Borrowing money to make money? Seems a little backwards, right? Well, in this episode my good friend Kyle Ford will tell us how it works and the tips and tricks surrounding it.
Kyle has been in the finance world since 2012, working as a financial services representative and going on to be a financial security advisor for almost five years before starting his own real estate investing company, BREMAC, in March of 2013. At BREMAC, they focus on Creative Financing to help each of their clients with joint ventures, mortgages, private investing, short-term vacation properties and long-term rental properties.
Kyle explains what ways you can borrow money to make money. Refinancing your home is one way that you can pull out your mortgage and put that money to help you out financially, but can also be put towards investing in other properties.
Going to a bank is also possible, but you won’t get as much capital than you would going to a private mortgage broker. You may have to pay a little more, but you gain a lot more capital in the end. You can use that capital to start your real estate portfolio or buy yourself a new home and rent out your current home for extra help paying down your new mortgage.
The more you add onto your property through renovations, the more value you add to your property, and the more capital you get back when refinancing your home. If you rent it out after the renovations, you can use that rental money to help pay your new mortgage payments down.
If you have multiple properties, you can refinance all of them, and have one monthly payment to give your mortgage broker, rather than one payment per property. That makes it easier to read you finances and budget accordingly each month.
Watch the video to get more tips from Kyle. For more information on him and what he does, go to KyleFordMrtgages.com.