12:46 Yeah, that's what I have been implementing for three months now using CC to pay all bills/expenses except for the mortgage. It's a Chase rewards card, I'm actually making more money than I am paying in interest on the CLOC. Great stuff Denzel. Good bless you!
I was suprised to see my bank adding the daily interest to the balance. I guess i was expecting to see it added after the closing date, but it does make sense since the line is revolving, the bank has ti get their interest any way rhey can...lol. thankfully it wasn't much, and i already paid in my first paycheck to reduce the daily interest just like in this video.. just kicked off the process this weekend.
Thx to you and CJ.Wallace I'm 2 rentals in w/primary residence. Was hvg anxiety on rates but stick to the process and you'll be fine. Constantly input into the Loc and use it as a ckg acct .
Interested to hear chunking strategy with an example in terms of chunking frequency and chunking amount For example $500k on mortgage balance,$10k income and 5k cashflow each month
Hi, you have great videos, really encouraging. My question is to pay off my mortgage, can I use velocity strategy by using 2/3 different credit cards as I do not have enough credit card limit on one card. Many thanks in advance
Question for you...does the same principle apply if you had 10k cash.. And dropped it on principle....and your cash flow is 2k a month.. Which is faster to pay off mortgage. 10k Chuck or 2k a month.
@SteveWashington When you pay 10k you pay off more and thus save more on interest charged, it would be faster too, as opposed to 2k. But you have to consider your income and cash flow to pay of the debt weapon used.
Does paying off your chunk payments in six months half your interest rate p.a And if you have a maximin amount that you can pay off by chunking your cash flow is there any advantage in gradually increasing your heloc limit apart from being able to pay a deposit on another property? Regards michael
I've watched a lot of your videos and am a little confused about making a chunk payment to a mortgage. If we do that and apply it to the principal, are we still making the usual monthly payment on the mortgage afterwards? Thanks for your great information. You make it easy to understand!
Hi Denzel I know that video is not new, I just found it, hopefully you see my comment. I am using a credit card not a line of credit. Each cash transfer from my credit card into my checking has transfer fee. Should I keep all the cash for cash payment in the checking account?
Hi my man I wanted to ask you my cash flow is super low free money I would say probably 150 a month maybe 200??? After all my expenses, can I still do velocity banking???🙏🙏🙏
Interesting I'm getting started with it. Few questions is there a limit on how many times you can go into your line of credit? And you don't us to ever max out our line of credit. And start repay it with our income correct?
You’ll need to shop around with different banks. Some HELOCs have rules and restrictions on the number of draws you can make. Try Cadence Bank or Northpointe Bank, they have great HELOC terms. If your debt tool is a Credit card, there’s no limit.
That very well might be the case sometimes people have very low interest rates on debt and a line of credit or HELOC may not make sense all the time. As long as you ran the numbers properly and you understand what the numbers are saying. You may want to look at zero percent credit cards that function like a line of credit that always works for me borrowing at zero cost always makes sense for me. Also you might have to skip over velocity banking and into infinite banking that may be another option as well
12:46 Yeah, that's what I have been implementing for three months now using CC to pay all bills/expenses except for the mortgage. It's a Chase rewards card, I'm actually making more money than I am paying in interest on the CLOC. Great stuff Denzel. Good bless you!
I was suprised to see my bank adding the daily interest to the balance. I guess i was expecting to see it added after the closing date, but it does make sense since the line is revolving, the bank has ti get their interest any way rhey can...lol. thankfully it wasn't much, and i already paid in my first paycheck to reduce the daily interest just like in this video.. just kicked off the process this weekend.
Denzel you’re a living legend God bless you
Thx to you and CJ.Wallace I'm 2 rentals in w/primary residence. Was hvg anxiety on rates but stick to the process and you'll be fine. Constantly input into the Loc and use it as a ckg acct .
Interested to hear chunking strategy with an example in terms of chunking frequency and chunking amount
For example $500k on mortgage balance,$10k income and 5k cashflow each month
God bless you too my brother!!!!
I’m just trying to figure out how to calculate the chunk .
These tips are great Denzel! Thanks for sharing. You inspired me brother :)
Thank you bro two more properties I'm retiring. Maybe not my job is so easy and pays crazy. But I'll be OK.
Thanks Denzel! Your the Best!
Denzel
Can you pay debt - collections straight from a s.c.c and can you do a video for chunk payments with a Low cash flow ?
Hi, you have great videos, really encouraging.
My question is to pay off my mortgage, can I use velocity strategy by using 2/3 different credit cards as I do not have enough credit card limit on one card. Many thanks in advance
I do not like using credit cards to pay off amortized loans the credit card is not as effective as a HELOC or PLOC
Question for you...does the same principle apply if you had 10k cash.. And dropped it on principle....and your cash flow is 2k a month.. Which is faster to pay off mortgage. 10k Chuck or 2k a month.
@SteveWashington When you pay 10k you pay off more and thus save more on interest charged, it would be faster too, as opposed to 2k. But you have to consider your income and cash flow to pay of the debt weapon used.
So in a nut shell, take your cash flow and multiply it by 6?
not all the time that is just one way of doing it to know for sure which route to go it would be wise to have someone guide you
Does paying off your chunk payments in six months half your interest rate p.a
And if you have a maximin amount that you can pay off by chunking your cash flow is there any advantage in gradually increasing your heloc limit apart from being able to pay a deposit on another property?
Regards michael
Dropping 💎s
I've watched a lot of your videos and am a little confused about making a chunk payment to a mortgage. If we do that and apply it to the principal, are we still making the usual monthly payment on the mortgage afterwards? Thanks for your great information. You make it easy to understand!
Yes
@@DenzelNapoleonRodriguez thank you.
Hi Denzel I know that video is not new, I just found it, hopefully you see my comment. I am using a credit card not a line of credit. Each cash transfer from my credit card into my checking has transfer fee. Should I keep all the cash for cash payment in the checking account?
Hi my man I wanted to ask you my cash flow is super low free money I would say probably 150 a month maybe 200??? After all my expenses, can I still do velocity banking???🙏🙏🙏
Interesting I'm getting started with it. Few questions is there a limit on how many times you can go into your line of credit? And you don't us to ever max out our line of credit. And start repay it with our income correct?
You’ll need to shop around with different banks. Some HELOCs have rules and restrictions on the number of draws you can make. Try Cadence Bank or Northpointe Bank, they have great HELOC terms. If your debt tool is a Credit card, there’s no limit.
My numbers never add up. It’s cheaper for me to just use my cashflow to pay down debt.
That very well might be the case sometimes people have very low interest rates on debt and a line of credit or HELOC may not make sense all the time. As long as you ran the numbers properly and you understand what the numbers are saying. You may want to look at zero percent credit cards that function like a line of credit that always works for me borrowing at zero cost always makes sense for me. Also you might have to skip over velocity banking and into infinite banking that may be another option as well
Thank you
when would you choose 66% of loc instead of 6 mo of cashflow?
@quietlike, 66% pays off in a chunk right away, 6 months take six months and that is debt snowball.