HyperFast Minute | July 15th, 2022
A Minute on Something I’m Learning:
I just started the book Marine Sniper, written by Charles Henderson. It chronicles the life of Vietnam era sniper Carlos Hathcock. It’s filled with lots of stories highlighting his persistence, patience and heroism. It’s filled with life lessons for all. Check it out here.
A Minute on Something I’m Teaching:
Get off the “x.” Yes this is a tactical military term but I think it applies to all of us. A lot of people freeze when it’s time to make a decision and take action. I think the most important thing is to start moving. You can continue to observe and refine your course of action based on the ongoing results. Just don’t forget to take the first step.
A Minute on Something I’m Excited About:
Keri and I just finished the cash out refinance of the new home we built. It was a long time in the making and we were able to hold our 3.5% rate. We are thrilled to deploy funds into new and existing ventures.
A Picture Worth Looking at for a Minute
Here is a picture of me after closing that 3.5% loan.
A Minute Answering One of Your Questions:
This is the part where I answer a question someone has texted me or asked on social media (I answer all Instagram Direct Messages).
“How do I buy an investment property with less than 20% down?“
Couple different options on this one.
1- You can find a discount deal where the acquisition and repairs are less than 70% of the after review value (ARV). In this situation a private lender will lend you all the proceeds needed.
2- Get a discounted deal and get a debt service coverage ratio (DSCR) loan. This is based on the income of the property, not you.
3- Find an investor or partner to put up the required equity for the loan.
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