All Forum Posts by: Allan Anderton

not if you target the right CC some of them are geared to no balance transfer fee but when there is a fee it is less then the interest I would of paid by a mile

okay thank goodness I cant get voted down for this as the shame comments I am sure are gonna come for this one.... I was young and dumb once and made a wonderful life of making every wrong choice you could and racking up about 50k in debt from school loans to taxes to anything you could think of... then I got lucky and met my wife who is my financial guru :) through HARD work "I work 60-70" hours a week and still do slowly I turned my shameful 520 credit score to over 700 by using your exact method well close to mentioned above... Never ever had a cc before but lucky wife was able to get a 0% for 21 months 10k cc for me to start I took every bit of debt I could and threw it on that bad boy and made massive payments I chewed through my debt in a very fast way this way... after that cc offer was over I opened one for my self rinse and repeat however this does come with risk you cant over step what you can afford or you COULD "guilty and it sucked so bad I only did it once" and get nailed by the terrible after the 0% interest... since then I have used this "cc hack" I blame Brandon for my hack talk -_- to pay of everything from rehabing my own home to cars to trips to even xmas spending why pay interest to anyone? atm I have a 15k cc 0% I use to cash advance and pay off huge chunks of my home... I love it I am saving money on the interest and making massive cuts into my 30 year loan after I have x number of properties I will be using this method to steadily pay them of for my retirement and security but like anything that matters it takes hard work 

alot of this I think would be determined on personal goals of yourself and family followed by goals of your future for example I bought my first house 2 years ago small little 3 bed 1 bath thought great started now i have 1 5 year old terror I already see the drama of a girl in teens sharing a bath room -_- I would give ANYTHING to go back 2 years and buy a duplex "but I cant" sooo I now have great sweat equity built into my home and will be taking a heloc out on it to do my first deal. I am a addict when it comes to deals and look several times a day in my local market and missed some great deals how ever in my market I would suggest a duplex because in my city everyone works at the heart of it and the land here is just used up so its prime rentals either way I go home value has shot up as there is just no more land to build on unless you go out of town so SFH are overly priced so its a ruff cash flow, for me I will be doing a duplex for following reasons 1 more doors = more safety if a moves out b is still helping to cover my payment 2 its still 1 roof 3 I control the value of said property if I really make it diamonds = raising the rent to the cap it controls the value of said property. I am assuming you want to get a FHA loan which if that is the case MFH would be great as you come in gives you 2 years to rehab both sides or at least yours depending on if tenant moves out refi and move out to your next property and keep the ball rolling the roller coaster is always going to be the first property the first should help pay for the second second to pay for third and so on so forth hope this helps

because the idea is for you to not put money into your property basically your taking on another bill for yourself for 30 years not to mention any damage that it may have happen to it and other money obligations 

brrrr buy-rehab-rent-refi-repeat basically to me "<<<FHA live in do to the 5% down rehab your side for the year that is required while enjoying the added income of the second side rehab the second side after your complete with the other then at that point and time I would refi to a conventional loan OR heloc depends on your life choices 1. you can only have 1 fha loan. IF you intend to buy more properties and leave your multi you need to refi into a conventional loan as you would want that FHA back to be able to take another property with the 5% IF you would like to stay in said property then you might want to look at a heloc that is basically you taking a credit loan on the equity of the house which after rehabing you should have a good chunk of plus a year or 2 of payments that you could then use as a down payment of the 20% you would need for a conventional loan for your next property

are there any podcasts out there any of you would recommend listening to I already listen to both BP podcasts but are there any others you would suggest? 

hello BP I am new to this whole investing thing I have meet some great and helpful people I am from salt lake city. I am going to be on a stay at home vaca soon and with out sounding desperate "<<<<< is noob" was wondering if anyone in the SLC area wanted to meet up for some coffee or lunch or something looking to pick the minds of some experts already meeting a guy on monday but the more friends the merrier:) message me or comment below thanks in advance  

hey Jackson did you mean to put 120k instead of 130 on the 1st mortgage part? cause if not you totally lost me on the math :(

Yeah i was mainly trying to understand the refi part cause alot of the listings i am seeing would be hard pressed to get cf with a refi 

okay keep in mind I am still learning "so be gentle" I was watching a webinar by David I believe last week and wanted to bring my question to the forums to hopefully get it more explained for me... lets say I want to by a SFH and its my first btw its say 100k as it will be a investment property I would be required for the 25% down but lets say I have 50k in my heloc that I could use, being this is my first property would you put the full 50k in for the higher cash flow or would you go more over with the 25% down and go for the brrr and refi back out the investment? my follow up question to that "probably the dumb question" is IF the house was able to cash flow say 150-200 a month and I refi surely my new mortgage payment would shoot over that cash flow and drop me into a negative or did I miss something? so why would I refi the house to go from a positive to a negative? I am sure I am about to get blasted for this one:)