Actionable insights from the episode, plus bonus content here: https://open.substack.com/pub/dynastus/p/how-families-use-mortgages-to-build
Most people sign a mortgage and never think about it again. Wealthy families think about it constantly. Padi Goodspeed joins me to break down how sophisticated borrowers actually use the mortgage industry to build lasting family wealth.
Find Padi on The Dynastus Network: https://dynastus.com/partner/padi-goodspeed/
Chekc these out next:
Han and Tracy with remote US property investing and a tax free RE strategy: https://youtu.be/v0JEiR9tYwM
David Barnett on Business Exits and Acquisitions: https://youtu.be/ZHvQa6nvyeY
TIMESTAMPS:
0:00 Intro
1:20 Strange Circumstances of Mortgages
3:00 Money in Suitcases?
3:53 What Actually Qualifies You?
5:37 Then What Disqualifies You?
8:07 Personal Guarantees, LLCs, & Non-Recourse Loans
10:34 Instagram Advice Won't Help You
12:06 What do Sophisticated Borrowers do?
14:59 Approval Process for Investments
17:50 How Much Cashflow Does a Property Need?
18:55 FHA Loans
22:40 The Housing Crisis
26:30 Using Other Assets to Secure Loans
29:27 Early repayment vs Full Term
31:38 Should you Wait for a Better Rate?
33:36 Variable vs Fixed
36:02 Refinancing
40:31 Commercial vs domestic
42:07 Signals to Keep Ahead of The Rate Market
46:47 50 Year Mortgage
48:26 Keeping Mortgage Brokers Honest
52:19 Structuring Your Loans
53:19 Questions You Don't Know to Ask
54:21 Post-Mortem Mortgages
55:35 Mortgage Misinformation
58:06 The difference
1:00:01 Make your Property Decisions Benefit your Grandchildren