Encore: Equity Share
In this episode, Mike Lyon discusses how important it is to think ahead. To put pieces into place so you don’t have to feel like you’re making decisions with a gun to your head later on. He opens our minds to another option we had not yet explored on the show: equity sharing.
- Mike talks about his work with homeowners investing in their properties to leverage a portion of that equity.
- When you buy a home and get the money through a lender, you essentially have a partner in the ownership of that property and you’re expected to make monthly payments.
- Equity sharing is similar, but instead of having a lender as the partner any making monthly payments to them, the equity share investor is hoping to share a portion of the appreciation of that property in the next 30 years.
- Short term scenario: someone is looking to refinance their home. But they’re running into the hurdle of having a lot of debt (student loans, car loans, etc.). The loan officer turns them down, but refers them to someone like Mike. He provides a point agreement that pays off all of that debt, their credit score has gone up dramatically, at this point they are able to do the refinance, they get a lower rate and pay off the equity share.
Key takeaways:
- There’s never a bad time to become educated about what’s available to you, even in times of uncertainty.
- Especially if you feel uncertain, open up your mind to all of the opportunities available to you.
To purchase the Emergency Info File course, please visit:
https://www.gotittogethernow.com/pickyourplan
If you are a service professional and would like to be a guest, please complete the Industry Professional Application at https://legacytherapypodcast.com/getinterviewed
Mike’s contact information:
925-548-5157
www.point.com