621: Seeing Greene: Is Paying Off My Mortgage Early a Mistake?
BiggerPockets Real Estate Podcast
BiggerPockets
4.8 • 16.5K Ratings
🗓️ 12 June 2022
⏱️ 47 minutes
🧾️ Download transcript
Summary
Paying off your mortgage early—to some people, this sounds like a dream scenario. But to others, it could be a cash-tastrophe. We can already hear real estate investors yelling out “always use leverage”, “what about the low interest rates!?”, and “you can scale so much quicker!” Like many real estate investors, David Greene knows the power of leverage and loans to buy rental properties faster. But, it’s safe to say that for some people, paying off a property or buying a home in cash may be a much smarter move.
Welcome back to another episode of Seeing Greene where David answers questions directly from BiggerPockets listeners and viewers on YouTube. This time around, we have some seriously useful questions being answered for the new investor. These questions range from when to take out a loan and when to pay off a property, how to get started in real estate in your early twenties, how to build more cash flow as your expenses increase, how to get a HELOC on your rental property, and how to raise money for a down payment. All these questions (and more) are coming up!
Want to ask David a question? If so, submit your question here so David can answer it on the next episode of Seeing Greene. Hop on the BiggerPockets forums and ask other investors their take, or follow David on Instagram to see when he’s going live so you can hop on a live Q&A and get your question answered on the spot!
In This Episode We Cover:
Weighing the pros and cons of leverage when investing in real estate
How to start investing in real estate without a ton of money or experience
Why it’s so difficult to get HELOCs (home equity lines of credit) on rental properties
Real estate bookkeeping and how to keep all your accounts up to date
How to finance your down payments so you can buy rental properties faster
Getting preapproved for a mortgage even if you have a 1099 income
And So Much More!
Links from the Show
Ask David Your Real Estate Investing Question
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Work with David’s Team on Your Next Mortgage
Books Mentioned in the Show
SOLD by David Greene
SKILL by David Greene
The House Hacking Strategy by Craig Curelop
Click here to check the full show notes: https://www.biggerpockets.com/blog/real-estate-621
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Transcript
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| 0:00.0 | This is the Bigger Pockets Podcast Show, 621. |
| 0:05.0 | Most of us have some goals that are similar, we want freedom, we want our time back, we don't |
| 0:08.7 | want to be stuck in a commute. |
| 0:10.1 | That's pretty much an overall general consensus we can't agree with. |
| 0:14.2 | But there's some people that really want to make a ton of money and they're limited in |
| 0:18.3 | their ability to do so at their W2 job. |
| 0:20.9 | There's other people that just want a little bit of money but they want it to come easy. |
| 0:24.0 | There's other people that know they have a creative itch that they want to scratch and |
| 0:27.2 | real say help some do it. |
| 0:28.9 | And then there's other people that just love human beings and they want to work in |
| 0:31.5 | an industry where they get to talk to and sort of be in touch with other people. |
| 0:37.7 | What's up everyone? |
| 0:38.7 | This is David Green, your host of the Bigger Pockets Podcast coming at you today with a |
| 0:42.4 | seeing green episode. |
| 0:44.6 | In today's show we are going to take questions from different people that have submitted |
| 0:48.1 | them and you're going to hear my perspective how I see it because I'm Mr. Green. |
| 0:52.3 | We have a lot of really good stuff for you. |
| 0:55.4 | Several different topics that I don't get asked very often and I thought was really cool |
| 0:58.8 | that people ask questions. |
| 0:59.8 | So one of them had to do with is there a way around a debt service coverage ratio |
| 1:03.9 | loan or is that my only option when it comes to getting financing if I don't have a |
| 1:07.4 | W2 job? |
... |
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