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1. He said this is a BIG decision and you have to go VERY slow.
2. Then he said one should NEVER EVER Sell Real Estate. He said buy something in a great area and then NEVER EVER sell. She told me that Rick was a real estate investor for decades and that he was teaching THEM how to grow their wealth rather than selling the home to just rent it out.
When is the last time a Realtor tried to talk you OUT of selling your home???? She said that Rick talked to them for a long time and showed them future appreciation, mortgage paydown and the tax breaks which they would ALL LOSE .... then he said OR you can pay me X amount to sell your home.
Floored my friend and I was amazed. So I called Rick Baker and sure enough... he started saying the same things to me. Told me NOT to sell and just take out some of the equity and use that to buy the next home. He pointed out to me and my husband that we have one of those VERY low interest rates from when rates dipped 3 years ago. He said this is a gift from God and to keep the house and turn it into an investment. All of his advice and teaching us on tenant selection, marketing , pricing of the rental was spot on PLUS we signed a lease for $1,400 a month OVER our mortgage.
On the purchase side Rick showed us how to put out some of our equity and we used that cash as our down payment instead of selling. Rick found a GREAT property and Rick recommended this AMAZING home inspector who was just a fountain of knowledge on how to care for and maintain a home. Bottom line is we closed 2 weeks ago and the home is AMAZING. Rick negotiated very aggressively and got us the home for less than he said it was worth. The appraiser confirmed it and we walked into$15,000 of equity !!! It just does not get any better than that. Now each month we will have our new tenant pay off some of our old home and we believe that Rick is a blessing. If you just call him and talk to him he will start to give you spot on advice that is incredibly valuable. The man is always available and would even talk to us for an hour about things at 9 PM at night. Just a dream come true!