Youtube comments of Brent - Investing On The Go! (@BrentInvesting).
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Dave is good for those who have no self control and vision, (Rainy Day Fund in Savings), (pay in cash), (set budgets), (don't use credit cards). No, No, No, No
I don't ever pay in cash cause it's hard to track where money is going and see (if you watch your credit card bill and see subway 20 times a month you know your losing $100 right there.
Budgets, I don't trap myself in a box with a budget - just know where your spending money and ask if you need or just want it - what are the benefits of the item etc.
This doesn't work for those who are money savvy, I love my 2.5% cash back card (I have to shell out a few k per month, I like to make $75 cash back on money I need to spend anyways).
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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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Behizy I'm sure he doesn't, he is able to write off business flops, he runs the business with the employee's so can deduct payroll, etc, etc.
It's all pretty crazy, NY was super excited to kick amazon away because they would pay taxes - but in reality you should focus on the (Jobs it would create, the stimulus the local economy would have - local shops would increase to spur local workers, competitive wages come in, drive up the rest of the area, those people get paid and pay taxes to fed/state, they spend money on local economy) it's a huge trickle down effect.
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I'd be content with $10-15k of (Passive) Cash Flow, Lets say each RE Rental makes $200 so $10,000 / 200 = 50 Properties * (Avg Home * .7) - My Avg Rental Home is ~$150,000 to make the numbers work. So 50 * (150,000 * .7) = $5,250,000 Debt, and Equity of $2,250,000. I'm sure those numbers can go up or down by prob a few million - I've had 15k+ months and most just go into savings, with a family of 3 + 1 on the way I don't think I'd need more then 10k per month to feel comfortable and live the life I would like which is normal.
*
Edit - I don't want to be TOO Rich, because I'd obviously have Bruce Wayne Syndrome where I need to dress up and fight crime at night.
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@Graham Stephan - People don't give CC's the credit "Pun intended" they deserve, they really have Crazy Benefits.
My Best/Fav card is my USAA Limitless Card, 2.5% CB All Purchases (Not Limit), No Fee's, No Foreign Trans Fee's), + rental car insurance, identity theft/fraud, price protection, warranty, travel assistance/insurance, baggage delay insurance, credit score etc.
https://www.creditcards.com/reviews/usaa-limitless-cashback-rewards-visa-signature-credit-card-review/
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Wow I'm late..Comment #337 lol. Do you use a HELOC to hold any of your investments? I'm working this backwards.
1,800,000 Debt at 4% Rate is $8,593 Per Month. 43% Debt to Income is Pretty Standard, so
43% is generally maximum Debt to Income Ratio, $1,800,000 Debt / Annual Interest Avg 4%. Let's say your monthly payment for all properties is for a 43% dbi, $8,593 / $20,000 is 43%, You prob on avg have "lately" made more then 20k, so your debt to income still has some room in order to get more loans. + Every Rental after 2 years the gross income is able to be used as your income ratio - so it grows yearly.
It's interesting! I have ~275k of debt and control a lil over 515k of Real Estate, I'll get to that 1 mil of assets in a few years :-)
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