Jordan Brady

Realestate Investor/Realtor/ Business Owner age 26 Millennial at the age of 22 door knocking to Building Genesis Consulting Services (Credit company) (801) 541-0453 Jordan Brady Agent from Sandy, UT replied over 1 year ago 1 vote Who voted? This Topic on "Velocity Banking" "Debt Sweeping" has hit top of the list as the most controversial way of paying off what most people consider as their biggest purchase. Sure getting a new outlook on how you can save some big bucks can reach a "million ears" especially when servicing the debt and reducing risk/intrerest and having the home paid off in 7 years sounds great But does this so called Velocity Banking really change the whole Big Banking Institution? After attending an event in Sandy, Utah a group of Realestate Investors seeking Trainee gives an insiders addition of what "The Wealthy Mindset" does and acts and promises 2 things 1. You can have your home paid off in 7 years 2. How the "Education Package (20K)"becomes effectively free The Idea is taking Loans amortized (one directional) which = BAD and transferring it to a Line Simple(Revolving)= GOOD With the Guru's polished script " i look at many different models Income producing models, financial models, Victoria Secret models" and saying that loans are Amortized with front ended interest and transferring to a HELOC will knock out the hefty interest, like Floyd Mayweather vs. Conor McGregor, not to mention the dough that Floyd made for that knock out. Taking an average Americans salary of 5k a month and putting 600 in credit cards, 600 in car loans, 1000 in savings, 600 in misc, 1300 house payment you are left with an Noi of 5k - 4.1k = 900 bucks Putting that same scenario into your HELOC. You wipe out credit card debit and move savings straight the HELOC while putting any loan on top of that as well thus increasing cash flow while lowering interest. NOI 5k - 2.5k = 2.5k To the people outside of BiggerPockets this seems a little overwhelming but makes a little sense. What gets Expressed over and over is Cashflow = King If you can put everything onto your HELOC or advance class your Credit cards with 0% interest making cash advances with a transfer fee of 3% you will not only have the same money coming you will use the Banks against them and pay the house off sooner. While this has some merit you can look at your cashflow without using any HELOC. And see that if you make 5k less expenses 2.5k = 2.5k you can attack it as well. My Conclusion 1. CashFlow = King 2. Loans are one way meaning once you put money in you don't get it back and lines are revolving. 3. Taking a step to look at ways of paying off your home faster (paying extra to principal) and paying less in interest is a step in right direction. This does seem to have an ongoing debate on what is the better approach but as for now it does NOT get rid of Big Banking Institutions and their Hefty Interest P.s. If you can lower interest in any scenario maybe paying daily as well besides monthly to attack as much principle as possible is key.