THANKS. Just what I needed to watch. My wife and I got a 400k HELOC from our 780k primary home which we are still paying a mortgage for. I want to only use 200k for this new duplex down payment. I realized that the secret to making millions is making better investments and staying out of debt. I'm grateful to GOD for the internet space, we were able to join the credit repair program, we payed up our debt and now we are back to being the administrators of our farming business and our own properties, as well as small pensions. I am almost 56, my wife is 52. We have started saving for retirement from the farm and maybe live off rental income, I would really appreciate it if you would do a video on how to earn using Airbnb and retire comfortably.
"Laura Gilbert CFA " is the licensed fiduciary I use. She lead me to join the program, Just research the name you'd find necessary details to work with a correspondence to set up an appointment.
I’ve come across the velocity banking method and it sounds interesting. However, learning the other options, along with the do’s and the don’t, are beneficial. Great and simple explanation, with examples. I love it! Thank you for sharing! Blessings back.
thank you for this video! my husband and I are looking to take out a HELOC next month - this has helped me a lot on deciding whether or whether not its a good idea for us. Im leaning towards, that its the right move for us but I wish I could ask you for your opinion on our situation without putting all our business in the comments section 😅 lol so ill just keep binge watching your videos!
Hey Jay. Nice to see fellow Jersey boys making it out there. I’m a bit south in Ocean County. What’s up with all these offers I’m seeing with mandatory draw amounts? Seems like the terms of the heloc are defeating the hole reason this type of loan exists.
Hey, thanks for the kind words. my parents have a house down the shore I am there all the time. I have not heard of mandatory draw amounts. It would surprise me because HELOC's rarely go unused. Do you know which lender?
Maybe you have money in Equity in another property, or stocks/401k that you could sell, etc. Everyone has different risk tolerances, so do what you are comfortable with. But I wouldn't put my family's house on the line without an emergency plan. Thanks for watching!
Good video buddy question for you. I’m trying to convert my garage into some passive income trying to convert it into one bedroom studio with that money I’ll be using to pay back the loan and at least profit two to $300 which one do you think would be best HELOC or second mortgage
Jay, I have a question what do you mean by not using your HELOC money to put down on a down payment for any investment property or for a primary property? I’m considering taking a HELOC out on my primary home and using it for a down payment to purchase an investment property, I live in California and homes here are too expensive to buy cash. That is why I would use the HELOC money for a down payment on my investment property. Can you explain I would really appreciate it thank you.
Don't use your HELOC to buy an investment property unless you have an exit strategy in place, such as selling it as a flip or doing a cash out refinance after renovations. Thanks for watching!
@@JayCosta as to the video quality, you have done a great job with the lighting, editing, script, background, and everything else that goes into making a quality video. A HELOC being used is risking your home for an investment. It would be pretty terrible to tell my wife we are losing our home, because not everything went smoothly while I was just trying to make an extra few bucks. Instead, I would want anybody. I loved to be patient and save up to pay cash for any investments. Jay, I do not think that a random comment or on your video is going to change your mind. I will say that I hope everything goes well for you and that you get enough money that you no longer feel the need to use a HELOC.
@@KeiraBuenrostro Thank you Keira. You are exactly right. I believe there is a major difference between people who want to become wealthy and those who have become wealthy. Dave has the mentality of someone who is already wealthy and doesn’t want or need the products in this video. People who fall for this type of tip or trick will always be the people who “want to become” wealthy.
I don’t agree with using a heloc for anything. Have you found that by adding more debt and debt payments that you are more stressed? I bought a rental last year and although I am cash flow positive $300 a month, I don’t like the stress I have knowing that if the tenant decides not to pay, I am negative that couple months. When I pay off this house, I will not be using a loan for the next property.
@@iamOAKland A HELOC is a type of loan backed by the equity you have in your home. How many properties do you have and how many HELOCs are you currently paying?
Looking to use my HELOC/home loan as a down payment on an investment property. If I plan on paying interest as well as principal, is that still a bad idea ? what would you suggest ?
Hi Jay, Great video!! Can I open a Heloc and have it ready until I need it. Maybe to buy an invest home or do a ADU . I will have the money aside to pay this heloc if I need it. I just prefer don't to use my cash. What do you think about this. Please let me know. Thank you!
THANKS. Just what I needed to watch. My wife and I got a 400k HELOC from our 780k primary home which we are still paying a mortgage for. I want to only use 200k for this new duplex down payment. I realized that the secret to making millions is making better investments and staying out of debt.
I'm grateful to GOD for the internet space, we were able to join the credit repair program, we payed up our debt and now we are back to being the administrators of our farming business and our own properties, as well as small pensions. I am almost 56, my wife is 52. We have started saving for retirement from the farm and maybe live off rental income, I would really appreciate it if you would do a video on how to earn using Airbnb and retire comfortably.
"Laura Gilbert CFA " is the licensed fiduciary I use. She lead me to join the program, Just research the name you'd find necessary details to work with a correspondence to set up an appointment.
I’ve come across the velocity banking method and it sounds interesting. However, learning the other options, along with the do’s and the don’t, are beneficial. Great and simple explanation, with examples. I love it! Thank you for sharing! Blessings back.
Now responding LIVE here: ruclips.net/video/2DcWqBiewGM/видео.html
thank you for this video! my husband and I are looking to take out a HELOC next month - this has helped me a lot on deciding whether or whether not its a good idea for us. Im leaning towards, that its the right move for us but I wish I could ask you for your opinion on our situation without putting all our business in the comments section 😅 lol so ill just keep binge watching your videos!
wait now im thinking just the home equity loan might be better for us 😅
HI Alyssa, Feel free to email me at jay@searchbergen.com Would love to help you. Thanks for watching and God Bless.
@@AlyssaRodriguezim probably too late but you would be killed on interest if you get a heloc by loan and its not revolving
Quick answer! Don’t do it!
Hey Jay. Nice to see fellow Jersey boys making it out there. I’m a bit south in Ocean County. What’s up with all these offers I’m seeing with mandatory draw amounts? Seems like the terms of the heloc are defeating the hole reason this type of loan exists.
Hey, thanks for the kind words. my parents have a house down the shore I am there all the time. I have not heard of mandatory draw amounts. It would surprise me because HELOC's rarely go unused. Do you know which lender?
Dont get a heloc if you dont have the money to pay it back…. Then why would I need a heloc if I already had the money….
Maybe you have money in Equity in another property, or stocks/401k that you could sell, etc. Everyone has different risk tolerances, so do what you are comfortable with. But I wouldn't put my family's house on the line without an emergency plan. Thanks for watching!
Good video buddy question for you. I’m trying to convert my garage into some passive income trying to convert it into one bedroom studio with that money I’ll be using to pay back the loan and at least profit two to $300 which one do you think would be best HELOC or second mortgage
2nd mortgage/Home Equity Loan! Because it is long term. Thanks for watching!
Jay, I have a question what do you mean by not using your HELOC money to put down on a down payment for any investment property or for a primary property? I’m considering taking a HELOC out on my primary home and using it for a down payment to purchase an investment property, I live in California and homes here are too expensive to buy cash. That is why I would use the HELOC money for a down payment on my investment property. Can you explain I would really appreciate it thank you.
Don't use your HELOC to buy an investment property unless you have an exit strategy in place, such as selling it as a flip or doing a cash out refinance after renovations. Thanks for watching!
This is such a high quality video selling such a terrible product.
Why do you say that? And thanks for watching!
@@JayCosta as to the video quality, you have done a great job with the lighting, editing, script, background, and everything else that goes into making a quality video. A HELOC being used is risking your home for an investment. It would be pretty terrible to tell my wife we are losing our home, because not everything went smoothly while I was just trying to make an extra few bucks. Instead, I would want anybody. I loved to be patient and save up to pay cash for any investments. Jay, I do not think that a random comment or on your video is going to change your mind. I will say that I hope everything goes well for you and that you get enough money that you no longer feel the need to use a HELOC.
@@matthewholliman1399 you have the mentality of Dave Ramsey. This video is meant for people who want to become wealthy.
@@KeiraBuenrostro Thank you Keira. You are exactly right. I believe there is a major difference between people who want to become wealthy and those who have become wealthy. Dave has the mentality of someone who is already wealthy and doesn’t want or need the products in this video. People who fall for this type of tip or trick will always be the people who “want to become” wealthy.
I don’t agree with using a heloc for anything. Have you found that by adding more debt and debt payments that you are more stressed? I bought a rental last year and although I am cash flow positive $300 a month, I don’t like the stress I have knowing that if the tenant decides not to pay, I am negative that couple months. When I pay off this house, I will not be using a loan for the next property.
You wont be able to scale as easily, but you will be way more protected in a down market. Cant go wrong! Thanks for watching!
@@JayCosta my maintenance costs are less because I have fewer roofs to maintain.
i understand your position if you fully dont understand why the heloc is better than a loan, refi or cash out refi giving the banks 30 more yaers.
@@iamOAKland A HELOC is a type of loan backed by the equity you have in your home. How many properties do you have and how many HELOCs are you currently paying?
Looking to use my HELOC/home loan as a down payment on an investment property. If I plan on paying interest as well as principal, is that still a bad idea ? what would you suggest ?
How do you plan on paying off principal and interest and how long would it take?
Thanks buddy
No problem 👍
Is prime -0.60% considered a good HELOC rate?
Very Good. Make sure it isnt a Promo rate
Ty
You are welcome. Thanks for watching!
Hel vs Heloc 🤔
Pros and cons to both! Thanks for watching!
Hi Jay, Great video!!
Can I open a Heloc and have it ready until I need it. Maybe to buy an invest home or do a ADU . I will have the money aside to pay this heloc if I need it. I just prefer don't to use my cash. What do you think about this. Please let me know. Thank you!
Hi Ursula. You can obtain a HELOC and not use it until you need it. Wont cost you anything sitting there, usually. Thanks for watching!
Yeahhh