Home Equity Explained 2024 | The BEST Way To Use Home Equity

If you ever wondered, "What should I do with my homes equity?" then you are in the right place! In todays show we dive deep into EVERYTHING you need to know about your Home Equity in 2023, how to access your home equity, how does your home equity increase, and the best way to actually use your home equity! I believe the best way to use home equity is to purchase a cash flowing asset, specifically an investment property. Don't forget to LIKE and SUBSCRIBE to my channel for more real estate investing education and to watch my journey to financial freedom!
Home Equity Explained 2024 | The BEST Way To Use Home Equity
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***DISCLAIMER: First off, thank you for all the support. All content from the Evan Phoenix YouTube channel are my own thoughts and opinions. The information from this channel should not be taken as legal of financial advice. Some of the links in the description may be affiliate links where I will benefit from, if you were to click the link and purchase. The links do not include any additional costs to the purchaser.

Time Stamps//
00:00 Introduction
01:09 What is Home Equity?
01:28 How Your Home Equity Increases
04:59 How Do You Access Home Equity?
05:18 HELOC
06:12 Cash Out Refi
07:09 Home Equity loan
07:41 How To build Wealth With Home Equity

[evan_phoenix]

Have you ever thought about making your home equity work for you?🏡🤟

[nlburge]

I have 8 rental properties in Flint Mi. The houses are really cheap compared to other areas. I'm giving my son 1 of those rental properties hoping he can build wealth from this. He is just finishing 1st semester in college so he lives in campus and don't need a house. The house is worth 50k rented out for 800 a month. Should he try to get a equity loan on this house asap to buy another 40k house and use both rental incomes to pay off loan or wait until he gets out of college and gets his own personal house? Thanks

[omarc]

I’m planning on getting a HELOC but I don’t have a primary so it would be on a rental property. Do you know what banks are offering a HELOC on a investment property?

[gametjeHeartfeltMessages]

i don't fully understand what they mean with house equity, is that your own money that you put into the house ?
it's quite confusing try to help me understand because i am genuinely interested
you loan 200k to buy a 250k house so that means your own budget is 50k that you invested into the house

so how do yo go from the house you bought into investing in another house ?
doesn't that mean you would start another loan? but isn't that contradictive because than you have to pay off 2 loans ?
also how do you use the 50k equity from your 1st building and put it into another without selling the 1st building?

this is the part thats making it quite confusing
i also think this is an american thing, you can't do that in the EU, for example i live in belgium
and here theres a law that makes you pay taxes when you sell properties depending on what you do with it
also we pay notary costs so lets say a property you want to buy is 100k, well you pay a % to notary because everyone needs to do this
so eventually lets say you would have to pay a 105k-110k that's the first thing
imagine u make the property worth 200k and you want to sell it, you would still have to pay 12% or even higher because of law rules
and if you use a broker to sell the house it could be another 5k-7k depending on how much they ask
also when you loan money it's based off on what your own budget is + what monthly loan you have
if your single that loan would be way smaller than say if you were a couple ( in most cases single people don't even get the chance for a loan )

than it would probably not be even worth to sell it in terms of earnings because you also had to invest quite alot to make the home worth 200k and than resell it as a business

[tcampbell]

These are all loans which means more debt. Only way to get the money out is to sell your home if you don’t want more debt.