8: Your Market Determines Your Profit
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 5 December 2014
⏱️ 36 minutes
🧾️ Download transcript
Summary
#8: Discover how to create another income stream with a durable asset like real estate, and not have to do the work on your own.
Listen to this week’s show and learn:
01:37 How to put less than a 20% down payment on your primary residence, yet still pay zero direct PMI premium.
07:36 How Keith can make you a more successful investor than him, faster than him.
08:46 In real estate investing, the market is more important than the property.
11:22 Why to consider real estate investing outside of your home area – and how to find a trusted team to do all the work for you.
11:43 The real estate Rent-To-Value Ratio (RV Ratio) and its importance.
14:18 How to begin researching and identifying profitable real estate markets, and avoid riskier ones.
18:53 Income property investing is based on facts, not feelings.
21:05 Memphis, TN - Its geographic significance to real estate investors.
25:06 Philadelphia, PA – Keith’s recent on-the-street observations in this turnkey real estate market.
31:52 Philippines – Keith’s on-the-ground real estate observations in Asia lend perspective to US income property investing and the importance of having a connected team.
34:44 In the next episode, Keith will start connecting you to his team in a profitable US real estate market.
Resources mentioned:
www.city-data.com
Transcript
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| 0:00.0 | Welcome to Get Rich Education with Keith Winehold, giving you information and ideas on the investment that has turned more ordinary people into millionaires and billionaires than anything else, and can provide you with more wealth and happiness than you ever thought possible. |
| 0:20.0 | Now, here's your host, investor, entrepreneur, business owner and educator, Keith Weinhold. |
| 0:31.6 | Welcome to the Get Rich Education podcast, show number eight. |
| 0:34.6 | I am your host, Keith Weinhold. with listeners now in 90 countries it's the show |
| 0:41.0 | where i have just been giving it all away what makes this show different than other investing shows |
| 0:47.1 | is that most shows advice provide ideas and information with how to invest your money, when both your money and other people's money |
| 0:58.0 | provide a return to you, you can live a life that few others can. How do you make other people's money |
| 1:04.3 | work for you? Is that legal? Even if it is, would that be ethical? Well, as you'll see on our show, the answer is emphatically yes to both questions. |
| 1:16.0 | So if you just want to hear what everyone else is already telling you, then this is the wrong |
| 1:21.4 | show for you. |
| 1:23.1 | Before we get into today's show topic, I let you know that I would tell you how to put less |
| 1:28.4 | than a 20% down payment on a property and still avoid making any direct PMI premium payment. |
| 1:37.5 | What's PMI? Private mortgage insurance is an annoying expense that homeowners have to pay for, usually hundreds of dollars |
| 1:46.5 | a month, that protects the lender, the bank, against the borrower, you from defaulting. Typically, |
| 1:55.9 | once you have a 20% down payment saved up or you have accumulated 20% equity in a property over time, you're no |
| 2:03.6 | longer deemed a risk to the bank and no longer have to pay PMI. Well, 20% equity in a property |
| 2:10.6 | represents an element of risk and opportunity to you, and equity has a rate of return of zero. You realize all those things if you listened |
| 2:20.5 | to episode number six. So here's what I did to circumvent this. I bought our home where my wife |
| 2:28.8 | and I live with a 5% down payment. I'll never make a direct PMI payment, yet I have a great 30-year conventional |
| 2:36.6 | fixed rate of 3.5%. How did I do this? What I did is I offered to pay our seller the full |
| 2:45.4 | asking price for the home, and in exchange, I asked the seller to pay all lender allowable buyer closing costs |
| 2:53.7 | up to $13,000. Now, this appeared very reasonable to the seller because I presented it |
... |
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