I must say that I always enjoy your videos, your spirit, your caring and how you explain things.I'm just so thrilled when I get a chance to enjoy your videos.This was another good example, and I'm looking to get.My girls taught on how to use the strategy that you're teaching and again.I thank you for all you do
Thank you for showing me a different way of handling debt. I applied for a HELOC. It would help me if you dropped the cents completely from the illustrations.
When the income goes into ploc You said it satisfies payment and turns that payment k to cashflow. I’m confused, wouldn’t the income going in automatically subtract monthly due payment?
Yes. I’m trying to adjust. I feel broke adjusting to this but I know it’s a reorganization of how bills are payed. In a way it’s good to feel broke since it makes one think twice about buying something.
That's how banks make their money. By the average person treating and thinking a CC is a bill. Once you grasp that a LOC is revolving, the money isn't gone, you can now park money in the CC. The fear of thinking the money is gone is what is costing people interest. Once the boogie man of the money is gone, to my money parked on the CC 30% interest, is why VB works.
I was curious too, so I asked Chat GPT and received the following information: Yes, you may be able to get a Home Equity Line of Credit (HELOC) on your manufactured home, but there are specific factors to consider: Key Factors: 1. Home Ownership: Since your home is fully paid off, you already meet a key requirement for a HELOC. 2. Property Type: • Some lenders offer HELOCs for manufactured homes, but the home typically needs to be permanently affixed to a foundation and classified as real property (not personal property). • If the home is not permanently affixed, it might limit your options or require specialized lenders. 3. Home Value: • Lenders generally offer HELOCs based on the loan-to-value (LTV) ratio. If your manufactured home has a low value, the amount you can borrow will also be lower. • For example, if your home is valued at $50,000 and the lender allows 80% LTV, the maximum loan amount could be $40,000. 4. Location: Some lenders restrict HELOCs for manufactured homes based on state or local laws. 5. Creditworthiness: Your credit score, income, and debt-to-income ratio will also affect approval and loan terms. 6. Lenders: Not all traditional banks offer HELOCs for manufactured homes. You may need to look at credit unions, specialized lenders, or online financial institutions. What You Can Do: • Check Title and Zoning: Ensure your home is classified as real property and meets local zoning requirements. • Research Lenders: Look for lenders experienced in financing manufactured homes. • Get an Appraisal: A recent appraisal will give you an accurate idea of your home’s value. • Consider Alternatives: If a HELOC is not available, you might explore personal loans or cash-out refinancing as alternatives.
If you had your auto payment automatically taken out of your normal bank checking would you just change account numbers to the line of credit checking or ask the finance company for a payment book and then just write the checks out of the LOC account? Thank you!
I enjoy your videos and have interest in this method but I usually come away wondering where you get extra income. Like in this one you say to use income to put into the CapOne cards but then you show putting the entire $5800 income into the PLOC so where does cash come from for the cards?
I was wondering myself. I think after the $400 cc1, and $279 cc2 cash moves, instead of $5800 going to PLOC, it would be $5121 and working it from there.
I would put the entire income into the PLOC, then when the credit card payment is due, transfer the amount I charged for groceries etc on my credit card from my PLOC into my checking and pay that to the credit card(s). This satisfies the monthly cc payment due using the amount I already had budgeted for those monthly expenses. Hope this helps
Hi Mrs. Pretty lady, if I may ask, I took out a 90k refi but want to switch to a heloc, will my credit union go for that?? I wish I found this out before, anyway great credit very low debt and we get chunks of money per job, self employed, not sure if this matters, but I think the Loc would have been better
Remember, transferring your income into your credit card only applies to a linked credit card (as overdraft protection). For a CC that can't be linked you only place your credit expenses and cash flow on the CC.
With that said, placing your income on a revolving debt instrument like HELOC, PLOC or CC does 3 things. Lowers your utilization on the CC. Lowers the your average daily balance. Lowers the amount of interest owed, by lowering the average daily balance. So more money stays in your pocket. Hope this helps, have a great day.
In your shoes I would go after the 280@ 3.2%. For two reasons, one it's costing you more. The second reason more important reason is, you can pay off 280K a lot faster than 620K. Once the 280K home is paid off, you gain monthly payment as cash flow. Then you can use the increased cash flow attack the bigger mortgage a lot faster. Hope this makes sense, have a great day.
I must say that I always enjoy your videos, your spirit, your caring and how you explain things.I'm just so thrilled when I get a chance to enjoy your videos.This was another good example, and I'm looking to get.My girls taught on how to use the strategy that you're teaching and again.I thank you for all you do
Thank you @elwanda!
OMG! Looks like magic.
Thank God I found your channel.
❤👍🙏👍❤️
@priyane JUST MATH! ❤️
Thanks for watching!
Thank you for showing me a different way of handling debt. I applied for a HELOC. It would help me if you dropped the cents completely from the illustrations.
Merry Christmas 🎄
@Ravedoll_210 MERRY CHRISTMAS!!
When the income goes into ploc You said it satisfies payment and turns that payment k to cashflow. I’m confused, wouldn’t the income going in automatically subtract monthly due payment?
Wow! This is awesome. I want to learn how to do this.
How have I not heard this!!! Canine handler??? OUTSTANDING 🙏🏻❤️🙏🏻 Love it🙌
Because it isn't true.
@@contagiousreligion
Prove it
@@contagiousreligion
How do you know?
Do you know them personally?
Seems one also has to get used to their checking account balance being lower and understanding it's okay as just placed somewhere else.
Yes. I’m trying to adjust.
I feel broke adjusting to this but I know it’s a reorganization of how bills are payed.
In a way it’s good to feel broke since it makes one think twice about buying something.
That's how banks make their money. By the average person treating and thinking a CC is a bill. Once you grasp that a LOC is revolving, the money isn't gone, you can now park money in the CC. The fear of thinking the money is gone is what is costing people interest. Once the boogie man of the money is gone, to my money parked on the CC 30% interest, is why VB works.
@@Jesus-o7v9x a new mindset.
Lovely
Is it possible to get a heloc on a manufactured home?
I have heard in the past that manufactured homes do not qualify for a HELOC.
I was curious too, so I asked Chat GPT and received the following information:
Yes, you may be able to get a Home Equity Line of Credit (HELOC) on your manufactured home, but there are specific factors to consider:
Key Factors:
1. Home Ownership: Since your home is fully paid off, you already meet a key requirement for a HELOC.
2. Property Type:
• Some lenders offer HELOCs for manufactured homes, but the home typically needs to be permanently affixed to a foundation and classified as real property (not personal property).
• If the home is not permanently affixed, it might limit your options or require specialized lenders.
3. Home Value:
• Lenders generally offer HELOCs based on the loan-to-value (LTV) ratio. If your manufactured home has a low value, the amount you can borrow will also be lower.
• For example, if your home is valued at $50,000 and the lender allows 80% LTV, the maximum loan amount could be $40,000.
4. Location: Some lenders restrict HELOCs for manufactured homes based on state or local laws.
5. Creditworthiness: Your credit score, income, and debt-to-income ratio will also affect approval and loan terms.
6. Lenders: Not all traditional banks offer HELOCs for manufactured homes. You may need to look at credit unions, specialized lenders, or online financial institutions.
What You Can Do:
• Check Title and Zoning: Ensure your home is classified as real property and meets local zoning requirements.
• Research Lenders: Look for lenders experienced in financing manufactured homes.
• Get an Appraisal: A recent appraisal will give you an accurate idea of your home’s value.
• Consider Alternatives: If a HELOC is not available, you might explore personal loans or cash-out refinancing as alternatives.
What do you do once you pay off all your debt and want to save. Do you start your put it in savings or use velocity to save money faster?
If you had your auto payment automatically taken out of your normal bank checking would you just change account numbers to the line of credit checking or ask the finance company for a payment book and then just write the checks out of the LOC account?
Thank you!
I enjoy your videos and have interest in this method but I usually come away wondering where you get extra income. Like in this one you say to use income to put into the CapOne cards but then you show putting the entire $5800 income into the PLOC so where does cash come from for the cards?
I was wondering myself. I think after the $400 cc1, and $279 cc2 cash moves, instead of $5800 going to PLOC, it would be $5121 and working it from there.
@@GonewithRobGood catch. I believe you're correct.
I would put the entire income into the PLOC, then when the credit card payment is due, transfer the amount I charged for groceries etc on my credit card from my PLOC into my checking and pay that to the credit card(s). This satisfies the monthly cc payment due using the amount I already had budgeted for those monthly expenses. Hope this helps
Hi Mrs. Pretty lady, if I may ask, I took out a 90k refi but want to switch to a heloc, will my credit union go for that?? I wish I found this out before, anyway great credit very low debt and we get chunks of money per job, self employed, not sure if this matters, but I think the Loc would have been better
My wife needs a new car. Should I use my LOC to purchase one or use my LOC to pay off one of my rental house mortgage instead?
If your wife needs the car, then get the car first. Pay off the car using the LOC, then go after the mortgage.
If I transfer my salary into my credit card what effect is it going to have on my credit card repayment?
Remember, transferring your income into your credit card only applies to a linked credit card (as overdraft protection). For a CC that can't be linked you only place your credit expenses and cash flow on the CC.
With that said, placing your income on a revolving debt instrument like HELOC, PLOC or CC does 3 things. Lowers your utilization on the CC. Lowers the your average daily balance. Lowers the amount of interest owed, by lowering the average daily balance. So more money stays in your pocket. Hope this helps, have a great day.
@Jesus-o7v9x
So this is the mechanism that makes it pay for itself?
I wish I understood...
I have 2 mortgages. Which mortgage should I apply velocity banking to first? 1. 620K @ 2.3% or 2. 280K @ 3.2%. or do both at the same time? Thank you!
In your shoes I would go after the 280@ 3.2%. For two reasons, one it's costing you more. The second reason more important reason is, you can pay off 280K a lot faster than 620K. Once the 280K home is paid off, you gain monthly payment as cash flow. Then you can use the increased cash flow attack the bigger mortgage a lot faster. Hope this makes sense, have a great day.