Title | : | How to Buy a Second Home With $0? |
Lasting | : | 10.48 |
Date of publication | : | |
Views | : | 110 rb |
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Genuinely the best video explaining this Thank you! Comment from : She A Meah |
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Best Video on this subject ever - Thank you! Comment from : Ton Oguara |
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How do you make payment to the principle? Comment from : Just B dsd |
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Can’t even buy 1 Comment from : Ace |
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she knows what she's talking about Comment from : Ron Valles |
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What if you don't want to rent out the property Comment from : Chris Vinson |
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You are not telling the whole story Comment from : Chris Vinson |
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The title says buying with 0$ 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 |
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🤦 Comment from : Matt Campos |
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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 |
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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 |
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Heloc you can lose your house Comment from : Cino |
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Amazing explanation! Comment from : fnz22 |
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Your equity is your money Comment from : Eron Miller |
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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 |
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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 |
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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 |
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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 |
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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 |
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Typo do have to be the primary? Comment from : Rdcrtny |
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Do you have to primary? Comment from : Rdcrtny |
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God bless you Comment from : gurprasad singh |
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"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 |
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I want to sell my house and move into a new homedo I get a HELOC for the down payment??? Comment from : walter cobb |
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Excellent information explained extremely well Thank you very much Comment from : Derrick Velez |
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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 |
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What is eqjity , can you tell in detail , not understand what you told, what is lendable equity Comment from : baa reddy |
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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 |
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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 |
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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 |
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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 |
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When the rates are rising, how you refinance? Comment from : A Chag |
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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 |
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I really appreciate the content Just what I was looking for to expand my portfolio 🤩👍🙏🏼 Comment from : david arroyo |
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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 |
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I love you videos There's no hype, no unnecessary build up, just straight facts!!! Thank you Comment from : ajthegoofball |
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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 |
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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 |
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Let me watch this video over & over again I learn these things through repetition🤔 Comment from : Kasoka Chibanga |
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I’m so grateful to find this video Looking to but my 4th property on this way brThanks for the info💐 Comment from : Haidy |
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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 |
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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 |
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HELOC loans are always more expensive compared to regular home mortgage rates Not always a smart way to go Comment from : Moviefan Tollywood |
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Thanks for this! Is the variable rate for heloc tax deductible? Thanks! Comment from : Cat Jav |
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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 |
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This video is a game changer people like me THANK YOU SO MUCH Comment from : SoftAuthor |
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Thank you! Very informative and clear video Love the third tip! Comment from : Solo Travel |
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Dope video great advice Comment from : Daniel Merrill |
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Youre so beautiful Thanks Comment from : C&J RealEstate - |
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Are you able to rent out the 2nd home that you purchase? Comment from : All Earned Not Given |
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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 |
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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 |
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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 |
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Lucelia, I( am studying real estate) really appreciate your way of teaching by making things easier to understand Comment from : Jonathan Croitor |
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This strategy might not work in Seattle because of how much the houses cost Comment from : Simply Jones |
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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 |
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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 |
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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 |
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This was well done Thank you! Comment from : Relentless 21 |
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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 |
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Your knowledge and the way you break it down is attractive!!! Comment from : Pentley Holmes |
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How can you do this if you just purchased the property a year ago ? Comment from : Carla Long |
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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 |
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Does HELOC always has rate of interest of an investment property because it usually taken for 2nd or higher home? Comment from : MM |
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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 |
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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 |
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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 |
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You forgot to mention to get a HELOC the bank will check DTI ratio Comment from : Jorge Molina |
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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 |
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Meaningful content, well presented without any BS Comment from : Ravikumar HK |
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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 |
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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 |
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Love your channel Comment from : Jerome Inder |
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Love the info 👊🇯🇲💯 Comment from : KING ROYALTY |
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If you cash out refi, doesn’t your overall mortgage balance increase and the payments? Comment from : Hood Jyrome |
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My heloc is two percent for 30 years Im half way thru 15 years in 80K to go Comment from : Cristiano Gomez |
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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 |
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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 |
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Nice advice Where are you from? Comment from : Tim Jacobs |
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I just love this lady :) Comment from : Erick Exatus |
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I am obsessed with you Comment from : Anthea P |
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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 |
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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 |
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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 |
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I love this channel!!! So educational and brilliant!!! Let the house hunting begin!!! Comment from : gladys peralta |
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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 |
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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 |
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Do you need to get an LLC to get a business CC! Comment from : Miss Rose |
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All I can think about while you were explaining is one word: YES!!! 🥰 thank you, Lu Comment from : Chris Urbi |
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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 |
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What is the max equity LTV I can get from HELOC? Comment from : THE Money Team Sanchez |
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Thank u for this video Comment from : sheila rementizo |
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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 |
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These videos are very clear and helpful!! Thank you for sharing your knowledge Comment from : Jason Ross |
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