Get Rich Education

#203: Doctors’ debt is $200K-$600K+ after medical school. Should they pay it off or invest in real estate instead?

Most view doctors as “successful” - they help people and earn more than most.

Dr. Buck Joffrey joins us. Are doctors “too academic” to be concerned with investing? They miss out.

Get his great Wealth Formula Roadmap Course.

Young doctors often ask veteran doctors what to do with their money. They get referred to a typical financial advisor.

“The Rule Of 72” is misleading. Mutual fund investors often make zero return.

It is impossible to build substantial wealth without (good) debt. That is, debt that’s outsourced to others, like tenants.

I give a concrete example of how debt creates wealth for you with a $1M building where you make a small down payment.

Inflation dilutes the weight of your debt.

Wealth Formula = Mass x Velocity x Debt

Dr. Joffrey’s first apartment building was bought based on “a promise” - a pro forma on a Class D building. It was awful.

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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 best-selling paperback: getbook.at/7moneymyths

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Listen to this week’s show and learn:

02:10 My chat with a new medical doctor and his $450K debt.

06:00 Dr. Buck Joffrey interview begins.

09:05 Are doctors “too academic” to be concerned with investing? They miss out.

12:15 When you have a Dad that’s in real estate investing.

14:35 “The Rule Of 72”.

16:43 Flawed conventional wisdom.

20:00 Debt.

24:58 Inflation-profiting from debt.

28:39 The mathematical wealth formula.

30:13 Dr. Joffrey’s first apartment building was a loser.

31:50 Wealth Formula podcast.

33:47 Dr. Buck Joffrey’s video course: Wealth Formula Roadmap.

Resources Mentioned:

Video Course: Wealth Formula Roadmap

Book: Cashflow Quadrant

Mortgage Loans: RidgeLendingGroup.com

Cash Flow Banking: ProducersWealth.com

Turnkey RE: NoradaRealEstate.com

QRP: TotalControlFinancial.com

Find Properties: GREturnkey.com

GRE Book: GetRichEducation.com/Book

Direct download: GREepisode203_1.mp3
Category:general -- posted at: 4:00am EDT

#202: $108,000 was my highest salary from my day job. I discuss.

There’s high housing demand and low supply. Then why are homebuilders slowing down? You get answers.

SFHs comprise 30-35% of all U.S. rentals. 90% of rental SFHs are owned by “mom & pops”.

Learn how to exploit real estate’s geographic arbitrage.

How are you living? Metaphorically, are you using water buckets or a sprinkler system?

Meet me in-person at the New Orleans Investment Conference, Nov. 1st to 4th.

I made an infographic to send you: “The 5 Ways Real Estate Investors Get Paid”.

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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 best-selling paperback: getbook.at/7moneymyths

Listen to this week’s show and learn:

02:12 Supply vs. Demand and “Capacity To Pay”.

03:59 Homebuilding slowdown.

10:40 SFHs comprise 30-35% of all rentals. 90% of rental SFHs are owned by “mom & pops”.

13:02 Geographic arbitrage.

16:39 Water Buckets vs. Sprinkler Systems.

19:06 Security vs. Freedom.

23:48 Meet me in-person in at the New Orleans Investment Conference, Nov. 1 - 4th:  https://goldnewsletter.com/wp-content/uploads/2018/07/NOIC_2018_GRE.html

27:32 Infographic: “5 Ways Real Estate Investors Get Paid.”

Resources Mentioned:

Reuters: Home Sales Sag, Prices Rise

Meet Me In New Orleans, Nov. 1st - 4th

Book: “How To Be In The Top 1%”

Mortgage Loans: RidgeLendingGroup.com

Cash Flow Banking: ProducersWealth.com

Turnkey RE: NoradaRealEstate.com

QRP: TotalControlFinancial.com

Find Properties: GREturnkey.com

GRE Book: GetRichEducation.com/Book

Direct download: GREepisode202_2.mp3
Category:general -- posted at: 4:00am EDT

#201: Your down payment, credit score, reserves, debt-to-income ratio necessary for an income property loan are discussed.

Ridge Lending Group President and CEO, Caeli Ridge, also tells you 15% of appraisals come in low, 80% right on, and 5% above the contract sale price.

Can a bank call your mortgage loan payment due-in-full anytime? Short answer is “no”. We discuss.

Learn some good options after your first 10 loans (single) or 20 (married) are exhausted.

We discuss the effect of higher mortgage interest rates on your cash flow.

HELOC interest is not always tax deductible. Be mindful that Trump doubled the standard tax deduction threshold.

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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 best-selling paperback: getbook.at/7moneymyths

Listen to this week’s show and learn:

02:58 Receiving sale price discounts for paying cash rather than financing property.

08:48 Two sets of underwriting guidelines: loan spots 1-6, loan spots 7-10.

18:40 Can a bank call your loan due-in-full anytime?

22:50 Max. LTVs on cash-out refis.

26:56 Portfolio financing beyond ten loans: 6.375% interest rate.

31:00 Higher interest rates than last year.

33:27 Appraisals.

36:26 Underwriting guidelines: too loose or too tight today?

39:15 Phone 855-74-RIDGE | www.RidgeLendingGroup.com | info@ridgelendinggroup.com

40:23 HELOCs on income property: difficult to find, 65% LTV.

41:27 Tax-deductible interest, standard deduction threshold.

Resources Mentioned:

Mortgage Loans: RidgeLendingGroup.com

Cash Flow Banking: ProducersWealth.com

Turnkey RE: NoradaRealEstate.com

QRP: TotalControlFinancial.com

Find Properties: GREturnkey.com

GRE Book: GetRichEducation.com/Book

Direct download: GREepisode201_1.mp3
Category:general -- posted at: 4:00am EDT

#200: Discover your “why” in life and real estate.

You should have a selfish why and an altruistic why in real estate investing.

I summarize today’s economy and asset values: GDP growth, real estate, stocks, interest rates, cryptocurrency, oil, dollar, precious metals, The Fed.

As a Forbes writer, I’m going on offense, not defense.

You hear the audio clip: “7 Minutes To A Wealthy Mindset”.

Enjoy this milestone 200th Episode - the Bicentennial Installment of GRE!

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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 best-selling paperback: getbook.at/7moneymyths

Listen to this week’s show and learn:

00:52 Up and down market cycles.

02:02 You live a great life.

04:33 Your “why”.

10:02 Why I’ll never paint a wall or mow a lawn again.

14:58 Programming changes.

16:07 Today’s economy, GDP, asset values.

25:12 At Forbes, I’m going on offense, not defense.

26:52 Audio clip: “7 Minutes To A Wealthy Mindset” video.

Resources Mentioned:

Videos: GetRichEducation.tv

My Forbes article: Home Equity

Mortgage Loans: RidgeLendingGroup.com

Cash Flow Banking: ProducersWealth.com

Apartment Investor Mastery: BradSumrok.com

Turnkey RE: NoradaRealEstate.com

Find Properties: GREturnkey.com

GRE Book: GetRichEducation.com/Book

Education: GetRichEducation.com

Direct download: GREepisode200_1.mp3
Category:general -- posted at: 4:00am EDT

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