He Used The Equity In His Home To Buy Rentals That Generate $27K/Month With Philip Petrie (Ep 356)

Rental Income Podcast With Dan Lane

Rental Income Podcast

Business, Investing, Entrepreneurship

4.8 • 836 Ratings

🗓️ 1 March 2022

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

Philip shares how he created a rental portfolio that nets $12k per month after all expenses, by tapping into equity that he had in his primary residence.

We talk about how he created the equity in his home, and how he used a HELOC (home equity line of credit) to access the equity.

Philip shares how having access to the equity enabled him to get really good deals on rental properties because he could make cash offers.

We also talk about how he's been able to recycle the equity over and over to build his rental portfolio.

Transcript

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0:00.0	inspiring interviews with today's top landlords this is the rental income podcast and now dan lay philip so you had some
0:11.1	equity in your primary residence and you used that money to help you start buying rentals tell me what you
0:17.8	did yeah so we took a home equity line of credit out on our house
0:21.8	about two years ago. And since then, we've built a portfolio of 30 units roughly. Yeah, 30
0:28.3	units. And so that's about 4.3 million total. And we're grossing about 27,000 a month.
0:37.3	On the podcast today, we'll talk to Philip about how he took his home equity,
0:41.7	used it to buy a rental property,
0:43.7	and then just kept on recycling that equity over and over and over again.
0:48.8	And here just two years later, he's got a great portfolio
0:51.8	that's generating a ton of cash flow every month.
0:55.5	Joining us on the show today from Kentucky is Philip Petrie. We'll take a really quick break
1:00.9	to thank our sponsors. We'll come right back and we'll talk to Philip. It's a lot of work to find
1:05.7	a really good rental property. And when you actually find that property, you want to make sure
1:09.9	you're working with a lender
1:11.0	that can get that loan closed. The lender that I recommend is Chaley Ridge from Ridge Lending Group.
1:17.8	She's a nationwide lender and her specialty is helping investors finance rental properties.
1:23.6	She has a ton of loan programs and she can find something customized to you for your situation.
1:29.4	If you want to find out more or you're ready to get started today, just go to ridgelendinggroup.com.
1:35.1	That's R-I-D-G-E lending group.com. NMLS 42056.
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1:47.3	Vanta helps centralize program requirements and automate evidence collection for frameworks like Sok2,
1:53.2	ISO-2-2-2-2-2-2-2-2-2-2-2-7-001 and more, so you save time and money and build customer trust.
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