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Better Ways to Leverage Money
Manage episode 305536545 series 2936153
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You can watch this episode on Youtube: https://youtu.be/wlaT6KBml5E
Is paying down your mortgage the best way to "get ahead?" Maybe. It depends on what you want to do. There are better ways to leverage your money than converting it to equity in your primary residence.
0:48 - Any extra money I have, I pay down my mortgage. It ads equity, but is it the best? Really, the question about "What's best?" revolves around the goal — what do you want? Equity is a good "safe haven" for money, but leverage could actually bring you ongoing wealth. Are you afraid of leverage?
2:36 - Many times people don't know what the options are, and so they settle on paying down a mortgage. We've got a case right now where the seller is selling for a huge gain and could go a few different ways with the cash. Should she pay capital gains and keep the change? Or should she leverage the cash into investment properties that generate income on 1031 tax-advantaged funds?
4:45 - The thing that's different is that you have one home paid off and cash in the bank. But an investment property has someone paying the mortgage, and now she has exponential growth.
5:18 - Do you buy a house because it's a place to raise a family? Think about it slightly differently: buy an investment that you also have the opportunity to sleep in. Create wealth longevity.
5:48 - Avoid unnecessary debt. This is good advice. What is "unnecessary?" Story about Kmart vs Walmart. When the market went down, because Kmart owned the property, they also went down. Walmart, on the other hand, leases its buildings, and they are much more nimble if a market turns downward.
7:05 - We see the misnomer all the time: "I'm going to pay off my mortgage, and then I'll be free." It can take years, and in the end, you're really not free. So, in the moment, while you're here, leverage it, and make the most of it.
7:51 - Parable from this guy that gave to one 5, to one 3, and to another, 1. It didn't work out so well for the guy that only had one.
8:11 - What'd we learn today?
9:58 - Bloopers.
* No Dollar Bills will harmed in the filming on this real estate discussion.
Please contact us to tell us you love us, you want to hire us! Call or text:
Realtors with Hive Collective at Presidio Real Estate:
Tyler Cazier: 801-210-0230
Aric Wiszt: 801-228-7687
Lender with Elite Team at Security Home Mortgage:
NMLS: 178787
Jason Christiansen: 801-669-7271
NMLS: 240472
A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
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