
@@diesur7126you took the words out of my mouth
Thank you Richard
Thanks for the tips, I will be successful applying this. I just learned and started using balance transfers from my credit cards whether it's to pay cards off or have disposable income.
Damn 😊 for the advice word of wisdom 👏
Hardcore game. OG making real money out here in the Matrix. Respect
Bro... you dropped the mic on this one.🔥🔥🔥
a new subscriber is here, thank's Sir
Thx Bruh! ✊🏾
Amazing insight thank you
Thanks a lot for sharing this
You did a really good job at making good points. Other people money, good agent, and good credit (special offers).
Thank you
Hi Richard,
I’m first time listening, and I will love to start with the credit card the you said it has not interest for some certain months, I do have a good credit but I don’t know how to choose the specific credit card the one you were talking about. Thank you. Oscar
You are the best and not greedy
Awesome explanation!
Love it! Great info.
Thank you.
Going have to try sounding great 👍
The one thing they don't teach in schools is how to be good with money...They will teach you how to add and subtract but they don't teach how to be good with money....Teach your kid's how to build credit and hustle for the paper
My brother I like your mind set and style!!!!
Thank you ❤
Well said.
I understand and thank you for the advice and knowledge. I was needing to know how much would your monthly expenses be with paying the bank and credit card loans back and any additional expenses that the property generated such as warranty HOA etc. I'm trying to see how much profit would be left.
True game! Thanks OG.
I've been waiting on this one. I'd be interested in ways to couple this with other ways to bring money in
Good vid Richard, lots a nuggets
Beautiful!!! 👏🏾
This episode was a Gem Richard. You're my favorite youtuber.
Very good teaching
Great speech thank you!!
.. , ✍🏻ᴛʜᴀɴᴋꜱ
ꜱᴇɴᴅ ᴀ ᴍᴇꜱꜱᴀɢᴇ
♱𝟷𝟻𝟷𝟸𝟹𝟾𝟽𝟽𝟶𝟼𝟺👍📈
Wow! Rich that’s a great idea on how to buy real estate with no money 💴 down! 🙏🏾🙏🏾👍🏾👏🏾👏🏾👏🏾👏🏾
Thanks👆 for watching Send me A Direct Text on my telegram I have a profitable updates...
Thank you sir
This one generates far more questions than answers!😂
Your best video
This was a amazing video
Thanks for the info bro
Thanks👆 for watching Send me A Direct Text on my telegram I have a profitable updates...
AMAZING!!!
I do wholesaling real estate and am now looking into owning rental properties
Thanks!
Love it!
This credit card money transfer will work perfectly to start a small business that generates more than $1000 a month but it is a major risk to be on the hook for $350k on a house if 1. the tenant doesn't pay and you have to go to court, 2. the housing market crashes 3. if you lose the property all together. The cheapest house where I live is around 600k so the rental property idea is out the window for me. I am not discrediting Richard, I think the money transfer is a brilliant idea.
I'm going to do it in an area with low cost houses- Detroit is top of my list
Thank you
cool, thank you
Good idea
Love it!!!!!
My three favorite Finance channels: Richard Fain, Stock Brotha, & Larry Jones. Straight fire! 🔥 🔥 🔥
.. , ✍🏻ᴛʜᴀɴᴋꜱ
ꜱᴇɴᴅ ᴀ ᴍᴇꜱꜱᴀɢᴇ
♱𝟷𝟻𝟷𝟸𝟹𝟾𝟽𝟽𝟶𝟼𝟺👍📈
Good advice
Thanks for leaving a comment, Reach out to me directly for more insight 💯
This is something you should learn in Highschool…
Find a realestate agent as hungry as you are.
Great advice.
Investing in online stocks is one of the ways to gain financial freedom. The stock market has plenty opportunities to earn a decent payouts, but how is it done....???
You're right, My portfolio has good companies, however it has been stalling this year I have approximately $500k stagnant in my reserve that need growth. With help of my adviser..
That's impressive! I could use the expertise of this adviser, my portfolio has been stagnant..... Who's the person guiding you?
My adviser is *PATRICIA DRITA JOSEFINA* . She Understands the job perfectly."" ""!! Search for her on internet
Search for her on google and drop her a message
@@basiruAndrew Thank you.I'm really fascinated about investing in stock and I'm really lucky I saw your comment. I will look up to her on google and drop a message. You really inspired me.God bless you...!!!!
That makes a lot of sense
Thanks for leaving a comment, Reach out to me directly for more insight 💯
like the look.
banks DO make money off our deposits. they lend it to others to make more interest income (amongst other things)
You can't pay the mortgage and Cards back with the rental income.
Something sounds fishy...,
I remember the programs, expensive programs, promoted on TV with the entire no money down ideas. I had the suits, I was sharp, but few people were going for that back then. Deldado and Carlton sheets. Then later I found out that you have to have a little to make a little. I didn't watch this video yet but the entire idea of building your Empire with no credit, no money, is rarely ever achieved. I'll give the video a chance though. I ended up owning property but not the way those videos said. LOL
Great information! Could you provide a few credit cards that allow direct deposit? Thanks
And No money down!!✊🏽
You can also use hard money lenders
In none of these videos what I dont think he is telling anyone is he uses a business credit card under and LLC he has created to do this. I suspect he does this to sell his consulting stuff, you'll pay him and he'll probably just tell you this and that's the consult. Lol. Just so everyone knows, it's not that simple. Good deals are non existent right now.
I really was hoping he was different than the majority on the internet.
🎯
@@SubliminalMinded2011start a small service business not real estate. Rentals cost a ton of money to keep going. I have some for 7 years. But I’ll be getting out soon.
Notice many people commenting are fake bot accounts. They have NO subscribers, no video. This is fine, but when every single one has no subscribers or videos, its a scam.
I understand errdang except
The part At beginning when u said get the credit cards ? How uk which one to pick n Ik u have to have a good score
Can you do a no money down approach by leveraging a paid off property?
Thanks for the info. But what are Credit Cards Companies that offer direct deposit transfe? I have 2 card by NF and they offer this, only cas advance.
What credit card companies do you suggest or have used to do this?
Learn a great deal here. Thank you
Was the goal to repay the whole deposit transfer within a 18 months? How did you get the full amount within the 18 months?
Very informative ✌🏾
Thanks👆 for watching Send me A Direct Text on my telegram I have a profitable updates...
Do you use cash or accrual accounting methods for your rental property?
it sound's good but make sure you understand this is not a get rich quick scheme. if you willing to work hard, interruption at dinner time or vacation time then this might be for you. this will be at first until you have at least 6 to 10 property to make money. it will be hard at first but if you stick to it as alway, it will get better when there's cash flow.
I like this strategy, wondering if i Should buy property on my name or open business LLC company ?
What about out of state investments? I would rather a turn key to get in the game.
Do these 2 options of using OPM now come up on your credit report?
Can you explain what happens when it’s time to pay the transferee deposit back to the credit card company?
I didn't know the credit card companies would let you do a automatic transfer, wow!
What are the payments on the two loans Vs. the rent?
Which banks would you recommend?
I own rentals. It’s a terrible idea to buy them with no money down. If you can’t put money down, you shouldn’t be buying one. Especially if your new to real estate. You wouldn’t even make much if anything per month. Most banks won’t even let you do a no money down loan.
Many people will not read your comment.
@@kelechinobi3085 I hope they do because no money down will be a lesson learned.
Good luck finding Buyer agents.
These days all of the agents are Seller's agents looking to "pump and dump", looking to get the highest amount for their listing (ideally through an auction situation with multiple buyers pushing the price up.
.. , ✍🏻ᴛʜᴀɴᴋꜱ
ꜱᴇɴᴅ ᴀ ᴍᴇꜱꜱᴀɢᴇ
♱𝟷𝟻𝟷𝟸𝟹𝟾𝟽𝟽𝟶𝟼𝟺👍📈.❤
Let’s talk right away
Richard what all credit cards do you have?
…. But banks want to see where you got the down payment and they don’t like to see that your down payment came from a credit card
Ok got it assume a lot still need money to to pay bills every month.