01/01/2022
2021 was definitely a blast and traveled a bunch🙌🏽
Cali, Texas, Tennessee, Arizona, New Mexico, Florida, Hawaii and way too many times to Vegas😂💣💥
Met some great people 🤝and made amazing memories with already existing relationships.
My favorite memory from this year is Hawaii. 🏝
Through the power of real estate we will be living atleast 3 months out the year on one of the islands 🏝of Hawaii in the future.
The way we will accomplish this is the same way we accomplished our goals today. 💯
Lets say we like an area of Hawaii and homes are worth around $1 Million💰.
I know that our lender will lend us 75% in a cash out refi, ($1,000,000 X 75%) or $750,000. 👌🏽
That means we will get that money back from our lender once the project is complete and we initiate the cash out refi!
The payment on that cash out refi will be about $4,500 per month with property taxes, insurance, reserves, maintenance, utilities and property management.
This means we have to increase our monthly income by atleast $4,500 to cover that new payment.
This will be accomplished by buying rental properties in one or a combination of our markets.
We will identify the property we will be buying by looking at auctions👨⚖️ or looking for motivated sellers.
Lets say we find that property and we buy it for $500,000. It’s potentially worth $1,000,000! Our lender will give back 750,000 in a cash out refi.
That means we have a $250,000 budget to fix it up nicely for Airbnb.
We fix it up, contact our lender, cash out refi, get all of our $750,000 back and enjoy! 😎
Pretty much bought that bad boy for FREE🔥
Everyone wins in this scenario.
We will get to enjoy our new vacation home in Hawaii.
We created jobs to the local economy of Hawaii.
Travelers will have another choice for a vacation rental.
Investors will earn a great return and a discount to this vacation rental when they please.
Lastly, we created additional housing and jobs in our other markets that we already are involved in.
💎
Cheers to a new year🍻🥂! Hope the best for you all😊
#2022