This bank loan hack will show you exactly how you can take advantage of "home-owner occupied loans," which just means you "intend to live in the property" for at least 1 year, to hack your way to real estate wealth.
Meet Kevin my neighbor did this she bought the house and renovated everything I think she spent around 100,000 on renovation and rented out like 3 rooms for 3 families and she lived for 2 years and then left I only see her when she picks up the money I guess but now it makes sense why she left and rented it out I feel like doing this idea seems good especially not selling the property and since I’m 20 years old I should take action before I get married and have kids thanks Kevin for the advice 👍🏻😁
@@igorman03 I don’t regret it at all! I’m renting out two of my rooms to some friends so I’m living in it for $0 a month. If you can figure out a set up like that I would say definitely go for it!
I remember once when i was 16, I was at my girlfriend's house and thinking they had the cheapest old rickety furniture... I couldn't understand why they would have older crappier stuff than my middle class family. But then as an adult I look back on it and remember they had a marble and gold elevator. That mansion they lived in is currently worth 30m And that old looking furniture, I later learned it was 17th or 18th century furniture from some castle and were priceless relics from way before our time. Wish I knew then, what i know now...
Kevin this is fouryears later man! Energy Energy in this video. The humor, boldness, facts man! I liked I subscribed Imgonna search you on SM, yr community....this from a 52year old mom& wife all the way from Namibia. Have been in Construction homes since 1998 with intervals. Got licensed as Real Estate 2011. Lost it all, rebuilding again. This Vid, just got me hooked. Right time right place....
Just sold my rental and my main house early this spring. Feels like I hit the jackpot as far as timing. Ready to start looking for my next rental and want to get to 10 rentals in 7 years!!! #illkeepyouupdated
I used to say never sell too. But I just sold one of my properties for 360k and I paid 140k four years ago. It was cash flowing great but I couldn’t help wanting the lump sum. Now I can start my next phase which is buying houses cash and flipping them. Fingers crossed 🤞🏼
Kevin you the best. Everything is said is spot on, like “start small and don’t buy something you gonna live in for ever”...in other words be flexible. Thanks
A couple of minutes on Craigslist and 15 minutes on the phone will get you comfortable furniture for 1/10 the price. Can’t agree more with being prudent with the budget. Buying a used $350 sectional instead of a new one for 2.5-4K... I’m going to need a new water heater soon and a $4K sofa is FOUR water heaters!
I’m 19, once my car is paid off I am getting my real estate license. I am at a good job that has great potential but it isn’t enough for me. I plan on buying 25 homes by the time I am 30. Your videos have been a huge help. Thank you!
I am a tenant currently, and I COMPLETELY AGREE with what you're saying about tenant grade!!! Tenants are not interested in fancy schmancy, cause it just makes the rent higher. Also, fancy schmancy white carpets, PLEASE no. There are new types of brown carpet that look really nice! My last landlord actually let me choose the color of carpet I wanted, that was so cool. It was a medium-dark brown, and it was Perfect and liveable!
I love this video. I’ve watched it so many times. Im about to rent out my first property after living in it for 2 years. I refinanced while the interest rates were low and lowered my mortgage payment by $400 per month. Im about to rent it out with a $400 cash flow.
I'm trying to replicate this in Canada, and the banks use the 39% equation for my DGR to become qualified for a first mortgage and we are only able to use a projected rents of 50% for second investment mortgages. It's tough up here in the igloos.
I just want to say thanks for such value information, I follow you and this is the best compilation I’ve seen! Really appreciate what you do. I am doing steps to start with real estate investments ASAP
Kevin, you’re amazing man. No one wants to teach people this stuff. They all just want you to get stuck in their trap and drain the money out of people. God bless you
Hey Kevin, Another great video! Thanks for sharing all of your knowledge. Do you have any videos on investing vs debt pay down? Trying to make sense of whether it makes more sense to pay debt before buying rental properties! Any tips you could share or videos you’ve done would help. Side note - Mad props to all the content you made this far! Keep up the good work! Best, Jordan
Kevin, I love watching your TH-cam videos! I have learned so much in just 3 weeks time. In about 3 months I will be purchasing my first home to invest in. I see in your videos you talk about buying your first home and renting it out for a profit. I think this is great. The only problem that I run into in my head is if I 1. Own the house. 2. Fix it up 3. Rent it out. Where do I go in the time it takes to actually get someone in there. After I put basically all the money I have into fixing up this wedge deal in not going to have enough left to have an apt ext. Im also a person with quite a bit of stuff and I feel like showings would be better if it was empty. Now I could be wrong and I could be missing something. Id love to hear back from you with some great tips. Thanks!
When times got tough, I sold 2 rentals and it helped us endure the yrs. I completely regret having done that! Wish I'd had you in my ear years ago. Thanks for the info and encouragement to continue on this path...
Hi Meet Kevin, so if you pay 10% down and you fix it up and it's worth 10% more, how do you get rid of the PMI? Just ask the bank, refi, get appraisal?? I'm confused about this part.
I'm confused about your opinion on FHA. If you qualify for it (because you've never used it) but you don't need it (because you have enough saved), do you recommend still using it? Or should you always put down as much as you can afford?
New subscriber. Kevin your channel and the information is awesome, I've learned so much from you in the last 2 weeks. I have a question. When buying real estate is it best to buy with FHA or Conventional loans ? The reason I ask is because when I bought my 3rd home I didn't qualify for a higher loan with FHA because of my rental I bought back in 2018 that I made into a rental in 2020 I couldn't use the income from the rental and therefore had to buy with conventional and a bigger down payment. Is there a way around this when investing in real estate any pointers.
Kevin! You are awesome. Thanks for the inspiration. I started watching you in August and already bought my first investment property in September... I still don't know what I am doing but hopefully I will learn soon. Closing in October!!!!
Kevin I love watching your videos .I think your giving legitimate information and actually want to help people succeed. In my current situation I’m in the military and I will be getting out within a year . I was wondering if you could do a video for military benefits on real estate and how it could help people like me to have a advantage in the market . I appreciate all that you do , thanks Kevin 👌🏼
In the eyes of the IRS, real estate depreciates on paper. (In the real world it appreciates). Knowing this, you are allowed to deduct the depreciation expense of your home up to 27.5 years. Year by year. Not all at once.
7:00 I just let a duplex go because of the FHA MIP. The reason i let it go was because my roi was low. Maybe i have to look more into this decision and see if i should not do that again in the future
One thing to add is the cost of managing the property and the time it takes. If your thinking ROI (as in time vs money earned) you won't be getting ahead until you scale.
Kevin now hard would it be to convince an underwriter if I close on my first property. Duplex 1st unit 3 bed 1 bath, 2nd unit 2 bed 1 bath. Then 2 years later I refi to cancel out my pmi/ fha loan to a conventional loan. Then use another FHA loan to buy a larger duplex?
After the studio how do “move up”? What do you do after that? Do you refinance and take the money out and bought more property? Then won’t your mortgage be higher because your taking the downpayment money out? I’m just trying to figure out how to transition from one property to another. Also, would the bank lend you more money?
Awesome video man, what if i want to live in my home still and buy another investment property, they require at least 20% down is there another way around this?
So, I’m going to be starting this at about 44 with a 4bd/2ba mfr home. I’d argue that furniture isn’t even an asset unless it’s an antique. It’s just a liability. And by studio, I’m guessing you mean a condo?
Hey Kevin, I hear you when you say start small, but does condo counts? or should I skip condo/apartment and try for house from the get go? I live in LA and it's really hard to start "small".
Incredible stuff Kevin. It would be incredible to have a conversation with you because I could see it going a million different ways and learning a lot. Appreciate you making it simple
Nice! Good vidéo and good tips! Very inspiring. I have already 3 doors but I started late. one door doesn't give me cash flow. what to do? you say don't sell. I am focused on small brand new appartements with condo fees. maintenance should be minimal, thks again for the tips. Caio from Canada.
This bank loan hack will show you exactly how you can take advantage of "home-owner occupied loans," which just means you "intend to live in the property" for at least 1 year, to hack your way to real estate wealth.
Meet Kevin hey Kevin so with a 3-5% downpayment being good, are va loans good to use for properties in the wedge?
thank kevin
Kevin, can you do a video about what it means to make rental-grade repairs and touch-ups?
Meet Kevin my neighbor did this she bought the house and renovated everything I think she spent around 100,000 on renovation and rented out like 3 rooms for 3 families and she lived for 2 years and then left I only see her when she picks up the money I guess but now it makes sense why she left and rented it out I feel like doing this idea seems good especially not selling the property and since I’m 20 years old I should take action before I get married and have kids thanks Kevin for the advice 👍🏻😁
Ok how do i find a good realtor though...
Just bought my first property at 23! Thanks, Kevin!
Grats!
How is everything going? I plan on starting to buy next year.
@@igorman03 I don’t regret it at all! I’m renting out two of my rooms to some friends so I’m living in it for $0 a month. If you can figure out a set up like that I would say definitely go for it!
@@jonathanansleymusic4992 awesome thanks for the advice!
@@jonathanansleymusic4992 doing the exact same thing. Great job man. Feels good living rent free huh? 😎😂🔥
I’m 16 and I watch these types of videos every single day and when I go with my dads friends wich he flips house And I’m learning a lot
Fuck u
Neon GlocKz LMFAO wtf😂
Good job kid
im 15, ive been a active trader for some time now and am trying to qualify for trader tax status, and now im expanding to real estate as well
@@ZenCyde nice dude 👍 I’m looking for a job so that I can start investing in real estate and the stock market 📈
Ikea couch......$350
Jennifer Convertible couch ........$3500
Ok im going to ikea
3:01 swear to god you are the Scotty Kilmer of real estate in this scene 😂
Rev up your passive income!
I only understood about 25% of what you were saying but I keep watching because when I first found this channel I only understood 1% lol learning
Lmao same
Just keep watching over and over. Also, watch other channels too, to get different viewpoints.
I remember once when i was 16, I was at my girlfriend's house and thinking they had the cheapest old rickety furniture... I couldn't understand why they would have older crappier stuff than my middle class family. But then as an adult I look back on it and remember they had a marble and gold elevator. That mansion they lived in is currently worth 30m And that old looking furniture, I later learned it was 17th or 18th century furniture from some castle and were priceless relics from way before our time. Wish I knew then, what i know now...
Was she your sugar momma?
what could you have done had you known that back then?? Steal them?? LMOA
@@familyaccount2467 nope, just marry her and secure the bag🤣
What if you're 30, and starting with a negative $17k net worth? lol
dude you have so much time you'll be fine
I feel like the best part of my life will be over once I hit thirty.
@@jacoblloyd2573 That only applies to women. As a man you only start to enter your prime at age 30.
Sixty, and I will start anyway.
@meet Kevin please explain
Kevin this is fouryears later man! Energy Energy in this video. The humor, boldness, facts man! I liked I subscribed Imgonna search you on SM, yr community....this from a 52year old mom& wife all the way from Namibia. Have been in Construction homes since 1998 with intervals. Got licensed as Real Estate 2011. Lost it all, rebuilding again. This Vid, just got me hooked. Right time right place....
Kevin Bamboozled me again I took a hacking course before this video thinking I was ganna learn to hack banks. Close enough thanks Kevin!
I’ve mastered it! 🤣
Great advice Kevin 🙏
Just sold my rental and my main house early this spring. Feels like I hit the jackpot as far as timing. Ready to start looking for my next rental and want to get to 10 rentals in 7 years!!! #illkeepyouupdated
Heck yeah that's awesome!! Do it!!
Best of luck buddy!!! Thanks to Kev as well for this goldmine of information
How do you change your strategy when the economy goes down/up? Thanks.
How's progress? I'm curious!
Tremendous value in this video! Thankful for you, Kevin
Thanks Tony!!
I used to say never sell too. But I just sold one of my properties for 360k and I paid 140k four years ago. It was cash flowing great but I couldn’t help wanting the lump sum. Now I can start my next phase which is buying houses cash and flipping them. Fingers crossed 🤞🏼
Flipping houses means youll pay most of your earnings in tax. Buy more rentals instead.
Kevin you the best. Everything is said is spot on, like “start small and don’t buy something you gonna live in for ever”...in other words be flexible. Thanks
This is gold, Kevin! Love hearing about these strategies.. Keep em coming. Thanks bud.
Anytime Joey
Love your energy.
K:i:n:d:l:y :te:x:t:+1:2:2:5: 7:2:6:6:4:1:2: W:h:a:t:s:A:p:p: I have something for you.
You told me to subscribe so many times in the video that I felt morally obligated to do so by the end, lol!
Always so informative. Great video.
Any book recommendations while we wait for your course?
Good to Great -- Amazing book for business!
Great info Kevin! Looking to get started this year 🙌🏽🙌🏽
nice!!
Good advice
Thanks for the video, Kevin!
A couple of minutes on Craigslist and 15 minutes on the phone will get you comfortable furniture for 1/10 the price. Can’t agree more with being prudent with the budget. Buying a used $350 sectional instead of a new one for 2.5-4K... I’m going to need a new water heater soon and a $4K sofa is FOUR water heaters!
BTW I’m at step 14!
such great perspective relating the cost of your furniture to the cost of improvements! Couldn't agree more!!
I'm liking Home Auctions and estate sales, with an estate sale if you shoot a bulk offer you can get a great bundle deal.
Make sure you treat the furniture first, getting bedbugs could cost you much more...
wil hallman This is what I’m saying. People are talking about buying used furniture. LoO
I’m 19, once my car is paid off I am getting my real estate license. I am at a good job that has great potential but it isn’t enough for me. I plan on buying 25 homes by the time I am 30. Your videos have been a huge help. Thank you!
Omg...You are full of energy...
Great video Kevin. I learned so much.
I brought a house with 5% down 2 years ago, redid the kitchen and bathroom and just got a valuation that has given an equity value of 25%
Nice!!!
Thanks Again Kevin 😎🤘
Always!
wow i love your energyyyy
You rock man!! Great job👍🏽
Thanks so much Brandon!!
Thank you, Kevin. I can't stop watching your videos! :)
I am a tenant currently, and I COMPLETELY AGREE with what you're saying about tenant grade!!! Tenants are not interested in fancy schmancy, cause it just makes the rent higher. Also, fancy schmancy white carpets, PLEASE no. There are new types of brown carpet that look really nice! My last landlord actually let me choose the color of carpet I wanted, that was so cool. It was a medium-dark brown, and it was Perfect and liveable!
Another great video thank you Sir
I’ve been loving your videos! I just learned a lot!
K:i:n:d:l:y :te:x:t:+1:2:2:5: 7:2:6:6:4:1:2: W:h:a:t:s:A:p:p: I have something for you.
Fellow investor, age 27, I have 8 units. Love your videos, keep doing what you're doing.
Congrats on going up to 47k followers. Moving on up.
Thanks Nate!!
Excellent...I love this
thanks!!
Why flat paint wall? Hard to clean.
So pumped for your live clip every Saturday!! Btw do u get any stain on white leather seats?
Thanks! And yes! Bluejeans discolor the white seats
I really enjoyed the wealth of information and animation.
ty for the support!
Great Kevin! Good tips.....
Thanks Jeff!!
Top notch video Kevin !
Thank you!!
I love this video. I’ve watched it so many times. Im about to rent out my first property after living in it for 2 years. I refinanced while the interest rates were low and lowered my mortgage payment by $400 per month. Im about to rent it out with a $400 cash flow.
K:i:n:d:l:y :te:x:t:+1:2:2:5: 7:2:6:6:4:1:2: W:h:a:t:s:A:p:p:
I was 22 when I got my first rental back in April of 2018. 25 now and 26 this November.
I'm trying to replicate this in Canada, and the banks use the 39% equation for my DGR to become qualified for a first mortgage and we are only able to use a projected rents of 50% for second investment mortgages. It's tough up here in the igloos.
I just want to say thanks for such value information, I follow you and this is the best compilation I’ve seen! Really appreciate what you do. I am doing steps to start with real estate investments ASAP
Kevin, you’re amazing man. No one wants to teach people this stuff. They all just want you to get stuck in their trap and drain the money out of people. God bless you
Hey Kevin,
Another great video! Thanks for sharing all of your knowledge. Do you have any videos on investing vs debt pay down? Trying to make sense of whether it makes more sense to pay debt before buying rental properties! Any tips you could share or videos you’ve done would help.
Side note - Mad props to all the content you made this far! Keep up the good work!
Best,
Jordan
LOVE THE ATTITUDE MAN... KEEP IT UP
Another great vid!
Kevin, I love watching your TH-cam videos! I have learned so much in just 3 weeks time. In about 3 months I will be purchasing my first home to invest in. I see in your videos you talk about buying your first home and renting it out for a profit. I think this is great. The only problem that I run into in my head is if I 1. Own the house. 2. Fix it up 3. Rent it out. Where do I go in the time it takes to actually get someone in there. After I put basically all the money I have into fixing up this wedge deal in not going to have enough left to have an apt ext. Im also a person with quite a bit of stuff and I feel like showings would be better if it was empty. Now I could be wrong and I could be missing something. Id love to hear back from you with some great tips. Thanks!
You are the best
Wow nice video!!! Wealth of info!!
Thanks Getting Slim!!
how do you collect rent?
K:i:n:d:l:y :te:x:t:+1:2:2:5: 7:2:6:6:4:1:2: W:h:a:t:s:A:p:p:.
What do you think about prefabricated quad plex?
When times got tough, I sold 2 rentals and it helped us endure the yrs. I completely regret having done that! Wish I'd had you in my ear years ago. Thanks for the info and encouragement to continue on this path...
Kevin does this still apply @meetkevin
Should I buy a condo?
Your Videos are entertaining as much as they’re informative man, I don’t know how you do that. Keep it up 👌
Hi Meet Kevin, so if you pay 10% down and you fix it up and it's worth 10% more, how do you get rid of the PMI? Just ask the bank, refi, get appraisal?? I'm confused about this part.
2021 March 10th we still here for all of this Kevin!!! Thank you man!
K:i:n:d:l:y :te:x:t:+1:2:2:5: 7:2:6:6:4:1:2: W:h:a:t:s:A:p:p:
You da man, Kev!
Thanks as always endangered! great support!
I'm confused about your opinion on FHA. If you qualify for it (because you've never used it) but you don't need it (because you have enough saved), do you recommend still using it? Or should you always put down as much as you can afford?
Can I use fha loan to buy multi family home.
Is there a way to not pay taxes on cash flow?
This information is so gold!!! Love this channel 👍👍☺️ can you include your kids in next videos?! 👶👦
Totally Xuan!!
Kevin, what colors were you saying? I'm about to repaint my house and rent it out! Thanks!
New subscriber. Kevin your channel and the information is awesome, I've learned so much from you in the last 2 weeks. I have a question. When buying real estate is it best to buy with FHA or Conventional loans ? The reason I ask is because when I bought my 3rd home I didn't qualify for a higher loan with FHA because of my rental I bought back in 2018 that I made into a rental in 2020 I couldn't use the income from the rental and therefore had to buy with conventional and a bigger down payment. Is there a way around this when investing in real estate any pointers.
Hi Kevin, should I buy a first property with an HOA fee?
K:i:n:d:l:y :te:x:t:+1:2:2:5: 7:2:6:6:4:1:2: W:h:a:t:s:A:p:p:
Kevin! You are awesome. Thanks for the inspiration. I started watching you in August and already bought my first investment property in September... I still don't know what I am doing but hopefully I will learn soon. Closing in October!!!!
Man this is great advice! This is exactly how to start with nothing into creating “passive income” and investing in Real Estate.
@ 51 Sec I literally laughing out very loud in my office right now!
Why drink coffee in the morning when you got Kevin to pump you up!
Agreed!!!
In one of his videos an older lady is heard saying "There's the guy with the energy of 6 people."
Kevin I love watching your videos .I think your giving legitimate information and actually want to help people succeed. In my current situation I’m in the military and I will be getting out within a year . I was wondering if you could do a video for military benefits on real estate and how it could help people like me to have a advantage in the market . I appreciate all that you do , thanks Kevin 👌🏼
K:i:n:d:l:y :te:x:t:+1:2:2:5: 7:2:6:6:4:1:2: W:h:a:t:s:A:p:p:.
I love it
Do you know anything about section 184 loan? ( tribal loan )
Where do you learn all this stuff ?
Doing it and making mistakes
Can you make a video further explaining what you were talking about with the 27yrs of depreciation?
Sure thing
In the eyes of the IRS, real estate depreciates on paper. (In the real world it appreciates). Knowing this, you are allowed to deduct the depreciation expense of your home up to 27.5 years. Year by year. Not all at once.
7:00 I just let a duplex go because of the FHA MIP. The reason i let it go was because my roi was low. Maybe i have to look more into this decision and see if i should not do that again in the future
One thing to add is the cost of managing the property and the time it takes. If your thinking ROI (as in time vs money earned) you won't be getting ahead until you scale.
Kevin now hard would it be to convince an underwriter if I close on my first property. Duplex 1st unit 3 bed 1 bath, 2nd unit 2 bed 1 bath. Then 2 years later I refi to cancel out my pmi/ fha loan to a conventional loan. Then use another FHA loan to buy a larger duplex?
Hi Kevin, do you have a mentoring program?
After the studio how do “move up”? What do you do after that? Do you refinance and take the money out and bought more property? Then won’t your mortgage be higher because your taking the downpayment money out? I’m just trying to figure out how to transition from one property to another. Also, would the bank lend you more money?
What about buying a multi family and living in one of the units. Also does upgrading HVAC make the value go up on the house ?
Love the trópico Soundtrack music in the background lol
Very entertaining video!😂
Awesome video man, what if i want to live in my home still and buy another investment property, they require at least 20% down is there another way around this?
Always appreciate the free game. Wish you lived and worked in LA!!!!!!
Thanks Joshua!!
where do i find a 4plex? im trying to buy one
K:i:n:d:l:y :te:x:t:+1:2:2:5: 7:2:6:6:4:1:2: W:h:a:t:s:A:p:p:
So, I’m going to be starting this at about 44 with a 4bd/2ba mfr home.
I’d argue that furniture isn’t even an asset unless it’s an antique. It’s just a liability.
And by studio, I’m guessing you mean a condo?
Can you give a cost estimate for each level?
like first studio 100k next studio 150k, 1 bedroom 200k etc ?
It all depends on your market.
Hey Kevin, I hear you when you say start small, but does condo counts? or should I skip condo/apartment and try for house from the get go? I live in LA and it's really hard to start "small".
Incredible stuff Kevin. It would be incredible to have a conversation with you because I could see it going a million different ways and learning a lot. Appreciate you making it simple
If you buy a house without an agent you can get another 3% off the price. No agent on both ends is the way to go. Saves 6%.
The seller pays the agent , not the buyer , so don’t matter , you’re better off with an agent
Nice! Good vidéo and good tips! Very inspiring. I have already 3 doors but I started late. one door doesn't give me cash flow. what to do? you say don't sell. I am focused on small brand new appartements with condo fees. maintenance should be minimal, thks again for the tips. Caio from Canada.
Hey Caio, Not that big of a deal -- do the numbers though. Long run. If it's a $100 or $200 negative, I wouldn't sell. Not worth the selling costs.
Solid advice Kevin. After this video I might invest in a few doors myself. Have a good one!
K:i:n:d:l:y :te:x:t:+1:2:2:5: 7:2:6:6:4:1:2: W:h:a:t:s:A:p:p: I have something for you.
13:51 YES BEEN CURIOUS BOUT THAT!
Could you list out the paint colors and brand that you use in your formula?
Home Depot color matched Behr Premium "Edgecomb Gray" FLAT and Home Depot Behr Premium "swiss coffee semi gloss". Off the shelf color usually.
Hahaha! The voice is coool. I'm lovin' it! 0:51
This is cool.
Also do banks give 3-5% loans on a light commercial building that your not going to live in ?
Great advice Kevin. Do you do any work down in Orange County?
ah sadly not -- too far from meh :(
That's a shame. I don't have enough for 20% down, hence need to do house hacking. Ok if you ever expand down to OC I would love to chat :)