Understanding the power you have by owning real estate is the first step to building wealth. I can teach you how invest your money into a rental property, giving you the opportunity to build more equity.
When first-time home owners are looking to upgrade to their second home, they tend to use all of their equity towards the downpayment of their new home - But there's another way. Splitting your equity between both your own property and a rental property allows you to build your wealth. With this method, your tenant will be paying off the mortgage on your investment property.
The result? In 10 years, you can potentially gain enough equity from your investment property to pay off your home and become mortgage-free.
Most people have the goals of retiring early, having the money to travel and they want to be able to create a nest egg for the kids. One thing that most people don't want is to still be paying a mortgage off when they retire. This is a challenge for many.
While the idea of having an investment property and using a tenant's rent to pay it off is appealing, knowing where to start and what to do can be very intimidating. So much so, that people give up"n the outcome of being debt free in retirement and building wealth while working.
But I have a solution... Join in on one of my live webinars where I explain how people with a 25 year plus mortgage can pay it off in 10 years, and how they can use the savings to buy an investment property.
Having the best interest rate on a mortgage is far less important than having the right structure to ensure that a mortgage can be paid off fast. I will also explain how to save over $100k in interest on the average mortgage. I will also demonstrate how to re-channel all of your interest savings so that buying an investment property each year becomes a realistic option.
The Smith Manoeuvre is a wealth-building strategy to create a tax-deductible mortgage. In Canada, if you borrow money to invest in a product that produces an income such as an investment property or a dividend paying stock, the interest on the borrowed money may become tax deductible. If you borrow against the equity in your home and invest it in income-producing products, you gain the opportunity to use your tax refund towards paying off your mortgage. By repeating this process a number of times, you can become mortgage-free.
This ground-breaking, legal strategy allows Canadian homeowners to make their mortgages tax deductible. By utilizing his method, you can build a large investment portfolio without waiting to pay off your mortgage first. You get to quickly pay down your non-deductible mortgage in a hurry, and your new investment loan is tax deductible.