Ep. 102 Buying Your First Multifamily
If you are interested in building wealth using real estate we got you! This episode will walk through how to buy your first multifamily property and start building generational wealth.
Listen to Full Podcast Here
00:00 - 0:52: Intro
1:59 Did You Know
4:13 Zena Dixon
6:11 What Is the Best Way for A Married Couple to Make A Million Dollars
6:57 Mindset on What to Do with Your Money
7:15 How Zena Got into Real Estate.
12:30 Equity and Refinancing
22:27 How To Find The Million-Dollar Deal In Real Estate
41:06 Ask De’Clair
49:40 Stress Management
51:12 Managing your finances with a 9-5 job
1:03:08 Million Dollars Is for A Married Couple
- Did You Know: That deep abdominal breathing can help you manage stress and sleep better. a study done by the frontiers in psychology took 40 participants and analyzed the effect of deep abdominal breathing which basically means breathing until you feel it in your abdomen. They found that those who practiced regular deep breathing exercises had lower cortisol levels after practicing those exercises.
- Cortisol is the stress hormone. it is the hormone that says we are in danger it's time to fight or flight. It's very good to have that response but it's not good to stay in that mode
- If you're staying in that state of chronic stress, your body's not going to be able to prioritize eating or digesting food properly.
- How to have a million dollars as a couple? Here's What our guest said this episode.
- 1. The million-dollar mindset: The couple needs to be aligned that they can actually have a million dollars because if you're with someone that doesn’t think they can have a million dollars then it's just really not going to work.
- 2. Both of you (couple) should be buying properties that are worth $500,000 each or any real estate property that best fits your individual budgets.
- Federal Housing Administration: FHA loans are government-insured mortgages that are issued by a bank or other lender that has been approved by the FHA.
- WHAT IS A FHA 203K LOAN: Borrowers can use an FHA 203(k) loan to finance both the purchase and renovation of a house with a single government-insured mortgage. If the borrower plans to live in the property as their primary residence, they can get an FHA 203(k) loan for renovations or repairs. If you're looking to build your dream home, you'll need a 203(k).
- FHA Loans Are great especially for purchasing and renovating distressed properties.
- Refinance to put it simply when you refinance your mortgage, you're exchanging your previous loan for another with a new sum. This is why the phrase "refinancing" was coined: your bank or lender pays off your previous mortgage with your new one using the equity your home has.
- Multifamily Real Estate: Multiple Home units for residential occupants are housed in a single building or several buildings inside a single complex, making a multifamily residential (also known as multi-dwelling unit, or MDU) a housing classification. Apartments and condos are two types of these buildings.
- Don't get a duplex always go for a three or four-unit because you want the highest and best value of your money. This also helps you get in a mindset of managing something bigger.
- Use your w-2 to invest in the other businesses. This is the income from your 9 - 5 job. Use this income to invest in your freedom.
- Ask De’Clair: What are your journeys towards embracing health and wellness and really prioritizing it in your life in your lives?
“If you're with someone that doesn’t think they can have a million dollars then it's just really not going to work” – Zena Dixon
“I want to use my money for the highest and best value” – Zena Dixon
"It’s important especially for entrepreneurs out there to make sure that you are doing something every single day to calm yourself down." – Sinclair Theee Health Nerd
“The thing that excites me the most is amplifying the message” – Zena Dixon
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Guest Resources: Zena Dixon