Real Estate Investing: How we went from $10,000 to $1.4 million (without a ton of cash!)
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- čas přidán 10. 11. 2021
- Take a BTS to look at how we turned an initial $10k cash and turned it into a residential real estate portfolio worth over $1.4 million in the first 8 years of our marriage through buying and holding and Jeremy's creative house hacking method! Learn more: fifthhomebliss.com/
Great info! Love how transparent you guys are with the details. We just bought a second home and have been looking into equity from the first to renovate the new property. Did your $25k come in the form of a HELOC that you paid back or did they just put that back into your loan balance? Can’t wait to follow along!
Thanks, Ashley! It's a little weird sharing details on the internet, but we've been incredibly blessed! We hope our story inspires some action for others as we try to balance sharing with not coming off as bragging!
We used a HELOC, which I'm a big fan of! We didn't have the next property lined up when we refinanced, so the equity line was better for a couple reasons. 1. If we did a cash out refi, we would have had to start paying it back immediately with a higher mortgage payment, and 2. Cash sitting in an account has a tendency to disappear! So we did a HELOC, withdrew the cash when we needed it to close on the next house, and slowly paid it back with the cashflow. We've done it a few times now!
Great video. Did you refinance to get the equity loan or do you just take out a line of credit on your built-up equity? Where I live housing costs are out of control expensive.
We could have just taken out a line of credit and left the 1st mortgage alone, but we wanted to refinance the first mortgage to take advantage of lower interest rates. They make you jump through hoops to get a loan, so it worked out nicely that we were able to do both at the same time.
Real estate demand (and prices) have been crazy this whole year! Hopefully things cool off a little bit soon.