All Forum Posts by: Account Closed

meet the dog. A dog can be a good thing also as many people will not allow pets, But they must be willing to pay more as it will cost you money!  My leases for pets make it undesired.  10% increase in rent monthly for pet rent 100% of the deposit in addition so 2 months rent deposit total for the pet. Most of my tenants do not have a pet. However if they are responsible and are willing to pay the rent for the pet there is a good chance they stay in a single family for many years as most landlords don't allow pets and rents are going up!

It works! For 5,000.00 I will tell you the secret lol... j/k... It only Forces discipline and prepayment! Other than that the savings is minimal and your property should be on a long term note if possible at today's rates. Don't pay off your note, this is not wise for many reasons. Instead buy rental property producing more income.  This method only works if you use it in conjunction with timing of bills and credit cards.  Lots of hassle for 20$ a year but my trip to hawaii every 3 years from the credit card bonus points maybe worth it. Much safer and wiser to keep a savings account in case they call the note and ask the 2008 folks how that went. best of luck

I personally pride myself on communication and integrity. I try and make the call back within 1 hour,  if that is not possible I should be able to email, text, facebook within 30 min.  I usually just always answer my phone rarely do I not.  My mentor taught me that we do not walk in this business we run and act immediately.  As I tell people all the time, when they come to me with complaints of other agents.  The first person to tell that it is bothersome is your agent.  I would tell that person it bothers you and if it is not fixed I would switch to someone with better communication skills.   best of luck

Coldwell Banker West! is #1 in south bay. Come on by the office and I would be glad to talk to you about the benefits of different brokers. I've heard all the pitches.  Really its what fits your needs/wants.  Do you want a higher split or do you want more training and leads.  You may want to look into a team if you are looking for a lot of guidance. really depends on what you want. I have noticed a difference in Broker recognition. If your going out on your own I would recommend the highest split in the top brands.  best of luck

I would try your local credit unions

@jayson Damian sorry just saw you had a title question also. You need to seek a CPA for this as the wrong decision could cost you 10s of thousands in taxes.... do not gift the property. You'll need to set your mother up with a revocable living trust. Place all her assets in there and have her will you the property upon her death through the trust

@Chris May Ok....... we are arguing the same thing. It works because it forces dicipline!!!!! (Pre Payment works wonders on the amortization schedule. )Also if you insist on paying off your home your equity is not in a sense trapped with no access. If your game plan is to pay it off with prepaying all your money you absolutely need a HELOC however don't need to use. Emergency only. This gives you immediate access to the equity you have been putting against your home to pay it down rather then it being trapped. If someone pays 5k for the knowledge yes it is a scheme to leverage what their parents taught them and thinking paying off their home is a good thing. However if someone reads this bigger pockets thread entirely and sees the benefits after seeking their own knowledge through the many books recommended on bigger pockets. I think they can unlock something special that will subconsciously create them not to spend and focus on creating wealth to set them free from the 9-5

I think that you are trying to make the HELOC look bad. I think what should look bad here is paying off your primary home and trapping all your money. At least the HELOC sets it free!!! For the folks that insist on paying it off after listening to dave ramsey and suze orman. A HELOC is needed and if budgeting well and sticking to the plan it will work, and truly is the fastest way to pay off the home with anyone's positive monthly income. As you can place 10k heloc+ savings+ checking against the note today vs waiting years! Also use your monthly income/debt to your full advantage. As I stated before it is not the safest with no savings that would scare me to death. This also does not create weallth. HELOC dosn't deserve to be a bad name

@Mike Landry benefit of larger heloc is more access to equity for down payments/bigger projects. Yep we are on the same page... More the income the more it saves monthly.. Glad someone agrees it works just not a secret to pay 5,000.00 for. I'd hate to see people attempt this after reading the book and not have a savings with all their money dumped into their primary home. Never wanting to grow their wealth. I think Rich Dad Poor Dad should be be mandatory read

@Mike Landry It works! not for the average JOE.... It also works because now if you have a HELOC for 100k not all your equity is not trapped paying off the note early. If you used the system to pay off your house it teaches you nothing but how to not spend your money with the goal in mind to pay off your house!!!!! That's it!! For me it worked in that manor. ( your spending habbits change when the money is directly from your house) Most people will not save 10k and then if they did they wouldn't pay off their house. Make sure to use the HELOC to buy other property ( once you see the results you will want to do it again and again) and you can have some benefit of using it as a checking account... Very minimal savings yearly unless your warren buffet. However the credit card bonus points trip to hawaii every 3 years for free thats a 3500.00 value!!! worth it!!!! Moral of the story and my personal take away from doing it, budget well and don't spend your money on liabilities (primary home) and buy assets (rental property)..... PLEASE PLEASE PLEASE do not spend 5k for this secret trick! It's all in books for free! best of luck

@James Thiel Great spot to be in. Do you have a primary home with equity? I would take out a HELOC on the primary from your local credit union. Mine is prime +0 with a floor of 3.99 interest only. I would either use the HELOC from the primary to buy down the note on #2 the negative cash flow and restructure #2 to be positive. either way I would put all your notes on a 30 year fixed right now if possible to cash flow. Then I would first wait until you found a multifamily property that would increase cash flow from #1 property by x2 minimum and complete the exchange. If you don't find anything until the next real estate down turn your fine. A wise man once told me that there is only one reason to sell and that is you found something bigger/better in a nicer area with more cash flow/appreciation gains. best of luck