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Buy Real Estate and build a Portfolio FAST!! (50k is an EXAMPLE! This works for 50k to 500k++)

2056 ratings | 173108 views
Invest in Real Estate, with low money down. Invest like the pro's and build a portfolio fast using one of the easiest and most common sense Real Estate strategies. This works for the beginner or the savvy veteran real estate investor. Let Jim Onesti with the Mccann Team show you how. (50k is used as an EXAMPLE! This works for 50k to 500k++)
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Text Comments (421)
gemixnew gmail com (20 days ago)
I made my first million from investing in bitcoin, this expert is Mr Tony Ivanov , we met at a trading conference and he accepted to trade for me, I've had no course to regret ever since
Caroline DD (20 days ago)
how do i contact him ?
מיטל אגמי (21 days ago)
I want to partner with you. I bought my first property with small loan of 16,000 usd .. now I want to buy more .. how can I do it? With loan on the first one and no money? I want to buy in the end 10 property’s to myself and retire.. how can I do it in 2-3 years ? My income is 4500 usd a month +550 usd rental income after taxes and spend -16,000 usd loan. What can I do?
Jack Jack (30 days ago)
The Knowledge Center (24 days ago)
Jack Jack Texas and Florida
DistortedFocus (1 month ago)
Yeah this will work if you're ok with being under water hundreds of thousands of dollars. The point of paying off houses and buying more is EQUITY which last time I checked is way better than debt. Your profits will be eaten up by your mortgage payments.
Geannie Sanders (1 month ago)
Thanks I'm just getting started in Philadelphia
Anonymous 1 (1 month ago)
Can I buy 2 homes a year as a starter invested?
Mr M (1 month ago)
How someone going to get 100k? Hard money lenders that's interest rate is sky high? And it's no guarantee the value would jump to 150k that quick. But the game plan is on point just not that easy.
Enrique Martinez (1 month ago)
Hi, I’m a 20 year old in a medium sized city, saving up money, living at home, what should be my first step?
LIFE MADE EC (1 month ago)
Thanks!! Giving you a follow and thumbs up. LOL
Marcel Rodriguez (1 month ago)
50k you say..... does 10k work? Thats all i got bud 😂
Brooklyn, from the bay (1 month ago)
Money is not necessarily the the problem. Ihave a doen payment for my next property, but how can i get financed for a second property when im already maxed out at about a 45-53 DTI ratio. lenders want a much lower dti. How do investors finance properties...private lenders?...commercial loans? my renters will be paying the note so my dti shouldnt necessarily be the full factor. Wtf
SageOfTheSixPaths (2 months ago)
You never go over how much that loan is going to cost you in interest, month after month plus other fees lenders add. Cash out refi is a good strategy in a good market but when the market becomes stagnant or even downturns, it can go sour real quick and if you have your 1 tenant try to sue you or trash your place it'll cost you more on top of the loan. Pie in the sky is what your telling people but in real world this could work once or twice not 3 or 4 times a year like you're saying.. I've worked with real estate investors for years and this was preached when housing was going up up up... then boom, all of those investors claimed bankruptcy. Just my 2 cents since I've seen this model fail multiple times in multiple markets.
Joe Pirrone (2 months ago)
Pretty interesting strategy. I found this in SW Florida practically on the water. - .33/acre on Pine Island, in SW Florida - Survey & Elevation Report are complete - 2nd fairway Golf Course view - Lot is cleared and ready to build - Non-Mandatory association $0/year Golfing community - Boat launch very close to lot (1,000 yds) MLS Listing: https://www.realliving.com/landlots-for-sale/14202-Pacosin-CT-Bokeelia-FL-33922-240730002 MLS Contact info: Call or Text: (239) 851-0737 - Linda K. Davis, Realtor @ Real Living Cypress Realty, Inc.
Blue Ant (2 months ago)
How could one get the money to start? If one has no one to partner with or anything like a 401K.
Musa I of Mali (3 months ago)
Love that music.
Jim Texas (3 months ago)
Question: Why are all these YouTube 'real estate' people so interested in presenting this information instead of just doing this themselves? Either they're not doing it and they're really making their money selling some type of real estate course, OR they are doing it and they are just so damn bored or generous that they just have to share this with the world. Which do you think it is? Buyer beware. Personally, I make my money by placing tiny classified ads all over the country and literally make money sitting at my kitchen table in my underwear! Don LePree taught me everything I know.
MrSimoMlt (3 months ago)
I use this app to help me analyze properties I find. It helps me take control. You can download it for free here: Google Play Store link: https://ipcfreeapp.page.link/ipcfreeapp Apple Store link: https://ipcfreeapp.page.link/IPCiOS
Paul Guzman Hilton (3 months ago)
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Aaron Petty (4 months ago)
Do you have your properties under an LLC.
Cheesy Does It Cooking (4 months ago)
Hi Jim, I'm looking at my portfolio and thinking this is taking too long. I have 2 properties in 1 year both are doing well. my question is if I do the refinance per above, I'd assume I would have to pay on that cash out refi, what if it puts my rental income in the negative. Currently I break even on the home I want to pull cash from because its appraised at 10% higher since I purchased. What are your thoughts?
Precious Lewis (4 months ago)
How can I GET STARTED. Wonderful presentation
Jim Onesti (4 months ago)
HI, find a local pro in your area and call him or her. Who is the Top realtor in your area?
Anonymous 1 (5 months ago)
Bravo sei onesto?
Jim Onesti (4 months ago)
thanks for the comment!
King of Chaos (5 months ago)
“Little money out of pocket” is what you claim, but you need the 50k up front for the house, IF you can find that, BIG IF, then another 50k to fix it up BEFORE you head to the bank and ask for a refi or loan. That’s 100k invested up front, how is that little to no money invested? Your not explaining yourself well or omitting very important details and facts.
Jim Onesti (4 months ago)
thanks for the comment. at the end of the process you will have purchased this home for little or NO money out of pocket. my clients do this every day of the year, its a no brainier, If yo have any specific questions let me know and i will show yo the way. thanks again
Arnold Barajas (5 months ago)
I have an investment property how do i get a loan off it.so i can keep investing its paid off but my credit is not that good and have not put on my taxes. I only need 15,000 to get into my next home.im already at 5 doors. But i can get another good investment property with 15k down.
Jim Onesti (4 months ago)
Hey arnorld, there are lenders who specialize in loans for people like you who do not show alot of income but own assets debt free. start looking for them.
tasmisr (5 months ago)
Jim, in general, it's very hard and difficult to find a house at 33% of it's final appraised value. Especially in a tight market with so much competition and lots of other insiders who can jump on such a deal way before it's released to the market. What do you recommend for finding those deals?
Juanco_"C.E.O." (1 month ago)
+Jim Onesti this response is cold, ima copy and paste it in my personal notes.
Jim Onesti (4 months ago)
thanks for the comment. yes, it is a competitive market out there right now. remember, these are fixer uppers and shells, so the 33% of appraised value as a shell is not that hard to find..... the harder part is finding a deal with such low inventory out there and super high competition. Do you go to your county's foreclosure sale? Do you go to other counties foreclosure sales? Do you call every bank in your area looking for REO deals? DO you call every realtor in your market place weekly to remind them you are a quick cash buyer? doing mailers? driving around making note of which addresses in the area look to be vacant or neglected? reach out to local investor groups and let people know you are looking for a partner who can bring deals to the tale and you can bring cash or vice versa.? who are the wholesalers in your area... etc etc
Kevin Edwards (5 months ago)
Hey Jim, I absolutely love this formula, would it work if its tweaked a little, what i mean is if I buy a property for & put down 20% I can still borrow 70% of the value of the home to purchase two more?, or I can only borrow against the equity in the home?
Kevin Edwards (4 months ago)
Jim Onesti I'm looking to purchase a investnent property out of state, after I buy my 1st one (20% down....etc) how soon can I buy my second?, is it up to the lender?, or as long as another 20% for my 2nd property is there?
Jim Onesti (4 months ago)
absolutely kevin, you can always put down the required down payment and closing costs and get a mortgage for the rest...but how many of them can you do a year if its going to be 20k to 70k out of pocket each tie for you.... the cash out refi allows you to not be out of pocket at all...thats the key
Real Estate Happens (5 months ago)
Great video. Very informative. I have a longtime investor client who has been doing the same thing. It works!
Jim Onesti (4 months ago)
thank you!!
FC BARÇA (6 months ago)
Over here in Oklahoma you can buy houses with 3 bedrooms with 2 restrooms for 35000 is there a downside to this or just good deals
Jim Onesti (4 months ago)
find a partner who can get a loan, you find the deals they get the loan
FC BARÇA (6 months ago)
I would guess buying various of them can get you a decent cash flow or income. I just don’t know if I can get a mortgage from my bank since I’m barely starting out my credit
FC BARÇA (6 months ago)
Jim Onesti they go from 400 to 700 a month 😑
Jim Onesti (6 months ago)
wow!! 35k great!! what can you rent them for?
C c (6 months ago)
Finally someone explains it clearly!!!
Jim Onesti (6 months ago)
thank you for the kind comment!
Blank Et (6 months ago)
Should I assume that you buy and update the first home with 100% of your own money? So you need to put 100k of your money, wait for a 50% higher appraisal and then borrow 75% of that value to buy your second home. So hurdle number one is coming up with 100% of your first home investment. Hurdle number 2, is that the appraisal should be quite robust vis a vis your purchase price. I know a lot of people use cash out Refis but seems like a house of cards especially if the market were to turn in the other direction.
Asa Kurland (6 months ago)
This is a great video! Fantastic insight into building a Real Estate portfolio
Jim Onesti (4 months ago)
thx asa!
Little Billy (6 months ago)
Terrible video. You live in la la land
Jim Onesti (4 months ago)
lol, thanks for the comment
fmb bendur (6 months ago)
Not practical
Renewable Rebecca (6 months ago)
Uhm. The 5000 extra just goes to pay some interest
Renewable Rebecca (6 months ago)
My hope is to get an equity loan on my main property then buy a cheap home fix it a bit to rent so can i also get another equity loan on that rental property with the renters payments as income or do i still need to show more income?!
Jim Onesti (6 months ago)
maybe... or have your tenant pay ALL of the interest and principle with their rent payments
Wilhem J. Lobo Guzmán (6 months ago)
very well explained, expecially the math.
Jim Onesti (6 months ago)
Thank you very much!
enachioken (7 months ago)
Where the hell does a home cost $50K????
Jim Onesti (6 months ago)
Hi, thanks for the comment.. even though there are plenty of zip codes with 50k fixer uppers, 50k is an example, add a zero to it if you like, it works for 500k homes too....
Just Tasty & Delicious (7 months ago)
hey! congrats to this vid :) subscribed.
Jim Onesti (7 months ago)
Thank you for the kind comment!
BrazosportRoofing (7 months ago)
Hi Jim! I just got approved for a Home Equity Loan on my primary residence which I own around (275k) I have another 4 rentals I’ve had for awhile I’ve paid cash for (no bank help) I’m new to having a bank help, what do you suggest I do to help my portfolio? I love my rentals and the money they bring in want a lot more just not quite sure on how to get a bunch...
Jim Onesti (7 months ago)
Good for you!! well its not a one fits all answer, depends on how much more cash you have or do not have to invest..... also depends on what more important to you , Cash flow or acquiring more properties regardless of cashflow.... If you have more cash to invest and can comfortable acquire more real estate without bank loans than you should probably buy cash and maximize cashflow- until you get to the point that you need more funds to buy more properties. At that time you can start cash out refinancing and pulling out your cash to support future purchases but again it would depend on your overall financial goals and situation
Elroy de Jong (7 months ago)
Caution though! This is the exact reason why many individuals went bankrupt in around '08/'09. The assumption is that interest is stable and income due to collected rents are stable even so.
nicole onesti (7 months ago)
Elroy, thanks for the comment. However, not necessarily accurate. the loan you will be getting when you cash out refinance will be a 30 year FIXED rate loan which will have an interest rate will be LOCKED in for 30 years. Rates are historically low right now. In 08, people mostly had floating rates that rose out of control, big difference....
Julie Potts (7 months ago)
This is what I want to do !!! thanks for the advice Jim
Jim Onesti (7 months ago)
julie thanks for the comment
Omarni Karnley Jarbie (7 months ago)
What is LTV
Jim Onesti (7 months ago)
Loan to Value.... % of the value that the bank will lend you
Omarni Karnley Jarbie (7 months ago)
Where do u get $150,000 from?
Jim Onesti (7 months ago)
find a partner with cash, you find the deal, you find the real estate, if its a good deal there will partners lined up around the corner to work with you. OR, home equity line of credit OR convert your IRA to Self DIrected IRA , etc etc
Omarni Karnley Jarbie (7 months ago)
What is appraised value
Jim Onesti (7 months ago)
thank you for the comment
Eric Thompson (7 months ago)
Hi jim! Have you ever heard of dave ramsey? He is worth about $100m and started from nothing and about half of that is in real estate. He thinks you are full of shit! Who should people listen to you or him? Hmmmmmmmm
Eric Thompson (7 months ago)
“Preferably try to invest in an area thats trending up”? Is this a joke? Great advice captain obvious!
Changmin Lee (7 months ago)
Where I live, properties costs millions and renovation doesnt add much value.
Jim Onesti (7 months ago)
thanks for the comment, I suggest you invest in other areas then, you dont have to be bound to the area you live in.
Go T.o (7 months ago)
Is there is a foreigner tax in ottawa for real estate and is it going to work with foreigners ?
Jim Onesti (7 months ago)
not sure about ottawa, check with a local Canadian real Estate expert, Im USA only
Ariana Rickert (7 months ago)
Lol he forgot to mention the fact that if you refi on that level and take that money out that mortgage doubled and would give you a negative cash flow to that one property... there is no such thing as a easy buck. Don’t be in denial
Kevin Rector (16 days ago)
It should cashflow the exact same, you might make less ROI per say. But you have 0 money in the deal.
Jim Onesti (7 months ago)
Ariana, thanks for the comment, however you are incorrect, at current rates this scenario cash-flows easily....
Michael Figueroa (7 months ago)
I like how he explains. It is very simple and crystal clear. Thank you Sir!
Jim Onesti (7 months ago)
Michael thank you for the kind words
Mark Doty (7 months ago)
Find a house selling for $50k that is in a neighborhood sellong for $500k and make more money. You numbers are not reality
Jim Onesti (7 months ago)
mark, thank you for your comments. actually, I have helped my investor clients accomplish this hundreds of times. It is easy if you know what your doing or have an expert helping you. Dont be negative.... Successful people are positive
the wise one tricks (7 months ago)
Wow fake..lol its not that easy..lol
the wise one tricks (7 months ago)
Well i live in southern california and it is a bidding war out here.
Jim Onesti (7 months ago)
thanks for the comment, It is easy if you know what your doing. Get educated on the topic. dont be negative. successful people are Positive...
DJ Grier (7 months ago)
Great information, I just subscribed! Question about the cash-out refi: After the LTV money is pulled out of the home's equity, who's paying the new mortgage on the home? What's the APR?
Jim Onesti (7 months ago)
Great question DJ. your new tenant will be paying down the mortgage. In my market place, Philadelphia and the surrounding areas, average rent on a home like this is $1500/month..... mortgage,taxes, insurance should be around $1100 month.. $400 a month positive cash flow on a $0 dollar out of pocket investment. The ROI is INFINITY
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Maira Kaleem (7 months ago)
Plz subscribe to the channel to know more about it
Jim Onesti (7 months ago)
thanks for the info
Eric Thompson (7 months ago)
You fuckin moron! Glad I wasted a few minutes of my life. So there arent any closing costs, agent fees, etc? Give me a break, this is so misleading you should be ashamed to put this dumbass video on youtube. Not to mention how do you put $50k into a house if somebody doesnt have any $?
Eric Thompson (7 months ago)
You tell them “ to know your neighborhood”??? You dont give them any idea of how to do that.
Eric Thompson (7 months ago)
Jim Onesti Oh wow what a comeback, you really got me there. Look I get it, you couldn’t come back with any valid points I made, but only a bad smartass joke. What you are saying is ridiculous and you know it. You must not be giving any “secret sauce” if you barely have 1k views. Oh btw you are right that I dont need your “cash out system” because I pay cash for my properties! Boom. Contact me anytime if you want to learn about buying income properties.
Jim Onesti (7 months ago)
Eric, thanks for the comment. You obviously have a lot to learn. Unfortunately for you The cash out refi system does not increase a persons IQ score
Neil Saxon (8 months ago)
So find a property for $50k that should be worth $150k? What city is this? That’s a unicorn strategy for anyone out in Cali.
nicole onesti (8 months ago)
Neil thanks for the comment. this works at any price range, 50k is an example, however, I have sold close to 50 homes between 40-100k to my clients who then successfully applied this strategy. here is Philadelphia and the surrounding areas its easy to find cheap homes, same with Jersey, Delaware and may other locations
maria thiede (8 months ago)
So how to approach the bank?
nicole onesti (8 months ago)
Hi Maria, no strategy needed here, just call the banks and fill out an app. start with local lenders
Bryan Shealy (8 months ago)
Isn't this how 2008 happened?
Jim Onesti (8 months ago)
No Bryan, 2008 happened because the Government forced lenders to approve more loans, lenders approved loans to borrowers who had no business qualifying for a loan, the lenders and the Government agencies allowed the situation to spin out of control and they began selling these bad loans by the bunches on the secondary market even though they new the quality of the loans were less than poor.... the house of cards crumbled....
jean lenor (8 months ago)
I have 3 rentals now but will have 10 by the end of the year.
jean lenor (7 months ago)
Jim Onesti No, the 3 i have are free and clear. The other 7 will most likely be seller finance. I dont like dealing with banks. They waste ur time, pull ur credit score and tell u no WTF. I see they like to lend to ppl who are already wealthy so after i can show them my wealth, i will go to them for loans or heloc
Jim Onesti (8 months ago)
excellent jean, after your 10th loan it will become more difficult to get loans from larger national banks so you should start looking for PORTFOLIO loans, held by smaller neighborhood lenders...
Jim Onesti (8 months ago)
Darwin Quezada sums it up pretty good, see below!!! But remember, the 50k price is just for this example, the cash out Refi works in any price range!! Darwin Quezada 17 minutes ago (edited) He bought the property for $50,000 in cash (no loans). He then rehabbed the house by investing $50,000 so his total investment on this deal is the purchase of the property for $50k plus rehab of $50k = $100,000. He then contacted a lender and they appraised the house at $150,000. The lender will give him 70% of the appraised value ($150,000 x 0.70) = $105,000. His investment was $100,000 and the lender just gave him $105,000 in cash. He got all his money back plus $5,000. He then rents the property, say $1,200, and pays around $650/month for principal, interest, taxes, insurance. He then puts away around $150/month for vacancies and repairs and his net cash flow ends up being $1,200 - $650 - $150 = $400. With this deal, he is making $400/month for life and used $0 of his own money (since he got it back after refinancing the property). I just don't have a clue how to find these types of properties in Arizona lol. A $50,000 house here in Phoenix, AZ gets you a shack!
Do It Yourself Jim (5 months ago)
That is great, but he had to have 100K to start with. Normal regular people do not have that kind of money. Also what market can you buy a home that cheap. I live in Las Vegas where the average home is at least 250K.
Another real estate charlatan.
Jim Onesti (8 months ago)
Thanks for the comment. Charlatan, good word, I have only been involved in 9000+ Real Estate transactions.....
Robert Magda (8 months ago)
Show me the market what is healthy where you buy it for $50k and fix up and appraise for $150k! Also where you get the income to refinance,show me the lender what will refinance without income? Hocus Pocus.
Daniel Gosselin (1 month ago)
But essentially yes
Daniel Gosselin (1 month ago)
nordette it was an internship but it was basic grunt work for a small mom and pop operation
nordette (1 month ago)
+Daniel Gosselin how does your job work? Does anyone just hire you to find them a property?
Daniel Gosselin (4 months ago)
For real. I worked as a real estate investment analyst and my whole job was to find homes like this. Except we would try to get 20k out of the deal and it took weeks worth of digging and work. Mind you these are pros working at it too
tasmisr (5 months ago)
Robert Magda , exactly! Good luck finding a house at 33% of its market value, putting 33% for rehab, and gaining 33%of equity.that is why I find this video misleading as it is very rare to find such a deal in a growing economy. Also it's assumed that the investor has 100k of floating cash to invest!
Joseph V. Scorese (8 months ago)
Jim, Great Description of the BRRRR Strategy - The BRRRR (Buy, Rehab, Rent, Refinance, Repeat) Great Strategy: Perfect Primer for Real Estate Investors & Investors - Doing this correctly and working with real estate agent experts like Jim refinancing up to 75% LTV based on appraised value will work great based on the video. Joseph V. Scorese Senior Loan Officer Firstrust Bank 1 Walnut Grove Drive Horsham, PA 19044 Office- 267-455-0520 Cell – 215-290-5108 Fax - 215-728-8324 [email protected] NMLS#391784
Jim Onesti (8 months ago)
Thanks Joe! Everyone, pay attention to Joe, he knows his stuff and finances tons of investment properties, New developments, rentals etc. He is a great resource for you.
Jonathan McGuire (8 months ago)
are there refinances with traditional lenders, if so is there a limit to how many times you can do this? or is the with hard money lenders?
Jim Onesti (8 months ago)
HI Jonathan, thanks for the comment. NOT HARD MONEY LENDERS. Traditional lenders. Me and my clients use alot of local banks, but also large national banks as well.
Armand Bolotte (8 months ago)
SO after the loan of $100K is paid off, you have $5,000 left to invest. Actually, the price is lower because you have to pay closing cost for the refi.
Jim Onesti (8 months ago)
thanks for the comment Armand, after the refi you have the full 105k to reinvest into another property, then you refi that one and reinvest the full 105k again, repeat repeat repeat !!!!!
Jason F. Griesser, CMB (8 months ago)
This is a great piece, Jim. The cash out refinance is an important way for investors to liquidate their equity in their investments. This liquidation can be used to free up cash for your next real estate investment. The cycle of acquisition, renovate, and liquidate is something we work with numerous investors on. Also remember we can finance the renovation project as well - a 203k loan could allow for as little as a 3.5% down payment! The Homestyle renovation loan allows as little as 5% down. These loans allow you to purchase the home along with the financing for the renovations! These rates remain in the mid-high 4's on a 30yr fixed loan. If you'd like to learn more we work with Jim and his team all the time - feel free to email any time [email protected]
Jim Onesti (8 months ago)
Thank you Jason... Everyone, jason is one of the premier lenders in our area and is well versed in investment real estate financing. He is a great resource....
p000000Lverr (8 months ago)
Why does he have a nasty not so genuine smile
Jim Onesti (8 months ago)
lol thx
David King (8 months ago)
Has the smile of an angel 😇
Jim Onesti (8 months ago)
nasty... lol.. thx
Ryan Woods (8 months ago)
lol buy a house for 50k.. wow couldn't do that in Aus. Try 900k buy price
Jim Onesti (8 months ago)
ryan thanks for the comment, your not looking hard enough...also works on 900k homes, 800k, 700k and anywhere in between
Deleno Ahk (8 months ago)
I like the number breakdown
Jim Onesti (8 months ago)
thanks for the comment
Ranjit Sandhu (8 months ago)
Deleno Yah .
Jim Onesti (8 months ago)
hesus lopez (9 months ago)
Any advice on what to do if you live in a city where the cheapest homes are well over 300,000$
hesus lopez (9 months ago)
Thanks jim!
Jim Onesti (9 months ago)
HI Hesus, yes, 1. buy a 300k home, the system works in any price range, OR, 2. go out side of your city if you want to focus on the lower price point. dont let anything stop you
Eugene Pressley (9 months ago)
Ziptrendingupcompsales.com need help!?
Jim Onesti (9 months ago)
thank you
Eugene Pressley (9 months ago)
Cash out refi the best
Jim Onesti (9 months ago)
thats right, cash out refi is the perfect tool for building wealth
Jim Onesti (9 months ago)
very good, where?
Eugene Pressley (9 months ago)
I know three markets that are booming right now very good locations lots of construction going on the investors are here looking around to get my first piece of it so many to choose from but they are going fast so I got to move fast
Sergey Kucherenko (9 months ago)
True, but all those 50k houses you still have to pay cash from equity not like you getting a loan...banks won’t give you mortgage loan for destroyed properties...not sure how well its gonna work
Jim Onesti (9 months ago)
thanks for the comment Sergey. You actually CAN get a loan on a shell or Fixer upper. you can get a construction loan as well. most banks will give you 80% of the acquisition then 100% of the construction costs
Matthew Moss Wayne (9 months ago)
Hello, I am interested to help those individuals that are in a bind and need a quick personal loan. I can lend up to $2500 to $25000 or more and the funds can be available within 24 or 48 hours. please email me if with details including reason and amount of the loan terms employment info, phone number and your address. I will contact you back immediately. EMAIL:[email protected] [email protected] WhatsApp number +18573085104 Phone number:+12702380173
Jim Onesti (9 months ago)
thanks Matt. here you go guys, finding the money is the easiest part of the process
land investment (9 months ago)
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Jim Onesti (9 months ago)
thanks for the comment
Dr House (9 months ago)
hi Jim, where is the part 2 promised, I just want to know where to find a 50,000$ home.
Jim Onesti (9 months ago)
part two is coming soon, where do you live?
Hannes (9 months ago)
Where can you get hime for 50000 dollars
Jim Onesti (9 months ago)
hello Nonni, 50k was used as an easy math example, however, I live in Philadelphia, and there ar several zip codes where you can buy a fixer upper for 50k same goes for South New jersey, delaware and almost any other city...you just have to know where to look
Abdul (9 months ago)
oh my God, here in Australia banks will give you 80% LTV, I just bought my first home now, and looking to buy another one 6 months later
Jim Onesti (9 months ago)
do it Abdul... 80% ltv is excellent
StirCrazy (9 months ago)
Where are you getting financing on an investment property? Traditional lenders generally won't touch investments for refi. I have about $300k in equity in which I'd like to leverage.
Kevin Edwards (4 months ago)
Check out Fund & Grow .
IFollowAfter (9 months ago)
The banks I have spoken with in my area only want your primary residence. When I start talking about my rentals they ask me to try other sources. I admit I have heard about this 75-80 percent refis but never found a bank that will do it.
Jim Onesti (9 months ago)
thanks for the comment. TONS of "traditional lenders" will refinance investment properties. AS a matter of fact, I cant think of one who wont.... we just used TD bank for one, but the local banks are always best, the local banks are more flexible, and have better terms usually... here locally, try United savings bank and Meridian Bank
Hi Jim, i really love to mentor me on how to create join financial partners to invest in my property above 34 hecters . Thanks
Jim Onesti (9 months ago)
HI, where is your property located?
L Baugher (9 months ago)
It seems the hard part is finding a property that will have a higher appraisal value....and determining what neighborhoods to be searching for these homes. I’m wondering if there is a way to find out what a house could be worth after you rehab it but before you purchase it?
Jim Onesti (9 months ago)
yes, show her my video if you have to. A great realtor is priceless... always find a great team of pro's to surround yourself with. You dont need to know everything, just hire people that do. Like 50 -cent says, "I didnt graduate from Harvard, But the people who work for me did !"
L Baugher (9 months ago)
That makes sense. I’m having a meeting with my realtor next week to prepare my strategy so I’m going to bring this method up to her.
Jim Onesti (9 months ago)
HI, great question. YES, absolutely is the answer. before purchasing any property you or your agent is going to run thorough comparable sales, comps. and an expert will help you determine what the resale value is... only then will you make an offer on a property based on what the resale or appraised value potential is. does that make sense?
KornFed Kustoms (10 months ago)
Hate to burst yalls bubble but this isnt how it works at all or maybe im not seeing something here.... You take a loan out for 50,000 to buy the home put 50,000 in it which either came out of your pocket or from a bank loan which in case you would have $100,000 loan if it appraises at 150,000 you take 70% of that which is 105,000 and then you deduct what you owe from that 105,000 giving you only $5000 cash out equity. This is of course unless you paid cash for the house upfront and then paid another 50,000 cash for renovation which then you would need 100,000 liquid upfront........
Jim Onesti (9 months ago)
thanks for the response...actually all of the banks we use for cash out refi's ONLY require that the Loan amount be 70-80% of the appraised value- they do not require you to keep any money in the deal at all. you can pull out 100% to 150% of your money if the appraisal is in line. As far as the TEMPORARY money needed to buy and fix up the property, that's the easiest part of the equation... If you have a property that is a good buy, there should be zero issue getting the money IF you know what your doing.... there are dozens of ways to get the start up money at low costs...dozens... I have helped my clients do hundreds of these deals...in good markets and in bad markets....
KornFed Kustoms (9 months ago)
I do understand how to build wealth actually im an investor and i make several thousand in passive income every month and will be retired by age 59 with several million in my retirement fund, but my point was that alot of these videos on youtube are very unrealistic. In your example you're assuming the 50,000 to initially by the home and the renovation money to get it valued at 100,000 was paid out-of-pocket, not many people are able to do that. So if the $50,000 home and the renovation money was funded by a bank you had to have money down to get that in the first place and then you're left with $5000 cash out in your pocket after refinance most banks want 15 to 20% down to buy a rental property so 5000 seems a little short on buying an investment property.
Jim Onesti (9 months ago)
Thanks for the comment KornFed. Yes, you are missing a lot of it.... You are putting an asset, in your asset column worth $150,000. and after the REFI, you did this with no money out of pocket, in fact, you have an extra 5k going into your pocket, but the 5k is the least important part of this wealth building skill.....How would you be doing if you did this 20 times. Put 20 homes in your portfolio in a much faster time frame than it would take you if you had to save up for the 20% down payment and closing costs you would need to purchase each property if you DIDNT use the cash out REFI. 20 cash flowing properties, 20 properties that your tenants will be paying down YOUR mortgage, 20 properties that will appreciate in value over time increasing your equity position and net worth, 20 properties that you will get TAX write offs/ deductions and benefits from.... I can go on and on for several paragraphs..... dont let you not understanding how to invest stand in your way of Wealth building
High Roller Suite (10 months ago)
icawn (10 months ago)
i live in a rural small town. I called our local well known home builder, asking if they'd be interested in performing renovations for a real estate investor. The owner's wife (old office lady) didn't understand what I was talking about. I find it hard to believe she didn't know exactly what a "real estate investor" meant. Not a whole lot of options here...sigh.
Jim Onesti (10 months ago)
good luck, dont give up. if its that hard in your area then there probably isnt any competition, you can dominate the market
icawn (10 months ago)
Yup that is probably the only way to go. The internet and yellow pages are not very useful and I've called many out of service numbers. Getting information from current folks in the trades is probably the only way to stay current.
Jim Onesti (10 months ago)
lol. dont quit after one call.... try some local handymen, carpenters, plumbers etc. they all know people in other trades they can call on.
ginny mccuen (10 months ago)
Advice from a great agent who knows what he's talking about.
Jim Onesti (10 months ago)
thank you Ginny!! good to hear from you hope you are well!!
Not- a-Troll Honest (10 months ago)
Little to no money....except for the original 100000
Koel G (7 months ago)
Thats what i was thinking too. So you get your original 100k back in a new 30yr loan with only 5k left over. So is the 5k your next down payment on another rehab. Then you need to have money for the rehab.
Not- a-Troll Honest (9 months ago)
Do you have a credible lender you use, I have a deal for 56k on a property that's on the low end going to appraise for 75k, needs little no rehab, (my father in a law is giving me a deal) and rents for 850. It's half of a duplex, that I plan to buy the other half of. I have 25k for down and closing.
Jim Onesti (9 months ago)
contact me, i will teach you how
Jim Onesti (10 months ago)
thanks for the comment, yes, getting the seed money is the easiest part of the entire equation
Chris T (10 months ago)
Hey I am 25 years old and looking to buy my first property, I am looking to buy a multi unit with 3 to 4 units. Ive found a lot of info on how this can go well but do know of any pitfalls or struggles that I may end up dealing with? Any info is much appreciated, also how do I know how much I can afford?
Jim Onesti (10 months ago)
Good for you chris... If you can occupy one of the units and rent the others there are Phenomenal financing advantages for doing so, look into an FHA mortgage for sure. Do it asap, dont hesitate or procrastinate. Multi unit buildings are great investment propeties
LiNo jAMeS (10 months ago)
Could you be able to help foreigner in this case? With little or no money down ? Planning to register as LLC to start with...
LiNo jAMeS (10 months ago)
Jim Onesti -that would be great. And May I have your advice on how to begin with?
Jim Onesti (10 months ago)
Lino, yes, you can buy properties as a foreigner
Jim Onesti (10 months ago)
One of our local lenders/ mortgage brokers, Trident Mortgage, just sent me these new available products: Jim, here are some new products your investors may find helpful, Doctors Program 100% financing to $1 Million no pmi HELOC's up to 97% financing Conventional Renovation & FHA 203k loan available FHA Debt Ratio allowed up to 53% FHA down to a 600 Credit Score Conventional Debt ratio allowed up to 50% 2018 Loan Limits: Conventional $453,100 / FHA $385,250 $6000 Down Payment Assistance availabe for 1st time home-buyers Income Based Repayments allowed on Student Loans to qualify Employment Contract ok on new job, no paystub needed 95% Cash-out refinance 95% Conventional Loan on 2 Units 95% LTV Jumbo Loans No More Funding # needed at closing when TMC & TLT Bridge loans and Stand alone 2nd's available Commercial Mortgages Available / Referral Program Additional Non Warrantable Condo Options available
Red Velvetu (10 months ago)
Im 17 and live in Europe hope It works here..
Jim Onesti (10 months ago)
Rena, thanks for the comment. It should work i Europe too
weatherman 37 (10 months ago)
This works great with made up numbers that don't exist in the real world. Since when does anyone add 100k in value to a home on 50k. Not gonna happen.
King of Chaos (5 months ago)
Jim Onesti This method claims to be little to no cash invested but you need the 50k up front for the house, IF you can find that, BIG IF, then another 50k to fix it up BEFORE you head to the bank and ask for a refi or loan. That’s 100k invested up front, how is that little to no money invested? Your not explaining yourself well or omitting very important details and facts.
Jim Onesti (9 months ago)
contact me, i will teach you how
Jim Onesti (10 months ago)
Jacob thanks for the reply. not sure where you purchase your real estate but In Philadelphia and the tri-state area I sell dozens and dozens of these 40-60k fixer uppers to my clients every year. Since 2000 I have probably sold 200 of these homes to my investor clients. this is a proven strategy
Walter Caldwell (10 months ago)
Hey Jim, quick question. What are you putting down for the 50k home and where did you come up with the other 50k for renovation? Thank you.
Jim Onesti (10 months ago)
One of our local lenders/ mortgage brokers, Trident Mortgage, just sent me these new available products: Doctors Program 100% financing to $1 Million no pmi HELOC's up to 97% financing Conventional Renovation & FHA 203k loan available FHA Debt Ratio allowed up to 53% FHA down to a 600 Credit Score Conventional Debt ratio allowed up to 50% 2018 Loan Limits: Conventional $453,100 / FHA $385,250 $6000 Down Payment Assistance availabe for 1st time home-buyers Income Based Repayments allowed on Student Loans to qualify Employment Contract ok on new job, no paystub needed 95% Cash-out refinance 95% Conventional Loan on 2 Units 95% LTV Jumbo Loans No More Funding # needed at closing when TMC & TLT Bridge loans and Stand alone 2nd's available Commercial Mortgages Available / Referral Program Additional Non Warrantable Condo Options available
Jim Onesti (10 months ago)
walter thanks for the comment. Great question. There are many way to find cash... find a partner with cash, you find the property they provide the cash for a 50/50 partnership, or borrow against your 401k - insurance policy-pension- turn your IRA into a Self directed IRA which allows you to purchase real estate within your IRA...etc etc
Ali Imam (10 months ago)
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Jim Onesti (10 months ago)
If I need one I will let you know, I will save your info
Ivan Drago (10 months ago)
Their is no cheap homes anymore
Jim Onesti (10 months ago)
Ivan, there is cheap property everywhere, every city in america. Find a gentrifying neighborhood that is on the come...
Daniel Evenchen (11 months ago)
How much equity can you pull out of a property? Is it more equity if it is your primary home?
Jim Onesti (10 months ago)
dan did you have nay other questions?
Jim Onesti (10 months ago)
Dan, good question, the banks in our market place average 70%. So they will allow you to pull out 70% of the appraised value, I have seen it as high as 80%.... there are some banks that do give a better loan to value ratio if its your primary but all banks do not...
zulqarnain haider (11 months ago)
time wasting
Jim Onesti (11 months ago)
thanks for the comment-
Palacio II (11 months ago)
Hi there, any tips for a 19 year old student who lives abroad, Morocco?!
approve group (5 months ago)
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Palacio II (10 months ago)
I'd like, in part, to thank you for the time devoted.. second of all, I'm wondering if u could forward some names of the highly recommended books, cuz apparently u seem the only available expert for my wants!!
Jim Onesti (10 months ago)
any other questions?
Jim Onesti (11 months ago)
yes, read, educate yourself, fin a mentor in the field and get started now!! there are opportunities in every country, city and zipcode
Jim Onesti (11 months ago)
Part 2 of "How to Build a Real Estate Portfolio Fast" is in production..... stay tuned
Thabo Mohlabane (5 months ago)
+speed way same here I also want to learn all these acquisition,equity are kinda hard to understand
Anime Central (6 months ago)
Jim Onesti please teach me more I'm 16 but we all have to start somewhere right
Deron Thomas (7 months ago)
Jim Onesti hi. Great video. I'm a budding investor who has spent money mattering and gained traction with leads. My initial plan was to wholesale to get some quick cash until I ran across this video. My question is does this method depend on your credit? I have a property under contract that would be a great fit for this method.
Perry Johnson (11 months ago)
As a returning investor. Thats the exact concept I'm working on. Thanks so much.
Jim Onesti (10 months ago)
Perry, One of our local lenders/ mortgage brokers, Trident Mortgage, just sent me these new available products: Doctors Program 100% financing to $1 Million no pmi HELOC's up to 97% financing Conventional Renovation & FHA 203k loan available FHA Debt Ratio allowed up to 53% FHA down to a 600 Credit Score Conventional Debt ratio allowed up to 50% 2018 Loan Limits: Conventional $453,100 / FHA $385,250 $6000 Down Payment Assistance availabe for 1st time home-buyers Income Based Repayments allowed on Student Loans to qualify Employment Contract ok on new job, no paystub needed 95% Cash-out refinance 95% Conventional Loan on 2 Units 95% LTV Jumbo Loans No More Funding # needed at closing when TMC & TLT Bridge loans and Stand alone 2nd's available Commercial Mortgages Available / Referral Program Additional Non Warrantable Condo Options available
Jim Onesti (11 months ago)
great Perry keep it up
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Jim Onesti (11 months ago)
thanks david
Duck Trong (11 months ago)
What's the strategy if I have done that 10 times? Freddy and fannae won't loan any more than 10 properties.
Jim Onesti (10 months ago)
Duck, One of our local lenders/ mortgage brokers, Trident Mortgage, just sent me these new available products: Doctors Program 100% financing to $1 Million no pmi HELOC's up to 97% financing Conventional Renovation & FHA 203k loan available FHA Debt Ratio allowed up to 53% FHA down to a 600 Credit Score Conventional Debt ratio allowed up to 50% 2018 Loan Limits: Conventional $453,100 / FHA $385,250 $6000 Down Payment Assistance availabe for 1st time home-buyers Income Based Repayments allowed on Student Loans to qualify Employment Contract ok on new job, no paystub needed 95% Cash-out refinance 95% Conventional Loan on 2 Units 95% LTV Jumbo Loans No More Funding # needed at closing when TMC & TLT Bridge loans and Stand alone 2nd's available Commercial Mortgages Available / Referral Program Additional Non Warrantable Condo Options available
Jim Onesti (10 months ago)
Duck, any other questions?
Jim Onesti (11 months ago)
also Part 2 of "How to Build a Real Estate Portfolio Fast" is in production..... stay tuned REPLY
Jim Onesti (11 months ago)
Great question Duck. Once you max out with Fred/Fann the next step is to move on to Portfolio loans at a local smaller bank. A portfolio loan is a loan that is not sold on the secondary market. The loan is keep on the books in the PORTFOLIO of the bank that gave you the loan. In ur area, there are tons of banks which offer very diverse portfolio loans and there are usually NO LIMIT on how many portfolio loans you can do !!

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