Comments by "Brent - Investing On The Go!" (@BrentInvesting) on "Graham Stephan"
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@jackpotpicker6011 HELOC is 80k, Bought for 76,500, fixed 16k, total 92,500. Appraised $130k, took loan 25% down ($32,500), and cashed out $97,500. Paid back the original HELOC and pocketed ~15k. Now it rents for 1530, and mortgage is $525.43.
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@GrahamStephan I get a better rate using (Better Mortgage) 5.25% (1K+$500) off Closing Costs, Cash at Close ~$93,149, ~$616 Monthly Payment, Cash Flow ~$199
I work at a credit union and while we have higher rates I get discounts working here so 5.625%, Cash at Close ~$93,153.71, ~$683 Monthly Payment, Cash Flow ~$176
Over a Year Differences of $205. I know where my loan would sit doing it local as we keep all our RE loans, and can always make suggestions as far as appraisals and can walk downstairs for questions on future loans.
To Lock a 5% Rate Closing Costs were ~7k, and cash at close would be ~90k which I'd rather have more cash in my hand to roll into the next deal as I'm trying to move into a 4plex next.
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I've been using my 2.5% Cash Back Card Since 2017, (No foreign transaction fees, rental car insurance, identity theft resolution services, identity fraud expense reimbursement, extended warranty, concierge services, travel assistance services, travel accident insurance, baggage delay insurance, trip cancellation/interruption insurance, free credit score) - All Free :-)
Anything I Made Previous Month is Paid Out (Auto) on the 1st of the month, kinda like a nice Dividend.
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1. Cut Back On Subscriptions you Don't Need. (Online, Gym, Restaurants, Etc)
2. Save The Difference, Build an Emergency Fund. (Stick To Mandatory Expenses)
3. High Yield Savings Account (Ally, Marcus) or CD 1-5 Years (Both Have No Penalty CD's).
4. Look for ways to make more money, as it will be worth more later.
5. Pay Down High-Interest Debt, High CC Is Similiar To Making That 20% Difference.
6. Double Down On Investments (Roth IRA) 6k Invested Per Yr - No Penalty To Withdraw Orginal Deposit, Completely Tax-Free After 59 12.
7. Contribute to Match or Increase to 401(k) / Roth 401(k)
8. Invest inside an HSA - Tax Deductible and tax-free gains Can be invested & used towards medical expenses)
9. Invest in ETF's - Low-Cost S&P Fund (VOO, VTI, VBTLX, BND)
10. Repeat step 2, Create an Emergency Fund.
11. Smash The Like Button :-)
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