Old Blog - The Kwak Brothers - Part 28

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Pay Off Your Loan Or Invest? Know What’s Better For You

Time and time again, I see people choosing to focus either a mortgage or an investment but not both at the same time. But which option is better to start with? In this article, I will show you how you can invest AND pay off your mortgage without the diminishing effects of either process. I want to show you that it’s possible to pay off your mortgage and invest simultaneously. More often than not, such a decision often depends on your financial situation. While many people believe that paying off money is best since it saves on your interest payments, others may want to invest their extra

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BREAKING! The Eviction Problem Just Got WORSE 😧

The eviction moratorium has completely expired and the US Supreme Court ruled against the CDC wanting to extend the moratorium. In addition to this, recently the Federal Unemployment Benefit also expired this week and the Biden Administration has no intention of bringing the unemployment benefit back as the economy is starting to open up.  https://www.youtube.com/watch?v=uaTUQruQjKQ In this video, I’m going to unpack what this all means and how real estate investors could potentially benefit from the eviction

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June 29, 2020

Velocity Banking: HELOC to Pay off Your Mortgage FASTER (Step-By-Step)

Velocity Bank! Does it ACTUALLY help you pay off your mortgage faster using a HELOC? Can you use a HELOC to pay off your mortgage? In this video, we’re going to explain the Velocity Banking Strategy Step by Step. We’ll illustrate how does the Velocity Banking concept work, how it ACTUALLY saves you money and time, and at the end of the video, I’ll leave you with a FREE Velocity Banking Calculator to download: FREE VELOCITY BANKING HELOC CALCULATOR: http://chopmymortgage.com So how does the Velocity Banking Strategy actually works? Here in the Kwak Brothers, we call it the Accelerated Banking Strategy. To start off, this strategy does rely on having a line of credit – like a Home Equity Line of Credit (HELOC) This strategy WILL work with a 1st lien HELOC, 2nd lien HELOC, Personal Line of Credit (PLOC), and even some cases – credit cards. A HELOC has features that mortgages don’t and the BIG feature is the “Open-Ended” feature. So here’s the “traditional” version of the velocity banking strategy: (2nd Lien HELOC Version) You take a chunk of a HELOC and do a principal payment against the mortgage. Essentially, you did a balance transfer from the mortgage to the HELOC. From there, you’re going to put ALL of your income and savings into the HELOC. Remember, you can ALWAYS draw the money back out from the HELOC anytime you want. Think of the HELOC as your new savings account. This effect allows for the average daily balance to go down – thus you pay less interest. With the money you DIDN’T pay for interest – now goes to principal which pays down the HELOC faster than the mortgage. The next version of the Velocity Banking Strategy is using a 1st lien HELOC instead. With this version of the Velocity Banking strategy, you’re completely replacing your mortgage with a 1st lien HELOC. Once you replace your mortgage with a HELOC, you do a similar pattern with the 2nd lien HELOC Velocity Banking. You’ll dump all of your income into the HELOC to lower the average daily balance. Here’s a bit of a bonus tip that I DON’T regularly share on YouTube… I only share this with my students and coaching clients… You can also use a credit card to hold all expenses and operating expenses for 30 days while your income stays parked in the HELOC. This allows for the HELOC balance to stay low for a long time which means you’ll end up paying less interest. After the 30 day period, you’ll use the HELOC to completely pay off the credit card so that you don’t end up paying any interest on the credit.
June 23, 2020

If Banks Were Actually Honest…

What if Banks and Bankers were ACTUALLY Honest about all the hidden fees and their “secret” schemes to make money off of you… You’re getting a mortgage and you’re thinking ‘What can ever go wrong?’. Well, in this comedy sketch, we want to show you what it might look like if bankers were actually honest about all the mortgage closing costs, fees, how the banks make their money, how they want you to refinance every 5-7 years, and what they really think about mortgage rates and refinance rates. Enjoy! 📉 Learn How to Pay Off Your Mortgage in 5-7 Years (On Average): https://www.youtube.com/watch?v=3f-ebCjeH8o Honest Banker – Played by Sam Kwak Mr. Enslavedski – Played by Sam Kwak In this comedy sketch, we wanted to highlight and exaggerate some situations that every borrower and banker go through when it comes to shopping for a mortgage or for a refinance loan. Typically, banks want you to play the game of “shopping for rates”. The banks REALLY love 30-year mortgages because in the first 5-7 years, you’re really not paying much principal but you are paying a ton of interest. This is often known as the “front-loaded interest” zone. The banks know that majority of the borrowers will come back to refinance or get a new mortgage in 5-7 years. But hardly any borrowers make real progress in building equity in only 5-7 years with a 30-year mortgage. Typically on a 30-year mortgage, banks can make up to twice as much as the original mortgage balance. This is why it’s so profitable for banks to lend on a 30-year amortization. Plus, the Mortgage-Backed Security industry loves these 30-year mortgages because they’re often backed by the Federal Government and thus, are highly regulated. While this is just a comedy sketch, we wanted to highlight some of the REAL situations and what the banks are REALLY thinking when lending these mortgages to you, the consumer. Don’t fall for these traps by playing their game! Learn the rules and how banking works! 📉 Learn How to Pay Off Your Mortgage in 5-7 Years (On Average): https://www.youtube.com/watch?v=3f-ebCjeH8o
June 16, 2020

Subject To Real Estate: How to Buy Real Estate WITHOUT Credit (Breakdown)

Subject To Real Estate Deals! This our go-to NO CREDIT Real Estate Investing Strategy! This is probably one of our favorite creative acquisition strategies to use to help distressed homeowners and landlords. Subject To Real Estate is a shortened down name for the full name: Subject to the Existing Mortgage. I sit down with Randy Pertler, a 30 year Real Estate Investor and good friend of The Kwak Brothers and discuss how Subject To Real Estate has been a tool in his investing career. Randy goes into some stories of his experiences in the past where Subject-To Strategy helped him out but more importantly, helped out those property owners who were facing a difficult situation during an economic downturn. Randy does a great job breaking down the Subject-To Strategy and gives new Real Estate Investors a solution to when you receive the age old question, “Have you done this before?”. “Have you done this before?” and “Can I speak with a previous property owner?” are HUGE obstacles in real estate investing for beginners. Randy shares some tips to overcome the objections: Ask the property owner for the actual mortgage document. Within that document is a clause called the “Acceleration Clause” or “Due On Sale Clause”. Typically, it says this, “If there is a change in 25% of the ownership of a property. At the lender’s discretion “may” call the mortgage/ loan due completely😮. Then you have 30 days to come up with the money. BUT! Do you think the Bank would really do that? No, the Bank is in the business of mortgages. Especially during economic hard times, the LAST thing the bank wants is a foreclosure on their books, they would rather keep the cashflow coming! Enter……..The Subject-To Strategy! TAKE NOTE! Creative financing, subject to real estate, seller financing, etc……..IS NOT COMMON KNOWLEDGE for some people who have been working in the mainstream real estate industry. So you may need to do some educating for the people involved in the subject to real estate structured deal. Another thing that Randy is an expert in is putting the sellers at-ease when using the Subject To Real Estatestrategy with his willingness to go the extra yard to explain the details when sellers look at the Subject To Real Estate strategy. Randy has even created documents protecting the sellers when they look at securing another mortgage if they so choose when they move from the current property. For a SPECIAL OFFER on the documents needed to acquire properties “Subject To” with NO MONEY DOWN AND NO CREDIT, just subscribe to Randy Pertler’s Channel and email him at [email protected] to request your documents for just $20. Randy’S Channel: https://www.youtube.com/channel/UCjkd8KQzUzcPGH-Eh6T2ESw
June 16, 2020

0 T0 75 Units in 1 Year – Daniel’s First Deals

In this episode of the podcast Daniel shares his first deal experiences and the lessons he has learned along the way.