1099: Q&A: How Can I Find a HELOC for My Rental Property? - Episode 1099

Investing in Real Estate with Clayton Morris | Investing for Beginners

Clayton Morris

How To, News, Education, Business News, Business, Investing

4.4 • 1.1K Ratings

🗓️ 28 October 2024

⏱️ 20 minutes

🔗️ Recording | iTunes | RSS

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Summary

Banks have been tightening their lending standards for a while now, and investors are finding it harder and harder to find lenders willing to give loans on rental properties. Today's first caller has contacted 30 banks to find a HELOC on an investment property, and still came up empty handed. What should his next move be? That's the first question I'm answering on this Q&A episode!

On this encore episode of Investing in Real Estate, I'm answering three of your questions on finding a HELOC for a rental property, how to decide if you should pay off mortgages, and the best way to tap into equity on a rental property. I'm also giving an update on the economy, the middle class, and what smart investors can do to protect themselves during this time.

Transcript

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0:26.0	That's better help help dot com. Hey everyone welcome into the show. We got new data on the middle class that I want to talk about
0:40.1	before we get into your Q&A questions here. So new data on the middle class shows just how devastated
0:45.4	America's middle class has become over the last 20 years.
0:49.0	America's middle class right now is virtually
0:51.8	non-existent. I don't even think it really exists anymore. The
0:54.9	disparity between the halves and the have-nots has grown to an unbelievable
0:59.7	level. So as investors we need to be thinking about how can we take the less money that we have coming in in forms of wages while we have this high inflation and converting that into tangible assets that are going to produce income for us or act as a hedge against inflation.
1:15.9	So new data out shows that from 1970 to 2021, the share of U.S. aggregate income earned by the middle class shrunk massively from
1:27.0	formerly 62% in 1970 to just 42%. unbelievable and at the other the other side of this is what China has done
1:38.1	Which is the exact opposite of what the United States has done now. I'm not like any kind of pro-China or anything.
1:44.8	I'm just pointing out the facts here.
1:46.5	China's middle class has expanded by 49%
1:49.7	in the last 15 to 20 years,
1:51.8	the opposite of what we have done. We've outsourced our
1:55.6	manufacturing, all of our commodities are now outsourced, right? We've now
	...

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