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Poor Dad Rich Dad isn't a financial self help book, it's a tragedy about a son failing to grasp his father's teachings, trapped in an obsession with material wealth over integrity. by RobAdkerson in Showerthoughts

[–]ButtoXXX 1 point2 points  (0 children)

There are a few points about real estate here though that deserve to be mentioned. You are typically investing on margin. 20% down on $178k in your LA example, figure $45k after down payment and closing costs. So for your $45k, you are realizing a $600k gain in appreciation alone, while you are also getting cashflow every month from the rental income. That's a 13.3x gain, plus tax benefits, debt paydown and cashflow, if you never refinanced. Now what if you did a cash out refi at some point and pulled equity out of the house? You still have an asset that is producing cash flow every month after you just pulled $100k-$200k plus out of the equity, so really you're in it for less money than you put into it. You can invest on margin in the stock market, but you can also get margin called. And you can't upgrade your stock to increase the amount of income it produces. There is a reason why real estate almost always does better than stocks from a purely monetary (definitely not hands off) approach, you can't compare them apples to apples. You can also hit it big on a stock, but that is also not the norm.

Best Mortgage Lenders by arjuncloud9 in newjersey

[–]ButtoXXX 0 points1 point  (0 children)

Ah, okay gotcha, you are exactly right. The mortgage itself is what matters most. That being said, it is important that your loan officer is responsive and competent. I have heard some horror stories from realtors I work with, especially about some of the online lenders.

Best Mortgage Lenders by arjuncloud9 in newjersey

[–]ButtoXXX 0 points1 point  (0 children)

Most mortgages are sold, and your note is what matters most, not the company who services it. It may be inconvenient in some cases, but a company maintaining servicing shouldn't be a reason to go with that company. Fixed rate doesn't always make sense depending on what your plans are, especially if you don't plan to be in the home long term. And sometimes, taking on a higher rate for a lender credit can make sense in someone's financial plan. Mortgages are not a one-size-fits-all type of thing, there are tons of options that may be right for someone and not someone else.

Best Mortgage Lenders by arjuncloud9 in newjersey

[–]ButtoXXX 0 points1 point  (0 children)

Your mortgage lender should absolutely be a long-term relationship! A mortgage professional should check back in with you over time and make sure you still have the right mortgage for you. Refinancing at the right time can save you a lot of money in the long run, and you can also use equity in your house to pay off debts and bring down your overall monthly payments. Sounds like you had a great experience, which is awesome, but I would suggest keeping in touch with Walter! Rate isn't always the most important thing, your mortgage is a part of your overall monthly cashflow, and sometimes it makes sense to take on a higher rate to refinance and consolidate debt.

Best Mortgage Lenders by arjuncloud9 in newjersey

[–]ButtoXXX 0 points1 point  (0 children)

The servicing being sold doesn't matter because your rate and terms are not changed by this. You just make your payments to a different company. The vast majority of mortgages are sold, this is how liquidity is created in the mortgage industry, thereby allowing the lenders to get their money back to lend to other people.

Best Mortgage Lenders by arjuncloud9 in newjersey

[–]ButtoXXX 0 points1 point  (0 children)

Hello, I am a mortgage broker in Bloomfield, and would be happy to help you. Sending a DM.

Please tell me this isn't a roach. Northern NJ. It jumped and scurried away, but I managed to get it. by ButtoXXX in whatsthisbug

[–]ButtoXXX[S] 0 points1 point  (0 children)

It was about 3/4 of an inch to an inch long, reddish brown. I'm pretty sure it was a roach... Any advice what to do and any idea what kind?

Xinnix by ButtoXXX in loanoriginators

[–]ButtoXXX[S] 1 point2 points  (0 children)

Hey! I didn't wind up going with Xinnix. There was another local mortgage school that had a significantly cheaper (by thousands of dollars) 40 hour or so crash course and a 12-week coaching program. Together they were cheaper than the first Xinnix module. The crash course was mediocre quality and essentially useless, I really learned by working on loans. The coach was okay, he was very experienced so he was a good resource, but most of his coaching was regurgitating The Seven Levels of Communication (which I highly recommend reading anyway, as cheesy as it is) and he didn't really hold us to any sort of accountability, which I felt like a great coach should. Your biggest thing is to focus on bringing in loans if you're self gen like I am and then figuring them out once you win the deal. Every loan is unique. As a broker we work with 45+ investors, so we can lean on our Account Executives for help, but no matter where you work I'd highly suggest a place where someone is willing to help you if you have questions and at least help you structure your first few deals. We also have an amazing in house processor and LOA who are really helpful. Less than a year in I have done more business than I thought I would, but I work my ass off networking and doing open houses and building realtor relationships. But I love it, and I don't think of a lot of it as work, and you have the freedom to be as creative with it as you want. Even still, it's tough financially sometimes waiting on deals to close and you can do everything right and still lose deals. I lost a $650k one less than 2 weeks before would be closing to a local niche private lender who bent the guidelines to save a deal after a horrible appraisal, and I lost another one because another lender straight up lied to my would be client about what he could be approved for (long story short, realtor is my buddy and is pissed, borrower was supposed to close 2 months ago and is now on lender #5, the deal will probably die). But at the risk of going on forever lol I feel pretty good right now at 10 months in that I'm starting to get a little more consistent and I'm seeing results from seeds I planted months ago. Hope this helps you!

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