How to be Mortgage Free in Five to Seven Years – Jordan Goodman | PREI 051

Passive Real Estate Investing

Real Estate Investing with Marco Santarelli, Investor and Entrepreneur.

Education, Business, Investing, Entrepreneurship, How To, Business:investing

4.6 • 968 Ratings

🗓️ 14 July 2016

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

How would you like to be completely mortgage free in less than a decade? There’s a new way to manage your mortgage and monthly cash flow so that you, and not some banker, get to squeeze the most use out of every dollar that comes in, and every dollar that goes out. The strategy is called Equity Acceleration. It’s not such a big secret in Australia and the United Kingdom, where as many as 1-in-4 homeowners are accelerating the mortgages. Join me on this exciting episode to discover how you can be mortgage free in 5 to 7 years on your principal residence or investment properties. And, if you missed last week’s episode, be sure to listen to From Broke to $10,000 per Month at Age 24 – Sean Gray. Enjoy the show! – – – – – – – – – – – – – – Download your FREE copy of: The Ultimate Guide to Passive Real Estate Investing. Get your FREE coffee mug by leaving us a Rating and Review on iTunes. Here’s how. See our available Turnkey Cash-Flow Rental Properties. Please give us a RATING & REVIEW (Thank you!) SUBSCRIBE on iTunes | Stitcher | Podcast Feed Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to passive real estate investing, the show where busy people like you
0:04.7	learn how to build substantial passive income while creating wealth for the
0:08.5	long term. And now here's your host, Marco Santorelli. Welcome to Passive Real Estate Investing.
0:16.0	I'm your host, Marco Santorelli.
0:18.0	And today we have a very exciting episode because we're going to tell you how you can cut your mortgage down
0:24.0	and have it paid off in about one third the time.
0:27.0	Typically that's going to be five to seven years, but it could be seven to nine.
0:31.0	In either case, it's going to be about one third of the time. Our goal here is to share
0:35.3	the knowledge and methods of actually owning your properties and your home, mortgage-free, much sooner than you
0:40.5	imagined. So think about this interesting statistic. In 1929, only 2% of Americans
0:47.4	had a mortgage on their home. In 1962, 98% of Americans had a mortgage on their home.
0:55.0	That's a huge difference.
0:57.0	So take a look at the history of mortgages in America,
1:00.0	and you'll start to understand why this has changed so radically.
1:04.0	Do you know where the idea of the amortization concept came from?
1:08.0	It was actually developed after the Great Depression as a way to stimulate home ownership and of course bank's profitability.
1:15.5	You know that is still true today.
1:17.8	Until that time most loans were five years and interest only and then they had a balloon
1:22.0	payment at the end of the five-year term.
1:24.0	Bankers didn't determine that payments were a problem.
1:28.0	They thought that those monthly payments were actually the biggest hindrance to someone owning the home.
1:33.5	So what they did is they dragged out the mortgage for as long as they possibly could to generate
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