Great vid Bro. I have mentioned in comments of other videos you have casted, but if you do research you can even cut out the Agents and do the leg work yourself. the seller knows they not have to pay much for sale as no Agent Fees, registration with relating companies etc. I did this myself on my first home in 2008. The owners realtor priced it at 300000. Told owner I am not paying a realtor I will get the paper work filed myself . She replied well if you do I will take 25000 right off that 300000 and got it for 275000. 25 k savings for me and probably half that in her pocket as well as My lawyer directly communicated with hers. It is really not that difficult as long as you educate yourself enough to always be confident even with the risky situations. You must stay and show confidence when dealing with professional people. otherwise they can see where they can make income from the majority of buyers specially first time, an agent for buying and selling property is required or against the law etc. It is just a job that anyone can learn. Only real advantage is they are certified and networked with wider spread of clients. But again everything you can do yourself now a days with social media, research, Confidence, and patience. Anyone can do this . and be free of this working 3 jobs to enjoy life? lol what life all you do is work. lol.
This podcast was very helpful. I am trying to decide whether or not to buy my ex out of a primary residence and then HELOC into rentals. I am unable to work due to health issues and that way I can be my own bank. What a great guy Marcus seems to be. Love how he really values his partnership with his wife!
Great interview Coach - thanks to you and Marques for getting specific on the tactics used to get started! We have 2 rental properties with conventional 30 year mortgages, and we're in the process of getting a HELOC on our primary to continue acquisitions. Not sure if Marques can see this, but I wanted to ask further about your strategy for paying back the HELOC. It sounds like the HELOC was paid off in full when you sold your primary residence a few years after purchasing the first rentals. When you used the HELOC to buy your first house in cash and for the down payment on your second house, how long were you planning to take to pay the HELOC back? Were you always planning on selling your primary or did you have a different plan to start with? The variable nature of the interest rate makes me a little nervous to have a large outstanding balance for an extended period of time.
Man, this video is so inspiring! I’m in the Bay too and I’m laser focused on buying my first rental property out of state! Thank you so much for this interview!
Really enjoyed this.I had a couple questions,did you contract all the work out?and how big can someone scale before the bank stops giving you mortgages?I know creative financing is an option also.
Thank you for this video. This is such great information! This is how we got started. We have 2 STR we bought in the past year and half. But can’t wait to keep going!
Wow! Awesome , I’ve known of Marques through his music. I follow other musicians on TH-cam that he friends with and he’s an awesome producer/keys player too. Wasn’t aware of his real estate hustle. Great interview , subscribing to his channel for sure!
Coach, I have @ 300k in equity in my current house. I plan to retire March 2024 and move out of state. A house currently came up for auction where I want to live. Estimated to auction for 100-120k. The question is...do I take out a HELOC to purchase and do a few upgrades? This will not be my primary residence until I retire and I will be selling my current home when I move. Trying to figure out what is the best / smartest route to take. Great videos and thanks for your time.
Tough to say without knowing more info. If it's a good deal at 100-120k and if you can handle any problems property may have in the short run, it could be a good use of your HELOC. You just want to make sure you can handle any bad situations- like if you have to make payments on both loans for a long time. If you can, may be worth the risk.
Good strategy, and very similar to what we’ve done and seen work really well. I really appreciated the comments near the end about not carbon copying a plan, but doing something that makes sense to you (after being informed). Good stuff!
Great content! I missed how the HELOC was paid off for the first investment. I have 80000 on a HELOC but I am worried about being able to pay it off while still being able to pay off the mortgage on a rental property? Any thoughts?
Yeah a spouse not being on the same page can be the biggest issue at 1st. Maybe your spouse doesn't understand or is just completely ignorant of what you are doing or he/she is not a risk taker.. but for sure a spouse not on same page at 1st can be one of the biggest challenges in the beginning.. it's basically better to do all of these things while single or start before tying yourself down with someone of hugely different view, since everyone can have different visions and strengths and weaknesses too. Some people are into climbing corporate ladder while some are born entrepreneur and calculated risk takers, lots of mis- matches, it kinda rare to find 2 entrepreneurs together as a couple, if you do and are practical too & it woks then cherish that rare union if it works for you both.
Curious if Mr Marques and his wife utilized velocity banking to pay down their mortgage …I have been doing some research about velocity/infinite banking and want to use HELOC
I wanted to leave a comment and hopefully help you out with TH-cam algorithm I gave you a like and subscribe because I feel like you’re very trustworthy. This was awesome and I admire both of you guys. Keep up the good work!
Hi Chad, I just discovered your podcast - this was information that I need as I am considering a HELOC or HELC? which one. I am now considering NC, I live in Tx. AND this was on my BDay TY
I can follow his path to property #1 and #2. What was the strategy for #3. Did they save for the down payment and take a conventional loan? We are Working on our first property now. Excited and terrified at the same time,
I'm not sure if he'd mentioned it but my question is when they used the heloc how quickly did they pay it off.I'm thinking of going the heloc route but I'm looking for tips to pay it off as soon as possible.
I believe in their case the HELOC was used for 6 to 9 months until they refinanced the house with a long-term mortgage. It's possible to do it faster than that as well. HELOC is a great short-term tool, but you don't normally want to leave it out there for a long time because the interest rates are sometimes adjustable and because it might have a balloon payment or acceleration of the amortization of the loan.
I got a question I’m looking to purchase my first investment property out of state I’m trying to figure out should I contact a local lender to see if I prequalify or should I contact a realtor out of state and have them help me go through the process, in the past I would deal with my realtor but this the first I’m looking to deal with someone out of state.
Great video! gives me some inspiration to get income property. I'm not sure if I caught it, I'm assuming they used the HELOC to pay off the primary mortgage?
In the beginning of the Video He said His Wife and Him both have student loan and that they have to pay...then later on the interview he said His HS graduate and did not attend college Im confused..
How was the home paid off? Ex used a 125k heloc to purchase 109-110k home. Paying property manager while getting $1100-1200 rent each month . I would have imagined they acquiring more debt in effort to secure a property to hold we with the reward of equity through the waiting game. Anyone in the room who can answer this , thanx .
It’s a personal strategy but for me I have no plans on paying off early with how the government is printing money. The best hedge against rampant inflation is a 30 year mortgage
Yes, you can qualify for another loan. Sometimes your debt to income ratio gets to high, so you have to prove that you are getting income from the rental to more than offset your debt.
Different people are willing to take different risks. Dave doesn't like HELOCs or any investment property debt. He thinks it's too risky. I share his caution with debt but not the hard line approach. I made a video on my differences with Dave: th-cam.com/video/lbgssk2pHiQ/w-d-xo.html
@@CoachChadCarson taking out a loan on a paid off property to buy rentals out of state..where you can't monitor them or rush to repair ...having to rely on trusting strangers miles and miles away...seems very risky and stressful imo
@@jayc4715 Definitely a personal decision and not for everyone. But if you use a HELOC, pay cash for a new rental, get it stabilized, and then refinance - seems like a reasonable plan to me. The devil is in the details. You have to build a good team (i.e. vet those strangers), study your target market (even if it's miles away), and learn to evaluate good deals. All of that knowledge takes work, but it certainly reduces risk.
Sorry have to add another comment that is huge factor with 2 buyers involved , specially spousal relationships. As Marques expressed many times if you have a spouse involved . They have to listen and want to become reality investors together work together for solutions, do not hold each other back . because once 1 of them says no I am fine where we are and how we live and will not agree to doing this anymore. but the other says What ?/ we have potential to make millions? Thats when it falls apart specially with joint type contracts. If one of the 2 will not agree they then have control over the others actions , decisions etc. by saying no I will not give money for it and will not allow you either. Hindering their spouse from their goals or level of happiness comfortable income, they want to achieve in their life. Which can literally break the relationship unless the one who has not achieved there goals yet , To be happy and comfortable, changes thought pattern to agree with the other rather then cause friction. But again Is that a fair relationship.? is that person really happy if they were held back from their goals ? OR well if you love the other you should not have to be happy and sacrifice those feelings for them to be happy? Ya love makes you do crazy things ? Quote from Will Smith lol. SO Be sure you know who your investing with on property and that they are very close to, or on same ideas or lifestyle achievements, Etc. or you find yourself with sure some money , not as much as you knew you could have made or have because partner is fine and does not need more money or income Etc. I know sounds crazy right? Who does not want to make as much money as they can specially when it is soo blatantly possible and simple process once rolling? even if all they have to do is show up to sign a paper not even speak to anyone and then makes them even more money then their are comfortable with ?? But they only think they are loosing because the debt again to process the beginning etc. Do Not let them hold you down you have every right to 50 % of that equity. push for resolution constantly to fulfill Your financial freedoms and goals till you are happy. as much as they are.If they love you back would they not sacrifice and let you make more or achieve your goals etc? but be unhappy because they are making way to much money now and feel uncomfortable in their life. ?? Huh. Work together as chad says find one strategy for your situation and be positive , confident, comfortable knowing you will achieve it all. Sorry for the rant but had to be expressed as this huge money here people. Money can make people change Both ways .
![กี่หมื่นฟ้า | Your Sky Series EP.1 [1/4]](http://i.ytimg.com/vi/vLGjxFL6U_I/mqdefault.jpg)
![กี่หมื่นฟ้า | Your Sky Series EP.1 [2/4]](http://i.ytimg.com/vi/qJbQs_nhjD4/mqdefault.jpg)
Great vid Bro. I have mentioned in comments of other videos you have casted, but if you do research you can even cut out the Agents and do the leg work yourself. the seller knows they not have to pay much for sale as no Agent Fees, registration with relating companies etc. I did this myself on my first home in 2008. The owners realtor priced it at 300000. Told owner I am not paying a realtor I will get the paper work filed myself . She replied well if you do I will take 25000 right off that 300000 and got it for 275000. 25 k savings for me and probably half that in her pocket as well as My lawyer directly communicated with hers. It is really not that difficult as long as you educate yourself enough to always be confident even with the risky situations. You must stay and show confidence when dealing with professional people. otherwise they can see where they can make income from the majority of buyers specially first time, an agent for buying and selling property is required or against the law etc. It is just a job that anyone can learn. Only real advantage is they are certified and networked with wider spread of clients. But again everything you can do yourself now a days with social media, research, Confidence, and patience. Anyone can do this . and be free of this working 3 jobs to enjoy life? lol what life all you do is work. lol.
This podcast was very helpful. I am trying to decide whether or not to buy my ex out of a primary residence and then HELOC into rentals. I am unable to work due to health issues and that way I can be my own bank. What a great guy Marcus seems to be. Love how he really values his partnership with his wife!
Good luck with your own next steps, Katherine. Thank you for watching! Agree - Marques has a great story and I enjoyed talking with him.
Hope you didn't heloc with interest rates where they are now...
Great interview Coach - thanks to you and Marques for getting specific on the tactics used to get started! We have 2 rental properties with conventional 30 year mortgages, and we're in the process of getting a HELOC on our primary to continue acquisitions.
Not sure if Marques can see this, but I wanted to ask further about your strategy for paying back the HELOC. It sounds like the HELOC was paid off in full when you sold your primary residence a few years after purchasing the first rentals. When you used the HELOC to buy your first house in cash and for the down payment on your second house, how long were you planning to take to pay the HELOC back? Were you always planning on selling your primary or did you have a different plan to start with? The variable nature of the interest rate makes me a little nervous to have a large outstanding balance for an extended period of time.
Good questions...
Excellent questions
Man, this video is so inspiring! I’m in the Bay too and I’m laser focused on buying my first rental property out of state! Thank you so much for this interview!
Check out Texas
Awesome interview. Please keep up this kind of content
This was my favorite podcast!! Thank you so much for sharing!!
Glad you enjoyed it! It's such a good topic and Marques is an awesome guy to talk with.
Great video. Host and guest were fantastic! Thank you!
Im new to your podcast as a small investor of 2 rentals, with more to come in the near future. I appreciate the valuable info.
That's great! I appreciate you being here.
This podcast was very inspirational! Service member looking to get into property investment and so far your channel has been the greatest help!
So glad to hear it, Ohana! Best of luck with getting started, and thank you for your service.
If you have not seen the Military Millionaire TH-cam channel. David Pere is the host. Thank you for your service.
Congrats! Very informative and wish you both all the success in the world. Thank you for sharing
Thanks for watching!
Thank you for sharing this information, Coach Carson. I am now a SUBSCRIBER! ☺
I like these behind the curtain moments
Borrowed my wife's computer to kill some time....best interview for a newbie (like me) that I have seen, yet!
That's awesome to hear! Thanks for watching the interview. Glad it was helpful.
Exceptional episode!
Excellent interview. Thank you 4 sharing
Our pleasure! glad it was helpful.
So humble, I loved this conversation. Thanks for your email prompting me to check out the podcast!
Glad you liked it Tameka! Marques is definitely a humble, impressive guy.
Great video I feel motivated
I love this episode. I have been using the same strategy since 2017 and it has worked like a charm for me.
Great show!!!!
Really enjoyed this.I had a couple questions,did you contract all the work out?and how big can someone scale before the bank stops giving you mortgages?I know creative financing is an option also.
Thank you for this video. This is such great information! This is how we got started. We have 2 STR we bought in the past year and half. But can’t wait to keep going!
Wow! Awesome , I’ve known of Marques through his music. I follow other musicians on TH-cam that he friends with and he’s an awesome producer/keys player too. Wasn’t aware of his real estate hustle. Great interview , subscribing to his channel for sure!
Very cool! I was aware he played a little music, but not like that! Big time! Marques is a man of many talents:)
Coach, I have @ 300k in equity in my current house. I plan to retire March 2024 and move out of state. A house currently came up for auction where I want to live. Estimated to auction for 100-120k. The question is...do I take out a HELOC to purchase and do a few upgrades? This will not be my primary residence until I retire and I will be selling my current home when I move. Trying to figure out what is the best / smartest route to take. Great videos and thanks for your time.
Tough to say without knowing more info. If it's a good deal at 100-120k and if you can handle any problems property may have in the short run, it could be a good use of your HELOC. You just want to make sure you can handle any bad situations- like if you have to make payments on both loans for a long time. If you can, may be worth the risk.
Very good podcast! It was very helpful and informative.
Good strategy, and very similar to what we’ve done and seen work really well. I really appreciated the comments near the end about not carbon copying a plan, but doing something that makes sense to you (after being informed). Good stuff!
With HELOC rates where they are right now strategy might not be the best....
Absolutely great interview took a lot of notes! Looking forward to investing within the next 6-8 months!
Good luck with your next steps! Thanks for watching.
Great content! I missed how the HELOC was paid off for the first investment. I have 80000 on a HELOC but I am worried about being able to pay it off while still being able to pay off the mortgage on a rental property? Any thoughts?
The rental income should be paying off the rental mortgage...HELOC's are not great in this environment.
Great conversation to learn from. Thanks a lot.
Thanks for watching!
Yeah a spouse not being on the same page can be the biggest issue at 1st. Maybe your spouse doesn't understand or is just completely ignorant of what you are doing or he/she is not a risk taker.. but for sure a spouse not on same page at 1st can be one of the biggest challenges in the beginning.. it's basically better to do all of these things while single or start before tying yourself down with someone of hugely different view, since everyone can have different visions and strengths and weaknesses too. Some people are into climbing corporate ladder while some are born entrepreneur and calculated risk takers, lots of mis- matches, it kinda rare to find 2 entrepreneurs together as a couple, if you do and are practical too & it woks then cherish that rare union if it works for you both.
Thank you both for really breaking down the process. People who dream to invest and start building weath most times just don't know where to start.
You're welcome. Thanks for watching and good luck with your next steps
Great info! Thank you for sharing.
Awesome and informative hopefully ill get to buy my first rental next year when I have more in my homes equity
Glad it was helpful! Good luck with your own progress.
This channel has been great, lots of value. How do you guys feel about AirBnb's?
Thank you for this! Love the podcast!
54:38 addressing market timing was good.
Curious if Mr Marques and his wife utilized velocity banking to pay down their mortgage …I have been doing some research about velocity/infinite banking and want to use HELOC
Hello. We actually didn’t use velocity banking. I would be interested in hearing more about it. 👍🏽
@@BlackMarriedandDEBTFREE Go to Denzel Rodriguez TH-cam channel. He’s great with velocity banking examples 🤙🏾
I wanted to leave a comment and hopefully help you out with TH-cam algorithm I gave you a like and subscribe because I feel like you’re very trustworthy. This was awesome and I admire both of you guys. Keep up the good work!
You are the best! Thank you for the support and the feedback. I really appreciate it.
Great info.
Hi Chad, I just discovered your podcast - this was information that I need as I am considering a HELOC or HELC? which one. I am now considering NC, I live in Tx. AND this was on my BDay
TY
I can follow his path to property #1 and #2. What was the strategy for #3. Did they save for the down payment and take a conventional loan? We are Working on our first property now. Excited and terrified at the same time,
I'm not sure if he'd mentioned it but my question is when they used the heloc how quickly did they pay it off.I'm thinking of going the heloc route but I'm looking for tips to pay it off as soon as possible.
I believe in their case the HELOC was used for 6 to 9 months until they refinanced the house with a long-term mortgage. It's possible to do it faster than that as well. HELOC is a great short-term tool, but you don't normally want to leave it out there for a long time because the interest rates are sometimes adjustable and because it might have a balloon payment or acceleration of the amortization of the loan.
I got a question I’m looking to purchase my first investment property out of state I’m trying to figure out should I contact a local lender to see if I prequalify or should I contact a realtor out of state and have them help me go through the process, in the past I would deal with my realtor but this the first I’m looking to deal with someone out of state.
I have equity in my home and I also have money from my 401k thanks in advance.
Great video! gives me some inspiration to get income property. I'm not sure if I caught it, I'm assuming they used the HELOC to pay off the primary mortgage?
Thanks for watching. They actually saved up cash to pay off mortgage and then got a HELOC.
In the beginning of the Video He said His Wife and Him both have student loan and that they have to pay...then later on the interview he said His HS graduate and did not attend college Im confused..
Such a great video man, thank you I sent this to my whole family
Glad you liked it, Emmanuel! Thanks for watching and for sharing with your family. It means a lot!🙌🙏
This is such a great podcast. Can you give the information of the real estate agent that help him out?
How many times did he stay YOU KNOW?😂 Great content 👌
Great strategies
How was the home paid off? Ex used a 125k heloc to purchase 109-110k home. Paying property manager while getting $1100-1200 rent each month . I would have imagined they acquiring more debt in effort to secure a property to hold we with the reward of equity through the waiting game. Anyone in the room who can answer this , thanx .
Can your guess share who was his real start agent? I live in California and I’m looking in North Carolina’s
Thank you
I really want to be mortgage free but with 2.25% I'm not sure if that's the best approach... Please advise.
It’s a personal strategy but for me I have no plans on paying off early with how the government is printing money. The best hedge against rampant inflation is a 30 year mortgage
good topic can one quilfy for more than 1 loan ? im having issues = re fi to take out cash =getting a 2 nd loan on a out of state property
Yes, you can qualify for another loan. Sometimes your debt to income ratio gets to high, so you have to prove that you are getting income from the rental to more than offset your debt.
Omg!!!! I want to invest in my first rental in Greensboro.
So how many heloocs do you acquire during all this?
I believe it was two if I remember right.
LMAO..”your car is making noise so you turn your radio up” hahaha
I have been told alot of small credit unions in diff states have great HELOC rates...Im thinkn bout taking that route on my next deal
That sounds like a good idea to me
Who did you use for HELOC
I don't remember who Marques used. I think it was a local bank. They usually specialize in HELOCs.
can I talk to your super start agent? I will need to purchase an rental property as well...thanks in advance.
Very informative and helpful. Can we know the trustworthy Real Estate agent in Greensboro who helped Marques.
Who is his agent?
The importance of having a partner but it’s scary when one is alone , good for them
Can someone explain how Marcus was able to pay off the first $100k HELOC when he bought his new primary residence in California?
He bought his California house during Great Recession so he got at a great price. That's why he didn't owe as much and paid it off early.
What’s his TH-cam link?
th-cam.com/users/BlackMarriedandDEBTFREE
Don't use your house as a ATM check out Dave Ramsey
Different people are willing to take different risks. Dave doesn't like HELOCs or any investment property debt. He thinks it's too risky. I share his caution with debt but not the hard line approach. I made a video on my differences with Dave: th-cam.com/video/lbgssk2pHiQ/w-d-xo.html
HOUSEHOLD $1300/ month. … impossible
🎁
🙏
Terrible idea
why?
@@CoachChadCarson taking out a loan on a paid off property to buy rentals out of state..where you can't monitor them or rush to repair ...having to rely on trusting strangers miles and miles away...seems very risky and stressful imo
@@jayc4715 Definitely a personal decision and not for everyone. But if you use a HELOC, pay cash for a new rental, get it stabilized, and then refinance - seems like a reasonable plan to me.
The devil is in the details. You have to build a good team (i.e. vet those strangers), study your target market (even if it's miles away), and learn to evaluate good deals. All of that knowledge takes work, but it certainly reduces risk.
Sorry have to add another comment that is huge factor with 2 buyers involved , specially spousal relationships. As Marques expressed many times if you have a spouse involved . They have to listen and want to become reality investors together work together for solutions, do not hold each other back . because once 1 of them says no I am fine where we are and how we live and will not agree to doing this anymore. but the other says What ?/ we have potential to make millions? Thats when it falls apart specially with joint type contracts. If one of the 2 will not agree they then have control over the others actions , decisions etc. by saying no I will not give money for it and will not allow you either. Hindering their spouse from their goals or level of happiness comfortable income, they want to achieve in their life. Which can literally break the relationship unless the one who has not achieved there goals yet , To be happy and comfortable, changes thought pattern to agree with the other rather then cause friction. But again Is that a fair relationship.? is that person really happy if they were held back from their goals ? OR well if you love the other you should not have to be happy and sacrifice those feelings for them to be happy? Ya love makes you do crazy things ? Quote from Will Smith lol. SO Be sure you know who your investing with on property and that they are very close to, or on same ideas or lifestyle achievements, Etc. or you find yourself with sure some money , not as much as you knew you could have made or have because partner is fine and does not need more money or income Etc. I know sounds crazy right? Who does not want to make as much money as they can specially when it is soo blatantly possible and simple process once rolling? even if all they have to do is show up to sign a paper not even speak to anyone and then makes them even more money then their are comfortable with ?? But they only think they are loosing because the debt again to process the beginning etc. Do Not let them hold you down you have every right to 50 % of that equity. push for resolution constantly to fulfill Your financial freedoms and goals till you are happy. as much as they are.If they love you back would they not sacrifice and let you make more or achieve your goals etc? but be unhappy because they are making way to much money now and feel uncomfortable in their life. ?? Huh. Work together as chad says find one strategy for your situation and be positive , confident, comfortable knowing you will achieve it all. Sorry for the rant but had to be expressed as this huge money here people. Money can make people change Both ways .