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Speaker 2: Matt for you.
Speaker 3: For the person who may be watching and they're afraid,
Speaker 3: what advice do you have for them? And then is
Speaker 3: there anything to just You've adjusted in your home buyers
Speaker 3: blueprint to give them a little bit of confidence that
Speaker 3: it's okay to buy now over the next year.
Speaker 2: So the more you learn, the more you earn. Right,
Speaker 2: the more you learn, the more you earn. And when
Speaker 2: I speak to people about buying real estate, they're more
Speaker 2: fearful in because they don't know nothing or they have
Speaker 2: lack of knowledge. In a couple particular areas. So whoever
Speaker 2: has fear, you got to really do a deep dive
Speaker 2: in yourself and say, why am I scared to buy property?
Speaker 2: Why am I scared to invest? And kind of work
Speaker 2: your way back from there. But I find it the
Speaker 2: more you're putting into your education about home buying, about credit,
Speaker 2: about if you want to do rehabs, if you want
Speaker 2: to do new construction, whatever it is, the more knowledge
Speaker 2: you have, the easier it's going to be for you.
Speaker 2: It's not going to be a better Roses or something
Speaker 2: like that, right, but they'll be a little bit more
Speaker 2: easier for you. But also managing your expectations and try
Speaker 2: to take your emotions out of this. I think Rashad
Speaker 2: had a famous quote. He told me want is no
Speaker 2: emotions in anything basically, right, I'm paraphrasing he says something different.
Speaker 2: I can't remember word for word, but basically, you got
Speaker 2: to take your emotions out of the real estate game
Speaker 2: or anything investing.
Speaker 3: Right.
Speaker 2: You got to look at you got to look at
Speaker 2: even if you're buy your first home, looking at this
Speaker 2: as an investment for you in the future, and buying
Speaker 2: the property as if you're an investor, and making sure
Speaker 2: you buy and right, So as long as you do that,
Speaker 2: then you shouldn't have fair.
Speaker 4: So Mo and then Matt, you can chime in it
Speaker 4: on this if you can well home refinancing, right, can
Speaker 4: you just let's give an overview of refinancing. And for
Speaker 4: the person that might be thinking about refinancing, they might
Speaker 4: have heard it on television, but they kind of a
Speaker 4: little nervous. What advice could we give somebody that's out
Speaker 4: there that might have a home and is considering taking
Speaker 4: the refinance route.
Speaker 5: I've actually been having a lot of people want to
Speaker 5: refinance because of that record equity, even before the rates
Speaker 5: started going down a little bit. I think it really
Speaker 5: takes you to analyze what's good for you. If you
Speaker 5: have a two point seventy five rate, we got to
Speaker 5: figure out why do you want to refinance? Like if
Speaker 5: Matt said, its owner occupied and what have you? In
Speaker 5: the rate is just over six percent, you're going to
Speaker 5: take your current balance up a notch to the current rate.
Speaker 5: So what does that actually look like? What are your
Speaker 5: reasons for refinancing, what will you benefit from and does
Speaker 5: it financially make sense? I think that's probably the biggest
Speaker 5: assessment we're making. We're doing assessments for people to see
Speaker 5: what makes sense. Does it make sense to take the
Speaker 5: equity out with the heat locker, Does it really make
Speaker 5: sense to do that? Refine and making sure that they
Speaker 5: don't make a decision that isn't good for that long game.
Speaker 4: So the home equity lot of credit for people that
Speaker 4: aren't familiar, that is okay. So you buy a home
Speaker 4: and it's worth you buy a home for three hundred thousand, right,
Speaker 4: and then five years at home is worth six hundred thousand,
Speaker 4: So you effectively have three hundred thousand dollars of profit
Speaker 4: inside the home baked in, right, But you can't do
Speaker 4: anything with that unless you tap into it. So if
Speaker 4: you refinance it, right, you effectively get a new mortgage
Speaker 4: in a sense you're at it either a higher or
Speaker 4: a lower interest rate, depending on where the interest rates are.
Speaker 4: But you can take out that three hundred thousand dollars
Speaker 4: and use it for whatever you want, right and then,
Speaker 4: But if you get a he lock then that's just
Speaker 4: a line of credit where if you need to take
Speaker 4: fifty thousand, you could you have three hundred thousand dollars
Speaker 4: available or like two fifty because I don't think they
Speaker 4: give you one hundred percent, right, and you can use
Speaker 4: up to like, let's say, two hundred and fifty thousand dollars,
Speaker 4: as you choose. But if you don't need to use it,
Speaker 4: or if you don't need to use the whole thing,
Speaker 4: then it's like a lot of credit that you can
Speaker 4: use at any point in time, right, correct? But does
Speaker 4: your interest rate change with the he lock?
Speaker 5: Also not the rate on the mortgage you already have.
Speaker 5: So that's why I said it's more of an analysis,
Speaker 5: because if I'll give you an example, my interest rate
Speaker 5: on my mortgage is three percent. Did take out a
Speaker 5: helock right after I did my refinance for two hundred
Speaker 5: thousand because I wanted to have my equity on tap
Speaker 5: when I needed it, So it's sitting there. I haven't
Speaker 5: used that helock yet, but I can use it as
Speaker 5: I need. But I'm going to keep that three percent
Speaker 5: interest rate. If rates or when rates renormalize, it might
Speaker 5: make sense if I use that money to add them
Speaker 5: together and refinance for me personally, But because of where
Speaker 5: my balance is at, it doesn't make sense for me
Speaker 5: to refinance at a higher rate right now because I
Speaker 5: don't have anything to pay off as far as debts
Speaker 5: and things like that. Sometimes if you're refinancing and you're
Speaker 5: going to consolidate long term smart debts, maybe increasing your
Speaker 5: rate works. But we analyze that to make sure we're
Speaker 5: not just refinancing for a sport, is what I like
Speaker 5: to call it, Like what are we doing this for?
Speaker 5: You know, So tapping that equity if that's what you
Speaker 5: want to do to do home improvements, looking at it
Speaker 5: both ways is probably smart from a mathematical standpoint. I've
Speaker 5: looked at some people and I could end up increasing
Speaker 5: their payments by thirteen hundred a month just to get
Speaker 5: them fifteen to twenty thousand dollars. That wouldn't be a
Speaker 5: smart refinance. So I give them alternative options to maybe
Speaker 5: accomplish what they want to accomplish.
Speaker 2: Yeah, So I'll add on to the helock conversation is
Speaker 2: anytime you're doing the home akulina credit, understand it's a
Speaker 2: second lean and you have to be very careful with
Speaker 2: you know helocks in general, right, member, this is the
Speaker 2: church's money, this is your house money. So if you're
Speaker 2: taking out money and you're going to use it, make
Speaker 2: sure you have a plan either investment into a business,
Speaker 2: more real estate, stocks, options, whatever, but understand the risk
Speaker 2: that comes with any type of investment. If you're using
Speaker 2: a helock, it's not guaranteed, especially if you're doing real estate.
Speaker 2: Tennis are not guaranteed to pay you. But I love
Speaker 2: helocks and the amount of equity tappable equity that's out
Speaker 2: there right now is absolutely I mean, it's insane. It's
Speaker 2: record breaking right now. So I would advise anybody right
Speaker 2: now just look into, like Mo said, tap into the equity.
Speaker 2: Even if you don't use it right now, you can
Speaker 2: have it sit on the sideline because right now you
Speaker 2: can't go to your mailbox and put your ATM card
Speaker 2: and get equity out of your home. You have to
Speaker 2: apply for it, and the banks have to be willing
Speaker 2: to do on it. Right they have to have an
Speaker 2: appetite for helocks. Right now, in the current market that
Speaker 2: we're in, banks lenders have an appetite for helocks. So
Speaker 2: everyone who has home and has equity and you can
Speaker 2: qualify for a helock, you should look into taking out
Speaker 2: a helock. Just proceedable caution, make sure you know exactly
Speaker 2: what you're doing, because if the market does go the
Speaker 2: wrong direction, if the banks start seeing there is a recession,
Speaker 2: they might start cutting back on some of these products.
Speaker 2: This happens all the time in the industry with godlines changed.
Speaker 2: So just because something a product is available today at scale,
Speaker 2: it might not be available when you really need it.
Speaker 2: So the best thing you could do is tap into
Speaker 2: that equity so you can reinvest and make more money.
Speaker 2: In my opinion, but everybody.
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