How To Refinance Your Mortgage and Make Money *Best Ways To Cash Out*

back and welcome back to the channel Matt Garland here in MLS number 58700 better known as mg the mortgage guy uh we're talking about refinancing today ladies and gentlemen we get a lot of questions about refinancing and all that other good stuff so we're going to talk about refinancing today so as you're coming in make sure you like comment share subscribe hit the bell for notifications because you never know when you're going to go live we try to do this at 4 Cloud but it's been kind of a rough week so we've been coming on a little bit later but it's still coming on so welcome and shout out to your guys make us the fastest growing YouTube Real Estate Channel in the planet we got 100K subscribers now and growing so shout out to y'all shout out to Tanisha moderator extraordinaire in the building and as always house economics Real Estate Investors Manifesto mgbookstore.com Saturday we got less than 100 tickets left for the webinar man so don't play yourself I'm trying to tell you I was working on presentations today and I'm giving y'all a game lots of information lots of information lots of information so make sure you guys go to mgbookstore.com Tanisha can you put the link in the in the chat please for them to get the webinar tickets I got less than a hundred seats available and I want to ask a couple quick questions before we begin to talk because people keep asking me about when they're going to get the link you're going to get the link on Saturday 10 between 10 and 10 30 PM Eastern Standard Time so whether you won free tickets or you paid for it you get the link Saturday uh if you miss it you'll have access to the replay access to the replay on Monday for both days okay so if you can't make it live which I would encourage you to make it live because you'll probably be able to get your questions answered you'll get it on Monday all right shout out to Brandon green Graham he got he got his tickets he bought the books he's ready to go and he's already in his super chatting already and shout out to everybody at the super chats too we need more Super chats support the chat please support the Channel all right we got two Productions in the buildings as always uh what's your title Tukes you talking about we need a name for the audience but what should we call you two's Productions that the audience decide I mean I am six Productions tooks but what do you wish we call me right co-host produce sex Jordan now that was your Dana production manager extraordinaire yeah you know I I don't really like production manager but that's just that's what you called me so so what's your what's your title then I'm just tooks man all right we got talks here y'all we got just two example just Tukes just tooks make sure you guys Brandon going crazy with the super chats are ready um thank you for that beautiful rant yesterday he says uh that rant yesterday was epic oh and if you're new here make sure you you check out the live tab check out the live tab when you want to watch the replays of these lives because that's where you'll find it and um talks to start a new channel for us so that way the highlights from these lives can go on a separate Channel so he hasn't started it yet but he has a lot to uh I'm waiting for Branding stuff right now I literally just got the starting screen just just can we just make the can we just make the channel name the channel name yeah yeah so they can go subscribe um yeah that could be done any time yeah so let's make it tonight so at least next time we come here we can tell them go subscribe yeah why The Branding is whatever you're doing and then hopefully next week and start pumping out content over there and let's grow it out once a million subscribers too that one might do better I think it will but you know that's my prediction okay whatever yesterday definitely was a masterpiece tell Will to get those clips like he's sending me Fabio tell him to get the clips from yesterday like I need my rat clips for social media those I post Fabio what he did no I'm not never posted never posted that Joy yo I was crying shout out to will he's crazy Wells are I don't know if you follow me on Instagram or Tick Tock and you see all the funny crazy things I'll be floating around and [ __ ] well as I editor who does that your words I needed mg people can really uh be really negative when you see trying to make moves I agree yesterday was phenomenal uh yesterday was something we definitely need a name something referencing a classroom this is the classroom or the Learning Center sounds so corny not corny it just sounds that's what I named that's what I named the bookstore Community the learner Center that works for that okay but I just feel like it needs something a little bit more up to date like more like you know it sounds too like after school we'll work on it but I I agree we definitely need something um we'll figure it out all right well hit the like button drop a gem in the comments drop a general comics and in the comments and uh go get your tickets to I only got 100 tickets left so it is what it is and let me tell you this if you don't get it at 19.99 if you try to buy it next week it's going to be probably 100 bucks I'm just letting you know now so if you can't watch it live still buy it it's only 20 bucks next Monday on a resale that drink will be 100 bucks Maybe 150. who knows all right the mortgage scholar somebody said see that could that sounds pretty it's different it's different but uh it's a little too preppy you see what I'm saying you need something like with a little bit of Swag yeah I had no swag sorry it's different though like Morgan scholar called me the mortgage scholar oh no no well obviously not your name you have your name already I'm MJ the mortgage guy yeah but it's different it could be something along those lines this is different it's got to be something different I don't know that's how I see it we'll work on it though we'll figure it out all right we'll be talking about refinancing tooks as always has a bunch of questions about refinancing and or any topic about home buying and stuff like that so talks to floor is yours all right so what type of uh refinancing options are available for homeowners what type of refinance and options are available for homeowners well there's three real main topics for refinancing right you have a rate and term refinance you have a Cash out refinance and uh what's the third one you have a written term cash out damn I just caught a brain freeze you sure did my friend yeah so it's a rain rain turn oh streamline and the Streamline refinance right so a rate and turn refinance is basically when you are changing the rate the interest rate on the mortgage or The Terminal mortgage so for anyone who's buying a home right now let's just say you're buying it at six and a half percent interest rate today but when the market drops or if the market drops in two years let's just say rates go to four percent I'm these are hypothetical numbers right all right just for this conversation then you do and if you don't want to take any cash out then you do a rate and term so you're changing the rate and you can change the term of the refinance too now what I mean by term is you can go back to another 30-year mortgage you can go to a 20-year mortgage a 15-year mortgage so but most people when they do a rate and term because they want to save money on the refinance they will go back to a 30-year mortgage because the amortization if you spread the mortgage out longer that will make your payment cheaper so it'll make it cheaper for the moment but in in total technically it'd be you're spending more money right no not necessarily because when you look at an amortization chart right if you drop and let's just say in that example two and a half percent of Interest okay you're paying a lot less interest over that 30 years on a new loan compared to the one on the six and a half percent so right front and you're going to save money and let's just say you do it in two years so you might be looking at well I I have two years in a mortgage I got 28 years left on this current one yeah but I'm going backwards to a 30 year and a lot of people look at it like yeah I feel like they feel like they're going backwards and no right you're going yes technically you are but you can always remember always remember you can always pay off your mortgage anytime you want right the goal is to pay the least amount and monthly payment and also interest over the life of the loan right right so but if someone feels as if mentally sometimes people can't like meant to like yeah I've been in the house for two years I'm going back to 30. right or I've been in the house for five years I got 25 years left now you take me back to 30. well then drop your term so now if you drop your term to a 25 20 or whatever it is 15 you're short into that that amortization schedule and now your payment might be higher but not as high as it originally like it could be higher than well if you're coming from that example six and a half to four percent yeah if the rates do drop that low you might want to look at both options 30 year and probably a 20-year and see what the difference with the difference in the payments because let's just say your payment is three thousand dollars a month at the six and a half but you're going to go to 2500 at the four point at the four percent right on a 30 year and then let's just say you're going to go to 2800 or 2900 if you do it to a four percent at a 20 year right so you may not save as much on the monthly payment but now you save more in the back end on the life of the loan because now you cut your term from 25 years to now 20 so you're saving five years of interest and you add a 20-year mortgage and you still a little bit less yeah or even the same payment but now you're saving the interest on the back end of the mortgage so people do that now me personally give me a 50-year mortgage I want the cheapest payment possible I wish they can do 100 year mortgage I would do that but what about interest when it comes to having a longer I don't care about that right because I can always pay down my parental balance and beat the interest trap at any given point in time I want okay so my goal is to keep as much money in my pocket as possible so I can go out here and to and invest into other things that way I'm not putting all the money towards the mark the mortgage right right so you can always apply extra money to the principal balance to beat the interest trap if you are disciplined but a lot of people are not disciplined to do that now when you say you apply where you pay more to the principal what isn't it like but you're why why do that if you're going to spend the extra money to pay towards the principal then you might as well just have the shorter term right depends on again who you are okay I'm a risk taker by Nature right so for me I'd rather take a risk because I I'm a hustler I'm a Hunter I'm a go out here and make money so I'd rather for me have a cheap payment take the let's just say they give me a 50-year mortgage right okay I should say that's going to save me a thousand dollars a month I would take that thousand dollars and that one and that's twelve thousand dollars a year yeah I would rather personally take that twelve thousand dollars a years and put it to some apples or something different you know what I'm saying okay some more you're looking at more of like an entrepreneur or investor yeah right okay depends on the person then I can make money with that right right I can go throw that twelve thousand dollars or that thousand dollars a month into YouTube apps can you pay thank you taxes also with that you could put what because what property taxes taxes uh property taxes yeah because then that money would basically well in your mortgage if you're saving that and your mortgage payment is going to include your property taxes in most cases okay right okay but if I wanted to pay um I would probably look like I said I can invest so what I would do is I would invest it into my business or into the stock market because I mean twelve thousand dollars is not gonna really give me real estate so I would invest it into something that can make me a quick return on my investment right right so like even YouTube if I'm no I got a thousand dollars a month extra Clean Cash Flow and we have you on YouTube right now I'll put that thousand dollars into YouTube apps to get my contents anymore because if I throw twelve thousand dollars into ad spend for my businesses it's going to generate me more money than a thousand dollars a month right and then now I could take that Surplus boom paid towards my principal balance and I can every month still pay with the original thousand dollars yeah yeah you know what I'm saying so it's many different things that you can do to beat the interest trap but that's how my mentality thinks and that's how I operate not everybody's comfortable with that and that's why most people will go to a 30-year or if they're trying to pay off the mortgage they'll just cut the term and pay their regular scheduled payment and let the bank manage the way it's being paid off first it's done paying extra principal payments so who determines how long the loan is going to be because then what if you have Equity or this is well if you have if it's two years in you could still possibly have Equity yeah but like if you have let's say equity in the house does that have anything to do with this at all well if you have equity in the house then that's when you go to probably a Cash out refinance right okay first of all to do any refinance you need to have equity in your house that was okay period Point place where there's a right rate and turn refinance whether it's a Cash out refinance so if you're doing a rate and term refinance depending on if it's a primary residence you can get higher financing right so if it's a primary residence and you're doing a conventional loan you can go up to probably 95 of the value of the house if it's a single family if it's a multi-family you can probably only go up to 80 percent on a conventional loan um if it's a primary residence right if it's an investment property for conventional then you can only probably go up to 70 75 percent for rate and turn refinance and if it's an FHA loan primary residence you can go up to 96.5 of the value of the home that's for primary residence and rate and turn refinance now if you go to Cash out refinance and this is why it's important for you guys to understand the Rules of Engagement because that's why when you're trying to pull up your pull off your house hacks and doing house economics and I kind of break all of this down in the book too how to pull off a successful house hat you need to understand your exit strategy and your exit strategy and real estate for the most part will be either selling the property having a plan to sell it or having a plan to refinance it that's right right so if you have uh exit strategy and that exit strategy is refinancing then you need to understand what does the bank requires as far as loan to value to refinance right so we just broke down the primary residence versions of it but now let's just say if it's a cash out I mean we broke down the rate and term right now let's just say it's a Cash out refinance now if it's a conventional mortgage Cash out refinance single-family home I believe you can probably go up to like I don't know correctly if I'm wrong on the Charmaine probably like 85 90 on a Cash out refinance when you when you say the percentages how does that work when it comes belong to Value right so that means if I say 90 financing you can go up to that means you need to have at least 10 10 Equity right right but again think about this right if you starting off let's just say you got 20 Equity okay right for example and now you want to do a Cash out refinance and you're doing a single family property if you only can go up to 90 percent then that means you have ten percent of equity that you can tap into right now remember you're gonna have closing costs on refinances and we're going to discuss that later so you got to take that into consideration too so you might not get the full 10 you might only get five percent then you gotta weigh out does it really make sense to do that yeah so I'm ready to do a Cash out refinance for it to make sense you have to have a substantial amount of equity in your house probably at least 30 percent of equity in your house which a lot of homeowners to this day still do right have that type of equity in the home right so and and if you're doing a multi-family primary residence you're probably going to need to have 40 Equity because they're going to cap you probably at like 75 percent okay 70 to 75 depending on if it's a two family three or four family property so that's why I always say when you're trying to pull off a house act especially when we're talking FHA Loans at this time and third you're trying to refinance into a conventional loan right right so you need to know if I have a four Family First and I'm buying this for a family and I'm doing it as FHA then I want to do a rate and turn refinance to get into a conventional mortgage in a year two years whatever the case may be you need to understand what are the conventional guidelines for rate and turn refinance for for a family and if they say you need 75 Max is 75 financing yeah that means you need to have 25 equity right to complete that that refinance to go from FHA to Conventional and in this market where appreciation is decelerating yeah it's highly unlikely you're going to have 25 percent equity right unless you bought during like two years ago right or unless you now use it uh FHA 203k and you buy something that's under market value distress and you put your Sweat Equity in it and now you're forcing your appreciation and now you're thinking like an investor versus buying at the retail the top of the market you're buying below it a little bit or a piece of [ __ ] and you put in Sweat Equity into the gain that Equity that you need to refinance out of it and mind you at the webinar this weekend I'm gonna break this all down when you say Sweat Equity what do you mean by that sweat action is basically when you they say it's like a a figure of speech like when you put in your own work when you work on your house okay right so that Sweat Equity that's if you personally are working on your house right but I just say Sweat Equity because I'm just comparative to like rehab basically right um so so I say all this to say you need to understand your exit strategies right and your exit strategy and the refinance you have to understand loan to values because these guidelines change all the time right now if you're trying to do a streamline refinance now streamline refinances if you have a current FHA or VA mortgage okay and you're trying to do a rate and turn refinance but in most cases when you do a streamline refinance if you stand from FHA to FHA or VA to VA you don't require an appraisal and it's less income documentation that's needed because as long as you've been paying on time you have good credit scores what this program with the streamlined program is basically like you can just refinance but you have to stay FHA to FHA and you have to save a certain amount of money it's like a whole calculation that we have to do on our end so that's if you're staying with the FHA FHA into a FHA exactly right you're doing FHA streamline loan or VA streamline loan which is like during when the rates drop crazy yeah y'all killed it [Music] people going from four or five percent to two and a half streamline no appraisals but we're going quick close-ins boom what do they you said so they needed to have a certain amount of money saved no you just need to have equity in your house to do it you need to have your payments paid on time and it has to make sense where you're saving money yes less closing costs you're probably busy oh yeah yeah yeah we killed it like we killed it life is good life is still good right we killed it so and this is why a lot of loan officers to be honest with you are struggling right now because they wasn't dealing with the purchase Market or people buying homes they were dealing with the refinance boom but don't worry my loan officer friends don't worry we will have another refinance Boom coming soon and we will be able to kill it once again those of you who focus on refining see I focus on everything yeah so for me if these refunds go away see when rates go about refinances go away for us it's not a lot of them it's too far in between because it just doesn't make sense at these rates depending on who you're speaking to right right but when it drops Bing boy is it even going to be like I can't wait because those rates that we had two years ago it don't matter I think about it they're buying six between six and seven percent today all for those buying today right yeah right so it's great for us this is why I tell my people stay stay patient play play boy and play girl stay patient weather the storm create multiple streams of income during these storms put out your content it's King do other things within your business to grow your business your intellectual property is very valuable yeah hence why I have multiple books out right now and multiple coming out this year hence is why I'm on the road traveling and speaking and like I told you yesterday I don't go places I don't get paid and there's a lot of behind the scenes stuff that y'all don't see that I do webinars and all this other stuff and calls that I get paid to do I created multiple streams of income so now as we still closing loans and we're still helping people buy homes and we help and investors but we still have now I have this other streams of income that come in and when this refinance boom comes back it's going to come back twofold because now I'm gonna have a refinance boom and we're gonna have people purchasing houses crazy so now it's a double whammy it's beautiful oh he's got it all he's got a little figured out because this happens every two to three years yeah yeah it's always a window of opportunity to run a play facts so um one thing I didn't ask um the Cash out refinance like let's say if you wanted to Cash out refinance right what's the process for that like how do you go to like you just go to your loan officer and then what like what happens how do they evaluate to um to tell you like or to to go through the process for you to get your money say that again bro my bad I I got things going on I'm sorry I said I told you I'm multiple streams so I got multiple things you want to do a cash out refund is right how do you like what how do you go through that process how do you go to the process of doing a refinance so I'm assuming it's just cash out like you get the cash out of the equity right yeah right so so you got to qualify first and foremost right it's not like you can go on your wallet and pull out your your debit card and put it in the house in the [ __ ] in a mailbox or something and say hey house give me some Equity oh it doesn't work like that no sir [Laughter] no it doesn't so you have to qualify okay this is why you got to keep your credit clean you got to keep your income the same or or growing right you have to re-qualify like you did when you purchased a house you have to re-qualify so all of this stuff is not guaranteed and this is why when people on the internet be talking they make it seem so easy now the [ __ ] ain't easy yeah you have to qualify so it's the same process you know W-2s pay stubs you know tax returns whatever the documentation that you need you have to submit to a lender you have to get basically pre-approved for it then the lender submits the file to the loan officer submits it to underwriting order appraisal order title reports underwriter approves the loan you give them what they want to close you produce that you you get a clear to close and you go to closing and if you're taking out let's just say a hundred thousand dollars yeah then within after three days you have a right you have a three-day right of rescission period so when you're doing a refinance on your primary residence after you close the loan doesn't fund until day four okay because you have three full days to change your mind and resend and basically saying I don't want to do this loan no more you have the option to cancel it right and you stay at your old times right that's like one of the most yo that's when that three-day writer decision yeah yeah let me tell you it's probably stressful it's probably super stressful oh no the deal is like you like on especially if it's one of those deals where the client was a [ __ ] pain in your ass or something like that and you like oh my God this fool is going to resend I just know it damn it's happened to me three times in my career and it's like what can you do how long did the process take to go through this though oh to rescind uh no to refine like oh this the pre the process of refinancing could take two weeks up to six weeks just depending on the situation right but yeah you're putting all this work and then they cancel because some some juice had called them some juice had telemarketed them right and said hey don't close on that I can get you a rate half a point lower don't close I guarantee you you can get it and it's like I can't do nothing you already closed yeah it happens yo that's not mortgage man know what I'm talking about so um what are the current what are the current rates for um like for refinancing refinancing interest rates what are the current rates yeah all right so it depends on your situation it's going to determine your rates right so if you rerun into a primary residence you know conventional loan let's just say one family 740 credit scores in today's market you're going to be in the mid 70s to probably low eights right now so it might not make sense right because if you got a two three four five it's not gonna make sense for you to refinance at these current rates so there's not too many people refinancing right now in this current market yes there are because there's still a lot of people that have a lot of equity but they live in paycheck to paycheck and they have a lot of credit card debt so there's a lot of debt consolidation refinances and that's basically like a Cash out refinance right but you're paying off debt so let's just say you got 50 to 100 000 worth of debt student loans car loans whatever it is and you look at what those interest rates are and you look at what your current interest rates are sometimes people will refinance this to pay off that all that high interest debt get into a Cash out refinance pay those off and then now in some cases you can save yourself a thousand dollars two thousand dollars a month even with the higher rates that they are right now so you just got to weigh out your pros and cons most of the refinances that we do right now for investors because a lot of investors who did like hard money loans and stuff like that they got they did they bur now they burn so they got to refinance out of that so that's what a lot of my refinances are doing it right now is is for investors not for regular home buyers because most regular home buyers have super low rates yeah so it don't make sense what they're doing right now is is um he locks okay so most of my clients I don't do them I send them somewhere else they'll go do helocs because we don't make money in HELOC so I'm not wasting my time but there's still rates interest rates with that too then right yeah it's another it's basically like Yeah by our HELOC rates four to seven percent just dependent and it's teaser rates and stuff like that so but it's better than just doing like if you got a two three or four in your first mortgage so you might as well just do it like Get your cash and get the little higher interest rate who cares right and go live your best life and do what you got to do yeah because if you're taking the money off for whatever reason it's probably going to be for the same thing anyway so exactly so it don't make no sense so refi Cash Out refund cash regular rate and turn refinancing doesn't make sense unless you have an investment property with a much higher rate ten percent something like that you did a hard money loan and you're getting out of there you're doing a debt consolidation loan you got to really pay attention to the numbers does it really save you money in the long run right these are the things that you really got to look at I'm not I'm 50 50 on debt consolidation refinances I'll be honest with you it just really depends on a person's situation yeah it really just depends on the person's situation now when it comes to streamlines and fhas those are going to be probably like I said in the fives and the six right now but again most people got FHA birthday homes a couple years ago in the tools so it's not gonna it's not gonna make no sense for you to refinance yeah that's crazy yeah so in those situations it really doesn't make sense tool refinance like it really it really really doesn't make sense okay so um what are the fees and closing costs associated with uh refinancing good question so um so before I get to there Devin Jones says the new llpas are to be considered also that's a fact we had a whole video we spoke on llpas in a couple weeks boy it's about to get real nasty it's about to get real nasty but what are the fees your fee is going to go higher because of these new llpas right um so refinancing is not cheap refinancing is definitely expensive it's going to cost you money it gets rolled into the mortgage but it's still going to cost you money um for your appraisal up front which can be 500 to a thousand dollars but in most cases all the fees will get rolled into the mortgage the equity is taking care of the closing costs but it's still money being tacked on to your loan so you got to take that into consideration into consideration but like I like to use a general rule of thumb if you're doing a primary residence refinance it can be anywhere from three to five percent just depending on how much your escrow is and everything like that but your total cost and escrow setup can be probably around five percent total now this is money that has to come out of pocket or they just rolled into the market so it's rolled in so if you're closing costs in New York is going to be 25 000 you gotta let's say you got a 500 000 refinance loan yeah as five percent is twenty five thousand so your loan will be 525. okay so it's a little different from actually you know first like your your process of buying the home because you have to have actual money you have that yeah exactly unless you get a seller's concession right when the sales concession is using Equity so and this time you refinance you own the property you use an equity to pay for it okay cool that's good to know it's good to know so um how much well we kind of spoke about that too um yeah you kind of answered all these questions honestly for the first part um credit score actually we didn't talk about okay so we kind of did actually you said basically with interest rates but what kind of credit score should you have um going into a refinance for any of these options the higher the better the higher the better you know what I'm saying like you definitely make sure y'all like this video man it's not enough likes on this video first and foremost and drop some gems in the comments if you are learning something today because it's like almost 300 of y'all and I think it's 64 likes that's kind of pathetic to be honest with you um what was the question um credit credit score credit better I mean the minimum could be 580 or 620 585 FHA 620 for conventional but you don't need to be that low when you do a refinance because your rate gonna be astronomical like astronomical so you don't even like you need to get your credit up ideally you need to be 700 plus in my opinion when you're doing a refinance um and ultimately look this shit's about to go crazy in the field with these llpas you've got multi-families you got low credit scores High credit scores like it's about to be a mess with interest rates were refinancing so hold tight me personally I wouldn't refinance any of my properties right now yeah I put I pull out a lot of credit because that's what I'm gonna do at Garland Gardens as soon as this bad boy is done yeah it seems like it makes more sense yeah but I understand what you said I'm not refinancing none of my rates are so low it's just not it doesn't make sense even if I got a 800 credit score no matter I'm not going to get a good rate because just where the market is today yeah so this Market in my opinion is not in favor of the people who need to refinance and that's just keeping it real this is not a salesy type of platform I'm just being honest right somebody had a good question here scroll up a little bit because they was talking about if your mortgage what if the market correction and you become I put that right there yeah put it on the screen so they can see it why does it look so small on the screen you can't make that bigger you just read it bro they see it what if what if there is a market correction and you become upside down can you refinance no if you become upside down you cannot refinance you need Equity to refinance and look let's just call the Spade of spade there are going to be certain pockets of this country that will probably go upside down because a lot of people are still purchasing above asking price in today's and believe it or not into today's um Market so some of those people will probably find themselves upside down and if you don't need to sell if you don't run into no financial trouble then you're just going to have to wait it out you know what I'm saying but for the most part I don't think a lot of America is going to be upside down I think small Pockets depending on when you purchase what year you purchase when you purchase and how much you paid or overpaid and especially if you pay retail yeah there's going to be a small population that will be upside down meaning they owe more than what the house is worth right you can't refinance and if you try to sell your house then you're going to do a short sale yeah because what if you're buying so if you're buying over if you're overpaying for a house and you're pretty much in this market today you're I mean how do you how do you even get equity in the future if you overpaying for all right so let me just explain this to all of you I've said this before and I'll say it again and I think I've been saying this for like four plus years now maybe 10 but on internet four plus years yeah Equity is Monopoly money right you've heard that it is not real until you take it out it is unrealized gains so if you are purchasing any real estate unless it's an investment flip and if you are counting on any Equity to be in your home you are already behind eight ball right you can't not purchase these homes thinking you're going to make equity in the future right you have to depend on cash flow if you buy a multi-family owner occupy properties because you need that rental income to either make you live for free or supplement your mortgage payment but if you're buying a single family home you can't have the expectation that hey I'm gonna get what I what these folks got from 2019 2020 2021 20 30 50 appreciation no you're going to be especially if you put minimum payments down and you're buying at market price right a little above you're not going to have no equity because now depreciation is going back to normal appreciation rates and a normalcy on average is around four to four and a half percent nationally average so in some markets it's probably one to two percent right so if you're in a market where it appreciates on average historically one to two percent you're buying at the peak or above it there's no equity for you in the future unless you aggressively pay down your mortgage yeah then you'll get Equity but you're paying down right but when we talk about just pure appreciation to give you your your unrealized gains AKA Equity you can't have that expectation but if you live in a state like New York or DC or Cali where these are appreciating markets naturally yeah you can have you can Bank on having some sort of equity couple years from now even a year from now because these markets steadily increase at much higher Paces on a normal historic basis then the rest of the country but certain small towns and stuff like that or these like hot bad sounds like they're going to go through a little challenge so but you said you in order to refinance you have to have Equity so if you go into a home like if you're gonna buy a house why wouldn't you want to have that extra layer of safety to say like if I need to refinance on the road I need to have equity in order to refinance so like say that again like if you buy a house right and you said it's Monopoly money so you shouldn't expect Equity if you're going to if you're buying a house in today's market right or at all if you're buying it at retail prices okay or above but I'm talking about the mindset of it like if you go into it and you let's say you want to refinance later on you need to have Equity to refinance right correct so why like isn't that just like a layer of of safety for you just in case well Equity so expect Equity or ha or think about it you know for the long run to have Equity the only thing you can expect in this life is to die and pay and pay income taxes that's the only thing you should expect if you're going to die you're going to pay taxes to Uncle Sam no that well that's understood yeah there's nothing else to expect because when you have expectations you set yourself up for failure and anything else in life none of this [ __ ] is guaranteed all of this stuff is all about timing do you think in 2019 talks 2018 we knew covet was going to come do you think if I knew covet was going to come in 2020 you think I would have been worried about these cameras and [ __ ] what do you think I would have been doing I would have been writing as many loans as I can and I've been buying as many properties as I can because I know this [ __ ] about to be up in stock in two years yeah yeah let me buy everything I can because I know I'm about to make a killing in two years no you don't you don't know yeah I think it's just the comment like because I could see somebody saying like oh just just buy it now and then you can refinance later just pay the high and then you could just refinance later like I feel like that's a very common thing for people to say because people just don't have common sense on this yeah that's why that's why I'm saying that you know well because common sense ain't common yeah and when you talk about mortgages and real estate it's it's more of water cooler talk at the office that's what yeah exactly barbecue talk in the backyard Barbershop talk in the chair of a bunch of people who don't know what the [ __ ] they're talking about they heard it from this person who said this person and said this one did this and they really don't know what the hell they're talking about facts and then now you hear it from these people and you're like that makes sense this is what I I want and then when you come to a profession like me I bust your bubble I said what are you talking about you sound crazy like what what like it ain't happening Captain sorry to bust your bubble but stop listening to people who don't hold a license and and only closed on one or two deals in their life maybe five it don't matter if they even have five they can't compare to my knowledge we do that in a week yeah hahaha that's funny um okay so now let's say if you wanted to refinance right at your current mortgage is there any um like prepayment penalties or anything like that that's a good question jokes your questions are getting better and better I must say drop it drop a gem in the traffic yo drop a gym and somebody said they needed a toolks home buying series Vlog or something like that we're going to do that too I saw that comment but two questions I'll be getting better and better for y'all man so y'all try some gems in the chat drop some gems in the chat for tools because he's asking really good questions these days right yeah they shout you out to us okay can you answer the question though what was the question again I forgot my lips are actually what was your question again um are there any prepayment penalties oh yeah yeah yeah prepayment penalties well back in the day there used to be tons of prepayment dependencies on all these loans and so the government came and regulated that [ __ ] and now there's really no prepayment penalties on qualified mortgages qm loans which basically means Fanny Freddy FHA VA loans USDA there's really no prepayment penalties now if you have an early payoff penalty if you purchase a house or refinance a house and if you pay it off in full within 12 months then the bank can assess like a two percent fee right but they don't really cons if they the terminology is different right okay it's not a prepayment it's like an early payoff early default payoff some [ __ ] like that and you have to pay that but generally speaking for these type of loans that we're speaking about no there's no prepaid repetitive now when you get into the non-qm world when you're talking investment properties and stuff like that hello LC purchasing yes usually it's a prepayment penalty depending on the loan you get but it can be you know a decelerating prepayment penalty meaning like every year the penalty goes down so it'd be a start off as a five-year prepayment penalty and it'll be five four three two one percentage right so if you pay for your loan in the first year you gotta pay a five percent fee of the loan amount so if the loan amount is 500 000 you pay a 25 000 prepayment penalty and then it goes down every single year damn okay but most people aren't really paying off their house in 12 months right unless you refund does that matter remember if you refinance it's not paying off your house it's paying off the loan oh so if you do again knowing your exits and knowing the bank that you want to work with in the programs is very important even if you're investing you have to understand what is your exit and you have to calculate this into your number so if you know you have to you're doing a burr and you did hard money to get your rehab you're doing everything in your LLC now you want to refinance until this asset base or this dscr loan you didn't know does this program require prepayment penalty and if it does what is the penalties because now when you get into that Burr you do it let's just say you burn from a 12 hard money loan and you go into a seven and a half or eight percent dscr loan but it comes with a five-year prepayment penalty or three year preparement penalty let's just say rates drop two percent for these type of products now you go from seven to five percent on a refinance now you're gonna have to pay that penalty if you want to take advantage of that yeah now you got to calculate that into your closing costs too it's a lot to think about but it seems like it's all in that book over there and both books I give y'all the game all the time I'm telling you exactly what to do and how to do it and giving you the education that you need so you can make informed real estate decisions facts um so I think you they got pretty much wrapped up the uh questions on my own you answered pretty much everything talked about you know the money cash out um how long it takes to get the money um credit score and not really sure if there's much more any other plays you have for refinancing um no you exit know your guidelines know the rules of engagement um build a relationship with your loan officer not necessarily the bank and be smart and be wise that's really the the most important things I can do really know your numbers you know really use calculators and stuff like that understand what the hell is going on when you in these type of situations because a lot of people are just so like yo I'm buying a house I'm buying investment property I'm getting a door or I'm doing this I'm doing that and you really don't know how you're doing yeah and it's just it's sad because I speak to a lot of people every single month every single week and it's just sad some days I'll just be sitting back like damn you're about to fall you're gonna be a foreclosure soon because you really don't know what you're doing yeah and it's like you speak to them and it's just like all right what time are you taking to learn and I think too many people just speed so much you're speeding like I was on my Instagram live today right and I'll talk about helocs in a second y'all yeah that was my last question that he liked first so I'll talk about that in a second why I got this fresh on my thought right I was in Garland Gardens and um I was showing them the update on Garland Gardens on my Instagram live today and somebody asked me in the comments like what what have you learned from this process so far because you know today is my two year anniversary first of all rest in peace to Biggie Smalls God bless the go but today two years ago I closed on that property and I've been through a lot in this two years so I was like yo I learned two very important lessons is clarity having clarity about what you're doing when I got Garland Gardens I didn't have all the clarity that I I I I should that I have now you had a bunch of ideas too many and I was like okay I remember it was too many you didn't even want that you weren't even gonna do what you're doing now you were you that was like more of like uh I'm trying to it's not my dream home it's just like you know whatever which is closing your dream home but I remember to this day it's not my dream home yeah but you're doing a lot more than you expected to I'm doing a lot less than I expected to well I was going to make it the mansion yeah but you're still putting money in you're still putting yeah I'm still making it bigger it's gonna be 7 500 square feet I was gonna make it 11 000. oh and you were going to do the second floor I was gonna do the second floor I know this other [ __ ] but I was going back and forth and then with my own personal life I'm back and forth so I didn't have the clarity yeah right I didn't have Clarity on the vision that I really wanted for this house because if I had the clarity if I was super clear and had ten toes firm on the ground I wouldn't have it probably wouldn't have tooken taken this long I was stuck to my this is the plan this is what I'm doing boom you know what I'm saying yeah get it done I'm not wavering from designs and this that in the third like yeah I already know what I want and too many times we go into situations without Clarity we just do it just because and we do it just because it's accessible for us to do it yeah but we really don't know what the hell we want to do with it and then the second most important thing I learned from this was patience sometimes you got to take a step back and not have analysis paralysis but you need to have patience for your vision for your vision because sometimes we try to rush our visions and Rush God's greatness for us and how do we have the audacity to rush God's greatness for us when we should just have the patience and let God put us in the positions and in the timing that we need to be great and with Garland Gardens I rushed my own Vision because I didn't have the clarity and have my 10 toes down and I was impatient with a lot of different things which caused me my impatience has caused me to be in a tailspin and that's why I was wavering back and forth yeah you know what I'm saying because I truly wasn't clear on the direction of the house or my life at that point in time see when you are not clear and have your ten toes down on just you and your physical what you're doing as a person everything around you is going to crumble and go to [ __ ] and it's going to cost you more money than it actually should have cost you then it becomes very expensive lessons and with Garland Garden I had to learn so many different expensive lessons I've owned this house for two years today I've been paying a mortgage of sixty five hundred dollars for two years yeah that's I haven't I haven't slept one day in his house you know what I'm saying I've I've spent twenty thousand dollars on knocking down trees I spent fifteen thousand twenty thousand to fix the basement then the pipes burst because I was rushing I was in LA wasn't thinking I forgot to winterize the house then I had to spend another 15 000 to pump three feet of water out of my three thousand square foot basement so you're talking I spent a lot of money on a house I've never slept in because I lack clarity and I like patience so those lessons are very important important for all of us when we going through not just real estate but just any Ventures or anything that we're doing in our life because you have to make sure you are self-centered within yourself because if you're not things around you will become more expensive and they'll become expensive lessons and if you not ten toes down your mind is not ten toes down y'all it's gonna cost you a lot of money and I'm I'm living proof I'm not perfect I never sit up here and say yo I'm a guru up at anything right I learn every day just like everybody else and this particular house which is my two year anniversary of owning this particular property has been so many learning lessons not just in real estate because now I'm going to I'm GC and again I have to GC my own job because now when I'm trying to hire Builders they're trying to bang me out and I refuse to get taxed yeah I refuse to get taxed I'm not getting taxed so now what I have to do I have to go out here and I have to find all types of subcontractors interview people they don't show up and you know I live 20 30 minutes away so now I gotta I got to put miles on Rhonda I got to go back and forth I got to meet people that don't show up it makes me late for other appointments I gotta do this I got to do that like it's a lot that time and money gas money paying people sometimes these people want a deposit to even come like and then I don't even hire them because I don't like what they're talking about anyway yeah so when you go through these things y'all Clarity and patience is the probably the most important thing that you can do for not just for your life but all your businesses including real estate because oftentimes we all try to go through buying homes and being an investor you want to put your bio investors so bad for a potential investor you want to have doors and you want to do this and you want to do that you want a cash flow that all sounds [ __ ] great it sounds fine to Danny but if you don't have the clarity and you're not ten toes down and you don't give the patience not analysis paralysis but patience to let your vision work itself out then you can you can cause yourself money for no reason thank you for coming to my TED Talk well said well said um so yeah very well said so HELOC no I just I didn't want I didn't want to be like all right so yeah anyways but about that heat lock it's not like you know I don't want to just you know disregard what you said as I was listening you know but you know I just that question was on my mind still I mean it's a good question I mean what about a Healer so if you take out a HELOC and you still refinance yeah so now you said yeah but if you if you take out a HELOC fur though the the full amount of equity then you can't I'm assuming right correct okay so if you have Equity left over after taking out whatever like let's say if you have 200 000 in equity you take out a hundred thousand you have a hundred thousand dollars in equity still and you can refinance with a hundred thousand correct okay depending on the ltvs for the program you need and for your occupancy type and property type but essentially yes okay um oh I just I just answered that question uh there was another question here for that somebody else asked about something about a company or something like that with the HELOC um uh what is it give me a second you talk about healing oh can you get a HELOC with a company other than your first mortgage company absolutely go to a local credit union my recommendation all the time like when I say come out here like I'm probably going to like the Bethpage or something yeah Bethpage is is pretty good yeah yeah we're on the back page credit unions are you know A1 Bethpage you're gonna come see me I'm gonna come see you matter of fact give me eight hundred thousand nine hundred thousand please thank you very much I don't think people knew that you can take a HELOC out and uh yeah I'm gonna take out like seven eight hundred thousand I need it I want it I'm gonna go buy like 100 units that's your full amount of equity no a silver million dollars equity in the house when it's done and then you'll still be able to refinance if you want to later on I will never refinance my first mortgage oh you're four okay your first mortgage okay yeah I will never refinance that [ __ ] it's the low three percent yeah are they talking about that that's here now yeah that's what I'm talking about Garland Gardens oh oh that's right you bought it two years ago yeah bro yeah I'm a little slow [Laughter] well because you said your first mortgage but I thought you have you have another my first mortgage man if you take a HELOC it's a second mortgage um so first position SEC second position I'm not talking about properties I own yeah that's why no I'm sorry I'm not talking about the property zone I'm talking about first position or second position got you got you yeah copy copy copy so that mortgage the HELOC will be in second position behind on on on the deed of the house he'll read the first mortgage is X and then it's it's followed by this it's a junior lean um which I'm a probably teach this this weekend too what teach what title reports and [ __ ] like that I'm talking about I'm not talking about Deeds I'm talking about Title Insurance specifically and yes patience and Clarity Clarity and patience type it in chat Clarity and patience typing a chat I all right what you were saying so yeah so yes the house I have over a million dollars of equity so I'm gonna probably take out like seven eight hundred thousand of it immediately and now I'm gonna take that money and I'm gonna go buy probably 100 units like I explained on the channel like yeah a month ago and then 100 units is gonna make me enough money to not only pay the HELOC off but pay my mortgage is there any um is there any properties that you can't take a HELOC on investment properties are very difficult to take out um he locks and there's a handful of banks that would do that literally but um but the rates are probably higher I'm assuming right yeah 100 that's investment but it doesn't matter if it's still cash flow who cares I'm not paying for it yeah I'm noticing that's a pattern too like if you like if it's cash flowing or if it makes sense then you know who cares about the the rate or whatever you know what I'm saying as long as Pockets rates are important but it's not important at the end of the day depending on what type of property is this an investment on my primaries yeah one is being paid for and it's giving you passive income the one is technically you have to pay for it so that's when the rates are more important because it's technically money that got to come out of your bank account to pay for it makes sense so you're more rate sensitive hence why people who are trying to buy homes in today's market are slowing down a little bit because they're rate sensitive because that transfers to a higher mortgage payment than that that they will really want to get for this said house right right is this six hundred thousand dollar house in this neighborhood worth me paying five thousand dollars for right yeah or should I just stay and pay my 3 500 rent yeah now can you take a HELOC out and put the money into the house and raise the equity does that make sense yeah if you if you if you are in a position where the comp support that so when you're doing a rehab if you take out if it's your primary residence let's say primary residence you know if you're doing a primary residence and you want to um do Home Improvement yeah you got to be wise of your home improvement to make sure you're not overspending on that because Construction costs can eat up your potential gains right now with everything with them in general or it doesn't matter where okay it doesn't matter what the market is what's happening construction costs can eat up your games you gotta understand these [ __ ] come and rip down walls and now they find something else is wrong yeah yeah and now that's something else might cost you 3 000 hair then they do something else and it's like damn do it again the [ __ ] you keep don't call me bro like it's like you go to the mechanic you go for your oil change and they tell you need all this other stuff I just want to spend 100 bucks for an oil change yeah when I go get Rhonda service it's the worst because I know I'm about to spend two thousand dollars for servicing yeah it's painful I'd be like I came here for oil change and you're telling me all the stuff I need like come on that's what happens when you have a a range yes you got to pay the cost to be the boss in everything in life I happily pay that money because I need Rhonda to be at her top Peak Performance should have got a Prius should have got a Honda that's a good question lots of technology so now um let's say you have that money right what this is like kind of like off not off topic but like let's say if you took that money out of HELOC right what if you wanted to make Home Improvements what would be a smart one to to make in order for you to increase the value of your property oh that's a loaded question I don't I can't really answer that because it depends on the property the comps what's in neighborhood but relatively no I would never trade in my range for Escalade less less not escalates fire though yeah it is but it's not it's not a range okay can you ask my question now hold on now when I get when I get my driver I'll get arranged for that I mean escalate for that yeah I'm gonna ask no I'm going to get an escalate but I'm not going to trade in Rhonda for that that's like going down to me true I can't go down that's in addition too so when this is done and I'm out east then I get the Escalade for the driver and then I'm gonna have it get it out the way I want so I'll be outside we're in that we don't need to take Rhonda I'm not going to debate you on this one so you I I agree no that's a fact because Rhonda can't she can't be outside like that she just got to be my put the escalate for when we outside the driver I want stars and I want it hooked up yeah stars and escalates fire no it's fire it's gonna be fire but if I trade in range Rave rovers are Fords trash you must don't drive a Range Rover yeah I'm not a fan that's why I said I'm not going to debate you because this car talk is a whole different but like I'm not a fan of Range Rover either but you'll be very comfortable in the rain still now there's other cars that are more comfortable which which car what's going on you don't like you don't like what I like though what car what cause more comfortable in the range truck SUV comfortable in terms of what see the songs bro bro what I have questions in my head what car is more comfortable than the Range Rover I'll I'll let the chat decide that I'll let the chat this out I'm talking about trucks SUV this [ __ ] I know what you're talking about this [ __ ] drives like a a a beamer bro it drives like a beamer yeah because the chassis is from Beamer so then wouldn't it be safe to say that a BMW would drive no better or be more comfortable than a raindrop no because it's not a range and they don't drive more comfortable so what kind of um what kind of like investment should you make into your own property to increase the value of it why you switch the subject because I had it on my head bro and then and then it's like uh what were you saying before I'm like uh uh all right so what was the question again let's go back to the store because we could debate this all day yeah because I was on a roll I had these I was like oh okay this is this is getting interesting all right let's get myself talking about cars and I'm a car guy too but like all right so let's get back to the subject so now you take out a HELOC right now you want to put this money back into your house because you want to increase the property the property that's got a Volvo's more comfortable oh my God don't get blocked a G wagon is definitely not G wagon is the hardest ride pause out of all these cars that [ __ ] is a G-Wagon yeah yeah that G wagon is not comfortable at all bro it's not comfortable but it's definitely it's fire yeah but you can you could drive anywhere with that thing no it's fire yeah but is it comfortable that drive that will be shaking bro like that g wag can be shaking uh uh two thousand and no I was driving I was driving in 2022. I'm sorry wheel was shaking bro I'm telling you you put that G Wagon at 70 80 miles break a Jeep I was thinking about getting one years ago and I was like yup I said test drive I was like nah I'm good yeah forget that let's forget that all right okay back to the back to the back to the question I had I'm asking one more time though before I get interrupted so um now let's say you have a HELOC right you have equity in your house you want to take out a HELOC you want to do your kitchen or something like that right or let's say your basement because you know well you can you don't even want to do it for that reason but let's say if you wanted to do that just to increase the value of the property what would be a good um see what I'm saying like you messing my flow up bro you told my cars and I had the question down very good before now I'm like trying to articulate it and I can't what would be a good investment into your property to increase the value kitchens and bathrooms are always good what about a basement basements don't really hold or don't really do that kitchens and bathrooms why why don't basements that's a whole that could be a whole because somehow because because something out the basement if you yeah but you're talking about from resale purposes and value right basements and especially if you're talking to New York and most of these places these basements are underground they're not considered living square footage now if you join us above ground like a walk-out basement is considered live part of the living square footage then yes but if it's not considered part of living like like technically Garland Gardens like if you look at the original listing yeah the original list of it it said the house is 3 000 square feet but it's not because it's only counting the above but is that just for right now or until the next time it no listen try and teach you something it's below grade okay so it's below grade it technically is not included in the livable square footage but now that I put architectural plans in place yeah and now I have I'm extending the basement and I'm making it a walk out basement and I got it approved to do this now it's a part of the square footage but also that's going to screw me because it's going to raise my taxes because there's more there's more property on the land no it's more it's a bigger house now which is the same thing what no no the land in the house is too different thing I guess it's the way I said it more it's more property it's more house it's not property properties land yes house more houses it's more of a house technically from an assessment standpoint now right because now it's being assessed as a 3 000 square foot on an acre land now is being assessed as a 7 500. when is that going to affect though if you once the construction is completed so then the taxes go up after that it's going to go up probably a year after that my tax is probably gonna be like 40 000. 40 000 comma zero zero zero for taxes property taxes yes how much you think the taxes are now bro you know I live you know the neighborhood how much you take the taxes are now not that no they're not 40 now but how much you think taxes are over there bro yeah my mom's paying like 12 12 11 11 12 000 a year okay and her house is not that's a nice area but okay 40 40 000. I know where you okay all right but damn 40K I thought it would be like ten thousand more not forty thousand damn my property taxes right now on the house is like 27.28 right now crazy that's a lot of money yeah you hiring no not at all [ __ ] Ira what's up no damn that's crazy yeah how much you throw the property taxes on now not 40K I'm thinking about 40K no they're not 40K now they're like 27 28. thousand that's still a lot of money though for probably yes that's a second job for people that's not yeah that's that's part-time job at like you know a retail store yes it's not a flex though I'm not trying to flex with this this is I just thought I wouldn't want to nah yeah no that [ __ ] is you gotta pay the cost to be the boss like this is not cheap in New York I live in a trailer God willing I will never have to live in a trailer I can make it fly the 40K or 20. my taxes are definitely going to go up to probably 35 000 to 40 000 somewhere around now wow and the father did the 11th the 11 000 one no if I did the 11 000 I definitely would have been forty thousand but what I'm doing right now is probably going to be the first year it'll probably be like 33 to 35 000. and taxes never go down if the market depreciates then yeah does the market ever do that yeah when the market crashed years ago people property taxes got lower and then rent prices go down to or no because I've always heard that rent prices never go down rent prices pretty much never really go down but so now what happens now what happens like rent prices are high right now okay so what if they get to let's say if they got to like crazy amount what happens when the market pretty much bounces out and it's like everyone's paying high rent and you can like how does how do you go back you're still gonna pay high rent why would I lower my rent price because the market balance out I had nothing to pay my rent that's crazy this is the rent now this is the market price for rent rent and mortgage and housing prices two different things this is the rent payment yeah but like wanting to get to a point where it's like yo you this that's a lot but life is a lot yeah that's scary man we living in scary times y'all living in scary times going on to the real world is scary it's scary adults in Israel adulting Israel ladies and gentlemen that's crazy Dalton Israel that is crazy adults in Israel no it's outside is expensive yeah home ownership is expensive but this is the greatest time ever to be alive I would rather be alive in this day and age than 60 years ago I I I wouldn't even know 60. I I would want to live in the 80s is like my like the 80s is the crack error bro nah but I'm just I just love like break dancing like Neon Lights yeah clubs the colors the 80s represent pain for me well I'm just saying from uh you know I'm trying to tell you damn that's crazy um mind blown uh so yeah I think that was for the HELOC I think that was pretty much right taking out the money refinancing you can refinance as well you can take that money put it back into the property um and oh so actually so how does that work when you um you didn't finish that point though let's say if you wanted to do your kitchen over right and then and and uh the value of the property goes up how do you how do you um like who determines that the term is what like let's say if I today wanted to do my kitchen over right and I put like 30k into it like doesn't that make the property worth more no I don't necessarily mean you're probably gonna go up because you put money into it it's all on the comps in the neighborhood right so the cops are neighborhood but at the time of of whenever you're doing the work like how does that work like let's say let's say I did my kitchen over whatever it is I put I put the the investment into the house the money and let's say next year I want to sell the house you see guys I'm trying to ask this guy a question look at him this is what he does all the time and this is why this is why I will never go to the gym with him because this is exactly what's going to happen look bro I'm working bro and I'm working all right boy got me talking it's all it's all comps you got me talking in circles like I don't even you put money into the house it's the Thompson look I don't look I don't have a crib I'm just trying to learn but I'm teaching you feel me I said it four times already I said it's the comments it's comps but okay but who determines the cops the buyers the people who are buying in the house within the next six months who are buying in the neighborhood now let's say if you want to go refinance after that as how does that work it still comes you still gotta get an appraisal and it's based off of the cops so anytime you're going to refinance or buy a house an appraisal yeah okay got you the comps in the area support the whole thing okay I know that's a very basic question that's not basic no but it's actually a great question it's a great question but like it sounds good but then when you actually I I ask these questions it's been like yo today like I'm gonna go today and I'm gonna find out how to do this what's the steps how do I get there what's the steps to do what though to to determine your your home value and you just said you have to get an appraisal yeah I mean if you want to really determine your home value I mean you can go on Zillow and all these sites they'll give you a zestimate and [ __ ] like yeah that's an estimate it's not like the official no that's not official at all and it's not going to be official even if you buy your own appraisal because the bank if you go to the bank they're going to send their own appraiser out there so I don't even matter what your appraiser says is what the bank appraiser says well it matters when you sell it out at the time of yourself it don't matter what your appraisals say either when you sell the house because it matters where the buyer will pay you and what you're willing to accept what they'll pay you facts okay right okay so again it all boils back down to buyers closing look in life value is determined by what somebody would pay you in Life or in real estate in life we had a conversation yesterday about you taking other jobs yeah and I said okay you need to charge them more than what you feel like you're worth and if they would if they're willing to pay it then guess what the [ __ ] new price yeah closed mouth don't get fat true so if I am willing to look at all the people who purchase houses and paid 50 000 above asking price they determined they were happy with paying that because that was their value of said properties right so now that's the new marker for the neighborhood that's the new comp so are you going to mess up the comps for your area with your house am I going to do what message because you're if let's say if you have one house I'm not worried about my area oh okay because like let's say if you have that one house on the block that's like that's cool that's just one I'm not worried about that but doesn't that go into the average of the area dependent on what else is selling right only on what's selling not the value selling determines value okay got you right so if I if you sold that person you say you wanted 5 000 for your job but you normally would you probably took a thousand but they paid you five thousand right yeah but then there's people who mess up [ __ ] like like if it's like photography it's the same thing the like I'm worth fifteen hundred dollars homeboy is good but he gonna charge 500. okay so then what does that do it messes up for everybody else no it doesn't because if you stand on your ten toes and you say look I know homeboy charges you 50 less than I am but he ain't too Productions baby it don't but no no no no no it does okay it does he ain't me you could look at it that way but when you're dealing with a client it's like bro really like you know dude it's like when you go hire a DJ okay right I can go get the neighborhood DJ for 500 bucks oh I got the plug with DJ Envy let me go and I'm gonna pay him 5 000. but now if DJ everybody's charging 500 no but DJ Envy ain't gonna charge 500 because he's DJ Envy but that's what I'm saying the neighborhood Joe Blow Schmo who just want to make some quick bucks we'll do 500 and essentially yeah they're both going to play records yeah right essentially it's the same thing like your photography analogy right it's the same thing but if I'm throwing a party that I'm trying to make money and DJs bring in people especially if they have Brands and names it's worth me to pay envied 5000 well I know I could save 4500 and just promoted the [ __ ] out of it myself but you know what let me give him his five because his value is his brand and his Network and everything like that yeah so a lot more comes the package of having it exactly neighborhood you pay for what you feel like it's worth to you right people know the price of everything but the value of nothing yeah you said that before I say it all the time it will didn't clip it up but you know he needs to clip that Tom clip that [ __ ] he keeps sending me Fabio clips I wish I could show them what that looked like but I mean it's it's all good I can't I can't even get on the computer oh man classic clip Timeless but yeah I know I I uh I agree with what you're saying it's just something that it's a common thing so I figured it'd probably be the same for the housing market too because like you know it's the same for everything what are you willing to pay for it right because if somebody's willing to pay you more and the seller's willing to accept it and then that closes is on record for that price and guess what that becomes a new comp for the neighborhood so I'm like you brought it to my situation somebody in my neighborhood has to do a fire sale yeah essentially that hurts the whole neighborhood but that's what I mean so if you said but but it's not going to it's not going to hurt us to a certain extent because we know everybody else in this neighborhood is not going to happen like that right because we're not going to just take less just because you're gonna we'll hold it out because we all essentially can afford our mortgages is there ever a time where it does affect like where there are multiple homes in the area that do happen to like because maybe let's say if it was a community of people who all work out yeah that's called a crash I that neighborhood is crashing okay everybody the whole neighborhood can't afford it run for the Hills yeah we all [ __ ] because of these 10 neighbors right here who bit off more than they can show and how do you look up how do you find out what zone like is there a zoning area for that like what determines is this just for the block or what do you mean zoning like how do you know like you know Community or the area how do you find comps yeah but and is it like within the block one Block's over so no no no so comparable sales when appraiser is looking at for comparable sales they can look up to a mile radius uh in sales within the past six months now if the appraiser can't find sales within six months they have the leeway to go up to a year and the comparables have to be the same type of property and generally the same type of style square footage same characteristics right so if homeboy sells his house and he has a 3 000 square foot home and he sells it for a million dollars but I got a 7 500 square foot home well it's you're not I'm that's not my comp so I don't care what he does and they look at the square footage of the house basically the type of house it is my square footage I'm I'm big boy some compared to the big boys I'm not compared to the little boy so if y'all do your little thing because this house is in every neighborhood that sell less than what the most expensive ones or the bigger ones sell for so I'm not worried about what the little boys are doing I'm learning about what these people and that's what I'm doing my renovation based off of what the big boys are doing in my neighborhood um so you so you drove around that's my dream area it's not my dream house it might turn into my dream house because after I just saw without good energy is doing at his close friends he going crazy he's bored he's bored he's my boy he's just Rich no he's just living his dream house looks crazy already his house is sick and I haven't even been I just seen the video I'm like that's that's wild no his house is sick so I'm going to spend probably a lot more money because I'm like when I go for his 40th birthday I know I'm like nah bro I know I'm like nah I need this like I gotta have this yeah so but I say I was to say I say all this to say that when you when you bind in a neighborhood especially for your primary residence and you know you want to do repairs and works and things like that yo you have to really comb your neighborhood and see what's the historical data of the neighborhood as far as sales the trends what's happening what's the fault ratios foreclosure ratios what's the crime rates you got to really pay attention to all this type of stuff what's going on there and you know this area that I that my dream area is something I've been on this for decade plus now so you already know the area you've seen the house in the area what I saw the property I fell in love with it I'm like and I don't try to be emotional with this stuff but I fell in love with the property because I know like oh this is the property I can do something here yeah this is going to be a state like when I'm done yeah it's uh it's it's a nice area it's gonna be crazy that's what's up um okay so um yeah I've been I haven't even looked at chat uh since I was I kind of I kind of don't like to like I said before like yesterday because I kind of like to have questions in my head going because I get distracted too easily um oh somebody said about the photography situation at 500 yeah I agree I agree it's a very common thing I I remember people used to always complain about that like it's just hard for other people to get jobs because they want to get paid a certain amount and then they got homeboy charging 250 and everyone wants to go to the 250 guy but you know it's a pretty common thing um please save your money that was a market crash that you can buy oh please people save your money now when the market crash so you can buy yeah who said that it's Wilson he's a you know he's a enough I don't know if he's a troller either but like he'd always be in here with that it's funny um somebody said can you do it he lock with NACA no wait wait so uh we already spoke about that what kind of um so what kind what kind of loans can you do uh HELOC with HELOC is alone I mean like properties single families generally speaking primary residents single families generally speaking yeah but isn't NACA NACA is a different again guys that's first mortgages he locks a second so if you have equity and you have a knock alone FHA loan doesn't matter loan the HELOC is positioned based off the equity you have currently in the home to to tap into it you're not touching the First Mortgage now you lost me bro all right so I have a knock alone yeah I owe 500 000. my house is worth a million dollars okay I got a one percent interest rate on my five hundred thousand I'm not going to refinance that to get cash out so I'm going to take out a home equity line of credit of three hundred thousand yeah my knock alone will stay at one percent and then now I have a second mortgage which is the HELOC for 300 000. so you can do a HELOC with a knockout with having a knock along yeah you said can you do a HELOC with NACA no no that's what you asked me yeah no you confused I was like wait no uh how can you do it a HELOC with NACA you can't do a heat lock with Naco well that was your question that's how it's right oh exactly but you asked me a question I said the way it was said but I understand how it works so no you don't understand how it works this person needs to articulate themselves better yeah but this is why I'm teaching you you said you said no so I'm like how in my head because because the question was can I do a HELOC with NACA so me as a professional yeah you telling me can I do a HELOC or Naka no how could Naka don't do helocs I'm thinking you have the crib no no that wasn't the question okay got you the question was can I do a HELOC with NACA oh okay no you can't yeah I didn't I didn't interpret the question that way then well I don't know why well because that doesn't make sense that doesn't that question doesn't make sense to me but I took it as you have use an iPhone but that wasn't that wasn't the question the question should have been then if that was the case I have a current [ __ ] loan but I have equity in my house and I want to take a HELOC is that okay okay that's a long question it don't matter what it is it's the right way to speak to somebody so no you cannot do a HELOC with NACA NACA does not do helocs correct but if you have a knack alone and you have equity you can take out a HELOC on the property right if you qualify if you qualify right how long we've been on this um 130. oh okay language is important no it is but you can't never take nothing pause right you gotta words are important yeah because and this is why I'm I want to dwell on this for a second because when you guys are going to talk to bankers and stuff like that you have to don't move ain't nothing wrong y'all need to just turn your phones up yeah he got iPhones 11s I don't know if somebody said I guess I moved once or twice and the sound I don't know but what I'm saying too is and this is why I'm on this channel talking to y'all like this because words are important when y'all go to the bankers and saying in loan officers and y'all say yo I want to buy an investment property and use FHA in their mind is like yeah you're trying to commit fraud what are you doing right yeah you should say I want to buy own octopod multi-family take the word investment out of it it's pretty common though for it's pretty common for people to use the wrong language and the wrong words yes I agree yeah but it's like if you came inside no no no no no no no no no no no no bro you can't say it like that right this is very important about part about doing business the right way okay I just said Clarity Clarity and patience right Clarity is also know how to speak to people in the right way so and articulate yourself in the right way so especially if you're trying to do business that the people you're trying to do business understand exactly what you're trying to get done so they can help you but if you're unclear with what you're saying then you make it harder for the people that you're hiring to help you achieve your goals because as a professional they're going to say yo you're trying to commit fraud what are you doing and then you're gonna say no no I'm gonna live in there then now we your red flag already in our head so words are very important on how you articulate it how you ask questions like and especially if you're typing something because now that could translate if you type in it like that then that could be an email too and there's no way to get rid of that now you have a paper trail of something that can be used against you that looks fraudulent so words are very important take patience take your time if you're asking the question especially if you're typing because you got to get into the habit of speaking to Banking and lending professionals you can't assume [ __ ] in my world you told me you're trying to do something that's what you said so I'm just doing what you I'm just saying in general so you I can't I can't sit here like if I'm having a conversation with you I can't read your [ __ ] mind but you're talking about to me talk proper you're grown up you're not baby boss who's eight who may have a problem sometimes articulating what she has a saying she has to think about it but even her she'll if she has a problem with saying something to me she'll take a step back and pause because that's how we taught her all my kids take a chill pill think about it and then come back to me process it that's the patience stop rushing just we just had a whole Clarity and patience conversation in this right effective communication is extremely important so that way you have a clear vision and your team has a Clear Vision and we can't just pacify the audience and assume that they mean one thing no I don't know what the hell you mean and it's respect for that I don't even access I'm being respectful but I'm just trying to tell you yo because when now when you're doing business you're an email and if you're talking like this on YouTube then you're gonna talk like that in email too we ain't trying to use street terms uh I mean we're trying to use layman terms yeah but but be effective with the communication so we can achieve our goals definitely something to push for effective communication is what we all should strive for in every aspect of our life it's the key to success it's the key to world affect the communication and emotional intelligence two of the biggest keys in life okay um Everybody hit the like button or drop a gym if you learned something today because I'm about to get the hell out of here and make sure you go get the webinar less than 100 seats left link is pinned in the live chat um part one what's the downside of me doing this doing what exactly again we just had this conversation about effective communication yeah well hold on hold on hold on bud I don't I'm not saying you accent it I know I but he probably had a different message that I didn't see so I don't care I'm just saying we're on YouTube and you know you probably didn't see it so copy and paste your original question with like you understand what I'm saying I get I get what you're saying like people but this is this is a trend that happens within our community all the time when people action things and they do things it's like bro I didn't see your first question is 100 300 400 people everybody's talking like if if you want to question ask and answer it yo maybe you copy and paste the question and put it in the chat a few times yeah yeah but make sure it's it's um effective and it doesn't matter if this guy's grandma isn't always the best my communication is effective Joe does mortgages yeah but like you see even that like who knows what he's talking about I don't care because I see this and he says bruh this guy what if he's talking about that guy well I saw my channel and he can't be talking about this guy he's talking about me and my mind so if he's talking about the God then he should have effective communication and proper grandma say mg I'm not talking about you but this other guy his gram is always off because he's always in a chat going crazy because now if I see that I'm gonna think he's talking about me again we gotta do better man we got we got to do better yeah yeah yeah yeah because then someone like me I see that and I'm thinking like oh he's trying to play me especially as a mortgage guy then I'm gonna get really like in my [ __ ] yeah I guess I don't know I mean you're on the internet though so I don't care about this it works both ways I think personally but I don't care about the internet we're on it I don't I don't care about the internet so people I just feel like people are going it's natural it's people comment talk ish all the time it's very common I wouldn't even yeah but when you talk [ __ ] you got to watch out who you're talking [ __ ] to well maybe I'm just old school I'm 44. maybe I'm on my own [ __ ] that's you you superunk maybe maybe I'm on my superunk [ __ ] right because I'm just be like because it if most most people are most unks are are like that it's yeah because it's just like yo you can't talk to anybody in any tone in any manner especially if you wouldn't say it to their face I agree look I get it but you know it's just it's I just look at it as content I don't it's it's going to be tough mentally it's not tough mentally it's frustrating it but it's tough mentally to to look into what's going like you know like it's just a comment like that's how I look at it okay people talking [ __ ] I look at it like look I I look at it too like okay I laugh at it but also when I see certain comments I'm like happens all the time bro you know how many people comment about me being on here talking about yo this uh dude with the hat never knows what's going on I see those conversations what kind of questions these he's got to do better but people don't understand like yo I'm learning so it's like who cares like I'm not you know I'm saying like I could be upset about that mentally all the time but it's like yo like who cares I'm I'm putting I'm putting the effort into learning and trying to educate myself so if you got a problem with that then go find some other channel to watch bro go watch some other more yeah you're getting spicy no I'm just saying it's the truth though but I could I could literally be upset by that and be like you know what I'm not gonna get on camera no more you know what I'm saying I'm out here putting myself out here to look stupid all the time and ask these questions that maybe I don't think you're looking stupid though yeah but for me think about for me like if this is a camera you know Channel or if it was anything related to production I wouldn't be talking the way I'm talking right now because I know a lot about that this isn't my space so it's different for somebody to come on here and even when somebody comes on from from um who's watching like and they don't know what they're talking about it's think about that every single day you got to deal with that think about having the anxiety or have or being nervous every single day to ask certain things again it sounds stupid there's 300 people in here every day and who knows not all of them are commenting but something I'd be like yo this dude man here we go something may be like yo I took's on here you gotta listen to get up get a professional here you know what I'm saying but it's just like oh I'm learning I'm trying to help y'all learn too so if you came to the channel and you feel like you know I don't know what the hell I'm talking about which I honestly this is not my space at work but I'm just trying to help that's all and I figured me being on here would help the audience learn because I'm not scared to ask this dude any questions I know him personally so that's the reason why I felt like it was best to have me and even Jordan on before no I agree with everything that you're saying but you know again you know it is what it is something but again like I said my point was don't focus on that I'm not focused on that bro focus on the bigger picture I am focused on a bigger kid but I'm gonna don't worry about that one comment that's what I'm saying I'm reading all the comments you can read them but like yo man no he's on curse but like you know like I'ma say something that [ __ ] like and we you you you look I'm going to say what I want to say because I say what I want to say whenever I want to say it and ultimately if I choose to address somebody in the chat that's the same foolishness I'm going to address it any way I want to yeah basically I'm from New York typical New York City from New York bro it's only so much I'm a less loud it's gonna go to the point like I'm not letting that slide no more because then it just comes as a form of disrespect and if you let people continue to disrespect you they're gonna thank you food yeah I'm a New Yorker bro I don't care how old I am no I'm the same way but I just I just feel like with content and internet if it's not happening face to face then it's like all right like I agree with that to a certain extent but it don't matter yeah I I that's the uncle that's the [ __ ] it don't matter because if they do it on the internet they think they're gonna be able to do it in your face too most people are keyboard Warriors and they're not I agree with that the keyboard majority they will never that's how it is even celebrities bro I get it bro that's how it is I know you get it I get it I understand why we even keep giving light to this [ __ ] I don't know I just wanted to make that clear because I see comments all the time and I'm like okay here we go another one you know like but you just gotta it's tough people don't talk about social media and how you know it is exhausting and um in this hot ass room too so it's like it's tough but you know that's just the nature of the business you know please guys let's move on with the show well what do you want to talk about what's in here no no well what do you want to talk about Well's a troll he I don't even think he's in trouble I think he just has an opinion yeah see I respect people like will who has an opinion because he has good comments and he may say comments that we might not agree with right but it don't mean that he's being a troll we sometimes yeah we see Trolls but sometimes he says things that's like uh but that don't mean he's still being trolling that means he's just sometimes you never know but that's what I'm saying if I if I because he's a regular and we see him all the time on here and he's always commenting his opinions and and he goes one way one way just that in the third and he but he has an opinion everybody's due to the right of their opinion talks right that that's a fact everybody can say their opinion but it gets different when you try to be disrespectful but that's not trolling though no that's no sometimes that is trolling trolling for me is like when you're when you're saying things just to get attention or reaction no but you can tell when will says something I can tell by his comments that he's not trying to troll and if he is then he's doing a good job of masking it right you never you never know because you never know but from how I received his text it's like you know you don't know the tone of nobody's text message or conversational exactly or a comment right some of them you can blatantly see like yo the tone of this is like aggressive or super trolling or just disres or disrespectful you know what I mean you could tell though but I don't think will is but there's nothing wrong with being I'm I troll all the time that's my point like I don't know if he's trolling isn't just so you know it's not she'll be negative it's not it's not negative negative times but I'm a troll I troll you all the time yeah you do and it pisses me off yeah but it can come you could take it as disrespect but I don't take it as disrespass and it pisses me off there's a difference between especially why are you why are you doing this [ __ ] well he had a question he said I have a question can I change my three family house into a condo why would you do that see that sounds like a troll question right bro y'all see what I'm saying like if I'm thinking it's a show I'm learning I don't know I I uh that was a great question though no that wasn't that was a troll question because he know damn well the answer to that oh I thought you could damn well why would you I'm kid I'm sure see I'm trolling now could you turn your three family and turn each unit into individual condos yes can you from your what Your what huh you what you what his question was can you turn the three family into a condo I said why would you do that he's trolling right yeah but then I thought about it I said oh wait a minute you can turn your three family and do a condo conversion and now make each one of the units yep that's what he says I want to sell each unit for more money right so now you sell instead of selling the house it says the three family's worth a million dollars but the condos in the area may go for 750 a piece now you can do a conversion and you create three condos instead of a three family that sounds like a lot of work but there's a lot of work but yes well you you can do that but see his question again that's about to effective communication I didn't understand it sounded like his question was trolling right the tone of of his question and your question will it sounded like troll but then he says I want to sell each com each unit for more money see if he had to put it all together yeah then I immediately wouldn't have took it as a troll and I would say yeah you can do a conversion if it's zoned for it and this time the third and blah blah blah this is what I'm talking about effective communication too because effective communication is very important when you're speaking to especially a professional because if he went into the bank and said yo I'm trying to get a loan to do turn my three family into a condo they're like what the [ __ ] are you talking about you know what I'm saying yeah but that's what I'm saying you know I mean to the audience and well like yo effective communication now I get your point I get your point they do that in Brooklyn every day all day yo oh really hell yeah it's just very lucrative it's damn it's a lot you can do in real estate if you know if you know if you know the game yeah if you know the game or say it all the time if you know the game um so this guy said uh good afternoon I have a loan at 3.75 interest rate I spend 800 in gas a month would you recommend 800 a month and gas would you would you recommend to refinance interconventional and purchase a home near near town with an FHA or wait what does the 300 800 a month in gas have to do anything I don't think we needed to know that I think we need to change a car or something get a Prius I was waiting to see where he was going with that I don't know where he's going with the 800 in gas but I would just say I wouldn't touch my FHA at 3.75 percent I spent maybe maybe because it's a lot of money that is a lot of money in gas yeah that's a lot of I don't spend that much on Rondo seven I spent like 60 bucks so six twelve I probably paid 350 a month 400 a month I probably pay like 240 300 Max yeah I'm probably like 400 a month I guess depending on how I'm driving home yo shout out to the Super Chat uh you're missing the super chats man I appreciate it has been giving on this channel I appreciate you uh aquifer Junkie oh yeah Cali gas is expensive I mean we went to LA for my birthday last year oh my gosh I saw that it was like seven dollars like seven and change I was like what right now it's I don't even honestly I don't even pay attention to gas prices nah I need it our gas prices like interest rates do they fluctuate like do you look at it the same way no I just know I need gas you need I don't care I don't care what the price is so it's the same like I don't care I just thought about that like I don't care what my electric bill is my gas bill is my water bill is I don't care what my car gas bill is it doesn't matter I need it that's what I'm saying like what are you saying you need it it doesn't matter what the price is right so if you want to buy a house then well interest rate doesn't matter though to a certain extent because yeah it does it does this is why I say don't be housewares in cash Port because you're gonna have utilities and you got to pay for it yeah yeah certain things don't matter certain things don't matter in life yeah like I need it I have to have gas in my car yeah I haven't I haven't even looked at what it is now I have no clue it's like three four dollars I give I get homeboy my car and tell them to fill that [ __ ] up anybody know how much gas is in New York I really don't even know uh his daily commute is 120 miles damn that's crazy I'm trying to get something cheaper since gas prices expensive things okay so that means that makes sense so yeah move if it's over 100 miles I mean that's that's crazy I would lose I will move closer to my job you know that's a lot of my 800 a month yeah that's a lot that's too much that's too much you gotta move Playboy Cali's expensive too right that's a lot 120 miles Hospitality today 120 think about 120 miles driving every day that's a lot yeah it is a lot it's it can be done though how long you been honest this thing is getting hot now uh now we're in 47. oh I got three minutes 339 outside of Rochester 385 yeah so it's about the same you said well how long we also make it two hours even yeah so it's about three three thousands in uh two okay sounds about the same it almost got up there but damn I wonder does he own his car I'm curious too if he owns this car any any advice after refinancing that is fully paid off take out a HELOC yeah don't refine oh somebody said something about llpas I I don't can I explain how the effort is going to affect us uh yeah it's gonna hurt us all we are going to spend more money yeah I got to watch that video back because I still don't understand we did a whole video numbers right yeah yeah okay yeah we're gonna we're gonna all spend a lot of money he must be a truck driver 292 Costco damn I would go to Costco but it's out the way I'm going home boy who gonna pump my gas for me then Jersey in Jersey they you can't pump your own gas I don't think in Jersey they do that out here too yeah but it's not like a every I think it's everywhere in Jersey like it's it's it's a common thing you go to a jazzy gas station and they just put the gas in for you it's kind of weird sometimes going there but uh I wish they had the service in New York where it was like a mandatory thing what's a good rate for a HELOC whatever I don't know no I really don't he said I get paid well that's the only reason I haven't changed jobs but thank you guys for the advice love watching oops love watching your videos and giving great advice appreciate appreciate you Jose Beltran appreciate you brother 2012 Kia Optima oh yeah he's getting good gas mileage on that he should kids are usually going guys can't can't pump your own gas in Huntington is that is that in Jersey yeah New Jersey you cannot pump that's a fact which is great for winter [ __ ] I'm not trying to get out definitely not they would have to pay me 200 and I'll be driving 120 miles a day credit unions are always going to be the goat on interest rates yeah I think we said that before right Bethpage uh Credit Union is the way to go for for any local stuff for Matt uh can you take out Equity of the same house Oh I thought did anybody answer that already can you take Equity out of the same house more than once yeah absolutely yeah can you take Equity at the same yeah what's a good first time what's a good first time on this oh hey what's good first time on this live uh do my sorry what's good first time on this live my question is if I purchase a four a four apart apartment with two commercial fronts what type of loan would I have to get a little word weird if I purchase a four apartment with two commercial fronts what type of loan would I have to get what say that again if I purchased a four a four apartment right apt with two commercial fronts you need a commercial loan that's a commercial property a six total units this is a commercial property so what do you mean like a commercial loan commercial loan yeah we haven't done no commercial loan oh that's not that's not even a conventional that's just like a commercial loan yeah if we don't do any commercial stuff but there's not really a big audience for that one here I feel like people who are buying commercial I don't want to say that no it's definitely a big audience I have on YouTube yeah we just don't talk about it I have to research on it I'm trying to tell you oh I'm trying to tell you you think that there's a big I know because I this is the stuff that I look at commercial stuff I look at a high level [ __ ] the only person that I know who's me personally that I know who's doing big commercial stuff is Manny kochman and he's like uh is a car collector and he has his own course and all that stuff if that's even how you say his last name but uh he he always talks about commercial I actually doesn't talk about it but he has like craziest cars all like Bugattis McLarens and he does like commercial real estate investing but other than that I don't really know anybody else on anybody know anybody on uh on YouTube is doing commercial Investments you only need a big down payment to get a commercial that's what I'm saying so like how is that a big audience on YouTube for that bro not everybody's broke son I'm not saying that but I feel like if you're making money you're not sitting on here on on YouTube talking about how you're making x amount of dollars I'm trying to tell you bro so audience for it I guarantee you if we started talking more about that type of stuff like how to buy a 50 unit 20 unit and stuff like that yeah but you need a capital for that okay you get the capital how much money you need to put down the commercial loan it's a whole process you can't give like a uh you know it will probably be 25 down same thing if you buy on a four family and doing a DSC Outlaw doesn't matter how big it well it doesn't matter bro it could be 10 million dollars it's all numbers numbers are relevant if you could do a million dollar day you can do a 10 million dollar deal if you could do a 10 million dollar day you could do 100 million dollar deal it's all All About Numbers it's all the same [ __ ] but when you're dealing with that kind of money when you think that somebody would know how to how to do that no people got millions on how to invest they discount they just got money well that's what I'm saying I feel like there'd be a small audience for people who actually have there's more people in here got money than you think bro I'm talking about YouTube I'm talking about I guarantee you in this audience make a poll okay make a poll answer this poll look I'm not saying nobody's broke don't you make a poll I'm gonna do yes or no in chat are you interested to learn about commercial loans I'm pretty sure it's gonna be yeah yes or no one chat that's more content it's different but in terms of would you switch the whole it's not it's not a matter of switching nothing so you don't have to switch nothing right you always think something got to switch it's not about switching yeah that's what you're talking about I'm saying it's just content look one video yeah I said it was it could be it could be a whole month of content commercial I could actually sit here and talk more about that than the [ __ ] that we talk about every day so let's do it because no you gotta pay me for that there's no winning with you it's not I'll give you ABC one two three but like nah like when you're talking mixed use and development and all that stuff that's little it's a little different okay so I guess I I guess the question was answered there's levels somebody said nah there's one there's one nine here there's one nah there's nobody's saying that if it's one it's one block them [Laughter] oh man what was the uh do you do you have to take out a minimum for a construction loan I'm not answering that see and you want to do content on this because it's too much to go into and I only got like three or five minutes here you could do it in five minutes no I can't next question oh man bigger bigger pockets of the channel and talks about commercial loans and has over exactly like 47 000 views there is an audience everywhere so thank you about commercial financing and Commercial deals all the time we can't talk about it we got to get off this ABC [ __ ] I'll be telling you this bro it's boring to me I don't have fun with this oh my God the ABC [ __ ] is is what I'm not even gonna talk about it right now why are you gonna talk about it what's up what's our highest view video right now it doesn't matter okay fellas come on let's think big thank you what do you mean what are you saying thank you for let's think big pause yeah pause one video yeah one video nah Bigger Pockets has a million uh Subs I'm pretty sure a bigger pocket has a million Subs um but yeah just because a video has 47 000 views is necessarily mean it's a big audience for it just just see just so you know um but like I said we're not gonna talk about them here we're not gonna do that we could talk about commercial we do whatever you want bro I'm just telling you when it don't really work in your favor I don't hit nothing bro nothing so we'll do a video Let's do let's do it next week let's do Monday no so when do you want to do this video then it's going to be a webinar and then you know what's funny is like it's like no no no and then and there's people in here like come on Dukes yeah dude go big go home you know like come on like mg is right like and then it's like I'm trying to help I'm trying to help get the content and it's like somehow is always pushback look look at this guy if this is happening on a live what do you think happens when this camera's off like seriously ask ask ask yourself that chat please oh man well I guess I guess we won't be doing a commercial real estate um video anytime soon if we pull our money as black investors commercial property is what we need to do I agree with that Matt let's pull some money together to do what get some commercial properties sure I got 500. minimal investment minimum investment at least fifty thousand 50k minimum we can't even talk I got what about 1500 nah we could do like a 60-year no okay no all right well this that's that's out of the question uh I will sign up for that webinar there you go so you want to do commercial real estate and um sign up for mg's webinar on Commercial Real Estate oh by the way Nicole I'm an Aries by the way because I saw I forgot to answer that I'm an Aries I'm pretty sure it's um common sense it kind of looks like uh I act like an Aries anyways but hit the like button and drop some gems in the comments please hit the like button please hit the like button get the tickets for the webinar this weekend get the webinar this weekend somebody said they could do 100K somebody said I'll put 50k up okay DM me DM me the word invest on Instagram mortgage guy let's see how serious y'all need that ass right now I'm dead serious so if anybody in here has a hundred or fifty thousand dollars if you have a minimum fifty thousand dollars to invest I will pull it up I'll do a JV agreement with them and I'll go find a property ASAP and we'll invest and we'll buy together and they'll be on the joint venture what about uh so you can't do 1500 bucks nope it's not worth it now what about two bands it's not worth it well there you go anybody who has 50k or 100K make sure you DM uh mg the mortgage guy on Instagram and uh yeah too because you're not you're not fiery looking usual Aries um I'm I'm pretty sure I'm an Aries uh I'm very I'm very humble now thanks thanks to mg thanks to this guy over here 20K somebody said 20K no no thank you 50k or more he's right yeah 20K no why 50 though his location is location an issue location of what well that 50 000 of it doesn't matter it's going to be 50k like there's no debate let's see if you got 50k if you want to buy some property with me okay great it's 50K a couple people comment on it I'll do a JV with you it is what it is because I'm not and the reason why is because I need to deal with people who are serious about yeah I was gonna say how do you know these people are seriously because they got 50k and they're willing to give it to me to invest so if you've that serious then I know you're not going to be hounding me every two weeks for like yo I need my money back I got to pay rent or where's my investment coming like yo chill when you when you your 1500 to 2000 no no no no I don't need those headaches in my life because I was joking I'm just saying I don't you don't need those headaches in your life those are not the people that you wanna it's the same thing with anything though like the same thing with anything it is when you take those Bulls those those [ __ ] ass like you know like you don't want to deal with it's like clients yeah that's why I fire clients too yeah like because I don't want to deal with I'm at a position in my life where thank God I don't need to deal with things I don't need to deal with so people are saying yo they want to pull money and invest all right cool we think about it if we don't you got to think about this right if you're talking about 50k let's just say 20 people it's a million dollars a million dollars can go out here and buy probably a three million dollar building three to three and a half million dollar building depending on where is that purchase at that can be probably 25 to 45 doors 25 to 50 doors depending on location right now you gotta figure out now how am I going to buy this building am I going to burn this building which nine times out of ten that would probably be one I want to do because I need something that I can enforce appreciation on this building because I'm not really thinking about the cash flow because my goal as the investor right because again when I say JV they are it's a joint venture right so I'm paying them um a percentage hold on bro yo big shot what's good sick out here dog damn dog I'm on live right now son let me hit you back in like 10 minutes hold on let's get hold on let me get let me get you in the camera hold on I'm not gonna Focus just you could probably just flip it around hold on trap where you at we got big trap in the building y'all he's out of focus bro we got big trap in the building y'all we got big trap in the building y'all all right I got you bro I'll hit you hey sick yeah he he probably ate some [ __ ] man like we're supposed to come here today yeah I was going to get a surprise today trap was going to be in studio with us today I was I was like you know what I was like all right back and then you know he's busy and he's he's not feeling well apparently now so he was knocked out earlier yeah he was knocked out yeah like I could tell like I've seen him sick before so yeah I'm not saying I'm not saying his captain but all right so um back to this investment thing right so now when you joint venture on the deal the goal is to for me as the investor is to get a deal where I can Force appreciation refinance pay off my investors their percentages buy them out of the JV and keep it moving you see what I'm saying now the cash flow it's a whole science behind us and I'm not going to really sit here and explain it but again that's what it's called yo it's a certain level of money because I need to deal with a certain type of person who understands real estate investing to a certain extent right and it's it's kind of syndication um You can call a syndication you can call the crowdfund and you can call it joint ventures you can put whatever name that you want to put on it but this is how when you see people talk about y'all I just brought a thousand units I bought a 500 unit so I bought this unit is because they're putting they're getting money from investors yeah and what they're doing is they're basically buying investors out or they're paying them back monthly dividends you know what I'm saying so what I would want to do is to refinance them out of it pay them back there eight percent ten percent whatever our agreement is yeah and get get their money back plus their profit and boom now the property is 100 me or I can do certain deals where it's like all right you're going to be a true partner in this [ __ ] and now off the profits you get paid a dividend right so there's many ways you can do this thing right and this is why we probably don't have this type of conversation because it's more of a high level type of conversation and if now you're talking about you want to invest with someone like me like no all right this will be my minimum requirement because it's risky for me yeah because I'm doing all the work yeah it's a lot that comes in it then you're gonna take my 2500 bucks no because then you're gonna be like a week later like y'all what's going on what's it looking like bro I got time for that [ __ ] bro how much money are we looking at this week nobody got time for that [ __ ] somebody said they're gonna DM you okay you should do a commercial real estate video at least once a week he don't want to no I don't bro we've been out here for two hours bro yeah we were on two hours yesterday I think or two days ago yeah it's a lot now like it's a lot now buy the block back boo word that's a good tongue twister buy the black back boo okay in one question folks because I'm really getting hot now do you know any banks that do helocs and investment properties [Laughter] no Bank of America and the major banks are not doing helocs and investing properties a lot of things trying to talk to me and to refinance of course they're not going to do that they can only do a refinance how many investors are on this chat right now good question it wasn't my question it was Jason's how many investors are in a shot if you are never mind no no no no no no no I'm about to get out of here I'm done energy us a cold piece mg us a cold piece what I don't know can you put a DSE air Loan in the third year fix yes have we done a dscr loan video yes yeah I remember that one can we get the Tuesday live full video back I love those videos Tuesday live I actually clipped it already that was a Oh that was the the the Fabio video yeah I gotta go that can't if you was like if you was here you saw it live then you know what it is but that's not gonna be on replay because in no honesty and this is why even when will sent that clip I'm like yo bro what you trying to do to me right now like we'll be putting it out on the internet already but but it's clip now and now it's gone no it's not gone we I have it no we have it but the world don't have it no more oh yeah so I mean it's technically gone now but look see and this is my point and this is why I said it's good to have a second channel that way we can have all those good moments I wouldn't want that on the internet living there if you did want it to have if you did wanted to to be on the internet folks we already had this conversation about making a second channel it's on you yeah I'm just I'm more I'm validating my point even more I understand your points but what I'm trying to tell you is that if you saw it live you you got a treat because now you talk that's how I speak off camera right you know that's not how I typically speak on camera again work with the little guy or girls in the world of course I do every day Nicole but this is what I'm saying like I'm I'm sitting here that was like a whole off-wall conversation some conversation that it was cool but I don't want to get people twisted like that's why I won't even post that because then now it's going to turn into a Super relationship type of thing if it was more geared towards real estate in that conversation then yeah it's something I'll post it but it was more so just like a personal conversation on camera basically you know you could put out whatever you want you're in control of whatever you want I know that but I'm trying to keep it to my Lane yeah right I feel you and sometimes good to have fun though too you know but we have fun all the time and people who watch us live seize the fun we posted others you know so but it was it was relationship it was it was love and real estate though was it was it really was it love in real estate I don't know if we're talking about real estate much at that point yeah she could put a dscr loan and a 30-year fix under 100k it's not a lot of business would do that don't argue with him he thinks he's right all the time Alicia I don't understand I think I'm right all the time no she thinks she's telling you don't argue with me because I think I'm right all the time which I am I mean that's I think that's why it's uh I am right all the time when have I been wrong see MD's a troll he had troll himself and I still to this day will never be able to figure out if he's being serious right now the man will never ever admit when he's wrong yes I do I just gave y'all a whole thing about Clarity and patience today what's that got to do with it that was admitting all my wrongdoings see I don't pay attention this would be the problem with people you too tooks y'all don't pay attention right and Virgo's are never wrong big Virgo energy that's number one but when I am wrong I'm an Aries I don't care what you are I'm a Virgo it's probably worse on my end honestly it doesn't matter I'm a Virgo and what I'm telling you is I take my my my losses and turn them into lessons which I gave today Clarity and patience I just had a whole transparent moment of y'all telling y'all how I took I'm taking the L right now with Garland Gardens and I gave y'all the lesson behind it what's your point here my point is I do admit when I'm wrong I just turn my wrongs into a lesson that's all I just do it differently but I'm hardly ever wrong because I'm still not wrong because I'm still gonna be up on Garland Gardens somebody who's never wrong will never admit that but I'm I'm Different I got his I got it I'm Different I do admit when I'm wrong um yeah okay you're different yeah yeah return pain into oh tanisha's a Virgo too she's a big Virgo and is you oh Lord a Virgo yeah right that's what I say oh Lord nah Virgos is uh Virgo's a culo we're the best yeah just emotional as hell though super emotional y'all be moody like I'd be picky like what many I want to do something that's like nah yeah like one minute I want to be on live and one minute I want to get the hell off like right now like yeah yeah I'm ready to go bro you got me on here for two and a half hours now he couldn't Vibe sometimes but when the vibe is there the vibe is there right bro like you got me on here forever now that's what you say yesterday you said oh maybe we should start doing longer lives like 90 minutes not three four hours no you said you was like no bro live channels actually go three four hours online they'd be playing bro that's not me bro I don't want to do this this is too long now so what you about to go do mg I'm about to go home and do what I don't know but I'm not gonna do this what if we had an AC in here no I'm still getting the hell out of here that's cap why am I going to be on here for all these hours too because I don't get it talking to people you love I love them but I gotta go yeah I got to go home you gotta get the hell out of here though me and me and my team need help finding deals so I'm just about to break it down to you Pisces gang I gotta go bro yo this is like my shoulder's starting to Edge like I want to go bro this hot sweater are you this is your show I'm I'm sweating I'm already sweating I always swept on here when I drank a whole pint of water liter of water somebody said you're looking good you're dropping that weight not fast enough though I'ma [ __ ] lose this bet I don't know what happened to my old in this old age bro but I used to be able to drop 50 pounds in like six weeks what what was when was the last time you were 200 pounds I don't remember no I'm serious questions I don't remember and I'm and I'm sick my body is like I'm like I'm mad at my body like yo bro wake up bro what you doing Drop the weight yeah it don't work like that when you get older nah I'm old now and I'm starting to realize this during this journey right now it's like damn am I really old like my body don't want to stay fat you don't have Clarity when you went into this process no I do have Clarity I want to lose weight you got to have you got to have 10 toes down on the treadmill in this process I'm on a treadmill I'm just saying you got to have Clarity and patience when it comes to your weight loss journey I understand that but I gotta like I want it off now you got pictures of when you were like 20 25 no or 31 I'm glad I don't because we was outside Reckless no like like I got a picture when I was like 16 17. nah 20 like my age 32 yeah 31. Excuse excuse me sir 31 31 no 29 28 27. I didn't take pictures and I I I honestly I'm not I hate pictures so I never really took pictures like that so you just missed out on a good 10 years of your life it's not that maybe a little good 30 years of my life with no pictures yeah this is why I take so many now right thing I was like yo flick it up because I realized one of my regrets I don't even have a lot of pictures with my father damn you should have told me that when I first when I first got you bro I literally have probably like two or three pitches with my father that I I can look at them nah bro you should have told me that when you first when we when you first started my mom I probably have one picture with my mom well how else are you gonna have memories I wasn't thinking about that then I just thinking like I hate pictures what about video no camcorder stuff [ __ ] it's the 90s we had we had the big camcorders but actually my man doubt the pastor we used to be in school but he got those files locked up somewhere safe damn that's sad man it is this is why I take a lot of pictures with my kids that's why I make them take a lot of pictures that's why I take a lot of pictures now because I realized damn I don't have no pictures of my pops like this is why I keep this close to me hmm what I'm so this this is why I keep this close to me because this is like one of my reminders of my father yeah be careful with that gives me anxiety you don't want you don't wanna drop that see I'm not gonna drop it damn well now I know that's right back talks look it up but I'm not a photographer I'm not a photographer well take the picture [ __ ] take the picture too I'll take the picture now because I understand I understand you know what I'm saying sometimes it's good to give you background to kind of I mean either way photographers I'm not a photographer though I cannot stand taking pictures but um that's good to know though so now every every time we go somewhere I understand the value behind it which is stupid because you should you know as as somebody in my field actually understand that but that's why I do video that's crazy okay sad sad moments but uh many more moments to come there's a whole conversation going on here what's up suits I need the link for this weekend you will get the link on Saturday everyone who's DM me you will get the link on Saturday and we need to give no tickets away today huh you done with that oh actually we're not going live tomorrow so if trap going to come we going live uh trap comes yeah that kind of sucks if he comes tomorrow but I mean uh yeah I guess we'll go out tomorrow if he's here yeah he said a Saturday yeah so I'm gonna speak to him when we get off well if he feel like we mean he ain't gonna come here sick talking about some ain't got no cover or nothing just probably ate something you know there's a stomach bug going around though I just saw on the news yesterday you take it take a dump and you keep it moving okay okay oh my God taking it off in this hot ass room being all alive with the squirts not a good time uh yes even the winners yeah uh so you guys will get you guys will get a uh email right email Saturday morning for those who who uh who will see sign him on a 10 to 10 30 p.m Eastern Standard Time um family didn't even open my DM uh I will check today honestly I I honestly don't even honestly don't even check that as soon as we get out of here I'll be I'll be busy so I'll check when we leave here this is a nice ass watch damn I want this yeah I'll check uh when we leave here this guy's looking at watches yeah I am this is beautiful though if I can get this this is these are one of the Affinity Stones Tykes really two you mean Tukes Tuks really oh my God what do you what do you mean Tukes really all right folks can we end this now bro cause now we're just rambling bro I never close out all right look thank you for coming today we appreciate the love hit the like button on your way out please make sure you hit the bell for notifications and also get your tickets for the webinar this weekend Saturday and Sunday lots of gems will be dropped uh yeah [Music] somebody said yeah I gotta get on the same frequency it don't matter what y'all talk about just about investing and growing wealth mg talk heavy what money doesn't have emotions this joint is a meme I don't understand what he means by that I think he means we're just talking a bunch of things not relevant to um building investing and building what I'm just talking about some random stuff yeah no I actually agree with that that's why I said why are we still here that's why I was like yo let's cut this because I understand like we're answering questions but at some point it gets so like all right we got to end this [ __ ] we gotta probably try to keep this 90 minutes or something like that because going two hours unless it's like real like you know what I'm saying yeah but you know so I'm gonna be because I got 80d bro like I'm starting looking at watches and stuff that's cool I mean we've been here for 220. that's cool but we spent time it's a long time but we spent about a good 90 of it talking about what he saw no I agree so realistically brother you can just watch the replay if anything I mean we didn't get spicy I'm just saying I'm just saying bro we got a whole video here you can learn whatever you want to learn about refinancing and helocs and so on so I agree I agree with you it's not really a meme you know I'm saying because there's not too many people like us who are educating people like us so if you're coming on here talking ish go back and watch the replay brother please don't be violating don't be violating uh and we will clip this off later on too so it won't be on here all right all right close out bro uh yeah like hit the like button for notifications and that's the Aries arrogant egomaniac too boy said it's a meme so why are you on here then no no that was funny actually though but I actually agree with him but that was funny as hell great because I've been trying to get off this for like 10 minutes 15 minutes then get off there bro you keep asking me questions bro like because you on your phone looking at why exactly I'm trying to give you the hit I'm not into this no more I'm done all right so close it out I don't close out ah yes yes yes uh go to mgbookstore.com and get that get the books the webinars and everything else in between appreciate the support I'm gonna call my [ __ ] big trap right now and see if he is going to be in the mood to come to the studio tomorrow to get on live with us here's one come today um and that would have been dope well let's see if he can come tomorrow all right that's all we got for y'all Matt Garland nmls number five eight seven zero zero better known as mg the mortgage guy don't forget the home the ultimate home buyers webinars this weekend March 11 March 12th go grab tickets now Tanisha just put it in the in the chat go grab it right now there was less than 100 seats available today and they'll probably be sold out all right goodbye God bless thank you love y'all peace peace

Channel: MG The Mortgage Guy

Views: 14,629

Keywords: mortgage refinance, real estate, mortgage, how to refinance my house, how to refinance my mortgage, how to cash out refinance, how to refinance a house and pull money out, how to refinance my house with bad credit, cash out refinance, what is a cash out refinance?, what is a rate and term refinance?, rate and term, heloc, heloc explained, mortgage refinance explained, mortgage refinance tips, mortgage refinance process, refinancing your home

Id: MU_kx2W33k4

Length: 143min 38sec (8618 seconds)

Published: Fri Mar 10 2023