Wed, 27 June 2018
#182: Using your home as an ATM or credit card? Is this irresponsible?
A listener and I discuss the risks and rewards of using a Home Equity Line Of Credit (HELOC) to cash out your home equity for use in income property investing.
Our guest is a Get Rich Education listener and Grammy-Nominated Music Producer Blake La Grange of San Diego, CA.
Most people settle for “Maybe someday.” Instead, optimize what you have now. Use leverage, debt and equity, and arbitrage to your advantage.
Blake & his wife played the speculative property appreciation game well. Their $585,000 home soon appraised for $700,000+. This provided equity for them to transfer into income property.
Want more wealth?
1) Grab my free E-book and Newsletter at: GetRichEducation.com/Book
2) Actionable turnkey real estate investing opportunity: GREturnkey.com
3) Read my new, best-selling paperback: getbook.at/7moneymyths
Listen to this week’s show and learn:
[02:44] Meet Blake La Grange, San Diego-based GRE listener and Music Producer.
[04:45] Blake’s mindset change from debt-free to financially-free.
[11:24] Blake & his wife’s first home cost $585,000.
[15:11] Private Mortgage Insurance.
[17:17] $700,000+ home appraisal.
[20:08] Home Equity Line Of Credit (HELOC).
[27:54] Listening to GRE “like crazy”.
[31:06] Blake and turnkey real estate in Birmingham and Memphis.
[38:27] Pay off rentals or keep exchanging?
[40:22] Going from owning zero properties to one is most difficult.
[45:22] Even if your mortgage balance is zero, you still have housing payments.