Barbara Corcoran Reacts: Living On $120K A Year In The D.C. Area | Millennial Money
June 18, 2020
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12:55Now PlayingBarbara Corcoran Reacts: Living On $120K A Year In The D.C. Area | Millennial Money
YouTube Description
as posted by the channel“Shark Tank” investor and Corcoran Group founder Barbara Corcoran takes a look at how Garrett Ramela, a 24-year-old former Marine, makes and spends his money. The former Marine makes $120,000 a year as a defense contractor and owns three properties that bring in nearly $40,000 a year in rental income.
Read more about Barbara's reactions here
Real estate expert, TV personality and “Shark Tank” judge Barbara Corcoran thinks Garrett Ramela is on the right track when it comes to his finances.
The 24-year-old not only earns a base salary of $120,000 from his day job as a defense contractor for a tech company, but he is building an impressive portfolio of rental properties. He owns two places in the Washington, D.C. area, where he lives, and another in his hometown of Pittsburgh.
One way he’s been able to afford to invest in real estate at such a young age is by taking advantage of a VA home loan, which he has access to because he’s a former Marine. Corcoran approves: “He’s a smart kid. The biggest benefit going into the military is not while you’re in the military, it’s after you get out. There are so many benefits, and he’s immediately taking advantage of it.”
The VA loan allowed Ramela to purchase his D.C. area properties with 0% down, no private mortgage insurance and competitive interest rates. With those terms, “why wouldn’t you buy an apartment?” Corcoran asks, reacting to CNBC Make It’s Millennial Money episode that features Ramela, which was filmed in fall 2019.
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Barbara Corcoran Reacts: Living On $120K A Year In The D.C. Area | Millennial Money
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