How To Pay Off Your Mortgage In 10 Years


You know, having done 4,000 real-estate
investments, I should know a thing or 2 about the best way to pay a house off.
And in fac,t I do. And what I’m actually going to be doing today is I am going to
be sharing with you my hack on how to help you get your house paid off in 10
years. And not only that, I’m actually going to show you how to pay it off in
10 years and leave you something a little extra that you could use to keep
on investing and growing and actually creating a residual income with. Enjoy. So, you might be watching this video
because you’ve never heard of the 10-year method. You’ve heard of the 30-year
method. You’ve heard of the 15-year method. Let’s start there, makes you
understand that and then I’m going to give you my hack which you probably have
never heard before. So check this out. When you buy real estate, you need to
understand that if you’re going to do option 1 which is what’s called the
30-year mortgage, that there are 2 components of every payments. You have
what’s called P and I which stands for principle and interest. But i want you to
understand that on a 30-year mortgage, let’s just say for a moment that this
represents principal and this represents interest. And combined, there your total
payment. So, let’s say my payment as $500 a month. Well, if this is a 30-year
timeline then what’s going to happen is my in my first year, my first payment out of
360. My first payment is probably going to be majority interest and very little
principal. And the next payment… In the next payment the next payment will be
the same. But after 10 years, I start paying a little less in interest and
more in principle. And what it’ll mean is by the time I get to my 30 years, I’m
done paying interest and I’m only paying principal. This means because all the
interest is front-loaded that you’re going to actually pay for this house 2
and a half maybe 3 times. Which is crazy when you think about it.
My house is 100,000-dollar house, I’m going to pay 260,000 for it. My house is a 400,000-dollar house, I’m going to
pay over a million bucks for it. And that’s because the banks understand that
you’re not gonna stick with it for 30 years and they want their money
up front. The principal moves in a very similar format. And by the time you get
to the end of the 30 years, almost the entire payment is going to where its
principal and very little interest. So, if you’ve ever wondered why like, “Hey, I’m
ten years into my mortgage and I can lower my interest rate just a little bit.
I’m going to do a refinance.” People get suckered into that all day long. They
don’t realize that they’re resetting this entire schedule. It’s called
amortization schedule. And they’re going tO start by paying a front load of interest
all over again. So, people aren’t actually looking at the math the right
way. So, problem with the 30 or mortgages you’re going to pay for your home 2 or
3 times. And that’s why the second more known option before we get to my
10-year plan (I got a 5-year one too.) Is what’s called a 15-year mortgage. And
in the 15 year mortgage, what they’re basically saying is you’re going to make a
higher payment. But guess what? You’re only going to have to do it for 15 years as opposed to 30 years. So, you’re gonna pay
way less interest. And true, you are going to pay a lot less interest. But guess what?
You have a much higher payment. And you know what I hate about that? Is that
makes sense under your life circumstances today. Dude, but what happens
if you lose a job? What happens if something goes south? I know people all
day long that would love to have that extra cash flow back in their monthly
pocket but they can’t. It’s forced into the house payment. So, even though this
gets you paid off in half the time, you might have a 20 or 30 percent higher payment.
And so you pay less interest but it’s going to cost you every single month. So,
what I want to do today is I want to give you a third option. And this third
option you know for all intents and purposes is going to be the 10-year
option. You probably haven’t seen this anywhere else because I’ve been doing
this a long time and I’ve just never seen anyone else share it. So, let me help
you understand what the 10-year option is. We are not going to say, “Let’s get a
new mortgage and try to figure out a paid off sooner.” Because I don’t like the
bank’s winning at that game of paying all that interest money. I also don’t
want to do like the, “Let’s get creative and like make double payments a month.
And that’ll like cut down some interest.” Like… Okay, great. I’m not playing the
banking role. I want to actually show you how to get your house paid off in the
next 10 years and in style. Here’s what that looks like. Let’s just say for all
intents and purposes that we have a house here. And let’s just say that it’s
valued at 150,000. Let’s also say that what’s owed on it is
$100,000. So, we’re talking about a very basic modest home.
And you’re basically saying, “Dude, I want to get this paid off in 10 years. Not 15,
not 30. I have a reason for doing it sooner.
“Kris, how would you do that?” You have a little bit of
equity. Meaning that home is currently worth about $50,000 more than you owe.
And that’s important for what I’m about to show you. If your house has a little
bit of equity into it, check this out. Number 1, we’re going to get what’s called
a home equity line of credit. This is where we go to the banks. A bank,
I got equity. So, I want you to give me a line of credit like a revolving credit
card. And the bank says, “Sure, here’s $30,000.” And they’re basically saying, “Now,
if you use that, there will be a payment.” You’re like, “I get it. We’re good.” And what
you do is you find an investment property. Now, if you’ve already gotten a
copy of my book Straight Path To Real Estate Wealth. This book’s been around
for 15 years. Just got updated. This book is what… It was the basis that has led to
4000 deals that I’ve been able to do myself and help other people do. And in
that book, what we talked about is targeting properties where you can
essentially hone in on a 20% annual ROI. Now, this is important. Most
people don’t know how to get a 20% ROI but my students that work
with me get it all day long. A 20% ROI means if I were to take $30,000
out of my home equity line and put it into this property as a
20% down payment, then I would now have a rental property. And if that rental
properties earning me 20% a year on my 30 grand, then how long does it take for
me to double my money? 20%, 20% 20%, 20, 20. All out up to
100%. In five years, I’ve turned $30,000 into what? $60,000. And what can I do with that 60,000? Well, instead of just
buying one home, I can use it as a down payment on what? On 2 properties. And
over the next 5 years, that would double again and give me about $120,000. Now, let’s just pause. We took some equity out of
the property and bought an investment property. It meant that this had a
payment but the cash flow from this cancelled it out because we got a great
ROI. I took this home in 5 years and I turned it into 2. And in five more
years, I could have turned it into 4 homes. But instead,
I now have the option of saying, “No. I’m going to take 120,000.” And what am I going to
do, I’m going to pay back my home equity line and I’m also gonna pay off the rest
of my mortgage. And guess what how you got that really paid off without doing
15-year mortgage of increasing payments, not doing the 30-year mortgage and given
the bank’s their money 3 times over. What you did was you said, I accelerated
the process myself. Now, there is some risk in doing this. As others would call
it. But for me, the greatest risk is putting your yourself and your family
and financial harm’s way. Because you’re following such a conservative system
that your plan is broken and it doesn’t have the ability to create the financial
freedom that you’re looking for. That’s the real concern. So, you have to weigh
out which of the 2 is a greater risk. I’ve been doing this with people for the
last 15 years. And if you have confidence in your strategy and you know what
you’re doing, you’re going to crush it. Which is why… If you don’t have a copy of this
book, I just ordered a truckload. They go really faster on YouTube. But while
supplies last, if you click the link below, I’ll get you a free copy of this.
It’s on me. I am going to ask that you covers us the the cheap shipping on it. I
got my daughter in the basement who’s having an entrepreneurial experience
with that who like everyday like loads up all these things and then takes them
over to the post office and it’s kind of like a little fun daddy-daughter project.
But yeah. Cover the shipping for the postal and this this is yours.
And this book will go into greater detail of exactly how you find these
homes, how you do this. Even comes with a free consultation to talk to my team and
see if we can help you strategize something more customized. Because you
look at this and one shoe does not fit all but the principle is true, it’s tried
and it works. And so, my friends, that is how you get your house paid off in 10
years. Barring that you have a little bit of equity in your home. And that’s if you
don’t, we’ve got other things that we can do. In fact, in your private consultation,
I want you to say, “How can it happen at home in 5 years instead of 10 years?”
And we have a game plan for that as well. So, listen. Thanks for watching today. If
you’re not a subscriber, make sure you take care of that. Links below for
getting your free copy of the book. Talk with a member of my team or learn all
the other ways to engage with me. Take care of my friend. This is your
mentor signing out. I see you tomorrow.

20 thoughts on “How To Pay Off Your Mortgage In 10 Years

Leave a Reply

Your email address will not be published. Required fields are marked *