Steve Alad, Seventy Five Percent, Twenty Twenty Five Percent discussed on The Ray Lucia Show
Hasn't paid but you think they should and then deal with the insurance company don't let that go to collections. So there are things that you can do to improve your position to, be able to qualify for more, mortgage you just have to. Be. More studious about how you manage your debt Steve alad art loan financial planner because that's what. He does now I'm on this Jag where I really want everybody that wants a home to get a home I really want everybody that wants, a rental property and understands the dynamics of owning a rental property to get one because. As I, see it people have made a, lot of money in the stock market probably more than they deserve I mean if you think about it stocks don't go up fifteen percent a year for ten years that often And that's what, we're looking at so people that were consistent investors mostly people listening to this program were. Taught and, trained to just hang on for, dear life and if you did hear pretty happy camper right now And if you invested more money along the. Way, you are an ecstatic camper right now but what I'm encouraging Steve is that they scrape a little bit of those profits right now and try to move them into something. That might be a lot less, volatile granted they need a good real, estate agent and they need a good. Mortgage dude like you and they probably need a property. Manager and someone to deal with all, the minutia but from an asset allocation, standpoint even though real estate. Can be volatile it's way less volatile than stocks. Here the key is I initially get it yet the other if. You're looking to acquire estimate property. You need a minimum of twenty. Percent twenty twenty five percent down we'll times give you a significantly better interest rate so the. Key would be to be able to have the funds Order to make that initial investment but then you've got to also do the research what type of property, or you're going to look to purchase is it going to be a single family one. Unit is going to be a condo is it going to be a multiple family unit two to four units you want to also find out hey what kind of rents. Am, I gonna be able to collect what are my payments going to be so can I break even can I make money also realizing that went older doing loam qualifying is. That when you're purchasing an investment, property what we do is the appraiser, we'll go out and give us here. Are the expected reds based on them doing the survey. Within the appraisal but we're only able, to count seventy five percent of that, so even though you may. Have calculated break even or positive cash flow based. On what you're actually going to get as far as loan qualify Purposes we're only going to be able to use seventy five percent of. That so it's key that if you're looking to, get into purchasing an investment property that you deal with alone? Professional find.