What was your mortgage situation prior to starting with Replace Your Mortgage?
I'm in the Air Force and we move around every 3-4 years.
We own 2 other rental properties, but we purchased our current home in Virginia with a first-lien HELOC. The purchase price was $729,500 and I brought $75,000 to closing to meet the 90% LTV limit.
What is the current status of your HELOC and how many months did it take you to achieve it?
After 10 months, my principal balance is $650,000.
What was your biggest concern when deciding to join RYM?
It was an iterative process of discovery and initial doubts. Finding the initial advertisement on FB and determining that it wasn't a scam was the first hurdle.
Thereafter, reading the book, watching the red-bearded wonder (Michael Lush) on YouTube and the first and second discovery calls happened in quick succession. The consultant very much helped to put me at ease, but the math just works.
How has using the RYM strategy changed your life?
IT IS EMPOWERING.
When the light bulb finally went on, I felt like a heel. I had been living in the bank's pocket all my life and didn't know there was a different way. It's akin to waking up out of the Matrix and discovering the truth.
Thank you for finding me, educating me and empowering me. RYM is a revolution.
What advice would you give to a homeowner considering trying the RYM strategy?
It is so damn exciting when you "get it." You want to jump from the rooftops and dive in immediately.
My advice: Crunch the numbers and then crunch them again.
If you have multiple properties, ask for advice / consultation and determine the best way to go.
If the numbers don't quite work out yet, they will. Stay patient, diligent and disciplined.
What was your mortgage situation prior to starting with Replace Your Mortgage?
My family and I had just moved to Florida from Tennessee, where I knew Michael from a previous traditional mortgage transaction. He reached out to me about RYM, and I was all in from the get-go.
Before enacting the strategy on my Tennessee home and going through the refinancing process, we purchased a new home in Florida with a first-lien HELOC. We have been working the strategy ever since.
What is the current status of your HELOC and how many months did it take you to achieve it?
I have two HELOCs, one on my primary home and one on an investment rental property in Gatlinburg.
We had enough equity within six months of closing on our primary home that we were we able to put a down payment on the investment property.
What was your biggest concern when deciding to join RYM?
Getting buy-in from my wife by being able to answer all her questions. Otherwise, it was easy to see why it was a far better option.
How has using the RYM strategy changed your life?
The RYM strategy brings additional income from an investment property we would have otherwise not been able to acquire. I’m looking forward to repeating the process over and over.
What advice would you give to a homeowner considering trying the RYM strategy?
Make sure you have a sound understanding of the strategy and how you need to execute the flow of money to be successful. It may take several times reviewing the same info for it to click.
What was your mortgage situation prior to starting with Replace Your Mortgage?
Prior to RYM, I had two rental properties, each on 30-year terms at 5.25% with about $42,000 balance on each after 7 years.
I used the RYM strategy to refinance both properties into interest-only HELOCs at 5.75%, which unlocked about $35,000 of equity which I could use to find more investment properties.
I’m in the process of building a new primary residence, which I’ll also finance with HELOC, once it’s complete.
What is the current status of your HELOC and how many months did it take you to achieve it?
Our HELOCs on the rental properties just closed a month ago, so we have yet to see the reduction in cost because we haven’t made a payment yet. 🙂
What was your biggest concern when deciding to join RYM?
Biggest fear in joining RYM was paying the fee to join and being left with no support going forward.
This was definitely was NOT the case with RYM. The ongoing, daily engagement from Michael and his team keeps me abreast of the latest developments surrounding the RYM strategy.
How has using the RYM strategy changed your life?
It has given me a vision that I can actually become debt-free within 10 years.
The use of a private FB group also helps reassure me that there are like-minded people out there.
What advice would you give to a homeowner considering trying the RYM strategy?
Do the math and you’ll find that it works out.
Everyone I’ve shared this strategy with who said it wouldn’t work, didn’t do the math. They just tried to ball-park the figures, which didn’t make sense to them; so they shot it down. Their loss.
Also, remember that the strategy requires financial discipline (i.e., a budget), positive cash-flow, and the ability to obtain a HELOC. Stick to those and it will all work out.
