All Forum Posts by: David M.

@Ryan Proffit

Well, you are supposed to customize your resume for each job app. So if it applies, sure. Its just another business to add to your resume.

@Mitul Patel

If it's under a LLC, it becomes a business loan... not a regular personal loan

@Rob Bianco

You really need to determine your goal. How much of a loan/payments can you or the property afford? How much equity do you want back? Are you looking to max your cash out? Etc

Basically, do you want cash or cash flow... and does it make sense to make the loan...

@Stanley Dean

My first thought is why use a hloc and expose yourself to a variable rate? I know rates are low and probably won’t go up quickly, but what is your exit strategy or tolerance to rising rates?

When you run your numbers, will you have pulled out your original equity with the conventional loan?

@Julian Montes

Well... if you are “born” to sales, that’s great. I suppose the point is to diversify. For example, there are plenty of stories of people who started real estate investment as a side hustle, then quit their day job. There are plenty of other sales-type jobs that might actually teach you more, or help you grow, about the trade than being a lone real estate agent/investor.

Just my two cents... but the final decision is, of course, yours

@Alexander Knowles

Depends on what sort of rewards you want. As I recall Lowe’s give 5% discount with their card. For travel related stuff look to Chase’s line of cards, and don’t forget their rewards mall (many issuers have one). Chase’s Freedom Unlimited is heralded for its 1.5% back across the board. So when paired with other cards it can be a pretty good deal since contractors and vendors rarely ever fit a reward category

If you are looking for low or no APR cards to use for financing, many of the business cards have teaser's.

@Julian Montes

That’s a tough one to answer. Honestly, life/career is about having options and experience. Perhaps think of it this way— if you forgo’ed your education but then realized that real estate agent wasn’t for you, could you realistically go back for your degree? Would it be worth it for you to get your degree and maybe work in the private sector to gain one sort of experience (and possibly network) and switch over to real estate once you got that going. Unlike a salaried job, being a Realtor is really about “who you know” (or who will refer you). Otherwise, without clients who want you to help them list or buy a property, you aren’t going to be making a commission.

In short, think about what options you “open” or “close/delay” with each decision. Then you need to decide for yourself what works best.

PS. Remember, the National Assoctiation of Realtors’ statistic is something like more than 75% of new agents don’t make it their first year. So either you need to hang in there or catch on quick.

@Vaughn Smith

Few thoughts come to mind:

I don’t train my competition

Myself and others find the competition in NJ pretty fierce. So, how do you split it for both parties make money? (eg An acquaintance of mine is doing her first and purposefully NOT expecting to make money just so she can learn and experience the process)

Like any other partnership, the two parties need to have compatible temperaments, goals, styles, etc...

@Travis Richardson

Definitely co-sign a 203k loan, since you are doing brrrr then refi to std loan, start your rentals. I know many mortgage brokers will refi you for “free” (not charge you their fees but you’ll have govt recording fees) if you originated the loan from them. So even your refi(s) will be a minimal cost.

@John Kutrzeba Definitely I’d dump it / get rid of it. If it’s not a good area with good tenants, why do you want the headaches. Like others have said, this is about making money and it definitely doesn’t look like you are going to be able to with what you’ve presented.