All Forum Posts by: Brandon Heimsoth

I'v been seeing 0% credit cards for 12-21 months all over the place. It may depend on your credit and I'm not sure what the max would be. I'm also debating on flipping in the future and the credit cards look like a good option for rehabs if you have the cash for purchase.

I bought my first investment property this las December and my rate was similar...1% above the standard 30 year rate. But, I'd be curious if others get around this with other lenders in different areas.

I believe it is market dependent. In St. Louis, it is just expected that owner pays sewer, trash, and water. Tenant pays the variable utilities (gas and electric). You can do whatever you want but that is what most everyone does in the city.

I haven't seen that but I've seen it where it crashes when I try to read certain posts. I restart the app and try to open the same post and it crashes again. I have to use browser/computer if I really want to read the post.

I have BS degrees in Computer Science and Mathematics and am currently a software engineer. I've always been a logical person and I believe it will had/will help in real estate investing. No emotion--just analyze the numbers. Ever since joining the real world after college, I have been fascinated with investing and the magic of compounding interest. I lucked out getting in around a bottom (9/11). I'm self taught with respect to finances and have managed my own investments with success. Only recently have I decided to start in real estate with hopes of getting rid of the 9-5 job eventually. I wish I knew more about accounting and economics but I don't regret getting into the field of software engineering

A little of topic but...do retirement accounts count toward net worth in the bank's analysis for these types of deals?

Jeff Rabinowitz why do you say this (HELOC for down payment) shouldn't be done with properties under LLCs?

Yes, you'll pay income tax on the rent income. You can deduct the mortgage interest paid but not the principle paid. But that is no different if it was your own house and you were itemizing. You'll also be able to deduct any expenses to maintain the rental part.

I recently did this on my first property. I got the pre-approval but they did ask where I was getting my down payment. I told them I was going to get a HELOC. They said "ok" and gave me the pre-approval. Then, they referred me to someone to help with the LOC. As we got further, they wanted to see the LOC on my credit report. Then they wanted to see the money in the account I would be paying from. Long story short, you can wait but I don't think it hurts anything if you open one and don't use it for awhile.

North City = North St Louis City. North county consists of many municipalities northwest of the city of St Louis. The further west you go, the better for the most part Florissant is nice. I lived there but left because my subdivision turned into a rental haven. There are still a lot of foreclosures there. My former house that I sold for $125k has been foreclosed on twice, recently for $50k. It was a nice home--all brick, finished basement. Schools are ok in general, not great but not bad. Riverview and Normandy are trying to get accreditation back. Other nice areas are Hazelwood, Bridgeton. Ferguson is actually pretty nice but if you watch the news you've seen some of the socioeconomic problems north county is having. Just my 2 cents