352: Rich People Have The Most Debt

Get Rich Education

Keith Weinhold

Realestateinvesting, Income, Passiveincome, Money, Business, Wealth, Investing, Careers, Realestate, Kiyosaki, Real, Rich, Creatingwealth

4.3 • 602 Ratings

🗓️ 5 July 2021

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Paid-off properties have an opportunity cost that few consider.

Wealthy celebrities that choose mortgages are: Mark Zuckerberg & his wife, Elon Musk, Megan Markle & Prince Harry, Beyonce & Jay-Z, Chrissy Teigen & John Legend, and Charlie Sheen.

I personally have held millions in mortgage debt from a young age. I’ve long had the ability to pay it off, have not, and will not.

Good debt defined: 1) Secured. 2) Low mortgage interest rate. 3) Payments outsourced to tenants.

How your bank sees your debt: 1) You have insured their collateral. 2) When you improve the property, you improve their collateral. 3) 1-4 unit properties - comparables. 5+ properties - income & debt coverage ratio.

The risk of high mortgage debt is being overleveraged. This means you cannot service the debt payments.

Chris Naghibi joins me. Though he dispenses financial guidance to celebrities, he helps everyday people qualify for mortgages.

We discuss mistakes to avoid with your credit score and debt-to-income ratio.

Learn about today’s appraisal environment.

Today, on average, homes sell for more than the asking price. That’s weird!

The average credit score is now 786 for mortgage borrowers.

Resources mentioned:

Show Notes:

www.GetRichEducation.com/352

Chris Naghibi:

TikTok: @ChrisNaghibi

Instagram: @ChrisNaghibi

YouTube: Chris Naghibi

Get mortgage loans for investment property:

RidgeLendingGroup.com

JWB’s available Florida income property:

www.CashFlowAndGrowth.com

Ali Boone’s Recommended Book:

https://amzn.to/2NsMVlF

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eQRP.co

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Get our free, wealth-building “Don’t Quit Your Daydream Letter”:

www.GetRichEducation.com/Letter

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GREturnkey.com

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Transcript

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0:00.0	Welcome to Get Rich Education. I'm your host Keith Weinhold. The richest people have the most debt,
0:07.4	and you can actually boast of having a lot of debt too when you understand it well.
0:12.2	Who are some of the biggest celebrity mortgage debtors? What can you learn from them?
0:16.6	And under exactly what circumstances is debt good and what are the risks today on get rich education.
0:26.7	You know, a lot of investors choose either cash flow or home price appreciation, but one real estate market could provide both Jacksonville, Florida.
0:34.2	They've got 27% lower home prices and higher rents than the national median.
0:39.3	Their market has appreciated 34% more than other comparable cash flow markets over the last 30 years.
0:45.1	Get positive cash flow today and above average appreciation for tomorrow.
0:49.4	They often have available inventory in Jacksonville, if you can believe that.
0:56.2	Start at cashflow and growth.com. You know, starting in real estate seems hard for some. Even experienced investors
1:03.2	can find it difficult to achieve the success that they had hoped for. What if there was one
1:07.4	small change everyone could make that would solve these challenges?
1:14.2	Ali Boone offers a book that really no one else has. It's an easy to understand glimpse into the real estate investing industry and your mindset.
1:20.5	It's life lessons on hacking your mind before you hack your wallet.
1:24.2	Her book to grab on Amazon is called Not Your How-to Guide to Real
1:29.1	Estate Investing.
1:32.4	You're listening to the show that has created more financial freedom than nearly any show
1:37.8	in the world. This is Get Rich Education.
1:55.3	Thank you. is get rich education. Here it is.
1:56.6	Hey, welcome in to GRE.
1:58.4	I am your host and my name is Keith Weinhold. Last year, I was at my high school
2:03.6	class reunion in Pennsylvania and I got talking to a classmate that I hadn't seen in quite a long time.
	...

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