How Re Financing can drastically up your net worth quickly

In this video I discuss how you can dramatically and quickly add to your net worth by doing a simple re-finance and then leverage that to drastically increase your overall worth.
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#realestate #refinance #investing

As many of you know I am an actor, real estate entrepreneur, own a brokerage, avid crypto, real estate, stock investor, and own many businesses.

Acting was always the anchor but un-predictable so build a financial life around that - that is my passion.

I had in mind a few things in real estate.

Buy appreciating speculative investments - good area, lower return, great chance of upside
Buy in not as desirable area (from PA) where return is much greater, but flatter market

My goal was to make enough money - more money so I could buy 1 per year. Nothing too crazy.

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It’s diversifying - in the industry of real estate.

Most think about diversifying real estate, crypto, stocks, etc. But there’s also diversifying in those areas as well.

One thing is for sure - you always want to make your money work for you - whether stocks, crypto with returns, or real estate. Cash - loosing value each month year over year.

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So my goal in this was easy one - benchmark $1000/mo over the mortgage. That’s giving myself a passive $12,000 raise a year.

To do this. Needed downpayment on a property. If could get $200,000 or under property multi family needed approx $50,000 to put down. $1000 or so mortgage, and wanted rent roll to be $1000 over that. Easy enough.

After a point, instead of having to put my own money in, those investments would be able to purchase more of themselves.
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Few things recently happened where I was able to take different approach and fast track my success.

1.) Market improved
2.) Rates lowered
3.) Rents got higher

Two choices:
1.) Thought about selling - but then where would I put the money? The properties doubled in value just about.

2.) Other possibility: REFINANCE.

Take loan to value of 70%, then minus from my current loan, payoff.

$60-65,000 each property. 3 properties.

$200,000

Take this, buy a $1,000,000 property or 3 $300,000 or two $500,000 whatever but I have purchasing power of $1,000,000 without putting in anything else.

$10,000 rent roll is benchmark a month.

So that’s it’s turning nothing to $200,000 to a million basically overnight or in the time it takes to identify these properties.

Disclaimer:
None of this is meant to be construed as investment or financial advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.