Rich Habits Podcast – 17: Becoming the 1st Real Estate Investor in Your Family

Intro

The “Rich Habits Podcast” explores real estate investing and financing options. In this episode, the focus is on becoming the first real estate investor in your family. The hosts discuss various loan options, including the DSCR loan, self-employment loans, and the 203K loan. They also provide advice on side hustles, investing for children, and taking control of your financial future. The episode is sponsored by NEO’s investments, which offers ETFs for monthly income and portfolio exposure. Listeners are encouraged to celebrate their success and start the week off right with the Rich Habits podcast.

Main Takeaways

Real Estate Financing Options

• The DSCR loan allows investors to buy properties that generate enough rental income to cover the debt service.
• Investors can qualify for a DSCR loan with a credit score of 620 or higher without income verification.
• Self-employment loans are ideal for entrepreneurs who don’t meet W2 income requirements and can be qualified based on bank deposits and taxable income.
• The 203K loan combines mortgage and repair costs into one payment, making it a great option for investment properties that require renovations.
• Qualification for the 203K loan is accessible for individuals with lower credit scores, with a minimum requirement of 500 and a 3.5% down payment for a credit score of 580.

Investing and Wealth Building Advice

• Consider side hustles such as dog walking, food delivery, teaching fitness classes, or selling personalized meals for additional income.
• When investing money for a child, explore tax-advantaged options like a 529 account or a custodial account.
• Invest in a normal custodial brokerage account for your child and consider investing in S&P 500 through VOO.
• Take control of your financial future and pay off student loans instead of relying on government forgiveness programs.
• Be prepared for student loan payments to resume in September and don’t rely on promises of debt forgiveness.

Inspiration and Podcast Updates

• Learn about different ways to begin investing in real estate and become the first real estate investor in your family.
• Celebrate success and appreciate support from listeners.
• The Rich Habits podcast achieved a top 10 ranking in a category with hundreds of thousands of podcasts.
• Start the week off right by tuning in to the Rich Habits podcast.

Summary

Real Estate Financing Options

The podcast explores various financing options for real estate investors. The DSCR loan allows investors to purchase properties that generate sufficient rental income to cover the debt service. It is accessible with a credit score of 620 or higher, without income verification. Self-employment loans are ideal for entrepreneurs who don’t meet W2 income requirements and can be qualified based on bank deposits and taxable income. The 203K loan combines mortgage and repair costs into one payment, making it a great option for investment properties that require renovations. It offers qualification flexibility for individuals with lower credit scores.

Investing and Wealth Building Advice

The podcast provides valuable advice on side hustles, suggesting options such as dog walking, food delivery, teaching fitness classes, or selling personalized meals. When investing money for a child, tax-advantaged accounts like a 529 account or a custodial account are recommended. Investing in a normal custodial brokerage account and considering S&P 500 through VOO can also be beneficial. The importance of taking control of your financial future is emphasized, with a focus on paying off student loans instead of relying on government forgiveness programs.

Inspiration and Podcast Updates

The podcast encourages listeners to explore different ways to become the first real estate investor in their families. It emphasizes celebrating success and appreciating support from listeners. The hosts share their achievement of a top 10 ranking in a category with hundreds of thousands of podcasts. They invite listeners to start their week off right by tuning in to the Rich Habits podcast for valuable insights and inspiration.

Conclusion

The “Rich Habits Podcast” episode “Becoming the 1st Real Estate Investor in Your Family” provides valuable information on real estate financing options, investing advice, and inspiration for listeners. It highlights the DSCR loan, self-employment loans, and the 203K loan as viable options for real estate investors. The hosts also offer guidance on side hustles and investing for children. Listeners are encouraged to take control of their financial future and celebrate their successes. Start your week off right by tuning in to the Rich Habits podcast for valuable insights and motivation.