48 min listen
RCRE - Understanding Your Personal Financial Statement
RCRE - Understanding Your Personal Financial Statement
ratings:
Length:
15 minutes
Released:
Aug 26, 2020
Format:
Podcast episode
Description
Will Coleman and Mike Taravella discuss personal financial statements. Key Information: A personal financial statement or PFS is an account of an individual’s personal assets and liabilities. Personal financial statement’s are used by lenders to evaluate whether a borrower has the net worth and liquidity to pay back a loan in the event that they were to default on their payments. A majority of lenders will require your net worth to be equal to or greater than the loan amount and for your liquidity to be enough to cover 9-12 months of debt service payments post closing. Scheduled Real Estate Owned (SREO): a list of all properties a borrower has an ownership claim in. Banks will put more emphasis on the net worth of a borrower and less emphasis on the SREO. Fannie Mae and Freddie Mac will put equal emphasis on your net worth and SREO. Expert Pro Tip: “Check out our resources to help you fill out your PFS!” Contact Information: miket@randcre.com will@randcre.com To register to invest with us: https://invest.randpartnersllc.com/invexp/accounts/login/ Rand CRE's Facebook: https://www.facebook.com/randcre Rand CRE's Linkedin: https://www.linkedin.com/company/randcre Rand CRE's Instagram: https://www.instagram.com/randcre
Released:
Aug 26, 2020
Format:
Podcast episode
Titles in the series (100)
Using Cost Segregation to Build Wealth, with Chris Wetherall: In this episode, Chris goes step-by-step to show investors how they can begin utilizing cost segregation studies to build wealth. We view cost segregation as a crucial component of our wealth building strategy. by Jake and Gino Multifamily Investing Entrepreneurs