How To Get Rich With Other People’s Money – OPM
A great way to build wealth is to leverage your money and use other people’s money also commonly known as OPM.
Many investors borrow money (from Home Equity Line OF Credit and other sources of built up equity) for down payment, they borrow the loan amount for the mortgage payments and then the tenants rent is used to pay the mortgage. The benefit is you use as less money of yours as possible and maximize borrowing money, as long as your are generating positive cash flow or at least breaking even.
Realize that any tax deductions will help with the eventual ‘cash flow’. The idea is to have income from tenants to pay for at least the mortgage portions and the tax portions of the mortgage. Also keep in mind that as your tenant pays your mortgage, you are paying down your mortgage balance, building equity and appreciating the properting and also taking depreciation aspect for tax benefits.
If you are thinking of buying a rental. property or income property and finding a way to get rich using other people’s money, feel free to contact me for a free consultation or for some resources that you may be looking for.
I personally know many investors who use this Get rich with other people’s money system, and are very successful at doing it keep doing it and own multiple properties.
I have also compiled a list of duplexes, triplexes and fou -plexes for your to see what is available out there. These are current listing in some areas of Orange County.
Mahesh Mike Patel
First Team Real Estate
Licensed In: Ca 92808
License #: 01146880