“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.
“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)
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