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Hello everybody and welcome to today's real estate video this is Xavier Reed Anya and if you're not subscribed to the channel already we make weekly real estate videos whether if you're a first-time homebuyer second home time buyer investor seller whatever you are we make your real estate videos here to help you accomplish your home goals whatever they may be so let's get down to it today I make these videos with the impression that you know maybe somebody's re working with an agent and you know they just maybe need some feedback for somebody who hasn't worked with an agent yet but I forget there's a lot of incompetent agents out there that don't take the time to explain things to clients so instead I'm gonna talk about things that may be simple to folks who've already bought a home or maybe for some folks that understand real estate but a lot of times these Realtors don't take the time to explain things to clients and that's that breaks my heart unfortunately I can't help everybody out in the world but I can at least provide some some some educational stuff that will help you at least understand it a little better so today's video is the difference between down payment and closing cost and also cash the clothes what are those terms mean what are the differences in between them how much do you really need and what do you need to buy spend when you're actually buying a house so let start off with the down payment down payments just like any loan you always need to put some kind of down payment to show the bank that you know you're worthy or to show that you've got some skin in the game etc you know whatever down payments have always been around a lot of times if a lender will pre qualify you for a certain purchase price so for example they might prequalify you up to two hundred thousand but the loan amount is different to your of your purchase price and the reason is you may be qualified up to two hundred thousand but you might be doing a $10,000 down payment or whatever program you decide to end up doing and you're blowing not only what will be one hundred ninety thousand so your purchase price qualification amount and your loan amounts gonna be different your down payment has a few factors according to it there's some standard stuff like FHA which is a lot of first-time homebuyers that's what they use for a loan that's always gonna be about three and a half percent there's a lot of conventional products that reduce their clear down payment to five or ten percent but a lot of investors do a 20% down so a down payment is just that like whatever loan program you're using it's that certain percentage that the lender tell you upfront of what the downpayment is here's

FAQ

How could someone with $1,000,000 and a college education best use the money to create a passive source of income?
I would build onto what Ron Rule suggests about investing in real estate:1) If you do not want to have to keep the properties filled and look after them, hire a good property manager. They going rate is 10% of the rental income. They keep the properties filled, collect the rent and look after calls for repairs in the middle of the night.2) Buy the properties inside of corporations and not in your own name. One corporation per property separates the assets and protects your assets from liabilities such as getting sued.3) If you pay cash for all properties, you can refinance them to use some of the equity to buy more properties. You will make more money in the end if you leverage intelligently. You could also leverage from the start if you know what you are doing. If you have a property manager and did proper financial management, then vacant properties won't be a problem for paying the mortgage.4) Get a mentor who has done it before since there are ways to set things up well so that you protect your assets, minimize your taxes legally, minimize your work, minimize your risk, account for inflation, and make a good income. Essentially a wealth strategy that can survive various economic situatuons.5) Learn how to do the financial calculations for investing in real estate to account for things like repairs in the future, possible vacancies, legal costs, and closing costs. Many investors make mistakes by not accounting for certain things which results in losing money, not making as much money as they could, or headaches of managing problems.6) Learn how to select properties and where is a good place to buy properties. While people everywhere need to live in a home, some regions are more profitable to rent out properties than other regions. You want a place that is safe so your assets aren't destroyed or vandelized, rents are higher, landlord laws are favourable, potential renters make a solid income so they are likely to afford your rent and pay on time, the economy is good. It's wise to look at the future outlook of that region too, to see if there will be future investment to make the region a better or worse place for living.7) One strategy to account for inflation, if this will be your main source of income is to live off the interest of the interest. This means invest the profits from your first set of investments to buy new assets. Then live off the ROI from the second set of assets. This way the income from the first set of assets can buy more assets to produce more income so that you can maintain your lifestyle even as inflation devalues the currency.
How can I cash a money order if I fill it out wrong?
If it is a US PS Money order there should be no problem . The issuing Post office has a record of what was paid for the Money Order. If you bought the Money Order , your receipt will have the amount you paid. If it is a matter of the wrong name or information written on the Money order. Again bring it to the Post office they will issue a new one.
How do I cash out Bitcoins without paying taxes?
Smartest and richest Americans do following:Set up offshore Charitable Purpose Foundations!Choose mission like "strengthen the capacity of people throughout the world to meet the challenges of global interdependence” (that is Clinton foundation) avoid too specific Mission like “raising money for children battling life-threatening diseases” (that's Trump - you might end up struggling to proof that)Once you transfer your bitcoins to your foundation - travel the world first class, stay in most expensive hotels or do anything that you enjoy with a message that you do it to “raise awareness”Examples:Tasting of rare wines to raise awareness about importance to support wine growers!Visit eros center Pascha in Cologne to raise awareness of the perils of social stigmatization of sex workers!Book Maldives's villa for about $20,000 per night to raise awareness about dangers of sea warming.Maybe you can even combine those events in one! Book a private jet from Cologne to bring stigmatized sex workers to support rare wine growers in private pool in Maldives's to raise awareness about importance to strengthen the capacity of people throughout the world to meet the challenges of global interdependence!Then hardest thing would be to keep straight face when you answer question in immigration formsYou occupation? - unpaid volunteer for charity!
I'm 22 years old and I want to become a millionaire by 35. How do I do this?
I became a millionaire when I was 40, but it’s not so difficult to get there by 35.Leverage is key. Leverage is basically the difference between values of the same thing, in two different positions. (Location, time, etc.)Think about a waterfall where there is a height difference. So, water naturally flows from one level to another:Same applies to business. Money flows naturally to where it has more leverage.As a 22 year old, you have all the time in the world. But you can’t simply exchange your time, your biggest asset at a low price point. That’s a poor person’s mindset. You can leverage the difference between value of time in a western country and a developing one. There are millions of people who are ready to happily work on a project in Phillipines, India or Morocco for a fraction of what it would cost in US.Go to Upwork | Hire Freelancers. Make things happen.Go to Find work/ U.S. OnlyFind job posts about a topic that you have an idea about. Social Media Marketing has lots of tasks that a 22 year old can easily manage. Things like editing images, posting them on Instagram or Facebook, etc. But you won’t be doing them by yourself. Merge multiple tasks from different businesses and post another job to have them done by an agency (or an individual) from a developing country. By bundling them as one project, you will have more power in negotiating a better deal. Then all you need to do is make sure they deliver, and communicate with your US based customers.I was able to make between $300-$500 with this method when I first discovered Upwork.This is just one idea out of thousands you can find, utilizing the differences between different parts of the world. Be resourceful and create your own resources, to use them to get to the next level.Make sure to read the story of the guy who made his way to get a house, trading things with more valuable stuff, starting with a paperclip:One red paperclip - Wikipedia
How much does it cost to fill out a swimming pool?
The average price of water in the United States is about $1.50 for 1,000 gallons. The water required for a pool is in between 15000 gallons to 25000 gallons, you can do the maths now. One important thing is that ask your pool construction company that, is it ok to fill up water continuously or not. They can suggest you in a better way.
Do members of an advisory board usually get paid? If yes, on which base?
I serve on a number of advisory boards of tech companies. I currently serve on the Board of Advisors of companies like Comscore (NASDAQ: SCOR) to startups like Qwiki (I'm also an investor), Kissmetrics (also an investor), and Medialets. In my experience I have never seen an advisor be paid anything other than equity that vests over 2-4 years. In fact, if a potential advisor asks for cash, run the other way quickly.For startups, depending on when the advisor gets involved, I have seen anything from 0.25%-2.0%. It's higher earlier since the company will most likely go through much more dilution when advisors get involved pre-funding. For companies a bit later stage I have seen 0.10%-0.25% ranges. You want to be very selective about who you get involved and make sure they add value for the reasons you sought them out. I will save for another question how to best manage your Board of Advisors.
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