“You can quickly be in a position where you've got multiple rental properties where you have cash flow and rental income at the same time those properties are appreciating,” shares Ryan Campagnola with Synergy One Lending. Today, Ryan talks about different ways to create generational wealth with real estate.

Most Americans’ wealth is in their home, but that equity is not liquid. In order to tap into that source of wealth, there are a few avenues depending on your ultimate goal. Refinancing your mortgage is a great way to take advantage of lower rates. There’s also the option to take out a HELOC or home equity line of credit against your home. This can be a great method for acquiring another property which you can then improve and rent out and use as a way to generate passive income. You could even use the credit to consolidate debts that have higher interest rates.

There are many methods for creating generational wealth through real estate, whether your goal is to pass down physical properties to your children, pay for their college education, or build an emergency fund. While your equity is tied up in the house you buy, there are still ways to access that wealth and even use it to generate additional income and reduce debts.

Quotes

• “The majority of Americans' wealth is typically in their home.” (2:49-2:51 | Ryan)
• “Most people don't realize you don't have to put down 20% to buy a home. You can do much less.” (16:59-17:03 | Ryan)
• “You can quickly be in a position where you've got multiple rental properties where you have cash flow and rental income at the same time those properties are appreciating.” (18:19-18:26 | Ryan)
• “Go buy that primary. Live in it, build that equity and improve it.” (21:02-21:05 | Ryan)
• “If you're thinking about buying this year or next year, how you file today matters.” (23:08-23:12 | Ryan)

Links

Connect with Ryan Campagnola:

Website: https://s1l.com/loanofficer/ryan-campagnola/

Download a Free Chapter of Legally Ever After at LawMother.com/Lea

Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go

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“Once you sell the asset, you're selling the golden goose,” explains Raina Bayas, real estate investor with The Bayas Firm. Today, Raina talks about how to use the BRRRR method to build equity and generate passive income.

The BRRR method refers to purchasing a low-cost home that needs a lot of work, investing in improvements, and then renting it out. At times, you may have to look outside your state for lower cost investment opportunities. Lenders will loan out 75% of the appraised value for the house, and you can use that money to invest in your next property and just keep doing that. When you flip a house, you will have higher taxes and a loss of long term equity. Instead of flipping and getting rid of that asset, get more out of your investment through renting out the property.

You have to be more careful investing in real estate when the interest rates are high. Even so, the BRRRR method is still a great way to achieve success and build long-term wealth.

Quotes

• “As a new person going into a new market that is very popular, Nashville or whatever, you cannot compete because there's already people there. It’s already saturated with real estate investors and investors that have been there for a long time that have already established relationships.” (7:14-7:31 | Raina)
• “You have to create equity in the house.” (14:09-14:11 | Raina)
• “Lenders will lend 75% of the appraised value of the house.” (15:23-15:29 | Raina)
• “Once you sell the asset, you're selling the golden goose.” (18:33-18:38 | Raina)
• “By doing a flip you're capitalizing on the equity that you can make right now, but then that's it. That's all you have.” (18:54-19:01 | Raina)
• “A lot of people will buy a house looking at the current tax bill, not realizing that next year when it hits that you've bought this house for $20,000 more than what it is appraised at for the tax assessor that they're going to be raising your taxes.” (20:41-20:57 | Raina)
• “A good BRRRR with the monthly cash flow, minus taking out maintenance and property management fees, is about a hundred dollars.” (25:41-25:49 | Raina)

Links

Connect with Raina Baya:

Website: https://www.thebayasfirm.com

Phone: (720) 619-3522

Download a Free Chapter of Legally Ever After at LawMother.com/Lea

Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go

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“While they may be able to make the area look restored and brand new, what's behind the walls could still be very harmful, and worse, potentially cause issues in some kind of a construction defect down the line,” explains Kyle Chiasson, owner of Best Option Restoration. Today, Kyle reveals what you need to know about damage control for real estate investments.

If you are a real estate investor, it is important to build a good relationship with a restoration provider before any signs of trouble. That way if anything goes wrong, you can get it taken care of quickly. Speed is extremely important in dealing with issues like water damage. When hiring a professional restoration provider, make sure they are certified by the IIRC, the Institute of Inspection, Cleaning, and Restoration, check their ratings and references, and make sure they are properly insured.

Water damage can quickly become a very expensive problem, especially if it causes mold to grow. Having a qualified, reliable restoration provider who can get to the property quickly is vital for stopping issues before they get worse.

Quotes

• “While they may be able to make the area look restored and brand new, what's behind the walls could still be very harmful, and worse, potentially cause issues in some kind of a construction defect down the line.” (1:12-1:25 | Kyle)
• “If you are having your renovation project take place on a house that's on the market or that you're flipping or prepping to rent out, ensure that you're keeping eyes on it and keep that HVAC temp turned up to at least 65 degrees during the winter to make sure that those pipes aren't going to have additional pressure on them when it gets cold.” (4:19-4:38 | Kyle)
• “Speed is the number one thing. So don't hesitate to call a restoration provider.” (15:02-15:08 | Kyle)
• “You don't have to be certified to do the work that we do. However, the only way to ensure that they've had the proper training is to understand are they certified with the IICRC, which is a mouthful, but it's the Institute of Inspection, Cleaning and Restoration certification.” (16:39-16:58 | Kyle)

Links

Connect with Kyle Chiasson:

Phone: (720) 204-2095

Website: https://www.borestoration.com/

Download a Free Chapter of Legally Ever After at LawMother.com/Lea

Colorado Residents interested in estate planning, schedule a complimentary 15 minute call at Lawmother.com/go

Learn more about Law Mother at LawMother.com