All Forum Posts by: Byron Bohlsen

I think the question comes down to if you can sustain the property or not. Do you have enough w2 income to weather the storms, do you need/want extra cash every month or is it a long term play?

If the rents are huge and you are paying down large chunks of mortgage every year on top of appreciation you will be a happy camper in 5-10 years... but you gotta sustain.

1 Vote

Joe - Funny guy.... No really, made me chuckle

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Hi Folks,

When applying for credit cards auto loans etc and they ask you about your yearly income how do you take into account your rental income?

Do you include total coming in or scale it back to after piti income or?

Thanks!

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Kinda curious where you get a 0 interest cc with that high of a limit. My credit score is very very good and I like to think I have higher then average income but my limits on my cards arent close to 20k.

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If the current property has been performing to expectations/satisfactory then would refi to a 30 year note provide the cash flow to invest in another property sooner? Or maybe you can pull out equity via a refi vs a heloc?

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Originally posted by @Manolo D.:

Byron Bohlsen Some banker that apparently doesn't know what he's doing. His words were somewhere like Everyone can easily pay off $100-200/month (10-20% of $1000), so if you apply for something, they will not approve you. lol.
Adam B. I meant after you did 0 transfer, does the amount on 0 transfer reflect on your statement? Thanks for the input. I appreciate it.

Hi Manolo,

If you haven't already I recommend opening a mint.com account and sync your bank accounts. They give you a free credit score and with that report they break down every category that makes up your score and go into detail about how much weight the category has and expectations to receive a high score. They then analyze your report and compare each category and give you hints on how to improve.

Thanks.

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Originally posted by @Manolo D.:

Adam B. actually Albert Bui is correct, when it comes to credit card utilization, if credit bureau sees you maxed your cards, it will reduce your score month to month. But I am unsure if the cc companies will report that you have maxed your account. in theory, your cash was deposited to your account, and I am unsure if you see your cc statement that you maxed it out. To help me understand more of this Adam B. , do you find your statement maxed out when your receive it monthly? if you have a 30k credit and you use 5k then apply for the 0 transfer, they will deposit 25k to your checking? if so, is it better to pay the 5k before applying for 0 transfer? Lastly, after applying, do you keep your card out of your wallet applying and let it gather some dust in your drawer?
Albert Bui I am still building and improving a credit score currently on mid 600s. Because I was not a fan of credit before and until recently, i have been using debit cards and cash for my transactions, i have a card with a small balance, and other people tell me to use 60-70% but pay it off every month, they say it will not ding your score. This will tell the formulas and creditors that i could pay up to that 60-70%. If they look at it, they can know my monthly ability tonpay. Being self employed and all that. Let's say for example going to the extremes that I only have $1000 in limit, what they advice is use $1000 but pay it all off, that way a few months, i could ask for bigger credit limit, because the company can see that i could pay it all off. What is your take on this?

Who ever told you that is wrong i think. They will likely see that a risky behavior. Instead keep a balance at 20-30% or less and keep making your payments on time. consistency and restraint.

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would you be able to share the company you mentioned op?

1 Vote

Agreed. Old beater doesn't mean you look like a worthless poor bum...As long as it isn't ghetto looking like an 80s cutless and/or falling off the wheels. If the car drives well and body is solid then then it's fine. But then again I still wear a sweatshirt I got in 8th grade middle school atleast once a week so maybe I'm a pauper as Jay put it lol

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Just throw some new sheetrock over it.

2 Votes

All Forum Posts by: Byron Bohlsen

Byron Bohlsen has started 20 posts and replied 169 times.

Post: BRRR Poll Question: With break even cash flow, Yay or Nay?

Post: First investment...

Post: Income question on loan applications CC auto etc

Post: Pay off Debt for higher DTI Ratio or Invest? HELP!

Post: SFR with 50k equity what to do with?

Post: How to Get 0% Funding Using Credit Cards

Post: How to Get 0% Funding Using Credit Cards

Post: How to Get 0% Funding Using Credit Cards

Post: Cars - Pay Cash or Finance & Invest?

Post: DIY Popcorn Ceiling Removal - Yay or Nay?