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The video provides a five-step action plan for those interested in investing in real estate. The first step is to get your finances in order so that you are ready to buy real estate when the right deal comes along. The speaker emphasizes that you need money to invest in real estate, whether it's your own or other people's money. Private lenders are a good source of funding because they are passive investors who trust you and the real estate market. The speaker recommends private lenders because they are flexible, relationship-based, and trusting. If you don't have a rich uncle to borrow from, you can find private lenders by doing a simple Google search.
The speaker discusses creative ways to use your own money for real estate investing. The first method is using a home equity line of credit (HELOC), which is like having a credit card on the equity of your property. The second method is selling things for cash, such as a car or unused items. Lastly, the speaker suggests house hacking, which involves buying a duplex or multi-unit property and living in one unit while renting out the others.
The speaker suggests house hacking as a great way to start investing in real estate. This involves buying a multi-unit property and living in one unit while renting out the others. You can use an FHA loan with 3.5% down or put 20% down. The speaker then discusses ways to raise your credit score, including becoming an authorized user on someone else's account, getting a secured credit card, working on your utilization rate, and disputing your credit or asking for forgiveness. The speaker recommends finding a private money lender to help with financing.
The speaker discusses the importance of getting long-term funding for real estate investing. They recommend getting a pre-approval letter from the bank, which requires meeting four main criteria. The first is having a good personal credit score, which can be improved by disputing errors and becoming an authorized user on someone else's account. The second is having consistent income for at least two years, which can be proven with pay stubs. The third is having two years of tax return statements. The fourth is having cash reserves in your checking account, preferably with the bank you are applying to. The speaker also suggests finding a private money lender, which can be done through a Google search or through their mentorship program.
The video provides a five-step action plan for those interested in investing in real estate. The fir