32) How Rich People Use Real Estate & Designs That Are So Last Year

House Money Weekly

In this week’s House Money Weekly segment, Lauren and Alan get together with their special guest, Kolin, also known as Decade Investor on Social Media and they discuss blog 130, Why Rich People Don’t Have Paid-Off Properties. Being a realtor, Alan has helped a couple of billionaires buy properties and although they have the money to pay cash for a property, they don’t. Kolin asks: If the billionaires Alan worked with are buying property for themselves or is it for renting? One reason why they take loans on these properties is because they can put their money to work better than the interest rate. Just like the phrase “the rich get richer”: they have millions of deposits with their bank and they can borrow money against that money at 1% or sometimes lower than 1%. Lauren shares that when running a calculator recently that if the loan was over a million dollars, the interest rate was lower. Alan mentioned that that often happens on commercial real estate loans. It’s easier to get a million-dollar loan than it is to get a loan lower than 1 million. Another reason rich people don’t have paid off properties is because the mortgage actually reduces the chance of getting sued. And the last reason discussed is that rich people don’t have paid-off properties because they can avoid capital gains by doing a cash-out re-finance. To find out the 4th reason and the detailed, just go to the blog post that you can see on the link below.

Mortgage Minute: Jasmine answers the question: What is the difference between a recast and refinance?

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Real Estate Is Easy Interview

Lauren interviews Lisa Morton, an interior designer for 20 years and she started studying holistic design 10 years ago and she also studied feng shui. Interior design is not just decorating, it is diving in and figuring out how people are going to move about the space and how they're going to flow. It’s about figuring out the right placement of the furniture. It’s an in-depth process of balancing all the principles and elements of a design and creating a space that people can call home. Lisa believes that our bodies and our spaces are reciprocal so our body feeds off the energy of a space. Lauren asks Lisa if there are any designs that people won’t do anymore and her answer is that some of the grays, especially the cool grays are now out. Grays are everywhere and although it was fun working with them, people are moving on. Lauren asks Lisa about the white cabinets in kitchens. According to Lisa, right now for kitchen design, green is very popular in magazines and online. Lauren then asks Lisa what’s hot right now and her guess is accent walls but according to Lisa, wallpaper is what’s hot right now. She also shares that to make a design timeless, we must steer clear of the TV shows. Don’t try to copy a design you just see online. Make sure it really speaks to your heart. Go with clean lines and simple colors with accents and pops of color that are easy to change. What mistakes do people make? One of the functionality mistakes is a lack of storage. For example, having a small storage where you can put your remotes or blankets makes a difference. A tip from Lisa is to not put mirrors on bedrooms so the people can sleep better. Lauren, of course, has to ask what to consider with short-term rentals. Her advice: find your theme and run with it. She also recommends adding a plant. And lastly, Lisa says she makes real estate easy by making it beautiful. Finally, Alan and Kolin give their take as well. Lauren asks Alan if he asks clients to make design changes before he agrees to list their home. He says it’s more dependent on price.

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Vyzer Wealth Building Break: Litan answers the question: What do rich people think about debt?

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Guest Host Segment

Guest Host, Kolin, brings up an article he found which is about how few Americans sell their home on their own. Kolin asks the hosts why someone would list a property on their own and what advice they would give to the people who sell their house FSBO (For Sale By Owner). Alan is a pro realtor here (obviously) and he explains why, and he believes that the article is just trailing and it’s not what is actually happening currently. Lauren thinks that only people that are super serious and moving and selling are going to be selling right now, and a lot of FSBOs are kicking tires. One pro to selling FSBO is potentially being able to reallocate your realtor commissions toward helping the buyer buy down their rate. A con would be a trust situation when working together directly.

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