3 STEPS TO HIGH NET WORTH
Step 1: Obtain a FHA Loan + 203K Loan
Requirements:
- 500 - 580 Credit Score: 10% Down Payment
- 580-680 Credit Score: 3.5% Down Payment
- 6 months to 24 months of steady income (other resources)
Note: Research is key.
- We want a house with equity
- we want a house in a good location.
Step 2: Pull on the equity/Borrow against your house
OPTIONS:
- Cash Out refinance
* fha loan to conventional loan
* use the cash for a down payment on another propertY
* Rinse & REPEAT
Cons: WHEN INTEREST RATES ARE HIGH, THIS OPTION IS EXPENSIVE
2. Home equity loan
(bORROW AGAINST THE ASSET - SEEKING A SEPARATE LOAN FROM A BANK/FINANCIAL INSTITUTION)
* Don't have to take out the whole amount
* BORROW ENOUGH TO OBTAIN CASH PRODUCING ASSET
Cons: they can ask for full repayment at any time
3. Easyknock.com
* Get PAID 75% FOR THE VALUE OF YOUR HOME
* RENT FROM THEM (AVG. RENT IN THE AREA)
* retain appreciation rights
* ability to sublet
* MAINTENANCE IS COVERED
* sell to someone else, get the remaining 25%, AND GIVE THEM THE REST
* BUY IT BACK
Step 3: Fund Your Whole Life Insurance Policy
** BE YOUR OWN BANK **
