Get Rich Education

#85: If you want more property, not less, you’ll structure your financial life to leverage more income property loans for yourself.

Graham Parham, Senior Mortgage Loan Officer with Highlands Residential Mortgage in north Texas, talks down payments, debt-to-income ratios, credit scores, reserves, the overall lending environment, Refinancing vs. a 1031 Exchange, HELOCs and more.

Want more wealth? Visit GetRichEducation.com and 1) Subscribe to our free newsletter, and 2) Receive Turnkey RE webinar opportunities.

Listen to this week’s show and learn:

04:11  The last housing crash was primarily due to irresponsible lending practices.

05:18  We’re talking only about about 1-4 unit income property loans today, not primary residences.

06:02  The mortgage industry is preparing to loosen lending guidelines.

09:22  Reserve requirements - 100% of retirement assets count, up from 60%.

10:48  How to use the lowest down payment possible on a conventional loan.

11:39  Minimum down payments: 20% on single-family homes, 25% on 2-4 unit properties. Credit score requirements.

14:16  Debt-to-income ratio.

15:46  HELOCs - Home Equity Lines Of Credit.

18:37  Interest rates are about ½% higher for income property than primary residences.

19:30  Minimum loan amounts.

21:21  Are Interest-Only loans coming back?

24:48  With your equity buildup, should you do a Cash-Out Refinance or a 1031 Exchange?

28:00  Seasoning, gifts.

29:07  Rapid Rescore.

30:46  LLCs.

33:48  Must a husband and wife both be on a loan application?

34:57  Financing 10 to 20 properties.

36:25  FHA loans.

42:30  Back in 2006, this is how loose and easy lending guidelines were.

44:00  Keith recaps some takeaways from today.

Resources Mentioned:

Graham Parham or 855-326-6802

Texas Investor Loans

Corporate Direct

Norada Real Estate

Coffee@GetRichEducation.com

Get Rich Education Website

Want a free GRE logo decal? Just write a podcast review; here’s how at: iTunes, Stitcher, and Android. Send: 1) A screenshot of your review. 2) Your mailing address to: Info@GetRichEducation.com for your decal.

Direct download: GREepisode85.mp3
Category:general -- posted at: 4:00am EDT

#84: Robert Kiyosaki is our guest today. He tells us about his friendship with Donald Trump, why he’s buying oil, discusses the four types of intelligence, and tells us about his long-predicted Economic Crash.

Want more wealth? Visit GetRichEducation.com and 1) Subscribe to our free newsletter, and 2) Receive Turnkey RE webinar opportunities.

Listen to this week’s show and learn:

02:24  Kiyosaki has influenced Keith’s investing thoughts more than anyone else.

04:17  A 401(k) is not a good investment. Why not? It doesn’t pay you. You pay it.

06:46  The words you use help define the life you live. Examples: “cash flow” vs. “budget” and “saving money” vs. “getting liquid.”

09:54  “Rich Dad, Poor Dad” meaning, and global reach.

19:36  What Kiyosaki learned from Donald Trump.

22:04  Four types of intelligence: IQ, EQ, PQ, SQ.

24:25  Savers are losers. Why would you save money?

25:24  Economic Crash of 2016?

27:54  Robert has lost money in business, but not in real estate.

30:05  How to invest $100,000 today.

33:38  Kiyosaki is buying oil.

36:50  Giving to others.

38:00  Good Debt vs. Bad Debt. Fiscal vs. Economic.

40:38  Studying and learning leads to winning at investing.

42:09  QE, Inflation, and Gold.

46:53  Interview recap.

48:21  Instead of saying “It Can’t Be Done,” ask “How Can It Be Done?”

51:09  Don’t live below your means, expand your means.

 

Resources Mentioned:

Rich Dad, Poor Dad

Rich Dad Website

Corporate Direct

Norada Real Estate

Coffee@GetRichEducation.com

The Real Estate Guys Investor Summit At Sea

Get Rich Education Website

Want a free GRE logo decal? Just write a podcast review; here’s how at: iTunes, Stitcher, and Android. Send: 1) A screenshot of your review. 2) Your mailing address to: Info@GetRichEducation.com for your decal.

Direct download: GREepisode84_1.mp3
Category:general -- posted at: 4:00am EDT

#83: When should you turn your little green rental houses into a big red apartment building?

Keith and Michael Blank from Bigger Pockets discuss this.

Get profit-boosting tips on both buying apartment buildings, and syndicating them.

Want more wealth? Visit GetRichEducation.com and 1) Subscribe to our free newsletter, and 2) Receive Turnkey RE webinar opportunities.

Listen to this week’s show and learn:

02:38  Would you rather have 40 single family homes or 40 apartment units?

05:04  Tenant mix.

10:00  Michael transitions from the pizza restaurant business into raising money for real estate.

11:58  Running out of money is not your problem. It’s your opportunity.

12:31  RE Investor vs. RE Entrepreneur.

13:25  For syndicators, it’s easier to find the money than the apartment deal.

14:52  How do you find “the deal” today?

15:55  How do you get your offer accepted in a competitive climate?

21:26  Panama coffee parcel discounts up until June 30th.

23:32  Ways to increase a property’s NOI and cash flow.

28:06  Valuation advantages of apartment buildings over smaller properties.

29:14  How to get started in apartment building investing.

33:05  Mentally moving yourself from an RE Investor to an RE Syndicator.

34:32  Real estate problems and lessons. Michael’s worst deal turned out well.

39:30  In life, “Be Intentional.”

43:20  Keith's take on some expenses that apartment investors fail to consider.

Resources Mentioned:

TheMichaelBlank.com/GRE - Get Michael’s free e-Book. “The Secret To Raising Money (To Buy Your First Apartment Building)”.

Rich Dad, Poor Dad - Life-changing Robert Kiyosaki book cited by Michael.

Get a Proof Of Funds letter for $5 - https://cogocapital.com/lp/home/get-a-proof-of-funds-letter/

Loopnet.com | Ccim.com | Ten-x.com - Resources for apartments, deals, and brokers.

CorporateDirect.com - Garrett Sutton’s company builds your business structure and protects your assets. Mention “Get Rich Education” for a free bonus.

NoradaRealEstate.com or call (800) 611-3060. Your Premier Source for Nationwide Turnkey Cash-Flow Investment Property.

Coffee@GetRichEducation.com - Send an e-mail here for coffee parcel discount.

MidSouthHomeBuyers.com - Top-Notch turnkey rental property in Memphis, Tennessee.

GetRichEducation.com - that’s where to subscribe to our free newsletter, receive turnkey real estate webinar opportunities, and see all Events.

Download the GRE Android App at Google Play to keep the GRE icon right on your phone’s home screen!

Want a free GRE logo decal? We’ll send you one if you write a podcast review! Here’s how to write one at: iTunes, Stitcher, and Android.  Send: 1) A screenshot of your review. 2) Your mailing address to: Info@GetRichEducation.com for your decal.

Direct download: GREepisode83.mp3
Category:general -- posted at: 4:00am EDT

#82: Your offer is accepted, your Earnest Money goes into to escrow, then your property has an Inspection, Appraisal, and more - all the way to closing.

We discuss those steps, tell you what your action items are, and discuss how long the income property-buying process takes.

Want more wealth? Visit GetRichEducation.com and 1) Subscribe to our free newsletter, and 2) Receive Turnkey RE webinar opportunities.

Listen to this week’s show and learn:

02:00  Robert Kiyosaki will be our guest in two weeks.

04:11  Why we’re embarking on the best decade ever for income property investing.

05:41  Why would anyone sell you a cash-flowing property? Many reasons given.

11:59  How to identify a winning income property: RV Ratio, eliminate your emotion, turnkey buying.

17:48  Investors get excited by the next deal. Remember to protect what you have.

19:20  What your Mortgage Loan Officer needs from you. Pre-approval letter.

20:22  Can you negotiate the property price with turnkey providers? Yes.

21:15  Submitting your Earnest Money.

23:03  Get a professional Property Inspection. What to expect.

27:17  Your Property Management Agreement.

28:21  Property Insurance.

29:18  Get a relationship with your Property Manager.

31:42  Your Property Appraisal.

33:23  Mobile Notary.

35:42  Real estate’s lack of liquidity contributes to its price stability.

36:14  You need to act. You won’t make money from the property that you don’t own.

Resources Mentioned:

CorporateDirect.com - Garrett Sutton’s company builds your business structure and protects your assets. Mention “Get Rich Education” for a free bonus.

NoradaRealEstate.com or call (800) 611-3060. Your Premier Source for Nationwide Turnkey Cash-Flow Investment Property.

MidSouthHomeBuyers.com - Top-Notch turnkey rental property in Memphis, Tennessee.

GetRichEducation.com - that’s where to subscribe to our free newsletter, receive turnkey real estate webinar opportunities, and see all Events.

Download the GRE Android App at Google Play to keep the GRE icon right on your phone’s home screen!

Want a free GRE logo decal? We’ll send you one if you write a podcast review! Here’s how to write one at: iTunes, Stitcher, and Android.  Send: 1) A screenshot of your review. 2) Your mailing address to: Info@GetRichEducation.com for your decal.

Direct download: GREepisode82_01.mp3
Category:general -- posted at: 4:00am EDT

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