Every successful real estate investor has a mentor. Get your mentor here: www.freedommentor.com/apprentice
@BorderGuards3 жыл бұрын
If a conventional loan is not a bank or CU loan then what is the definition of conventional loan?
@freedom_mentor3 жыл бұрын
@@BorderGuards Conventional means that the loan is sold to Fannie/Freddie on the secondary mortgage market. A local bank / credit union loan is one that a local bank or credit union originates and holds the paper and services it, rather than selling on the secondary mortgage market.
@mchet96993 жыл бұрын
What do you think about a HELOC?
@freedom_mentor3 жыл бұрын
@@mchet9699 I love them, so long as you are using them for short term capital needs.
@LK-pc4sq2 жыл бұрын
@@freedom_mentor Long time ago, I tried to get a loan against a investment property and was turned down because I did not have the income then to buy the properties. Now the homes have gone up 800% since the 1990s :(
@market-climbing-stockchart32793 жыл бұрын
I spent hours researching things and talking to some people online, then watched this video and this was way more informative than everything else I found online, great info
@earth2survival9223 жыл бұрын
Agree and it is an eye opener. Most of the people on here are full of it or not as savy as this man. He's a blessing!!!
@simonmartinez84803 жыл бұрын
I said it once, I’ll say it again , you da Mannnnn ! I started watching your videos in 2017 with a net worth of -$30k (college loans) . 2 flips and 10 rental properties later with your videos, I now have a net worth of $800k and I just turned 29 . I still drive my old Chevy 2001 Silverado from the beginning and recycled all my profits back into investments. Told myself I would not buy a new vehicle until I hit 1million. A quote you said in one of your first videos stuck with me “you don’t have to look rich, you don’t have to act rich, you can just be rich !” . Near a millionaire today and no one in my family knows . Mother has a clue I’m making money but not 100% sure lol.
@levertis19872 жыл бұрын
Great job man I’am happy for you keep up the good work
@FreeMindxx2 жыл бұрын
This is motivating. I’m 22, decent credit but I don’t have proof of income so I just don’t know how to get started
@Sakrific3r Жыл бұрын
Where are you today in your journey? New truck yet? 🤞
@simonmartinez8480 Жыл бұрын
@@Sakrific3r Nope still have the same truck (Chevy Silverado 2001). Only this time now I just recently bought my first apartment complex this past December (17 units). Once our remodel is complete, we expect it to bring in roughly $6000/mon NET after all expenses paid. After the remodel I am considering finally buying a new truck just for the tax deductions I can get with the new "bonus depreciation" IRS tax law. Not to mention my net worth will for sure be over the $1mil mark once the remodel is complete. (currently at $955K before the remodel) But we will see what happens, I kind of like having stealth wealth. Its just a Vibe knowing you are the richest person in the room and nobody would ever guess.
@Sakrific3r Жыл бұрын
@@simonmartinez8480 that is so awesome!!! Following you on following the dream. Thank you for the inspiration. Kevin
@weschristensen2 жыл бұрын
As a broker, the bulk of my business is non-QM. I’ve been surprised to find that you nailed it, Phil. Most brokers don’t want to mess with non-QM. The most popular product I’m closing in non-QM w/ investors is the DSCR loan. We don’t look at income at all with DSCR. The property qualifies using a 1007 appraisal to determine expected cash flow and closes faster than most other options.
@BrianWingard2 жыл бұрын
Just watching this video now and saw your comment. Out of curiosity what is the appraisal process like? Do you hire a local person to view the property or do you simply look online for the value? Trying to educate myself some since I am in the market for a refi using dscr.
@weschristensen2 жыл бұрын
@@BrianWingard oof just seeing your comment now, my bad! We order a local appraisal and an appraiser gets rental comps and defines an expected rental income. Some of my lenders will allow you to use Airbnb income history or AirDNA numbers if the property was already being used as a short term rental. Depends on the scenario but typically the appraisal is done in person.
@happycamper4483 Жыл бұрын
Do you lend in Illinois for rental property?
@weschristensen Жыл бұрын
@@happycamper4483 I do indeed 👍🏼
@zoerpm6493 Жыл бұрын
Quick question, What are the credit requirements?
@jamesmathiasch48643 жыл бұрын
Hi Phil, I own Landmark Capital Mortgage in Arizona, I'm a Non-QM Mortgage Broker and we specialize in Investor Loans. I'm an Investor as well. Here to help your subscribers. Thank you!
@goodfella9982 жыл бұрын
What is the typical rates for 800 credit scores?
@ednasalinas55682 жыл бұрын
Do you do cash-out refinance or a HELOC for a rental property (Paid off) that is under a LLC? I own multiple properties, most with mortages. For this cash-out refinance, the property is paid off. Would the multiple mortgages in my portfolio affect my chance?
@happycamper4483 Жыл бұрын
This mortgage company is Closed.
@seanlovesrealestate3 жыл бұрын
Portfolio lenders are definitely the way to go if you plan on scaling your rental portfolio. A couple things to note are that different loan types also have different origination and processing fees associated with them and that different lenders may have different lending requirements (i.e. min loan balance, DSCR, and prepayment penalties). For a new investor, it's definitely worth the time to speak with AS MANY lenders as possible when they're just getting started so that they can shop the best rates and terms.
@jamesscobba70015 ай бұрын
Love Sean videos!
@MichaelFoxFamily3 жыл бұрын
Great video Phil and thanks for the resources! After 15 years as a realtor I'm still learning important "signal" in all of your videos!
@AllNighterHeider3 жыл бұрын
That was great. You stroked my confirmation bias and outlined the plan that I had come up with to get into residential real estate.
@hannahnguyen31423 жыл бұрын
Your channel offers so much free helpful info. It deserves way more among all real estate investing channels now.
@ton4real4743 жыл бұрын
Nobody breaks it down better than Phil.
@bennybronco763 жыл бұрын
An absolute WEALTH of information. Absolutely invaluable. And thanks for answering the question about the down payment most of these podcast fail to mention that. There's no way around it. I have heard mentioning of crowdfunding if you care to elaborate.
@freedom_mentor3 жыл бұрын
Crowdfunding initially had huge momentum but then it suffered some major setbacks due to piss poor underwriting departments that didn't know what they were doing and bought the wrong properties at the wrong prices and with the wrong management. Whether the source of the funds is 1,000 people putting in $5,000 or an investment fund or private bank putting in $5MM; the underwriting is the key. There has always been more money for real estate than good deals. Sourcing money from the crowd was never needed to begin with; we already have all the money we will ever need for real estate. What's missing are good deals that are purchased and operated by smart investors.
@josephmihalak19043 жыл бұрын
Phil is always so clear on topics. You can tell he is so well versed on RE investing.
@R3MARKable13 жыл бұрын
Sooooo much good info and advice here Phil. Thanks again! The various scenarios provided were essential to getting my head around these financing options. You really opened some doors for so many wandering. I was hoping you would offer recommendations to Lenders, and you did! Cheers!
@AaronCMounts Жыл бұрын
In 2023, no bank is making loans for rental properties for decent rates. It's all high interest rates. This was great advice for the time when rental property loans could be found 3-5%. Those just don't exist anymore.
@ddubsr58863 жыл бұрын
When discussing cons of moving real estate out of your name and into the LLC you overlooked the most important: triggering the due on sale clause
@freedom_mentor3 жыл бұрын
I have never seen this actually happen to anyone, ever. If the LLC is 100% owned by the very same person, in my experiences over the past 20 years, no lender has ever enacted their rights under the security instrument to call the loan due.
@BritBrat4443 жыл бұрын
I want Phil and Ken McElroy to do an interview together!
@brendayourlender3 жыл бұрын
good idea
@HashP100D3 жыл бұрын
add Tom Wheelwright too
@nordiawilliams93223 жыл бұрын
I agree.
@williemudabeti37083 жыл бұрын
Mos def
@mr.g9372 жыл бұрын
Let's be honest, they aren't in the same ball park. McElroy's AUM and industry reputation dwarfs this guy's.
@k.lynnecollier7763 Жыл бұрын
Thank you for covering that last few minutes Apple Rabbit Trail. You just took away all my question marks.
@freedom_mentor5 ай бұрын
Great! Glad you found that the clarity that you needed. Let us know if you have any other additional questions.
@elenabeckford83002 жыл бұрын
Thank you for this info. I’m glad I found your content. There are other KZbinrs don’t talk about this important things.
@flyingsun510 Жыл бұрын
This is one of the most informative videos that I've ever watched on rental property loans. Thank yuo, Phil!
@amoszook37753 жыл бұрын
You are a great speaker. The info u presented has changed my life.Thank you so much.
@funinchico843 жыл бұрын
Amazing advice as usual. I just went through this a week ago on our first vacation rental property. Conventional loan in Florida. Ran into every problem mentioned regarding LLC.
@larrycox6973 жыл бұрын
I will be brief with what I do. I'm a financier building my profession around business professionals like you with hopes of synergy for the growth of each other's business. Should you be looking for finances to sustain your business/personal interest, kindly look into 52G Finance LLC. We specialize in personal loans, business loans, project finance e.t.c with a very competitive/low rate to local and international borrowers(Your location is within our jurisdiction). Our terms includes great features to help stabilize your business before repayment. I can send more information if interested. The rate are welcoming I assure you.
@lostislander25311 ай бұрын
this was the EXACT video I was looking for
@freedom_mentor5 ай бұрын
Great to hear! Any other videos you'd like to see?
@jhitchman13 жыл бұрын
At a recent Real Estate Investor meeting I met a guy from TAM Lending. Sounds like they are doing the Port Folio lending as he explained it just like you did about focusing more on the property than the applicant
@freedom_mentor3 жыл бұрын
Looks like a mortgage broker that may originate Non-QM loans; they don't appear to be a Portfolio Lender.
@trevorreed4711 Жыл бұрын
Mortgage Broker here, I'd argue DSCR has rates comparable to current (in some cases better) than current conventional lending.
@freedom_mentor Жыл бұрын
Isn’t that wild? First time in my 20 years in real estate that investor loans based on the performance of the property can have better terms than conventional loans based on the credit worthiness of the borrower.
@1973superdad3 жыл бұрын
I always bought rentals on 10 years loans with the goal to pay them off. Now you say dont pay them off.....ill need to see your video on that. Ultimate goal, build networth and cash flow...
@brendayourlender3 жыл бұрын
Thank you for the information Phil. This video was timely for me. I have recently been looking to refinance one of my properties. I appreciate you so much!
@larrycox6973 жыл бұрын
I will be brief with what I do. I'm a financier building my profession around business professionals like you with hopes of synergy for the growth of each other's business. Should you be looking for finances to sustain your business/personal interest, kindly look into 52G Finance LLC. We specialize in personal loans, business loans, project finance e.t.c with a very competitive/low rate to local and international borrowers(Your location is within our jurisdiction). Our terms includes great features to help stabilize your business before repayment. I can send more information if interested. The rate are welcoming I assure you.
@graceluo83542 жыл бұрын
@@larrycox697 what is your email address? I am in Canada.
@MsElaine1223 жыл бұрын
And then only buy deals regardless of the financing that have DSCR >1.5. Google DSCR. Which usually means you are also >$300 net between PITI and rent. Best to you.
@Bluewh1742 жыл бұрын
Wow ..what an energy and positive posture ..awesome Phil👍
@Youllneverknow1432 жыл бұрын
thanks for the info Phil. You are always a go to for detailed information not found elsewhere.
@ihavehotmail23 жыл бұрын
great video as usual, with spirit and enthusiasm even when talking about lending
@robbrownstone3 жыл бұрын
If the demand is healthy and people are holding longer than ever then why do you think things will change in 6 mos to a year? Interest rates going up? Long term holders will start selling again?
@ministeriounamanoeneldesie16153 жыл бұрын
Hey Phil God bless you and your family and everything that has to do with you.
@idkmybffjill96828 ай бұрын
My local state employees credit union is a portfolio lender 🤗
@idkmybffjill96828 ай бұрын
0 down with them on primary residence loans too. No minimum time of residency before you can move out and rent it out
@freedom_mentor5 ай бұрын
Nice!
@Tony170st3 жыл бұрын
Thank you so much I appreciate this video, great content great info.
@OreliaLatrice Жыл бұрын
Wow, thank you! This video is jam packed with awesome information.
@amgcook10812 жыл бұрын
Great info! You need cash to start out with. Wont be able to get around the 20%.
@eugeneeugene30939 ай бұрын
You’re a life saver Phil
@freedom_mentor6 ай бұрын
Thank you! What was most helpful about the video for you?
@samirvasani3 жыл бұрын
Yes that's the route I'm going to grow my rental portfolio non qm
@HaVared3 жыл бұрын
@Phil... Thank you for sharing your expertise and time. To post this very valuable information with us. I have a small amount put by. And I'll be staring at retirement in a while. So I have be looking for rental income properties and how to get proper financing. So thank you thank you Good blessings.
@ms.cordero27842 жыл бұрын
Anyway people can watch your videos outside of KZbin? The continue to blacken the screen and cut the audio. To me that is indicative that there is value and truth in them; hence being subjected to se~sorship. .
@jjfattz3 жыл бұрын
Thanks Phil, this clears up a lot of things. Information gold.
@mkmitchell40282 жыл бұрын
Hey Phil thanks for what you do, my problem is understanding asset lending which gurus teach is based on the property and not the investor i have found that to not be true my credit was the deciding factor and then i was told asset is hard money. iIm 62 yrs old retired cant find that one opportunity just one to gain credibility. Its frustrating when nothing is guaranteed.
@freedom_mentor2 жыл бұрын
How large is your down payment? How well does the rental property cash flow? What portfolio lender are you contacting?
@thomasreto29973 жыл бұрын
So, a question for you...we payed 20% down and needed the higher investment property fixed rate 30 year loan...the question is “After four or five years go by, we decide to move into our residential rental triplex and rent the other two units out short term to tourists and local rental laws CHANGE and BAN short term rentals...Are we “Grandfathered in” ? Does the county have to accommodate us or does the lender have to compensate us?
@freedom_mentor3 жыл бұрын
(1) If you make your 3 unit your primary residence, when you move in, refinance into an owner occupied conventional loan to get a lower interest rate (and a lower down payment). (2) The short term vacation rental question is more complex. You may NOT be grandfathered in. I wasn't on 5 of my vacation rentals in Daytona Beach. I could have sued the City, and perhaps after 4 years of litigation, I may have won. But I could have lost too. So I didn't take them to court. The Achilles Heel of short term vacation rental investing is if you are doing it in an area that legislators in that region are trying to ban in.
@thomasreto29973 жыл бұрын
@@freedom_mentor thank you for the information Phil. My wife and I bought a house with 2 separate ohanas on the property. It was not our intention, but, as it turned out, we needed to finance as an investment property because the state of Hawaii required this because of the fact that our primary residence is not on island. As it has turned out, we have a great property manager whom found us great long term Tenent’s to rent and live in the house for the few years before we move. Someday we wish to cater to tourists whom visit the area, but we have come to find, that Hawaii’s local government is in bed with the large hotels that will oat likely present another problem for us to find a way around in the future..🌈😃🤙
@uninouayisyen99889 ай бұрын
where I get money for loan for down payment?
@Dumeme51011 ай бұрын
Phil, great stuff. Are there porfolio lenders you can recommend in California? Thank you for the work you do.
@j.a.c.37763 жыл бұрын
Excellent information, thanks Phil!
@siracida25643 жыл бұрын
great info mr pustejovsky...thank you! I am a beginner real estate investor..
@josedominguez-zd9vk Жыл бұрын
Hi Phil. Very interesting and educational video. I am considering start as real estate investor and I have a question. How Portfolio Lenders use Debt-to-Income (DTI) criteria to lend money? When the plan is create a big portfolio, Personal incomes plus cash flow from same properties are not normally enough to get a good DTI ratio, and if each property need to get a good DTI itself with the rental incomes, the mortgage should be around 25% of the rental incomes, and that is very difficult. I would appreciate your comments. Thank
@tedpert87863 жыл бұрын
Thanks Phil!
@sudeepkhadka64583 жыл бұрын
Awesome Video! Loved the way you presented. Great!
@Real.Estate.Report3 жыл бұрын
Great tips! I'm working on building a new relationship with a broker this year to do more relationship deals and portfolio loans.
@larrycox6973 жыл бұрын
I will be brief with what I do. I'm a financier building my profession around business professionals like you with hopes of synergy for the growth of each other's business. Should you be looking for finances to sustain your business/personal interest, kindly look into 52G Finance LLC. We specialize in personal loans, business loans, project finance e.t.c with a very competitive/low rate to local and international borrowers(Your location is within our jurisdiction). Our terms includes great features to help stabilize your business before repayment. I can send more information if interested. The rate are welcoming I assure you.
@anthonyparadiso85732 жыл бұрын
Thank you so much for this informative and clear video!
@coolfiregirl2003 Жыл бұрын
What about for commercial loan like for a multifamily property, without experience. I want to invest in multifamily but most lenders are requiring experience
@philomenaizundu8893 жыл бұрын
Thanks,you made everything sounded so simple and easier. I will keep my fingers crossed for more information and secured opportunities with best business. Shalom🗼💝🗼and stay blessed!!
@danettegrant64083 жыл бұрын
Wonderful thankyou
@Ghostwriter35610 күн бұрын
Put it into a Trust.
@malindagillespie87223 жыл бұрын
Good realistic info Phil. Thanks for the lenders.
@cesarmelo45592 жыл бұрын
Hello Phil thanks for this video, How can I use land I already own to get a loan to build rentals on the same property
@adritudoazul9 ай бұрын
Pls, Is it possible for someone to take out a loan in my name in the USA? Im a brasilian and not have visa, no ssn. Thanks
@ThroughVisuals3 жыл бұрын
SO i cant use this for my down? or you can use this but you have to earn the cashflow to pay the down in anytime? someone please help me understand, i am a slow learner.
@MSHairCandy2 жыл бұрын
Your incredible!! Question, with local banks or credit unions can you name some that do construction to permanent loans on a quadplex?
@pablocavero11082 жыл бұрын
Please, can explain about VA loan for investors.
@jairbarcenas7308 Жыл бұрын
This is wonderful and insightful. Thank you
@freedom_mentor5 ай бұрын
You're very welcome. Are you investing in real estate right now?
@jamesscobba70015 ай бұрын
This is gold info!
@freedom_mentor5 ай бұрын
Thank you! Have you had a chance to watch any others of ours?
@neva-surrender2 жыл бұрын
But where do you get the money to do repairs?
@ae96nupe3 жыл бұрын
Just what I needed. Thank you!
@terysantos28102 жыл бұрын
Thank you!
@bradenjohnstun4957 Жыл бұрын
Super helpful! Theres no fluff in here you just get right to the point! Thank you!
@freedom_mentor5 ай бұрын
Thank you!
@44574457maw Жыл бұрын
Thank you for that information God bless you and your family and business 🙏🙏❣️
@freedom_mentor5 ай бұрын
Amen! Thank you.
@Yellowm33 жыл бұрын
Great video, Phil! Btw, we have Angel Oak, and Citadel plus more here in Florida. #FundYourBliss
@patcivitella13 жыл бұрын
awesome info thanks
@TedPert7 ай бұрын
very informative phil!
@freedom_mentor6 ай бұрын
Thanks Ted!
@jackj201112 ай бұрын
I have about 350K in equity in my home and want to get into real estate. Our income is on the lower end for us both, Will any lenders look at us? credit is good 715 and debt is very little under 40K CC, and one car. I will be looking to your responds.
@freedom_mentor2 ай бұрын
The equity in your home could potentially be accessed using a HELOC but that will be predicated on your debt-to-income ratio. Your ability to obtain a loan on a rental property could be determined by the performance of the property itself, and not your personal financial situation.
@bellallchome85953 жыл бұрын
Hello! Do you know where can I find a loan to build a vacation home in Cancun? I live in US. I am a foreign in Mexico. I own 3 lots in a vacation development there.
@JuanGomez-yi2xj Жыл бұрын
Do you have this in Canada?
@jo698173 жыл бұрын
For conventional, what about buying it in the personal name and then Warranty deeding it into the LLC, that way the title insurance policy remains and doesn't get voided like with a quit claim deed?
@freedom_mentor3 жыл бұрын
Maybe. Most title insurers will not issue title insurance when there is a mortgage lien recorded against the property; while in theory, the title agent could simply insert an "exception" to the title policy; almost none of them will.
@craiglis78682 жыл бұрын
Phil, What’s your recommendations for someone with no W2 job who wants to get into 5+ units multi-family buy and hold? I can come up with down payments. The property will cash flow to cover expenses and debt service but I’m running into a lot of “No W2, no loan” responses from lenders because I don’t have a job. I own 1 rental and my primary residence, both free & clear. No credit card or any personal debt. Somehow this doesn’t matters to the lender.
@freedom_mentor2 жыл бұрын
Have you contacted any Portfolio lenders?
@craiglis78682 жыл бұрын
@@freedom_mentor thank you Phil
@ginacardarella3 жыл бұрын
Great video thank you
@JuancoPRoFlow2 жыл бұрын
Tell that to Dave Ramsey.
@abbyhillman7693 жыл бұрын
Wow--thanks so much! So helpful!
@abdulshakurmuhammad2480 Жыл бұрын
Great information thank you
@freedom_mentor5 ай бұрын
Thanks!
@rajakatrina53523 жыл бұрын
Legend thanks for the information and thanks for your time
@ettycarmen76723 жыл бұрын
Why is an LLC soooo necessary? If I can save 600$ monthly on a 500k property with a conventional loan why shouldn't I just do it in my name? I have a separate 1 mil umbrella policy for each propery and that is much much cheaper. It also doesnt mess with the DTI to do it that way. Sure no LLC is a drawback but that justifies paying 150k plus over the life of the loan in interest to go via a portfolio lender etc? Lets assume that credit union is not an option for me....
@freedom_mentor3 жыл бұрын
How many times have you dealt with insurance companies? They can be AWFUL! They have teams of brilliant lawyers that spend all day coming up with ways NOT to payout claims; whether a property specific policy or an umbrella policy. And they always have limits. Owning each property in its own LLC is the best umbrella policy. And with Local Banks / Credit Unions providing the same loans as Conventional, but allowing for LLC borrowers, it's a no brainer.
@ettycarmen76723 жыл бұрын
@@freedom_mentor Lets say I cant find a local bank or CU that will allow an LLC. WOuld u say that the cost to do portfolio is worth the added benfit of LLC? ALso even if I do conventional, wouldnt quit claim into LLC and then getting a new title insurance policy and paying transfer tax still leave me far far ahead in overall costs considering the rates are so much better for conventional? Again assuming I cant get local/ CU....
@BringingFaithHome3 жыл бұрын
@@ettycarmen7672 I'm not sure of your financial situation, but obviously you can only buy conventional for so long. Eventually, you don't want to look good on paper..
@freedom_mentor3 жыл бұрын
@@ettycarmen7672 For me personally, I have never had a problem finding a local bank / credit union and I doubt you will either. But to answer your hypothetical question, I will think its worth it to go non-QM over buying in your personal name; but again, I don't think you truly will be faced with that decision. If you can be a full doc loan, non-QM rates will be very similar to conventional rates.
@worldwideachievers12343 жыл бұрын
Great stuff Phil. I’m thinking about doing a 1031. Never done it before but would do me well and save money in taxes.
@freedom_mentor3 жыл бұрын
Use IPX1031.com They are by far the least expensive intermediary (and the largest, so they have the most experience).
@worldwideachievers12343 жыл бұрын
@@freedom_mentor thank you Phil. My CPA was just telling me that I’ll need an intermediary. Awesome timing. I suppose it doesn’t matter where in the US these guys are located.
@freedom_mentor3 жыл бұрын
They are in every state. They are the largest in America.
@worldwideachievers12343 жыл бұрын
@@freedom_mentor yup. I found them in Texas and emailed him. Appreciate your help 👍👍👍
@ruqhayam1214 Жыл бұрын
Please forward me the link of the best loan broker doe portfolio loan . I haven’t seen in the comments Thanks
@freedom_mentor Жыл бұрын
Mortgage brokers are local to your state and even your city. You'll need to search for those locally.
@LivingOffRentals3 жыл бұрын
Thanks for the info, Phil!
@miguelmaldonado44922 жыл бұрын
Amazing video !! Very valuable information!
@freedom_mentor5 ай бұрын
Great! Glad it was helpful and informative.
@marianbrown2998 Жыл бұрын
Thank you so much !!!
@freedom_mentor5 ай бұрын
You're welcome!
@psych0073 жыл бұрын
But Phil, you don't need the protection of an LLC if you have adequate insurance (landlord, umbrella, etc)
@freedom_mentor3 жыл бұрын
How many times have you dealt with insurance companies? They can be AWFUL! They have teams of brilliant lawyers that spend all day coming up with ways NOT to payout claims; whether a property specific policy or an umbrella policy. And they always have limits. Owning each property in its own LLC is the best umbrella policy.
@ronkeobaro16472 жыл бұрын
Thx a lot🙏 That was really helpful🙏
@gregrichards1660 Жыл бұрын
no argument that Phil isn't awesome yet 30 yr Fixed Sep 2022 6.78..is this still true to 6.78? ty
@freedom_mentor Жыл бұрын
My rules still hold true today, such as always keeping loans on rental properties.
@AberrantArt3 жыл бұрын
What do you suggest to canadians who can only get a fixed rate for 5 years on average?
@freedom_mentor3 жыл бұрын
That's all you can do in Canada so that is what you have to do.
@PeytonOBrienMagic3 жыл бұрын
You're a genius, Phil! What are your thoughts on mailing to lists to find deals?
@freedom_mentor3 жыл бұрын
It has it's place, at specific times and in specific markets, for generating leads. It's far inferior to other techniques; but it's not completely useless. Although, our inside joke amongst our Apprentices is that anytime another investor asks, "How did you find that deal?", we reply, "Direct mail; lots and lots of direct mail."
@dataguy70133 жыл бұрын
Phil, can you talk about buying properties that are old, like 1945 construction, what about Asbestos and lead issues?
@freedom_mentor3 жыл бұрын
I own several properties that were built before 1945. They don't make them now like they used to! I love older properties. Asbestos siding is awesome. It's much better than wood or vinyl siding. As for lead based paint, since you just paint over everything, unless you test, you never really know if it was lead
@russlavalle2 жыл бұрын
Hi Phil, Love your super informative videos! I have a question about the subject in this older video. We're thinking about buying a single family home vacation rental. Current interest rates are going crazy compared to a year ago. I see 4%, 5%+. What do you think about doing a cash-out refi on our primary residence? I can get a 5/5 ARM with a rate of 2.65%. We owe about $215,000 on the home which is worth about $1.5M. Thanks! Russ
@freedom_mentor2 жыл бұрын
It sounds like you have a tremendous amount of potential capital to deploy into real estate; whether you did at 5 Year ARM or a 30 year fixed rate, you could pull out a substantial amount of capital from your primary residence to use as a down payment on an income producing property that had a 70% LTV first mortgage. So you could theoretically purchase a $2M+ property (or several properties that add up to that amount). Money isn’t your problem. I would guess the bigger issue is finding highly productive income producing properties to purchase as explained in this video: kzbin.info/www/bejne/bGXXgoeKm5KopKs
@russlavalle2 жыл бұрын
@@freedom_mentor Thanks for the quick response Phil! I hadn't thought about using the equity as a down payment vs buying a 2nd home outright. Even more investment potential. :-)
@dav1979brar3 жыл бұрын
Very good video. Love your channel.
@AlcaniZFilms Жыл бұрын
THANK YOU!!!
@freedom_mentor5 ай бұрын
You're welcome!
@camilacontreras88863 жыл бұрын
such a great video! thank you!
@vacuumbed13 жыл бұрын
Hello Phil, great video and thank you for posting. Question. Are there creative ways to finance a new construction single-family home other than a construction loan? I look great on paper except for DTI due to losses from my rental properties.
@freedom_mentor3 жыл бұрын
Not that I am aware of. Construction loans are higher risks for lenders because they know, all too well, how difficult, complicated and risky developing a new house is; all the delays, unexpected problems, etc. I would NOT recommend building new. Buy existing and remodel.
@karakidder15452 жыл бұрын
@@freedom_mentor I’m building new but having guest houses attached to Airbnb here in New Orleans you can really remodel because a lot of properties are historic and can’t be change … city regulations