WIP 861: Is Using Credit to Buy Real Estate a Big Mistake or a Brilliant Strategy

Wholesaling Inc with Brent Daniels

Find distressed properties for pennies on the dollar and turn them for huge profits!

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4.9 • 1.4K Ratings

🗓️ 12 January 2022

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

As a real estate investor, you're going to spend money. Numerous expenses come with investing in real estate. And, simply put, if you are not using credit cards for your real estate projects, you are leaving money on the table. But credit cards have their downside too.

So, as long as you're learning how to invest money, you might as well make the most of it. And today, we will be sitting down with Brent Bowers as he teaches us how to leverage credit to build up our wholesaling careers!

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Transcript

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0:00.0	What is debt to incoming? Basically, if you make $5,000 a month and you spend $5,000 a month,
0:07.1	you're at 100% DTI. That's debt to income. But let's just say you make $5,000 a month and you spend
0:13.5	$2500 a month. That's half of your income. So now you are at a 50% DTI. Lenders love,
0:21.2	love seeing people below 40%. This is Game Changing Information. Guaranteed to raise your real-estate
0:27.5	wholesaling business with actionable steps you can take immediately to navigate the ins and
0:32.4	outs of wholesaling and start making money today. Join us as we put our guests in the hot seat
0:38.4	and dive deep to dissect their strategies for success to enable you to duplicate their results.
0:44.0	You're listening to wholesaling Inc. The only show dedicated to making you a fortune in wholesaling.
0:52.5	One thing that is like oxygen to business and that is money and this episode
0:57.0	I'm going to teach you how to leverage credit to build your real estate business. How to leverage
1:01.4	credit to buy real estate? I'm going to give you multiple steps of how to leverage other people's
1:06.0	money to buy real estate and ultimately you're going to consistently rinse and repeat and do this
1:11.2	multiple times. Alright, let's talk about the first one. That is banks. Everyone has heard about
1:15.7	banks. You can go in, talk to your banker, tell him like this is the project I'm looking at. I'm
1:20.3	getting it out of, you know, a discount. It's worth 100,000. I'm buying at 65,000 generally banks
1:26.3	like to see a lower loan to value somewhere less than 75% loan to value. What does that mean?
1:32.7	If the land's worth 100 or the house is worth 100,000 and you're getting it for less than 75,000,
1:38.2	you're below that 75% loan to value ratio because you can get a loan for 75,000. That is the tops.
1:46.1	Next is like local credit unions. Local credit unions are sometimes easier to work with than the
1:51.2	big banks. Like the big banks would be considered like the chases or the Wells Farger Bank of America.
1:56.3	Local credit union would be like, you know, Fort Pierce credit union or Ent credit union and they
2:02.0	oftentimes will have a little bit more leniency. You can actually get to the actual banker and a
	...

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