182: Using Your Home As An ATM with Grammy-Nominated Music Producer & GRE Listener Blake La Grange
Get Rich Education
Keith Weinhold
4.8 • 612 Ratings
🗓️ 27 June 2018
⏱️ 50 minutes
🧾️ Download transcript
Summary
#182: Using your home as an ATM or credit card? Is this irresponsible?
A listener and I discuss the risks and rewards of using a Home Equity Line Of Credit (HELOC) to cash out your home equity for use in income property investing.
Our guest is a Get Rich Education listener and Grammy-Nominated Music Producer Blake La Grange of San Diego, CA.
Most people settle for "Maybe someday." Instead, optimize what you have now. Use leverage, debt and equity, and arbitrage to your advantage.
Blake & his wife played the speculative property appreciation game well. Their $585,000 home soon appraised for $700,000+. This provided equity for them to transfer into income property.
Want more wealth?
1) Grab my free E-book and Newsletter at: GetRichEducation.com/Book
2) Actionable turnkey real estate investing opportunity: GREturnkey.com
3) Read my new, best-selling paperback: getbook.at/7moneymyths
Listen to this week's show and learn:
[02:44] Meet Blake La Grange, San Diego-based GRE listener and Music Producer.
[04:45] Blake's mindset change from debt-free to financially-free.
[11:24] Blake & his wife's first home cost $585,000.
[15:11] Private Mortgage Insurance.
[17:17] $700,000+ home appraisal.
[20:08] Home Equity Line Of Credit (HELOC).
[27:54] Listening to GRE "like crazy".
[31:06] Blake and turnkey real estate in Birmingham and Memphis.
[38:27] Pay off rentals or keep exchanging?
[40:22] Going from owning zero properties to one is most difficult.
[45:22] Even if your mortgage balance is zero, you still have housing payments.
Resources Mentioned:
Guest's website: BlakeLaGrange.com
Guest's e-mail: blake.lagrange@gmail.com
How To Turn $100K Into $300K In Five Years
Mortgage Loans: RidgeLendingGroup.com
Cash Flow Banking: ValhallaWealth.com
Apartment Investor Mastery: BradSumrok.com
Transcript
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| 0:00.0 | Get Rich Education is brought to you by Ridge Lending Group, apartment investor mastery, and producers' wealth. You're listening to the show that has created more passive income for people than nearly any show in the world. This is the powerful Get Rich Education. The President get rich education welcome welcome to gree get rich education from naples Italy to Na to Naples, Florida, and across 188 nations worldwide, this is Get Rich Education. |
| 0:44.1 | I'm your host Keith Weinhold. What can you learn about real estate investing from a Grammy-nominated music producer that has worked with the likes of Mace, Kanye West, Chicago, and Ted Nugent, |
| 0:54.7 | well, you can learn something when that person is a get rich education listener. |
| 0:58.9 | That's who we're talking with today as we resume our occasional series here |
| 1:03.1 | of having a get rich education listener like you come onto the show to talk to us |
| 1:07.5 | about how you're putting this into practice and how this is all working for you. |
| 1:12.3 | You know, I've met more and more of you in person, and it's always interesting to learn more about you. |
| 1:18.6 | It seems like we have a lot of listeners to this show for some reason that are into law enforcement. |
| 1:25.0 | A lot of police officer listeners, it seems. |
| 1:28.5 | It's just something I've noticed. |
| 1:34.2 | In fact, our first episode where we featured a GRE listener was an Anchorage, Alaska police officer, Eric Pratt. Our second one, Douglas, lives in Indiana, and he had worked at an auto |
| 1:40.5 | manufacturing facility before he left his day job for real estate. Today, we're talking |
| 1:45.2 | to a young music producer. You know, when some people decide to buy a home to live in themselves, |
| 1:52.7 | they become a beast of burden to their mortgage payments and they're not being very strategic |
| 1:58.4 | in their approach. They don't know that the return from home |
| 2:02.7 | equity is already zero. And you know what? If some of them heard that, they might even refute it |
| 2:07.4 | and might not even want to listen to the rationale. They don't consider using it as a tool. |
| 2:13.9 | Even when mortgage interest rates have been hanging near historic lows for about a decade here, |
| 2:19.9 | we're going to talk about using your home's equity as an ATM, as a credit card effectively. |
| 2:25.9 | Well, today's guest who's produced Grammy-nominated music, |
| 2:29.2 | he and his wife bought a home in San Diego, California for $585,000 a few years ago. |
| 2:36.2 | And their story goes from there. |
... |
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