All Forum Posts by: Brenda Wright

David, if you are a skeptic "by nature" then you have already failed. 

You have chosen to spend time overzealously researching TRUE statements that might be masked with FAKE statements, instead of just doing it, failing, doing it and doing it until you drastically change the outcome of everything and anything you undertake.

Imagine spending all that energy on seeing failures in companies and then finding a better path and learning from them to better it. 

Go to every single seminar, purchase everything on your credit card and ask for a refund/dispute at the end. The amount of knowledge and understand that you will gain is unparalleled. In the wise words of Art Williams "Just do it!"

Some video motivation: https://youtu.be/7R9c0RAz678

Yes, they are amazing, but you are your worst enemy in expanding your potential. Find out for yourself. Whether it was a bad or good experience, it will always be the fastest conclusion to a skeptics mind.

Receiving money in cash is only known to you. So in other words, you received 50% of the cash, while the other 50% is 100% disputable in courts making you penniless. 

Judge Judy would be rolling her eyes at you :) 

Hi Alex, I don't know how to respond directly to your reply to me...so here goes.

Paying down the principal by an amortization schedule makes it more tricky. Even though interest still doesn’t carry over from month to month — and if you skip a payment, you are not charged more interest the next month — the loan no longer behaves like a simple interest loan.

Doubling the interest rate more than doubles the total interest over the life of the loan. The total interest of a 30-year mortgage at 8% is 2.3 times that of a 30-year mortgage at 4%.

Doubling the length of the loan also more than doubles the total interest over the life of the loan. The total interest of a 30-year mortgage at 4% is 2.2 times that of a 15-year mortgage at the same rate.

Making a principal payment early has a compounding effect. If you pay $1,000 extra in month 13, you not only stop paying interest on that $1,000 but you also cause more of your subsequent regular payments to go toward principal, further reducing the interest you pay.

Use the 1% rule.

If you have a 60k mortgage you need to be above 600 a month cash flow from the tenant. This is before the management company, maintenance fee, insurance, mortgage etc...

Rule 2: Learn to compound, it's why 30 years is always better than 15 years.

Understand one simple concept. 99% of business use social media as a DUE DILIGENCE. Meaning, when you are going to a store/agent/developer etc... you need to see if they have a presence (or reputation) if they don't, 100% of the time they will walk away. So why take 100% chance to fail?

P.S. Texting is just poking and seeing if someone really does exist, the same concept as above.

Cash is KING, don't ever use it. 

How do you think you will pay off your HELOC when the number goes from 4.50 to 8 in the next 2 years?

All the HELOC's increased by 25 basis points 4 days ago, and the market is predicting another 4 increases by the end of 2018.

3 Key points to maximum happiness:

a) Have the best management company.

b) Have a property that handles eviction is fast (not like NY or LA, can be 6 years vs 6 days).

c) Search for properties that are not affected by the market (example: Military Cities), where people will always have a salary.

My simple rule of thumb is: 

If you are surrounded by more intelligent people than yourself ... then say it. 

If you are surrounded by less intelligent people than yourself ... then don't say it.

Understand that my intention is never to be the smartest one in the room, as there is never anything to gain from it.

We are closing on a deal on a passive income property and wanted to know what are all the loopholes?

- Property is in Memphis.

- Property is worth 100k.

- Plan on purchasing 15 properties.

- 7% ROI

What are the ad/disadvantages of the closing?

What are the ad/disadvantages of refinancing?

What are the ad/disadvantages moving it to an LLC?

What are the ad/disadvantages of moving it to a commercial loan?

So, we are interested in working with a lender that can satisfy both our needs.

We are Real Estate Investors here in New York who owns a few contractual properties in Memphis. Each property currently generates an average of 7% cash-flow per month. We just purchased one all cash, but are hesitating on what to do with the others.

We need someone that can come up with a plan to help us as we are planning on buying 50 (or more) properties.

A couple of notes:

- They are all single-family properties.

- The purchase price is around 100k.

- We are searching for AMAZING rates.

- We want to minimize the closing cost fees.

- We are thinking of consolidating a few of the properties into individual LLC's.

- We are thinking of using HELOC on some of them.

Again, there are many things we are looking to do with the funds, but we need someone ( a smart lender) who can provide us with a tailored plan that can benefit each other, specifically having outstanding rates.

Tell us if this all makes sense.