How To Purchase Your First Home Mortgage Free

I'm sure that got your attention. That's the same way my audience felt when I went over the details at my first Power up event in Baltimore. I showed them how to make their first home purchase and have the mortgage pay for itself.

Even though it seems like its a hard process, its really not if you just apply yourself and get the knowledge you need to make it a reality.

Their are certain steps you have to take which include the following:
1. Get a pre-approval letter from a lender (I recommend using the bank you have your money in now).
2. Choosing a property that has a lot of equity (usually properties that need repair). Also, I recommend a multi-unit.
3. Find out the value of the property after it has been renovated. (Im a realtor that can help with that)
4. Have a contractor that can help you fix up the property (or I can assist with that).
5. Repair the property after closing and live in one unit and rent out a space for a tenant. (check out the average rents in the area you choose)

So, here is an actual example:

Property on 123 Maine st -Purchase Price- $10,000
Renovation costs                                          $85,000

Total Investment                                         $95,000

Here is how the mortgage will be free- Mortgage for this loan would be about $850 a month. If you rent out a unit in your home for $1000 (ex; a 2bd/1 bath). You can pay the mortgage and save the additional $150.

Also, you can save the money that you would usually use to pay mortgage to put in future investments.

Dont let your fear of not thinking your ready stop you. If you are paying over $900 a month for a mortgage, you are ready. Stop building someone else's residual income and build your own. Stay tuned for the next event.

Til next time,
JC