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So Much Equity!!! (Episode 62) S5 E2
Manage episode 321580624 series 2936153
Contenu fourni par Tyler Cazier, Aric Wiszt, & Jason Christiansen, Tyler Cazier, Aric Wiszt, and Jason Christiansen. Tout le contenu du podcast, y compris les épisodes, les graphiques et les descriptions de podcast, est téléchargé et fourni directement par Tyler Cazier, Aric Wiszt, & Jason Christiansen, Tyler Cazier, Aric Wiszt, and Jason Christiansen ou son partenaire de plateforme de podcast. Si vous pensez que quelqu'un utilise votre œuvre protégée sans votre autorisation, vous pouvez suivre le processus décrit ici https://fr.player.fm/legal.
You can watch this video on YouTube.com: https://youtu.be/77l_Juz8G3E
How much equity's in your house? Well, if you haven't refi-ed and you've owned for more than two years...probably more than $80,000!
0:00 Introduction
1:32 – The Homeowner Investor. Utah numbers Since 2019: median home was $320,000. Today that home is worth $444,000. Tap your equity in one of two ways: sell your house or home-equity loan. What if we DON’T sell? Go full homeowner investor. Equity is the difference between current value and what you owe. If you’ve owned your home longer than 2 years and you haven’t refinanced, you have at least $80,000 equity!
4:08 – Example House. $161,000 equity.
5:15 – HELOC. Home equity line of credit. Very common is 80% Loan to Value (LTV). Here’s the formula: (Current Value * LTV) - Mortgage Balance. In our example: $444,000 * .80 = $355,200. This is the loanable amount. Now subtract the mortgage balance. $355,200 - $283,000 = $72,200. This is the HELOC loan ceiling — i.e. how much equity you could touch.
6:20 – Invest it! My first property cost my $320,000, why would I buy a townhome for $485,000? You can make money buying a way more expensive property? Yes. What if I don’t move out (which would allow me to owner occupy with 5% down payment)? You can get an investment loan (20% down, and higher interest rate). And for putting down 4 times as much, you’re payment will only be about $127 less expensive per month. Use your dollars wisely, and move.
7:55 – Strategy. Make a plan, and have the tenacity to stick to it. Use ratios (math!!) to make you money. You could make 3% on $400,000 or 3% on $800,000. Which one sounds better? This can finance your retirement. “House Hacking” is a strategy for owner occupying (5% down payment). Live there for a couple years, then HELOC, rent it out, and get another property. Build your portfolio.
11:35 – Agents. Investment strategies call for a deal every year or two, instead of every 5 – 7 years. Build your team, and work on your strategy.
13:05 – What’d we learn today?
14:56 – Bloopers.
* No equity was harmed in the making of this video.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
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