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How to Buy a Second Home With $0?




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Title :  How to Buy a Second Home With $0?
Lasting :   10.48
Date of publication :  
Views :   110 rb


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Comments How to Buy a Second Home With $0?



She A Meah
Genuinely the best video explaining this Thank you!
Comment from : She A Meah


Ton Oguara
Best Video on this subject ever - Thank you!
Comment from : Ton Oguara


Just B dsd
How do you make payment to the principle?
Comment from : Just B dsd


Ace
Can’t even buy 1
Comment from : Ace


Ron Valles
she knows what she's talking about
Comment from : Ron Valles


Chris Vinson
What if you don't want to rent out the property
Comment from : Chris Vinson


Chris Vinson
You are not telling the whole story
Comment from : Chris Vinson


Sony
The title says buying with 0$ so why is she telling a whole story how to put 40k to getting a line of credit to purchase a second property 😅😅😅 am i not understanding?
Comment from : Sony


Matt Campos
🤦
Comment from : Matt Campos


Ray
Thanks Question how about the debt to credit ratio? I own a house and can get 70k out of my house can i still buy a second house if i will owe the mortgage in the first house and on top of that trying to get credit for the second house? Whats the process?
Comment from : Ray


yuri
if already have an hello loan on my primary home I wan to still buy a 2nd home to live move to another state but don't want to loose my low int rate in these loans and use the rental income towards loans what do ido teacher??
Comment from : yuri


Cino
Heloc you can lose your house
Comment from : Cino


fnz22
Amazing explanation!
Comment from : fnz22


Eron Miller
Your equity is your money
Comment from : Eron Miller


IB JayB
What if your buying a second home not an investment property? Those require 20 down I don't have $60-70k sitting around for a down payment and incurring more debt to do so does not make sense to me No one has an answer to that question
Comment from : IB JayB


Jonnyboy
With a refi does insurance go up? Taxes? Pmi comes back? Also wouldn't loan amount on the new mortgage go down My second home would be an investment property costing alot more than my si gle family If any of these apply the numbers wouldn't make sense
Comment from : Jonnyboy


P S
So I just closed on a cash-out refinance on my primary house, and I want to use that equity to buy rental properties Do I need to re-apply for a new loan in order to buy additional properties? Depending on the cost of each properties, I can definitely buy multiple properties Is there a way to get one loan for all properties? Or do I need to apply a new loan for each rental property?
Comment from : P S


Sticky Bandit
Except it's not actually other people's money The bank creates the HELOC out of thin air using fractional reserve banking practices
Comment from : Sticky Bandit


Star_ platinum
how does this method affect the mortgage on the 1st house, if you were paying 1000 dollars a month approximately how much would you pay after the loan would it stay the same or go up
Comment from : Star_ platinum


Rdcrtny
Typo do have to be the primary?
Comment from : Rdcrtny


Rdcrtny
Do you have to primary?
Comment from : Rdcrtny


gurprasad singh
God bless you
Comment from : gurprasad singh


Yoshi
"you at no point in time utilize any of your money" that is not accurate as you left empty your equity bucket (that means your wealth!!) plus acquiring debt with a second mortgage so your head is under the water (your first home is not really yours anymore, I hope you see that), hopefully the rent that the tenant pays will cover the mortgage payments AND the carrying cost (maintenance, insurance, taxes, etc) AND will give you some money left at the end of the year to compensate for all the risk you are incurring (if something goes wrong the bank may claim that roof under your head) and at some point you re-built your equity that you just emptied Yes you are not using the coins and bills that you have in your pocket, instead, you are using your wealth that is even more valuable
Comment from : Yoshi


walter cobb
I want to sell my house and move into a new homedo I get a HELOC for the down payment???
Comment from : walter cobb


Derrick Velez
Excellent information explained extremely well Thank you very much
Comment from : Derrick Velez


Rico Suave
The amount of money you put into your principal is what you can lend You can only get a loan for what you’ve paid on the mortgage not what the house is worth You can sell your house for what it’s worth and take the profits though
Comment from : Rico Suave


baa reddy
What is eqjity , can you tell in detail , not understand what you told, what is lendable equity
Comment from : baa reddy


Ferhat Kara
Can you please provide a link for the business credit card video you are talking about at the end of this video? Thank you!!
Comment from : Ferhat Kara


Vinh Hang
The end of the day, it’s still a debt from cash out refi, or HELOC, your debt to income ratio is now higher, it’s not easy to get another mortgage with too high of a ratio
Comment from : Vinh Hang


Chris Tian
Isn't equity the difference between how much your home is worth and how much you owe on your mortgage?brIn your example shouldn't it be 70k?
Comment from : Chris Tian


Phong Tram
Hi, I am looking 2nd property ($250k) to rent out Can I use heloc to put 20 down and at the same time mortgage 2nd property? Thanks
Comment from : Phong Tram


A Chag
When the rates are rising, how you refinance?
Comment from : A Chag


Andrei Collins
Question,,,my home bought cash for 80k,,after Covid now estimated value 225k ,,,how much equity can I get for a property 210k?
Comment from : Andrei Collins


david arroyo
I really appreciate the content Just what I was looking for to expand my portfolio 🤩👍🙏🏼
Comment from : david arroyo


Shipmate
This has literally been one of the most informative videos i've seen so far while doing my research on buying a second home Very informative and thank you for keeping things simple and explaining the content so well!
Comment from : Shipmate


ajthegoofball
I love you videos There's no hype, no unnecessary build up, just straight facts!!! Thank you
Comment from : ajthegoofball


damien drolet
Can you get a second multi family property if you have zero equity? I just used a VA loan to buy a triplex and I would like to buy another one in a year I bought at top of the market so I won’t have equity Any way I can get an FHA loan for 35 or even another VA loan? I’m willing to move into the new property at that time But if I have to wait until I have 20 down for my second property, it’s going to take me a few years What can be done? Thanks!
Comment from : damien drolet


Walter Cobb
I'm house rich but cash poor I have equity in my home, I need to sell my house and buy another but my house needs repairs before I can sell So will a heloc be good for me
Comment from : Walter Cobb


Kasoka Chibanga
Let me watch this video over & over again I learn these things through repetition🤔
Comment from : Kasoka Chibanga


Haidy
I’m so grateful to find this video Looking to but my 4th property on this way brThanks for the info💐
Comment from : Haidy


andres canseco
it sounds pretty simple but it's not once you apply they want to know everything if you're able to receive it ,there're many requirements such as how much income you have and so on
Comment from : andres canseco


Sonny Wilson
I have a home that apprised for roughly $1 million dollars I owe approximately $450,000 so basically a heloc loan is just about 80 +/- of my equity that would bringe right at $440,000can I use this equity to buy fix & sell a property if so what bank or lending companies would you recommend
Comment from : Sonny Wilson


Moviefan Tollywood
HELOC loans are always more expensive compared to regular home mortgage rates Not always a smart way to go
Comment from : Moviefan Tollywood


Cat Jav
Thanks for this! Is the variable rate for heloc tax deductible? Thanks!
Comment from : Cat Jav


Creative Professional
A Heloc on your primary residence vs on an investment property are 2 very different things in terms of rate and attainability
Comment from : Creative Professional


SoftAuthor
This video is a game changer people like me THANK YOU SO MUCH
Comment from : SoftAuthor


Solo Travel
Thank you! Very informative and clear video Love the third tip!
Comment from : Solo Travel


Daniel Merrill
Dope video great advice
Comment from : Daniel Merrill


C&J RealEstate -
Youre so beautiful Thanks
Comment from : C&J RealEstate -


All Earned Not Given
Are you able to rent out the 2nd home that you purchase?
Comment from : All Earned Not Given


rebekah mckay
I have a few questions A little back story first brbrWe have a house we currently reside House A We want to use House A to live in as we are renovating the new house, House B We do not want to use the equity of House A to purchase House B brbrHouse B has over $50K appreciation because it’s a family deal (We would need that appreciation confirmed before the purchase) So assuming we find equity inside of the House B purchase and with it needing a lot of work…how can we use the appreciation *only to get into the house without us touching House A? brbrI have looked into home loan types but I’m really interested in low interest, low closing costs, low down payment We are in no rush getting into House B- we want to be smart with how we get into this It’s going to need work
Comment from : rebekah mckay


Missy Skeeter
HELOCs seem to have higher interest rates than conventional mortgagefor example, Jan 2021 Bank of America 10-year draw, 20-year repay starting at 44 So why not simply get a mortgage at less than 3 for a vacation home instead?
Comment from : Missy Skeeter


Hardwood Floor Refinishing 101
You"ll also still have a mortgage on your first property after cash out refiyou forgot to mention that!!!
Comment from : Hardwood Floor Refinishing 101


Jonathan Croitor
Lucelia, I( am studying real estate) really appreciate your way of teaching by making things easier to understand
Comment from : Jonathan Croitor


Simply Jones
This strategy might not work in Seattle because of how much the houses cost
Comment from : Simply Jones


Horse
Means nothing if your income can’t service the debt Equity is debt! All this is soooo simple what your explaining INCOME IS EVERYTHING!!!
Comment from : Horse


Ali A
All depends on the credit score, speaking from real world experiencebrAlso, banks will not lend you 100 of the home equity In fact they say the max we lend is 80k
Comment from : Ali A


Stang
lol its still out of your pocket lol,,, nice play on words you should get into the democratic party they think everything is free as well lol
Comment from : Stang


Relentless 21
This was well done Thank you!
Comment from : Relentless 21


turbo_fries
Thank you Lucelia, your videos inspired us and help us with creative financing As a matter of fact, we just closed on our second property and cannot thank you enough for the invaluable real estate education By far the best channel on youtube, and yes we love you! <3
Comment from : turbo_fries


Pentley Holmes
Your knowledge and the way you break it down is attractive!!!
Comment from : Pentley Holmes


Carla Long
How can you do this if you just purchased the property a year ago ?
Comment from : Carla Long


Arlene_witha_y
What if you just bought your home 2 years ago and want to rent it out to be able to buy another home in a more convenient location and use a co-signer
Comment from : Arlene_witha_y


MM
Does HELOC always has rate of interest of an investment property because it usually taken for 2nd or higher home?
Comment from : MM


Staten Island MTB
When you own money on your first house and trying to purchase a second Will the bank look look at the first house as a income if you are renting it out or they will look at it as a debt because you still own money to it??brbrThanks
Comment from : Staten Island MTB


Bernabe L
What about if the heloc is not enough to buy my second house?🤔 do I need apply for all money of the house?
Comment from : Bernabe L


j Villa Knows
I have an awesome 225 VA refi on my 1st home for $670k (rental now) My house has appreciated to $12mbrWith the Cash out Refi to put a downpayment on my 2nd home (20 on $575k) will i lose my 225 rate on my 1st home?
Comment from : j Villa Knows


Jorge Molina
You forgot to mention to get a HELOC the bank will check DTI ratio
Comment from : Jorge Molina


Frederick Eshun
First of all no bank will give you 100 of the equity in the home Most banks are giving 80 loan to value
Comment from : Frederick Eshun


Ravikumar HK
Meaningful content, well presented without any BS
Comment from : Ravikumar HK


delegerernt
great info I just need to follow through but am scared to bite off more than I can cheww, so many things can go wrong yet things can go right
Comment from : delegerernt


PWC-DOCTORZ NOSTRADAMUS
In this senario you dont get $130K you only get 75-80 the appraised value - how much you already have a loan for So in this case $102K
Comment from : PWC-DOCTORZ NOSTRADAMUS


Jerome Inder
Love your channel
Comment from : Jerome Inder


KING ROYALTY
Love the info 👊🇯🇲💯
Comment from : KING ROYALTY


Hood Jyrome
If you cash out refi, doesn’t your overall mortgage balance increase and the payments?
Comment from : Hood Jyrome


Cristiano Gomez
My heloc is two percent for 30 years Im half way thru 15 years in 80K to go
Comment from : Cristiano Gomez


Mario Martinez
Just the right video I needed thank you so muchbrMy house I got it for 200kbrNow is worth 400k+brI owe 80kbrI think I have enough equity to move forward Ty
Comment from : Mario Martinez


Invincible
We can’t do this in Texas They will not allow us to use Helocs or cash refinance for a second mortgage Plus our business credit is tied to our personal credit as well
Comment from : Invincible


Tim Jacobs
Nice advice Where are you from?
Comment from : Tim Jacobs


Erick Exatus
I just love this lady :)
Comment from : Erick Exatus


Anthea P
I am obsessed with you
Comment from : Anthea P


extremegirlny
One thing to keep in mind A home’ s equity is not the lendable equity Most banks extend a line of credit for 80 LTV of the LENDABLE equity The bank won’t lend the difference between value and balance of mortgage
Comment from : extremegirlny


cre8gnr8nrg
Pulled 20K off my personal credit cards a few months ago for a down payment and was hoping I'd still be above 750 810 so the only question is where to buy Live in Cali traveling to Colorado and Florida to look for 2nd home or investment Might wait to see if the can gets kicked again in September because they'll telegraph that 3 months out
Comment from : cre8gnr8nrg


Premium knowledge
Love the way you explained itbrThe nay sayers will say nay lol So what, if you educated yourself you’ll be just fine I have 2 HELOCS they’ve worked great for me
Comment from : Premium knowledge


gladys peralta
I love this channel!!! So educational and brilliant!!! Let the house hunting begin!!!
Comment from : gladys peralta


J Mobile
But how do you get approved for another mortgage with no change on income? That remains a mystery for me for those buying multiple properties Can u make a video about it We always hear buy another propertybut how to get approved for more mortgage? Any tips?
Comment from : J Mobile


vuhsace
I’m a little confused Opening a HELOC or cash out you will still have to pay that money back hence coming out of your pocket If you get tenants yes they pay rent but now you have a 2nd mortgage with a HELOC that has interest to pay off The rent won’t be able to pay for both of those expenses Your paying debt with debt
Comment from : vuhsace


Miss Rose
Do you need to get an LLC to get a business CC!
Comment from : Miss Rose


Chris Urbi
All I can think about while you were explaining is one word: YES!!! 🥰 thank you, Lu
Comment from : Chris Urbi


hundred hundred
Loved the video, it's like you come out with a video as soon as I have questions ❤️brI finally just bought my first duplex!!! 90,500 purch PricebrAppraisal 107,000brAnd 3,1k down brSo I was trying to add up is that 20k equitybrWe need to talk teach🙂
Comment from : hundred hundred


THE Money Team Sanchez
What is the max equity LTV I can get from HELOC?
Comment from : THE Money Team Sanchez


sheila rementizo
Thank u for this video
Comment from : sheila rementizo


CancelLGBTQ
Love your content My primary home is paid off so I have been looking to buy 2nd property for rental but not in this crazy housing market right now I will wait and see a bit
Comment from : CancelLGBTQ


Jason Ross
These videos are very clear and helpful!! Thank you for sharing your knowledge
Comment from : Jason Ross



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