Lets Bank!

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Lets Bank! (by Smokowna [MD]) Dec 5, 2018 5:22 AM

Lets Bank! (by hammer [TN]) Dec 5, 2018 5:41 AM

Lets Bank! (by plenty [MO]) Dec 5, 2018 5:46 AM

Lets Bank! (by David [MI]) Dec 5, 2018 6:19 AM

Lets Bank! (by RB [MI]) Dec 5, 2018 6:40 AM

Lets Bank! (by Chris [CT]) Dec 5, 2018 10:28 AM

Lets Bank! (by Smokowna [MD]) Posted on: Dec 5, 2018 5:22 AM
Message:

What happens when you borrow 161K?

Lets say you borrowed 161,000 15 years ago at 6.75% for 180 months.

You have been paying 1,424.70 every month for 180 months.

Did you know....that after 113 months you had paid back the 161? The next 47 months you were paying the banker's profit....95,466

yeah, so far you are not surprised.

Well imagine a dude followed you around with a truck. Every time you made a payment he would take it and put it into his truck. Lots of payments so he would need a truck. He would invest that money at 4%, He would be running his bank out of the back of his truck as he followed you around for 15 years... .always right on you like a shadow - too busy to help you remodel but vigilant when it came to collecting - just like you.

So how much would the banker have when you made your last payment? We know you would pay him back 161,000 plus the 95,466.......but what about that 4%?

$350,605.12...... $189,605.12 That is how much the banker cleared above the 161K. $1,053.37 per month.

Pretty cool ehh?

I would venture a guess that if your loan was 161K, you put down 20% making the purchase price $201,250.00 Did you rent that home for $ 2,000.00 per month?

If you did, How much were you earning after TIPI ?

*I believe this is why Sid drives home buying with cash. I tried for years to get others involved in buying my existing notes but nobody came on board...now it is too late. I wish someone had listened. I love this math.

Remember I've said it many times. It is not how many homes you own, it is how good your loans are. --96.241.xx.xx

Lets Bank! (by hammer [TN]) Posted on: Dec 5, 2018 5:41 AM
Message:

Smoke,

That is the kinda math Im talking about! Gotta learn how the finances make you rich, or poor.

I wish there was a program out there that you could punch your numbers in and see how a property performs. Then have a bigger program where you punch individual properties in and see how the portfolio is affected.

Awesome stuff THANKS! --137.119.xxx.xx

Lets Bank! (by plenty [MO]) Posted on: Dec 5, 2018 5:46 AM
Message:

Can i get a license to own/ drive that truck!? Yes it's true. I believe bank gets the majority of their money first. Oh well. Hopefully cause i took the risk, paid the man, that i can make money via rent and when selling. --99.203.xx.xx

Lets Bank! (by David [MI]) Posted on: Dec 5, 2018 6:19 AM
Message:

My PITI is about 40-50% of my rents --198.135.xxx.xx

Lets Bank! (by RB [MI]) Posted on: Dec 5, 2018 6:40 AM
Message:

Truck charges: (comes to mind)

Think Pro Plumbers and Service Calls.

$65.00 and up, just to arrive.

Times how many Trucks, Servicemen, and Calls.

Cha Ching ! --184.53.x.xx

Lets Bank! (by Chris [CT]) Posted on: Dec 5, 2018 10:28 AM
Message:

It sucks but its the reality if you want to grow to any decent size.

--24.187.xxx.xx

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