All Forum Posts by: Andy Collins

I buy primed 6 panel doors from homedepot for about $20 each?

I know 2 billionaires and another friend is worth about half a billion,,,none of them have a car worth anything close to a lambo,,in fact the friend that is worth about $5oo Million drives about a 12 year old Infinity most of the time,,of course his other method of transportation is his turbo prop

money from a flip is not a capital gain, its taxed as ordinary income

if you really know cars, and have the cash you don't mind using, you can buy an exotic car and have it not cost too much.

I bought a 12 year old Ferrari Testarossa, I bought it right, and had it for 3 years, of course I only put about 1k miles on it,,,I sold it for everything I had in it,,but I know cars, and I had just made an insale amount of money as director of an internet company.

Now if during that time I had had even a tiny accident, the value of the car would have dropped like a rock,,,,and I insured it as an exotic, which means I couldn't use it as daily driver,,,,

People need to learn to get the reward AFTER they do something, not before

Until you know a true figure for the cost of rehab you have no idea what to offer, if anything,,

get a contractor out to look at it,,you can't use a cost per square foot for estimates, a bedroom will cost a LOT less per square foot to finish out than a bathroom or kitchen

there is no way to know, your scores look great, ,,get the collection off, DO NOT add any accounts until after you get the mortgage, when you open a new account your average age of accounts will go down farther,,but you need more open lines of credit.

One thing you can do right before you get the mortgage, pay that one credit card off or down before the statement closing date,,most companies report balances on the date of the statement, so even if your paying it off every month, it could have a high balance reporting,,if your below 20% of available credit then it doesn't matter.

Keep hard inquiries down, checking your own report won't hurt you, but "shopping" for rates can really hurt you because of numerous inquiries will bring down your score, more than you might realize (I've seen one inquiry drop my FICO by 10 point with TU and Experian

I bid on two houses because they were very close to a rental of mine,,,another bid was accepted and both houses are 'under contract',,they have been, "under contract" for over 3 months now,,both houses have had damage to them during that period.

If a company can't close fairly quickly I don't want anything to do with them, a vacant house is just an invitation for vandals/thieves,,,

Jon is of course right on,,,the last thing you want to do is tell a mortgage company, I show an income of "X" on my tax returns, but really its 3X,,,,they don't care what you say you've earned, only whats reported

just remember, there are FICO scores, and then everything else is a "FAKO", its fine to monitor your scores to look for trends in your score with a FAKO, but there is no way to determine FICO from FAKO scores.

Generally if a FAKO is going up, the FICO probable is,,but not always because the formula to come up with the scores is different

It seems like I'm always having my FICO's pulled for a refinance, and I watch FAKO's from all 3 bureaus,,,and believe me, there is no relationship to FICO and FAKOs

I'm going to go back to your question about the roof,,,if my inspector says a roof is in good shape, no signs of leaking, being 18 years old doesn't bother me at all, I replaced the roof on my residence last year (because of hail storm, insurance paid for it), it was the original roof from 1986, no repairs ever done, now I have walked away from a deal in part because of roof condition, but not age