All Forum Posts by: Chance Cooper

I own a rental home in Myrtle Beach SC and should have it paid off by next summer. I plan on purchasing another right after and using the snowball effect. I am still a little nervous about buying another, I think its a human trait.

Hey guys I appreciate all the great advice. Learning a lot thanks to your comments.

Ok so here is the scoop...My wife inherited a piece Commercial Land in the city of our hometown (Its paid for). I am in the Military and do not plan on building on it, it would just be to much of a headache...We contacted a real estate agent and she said that the property was worth $175,000 and that is what she would list it at...Right up the street from ours a lot sold for $180,000 and it was no where near a better lot than our, thats what she states...

I put it on Craigslist and just have not had any bites on the land...I hate to sell it for next to nothing, and will just hold on to it before I do that. With that being said, since the land is paid for, can I go down to the bank and draw money on the land and use that money to go out and use as my 20% down on a couple of houses?

Lets say I can get $50,000 from the bank because the land is worth that, that would be at least two more houses I buy and start receiving cash flow. Right now the land is not making me any money. I am trying to find a creative way to use this land without selling it if I dont have to...

Any sound advice would be great.

@Kenneth Hynes 

how many homes do you currently own?

@Frankie Woods Love the post! I am also in the Military currently deployed here in the great land of Afghanistan. After this deployment I will be in position to pay off my first rental property completely (rents for $850)...I know its against some of the rules on this site, a lot of people like to never pay off their homes and use the leverage system.

I just want one house completely paid off and the others I will put down the 20% or VA Loan and then just start buying them back to back and building my portfolio. For me there is just something to be said about having at least one home paid for in full. It helps me sleep better at night especially with 3 kids and a wife. Security, Security, Security...

I own a home at Fort Bragg NC, I was thinking about moving out of that house after this deployment and renting it out, then buying another house in that same area utilizing my VA Loan. What do you think? This would make 3 total properties I own with one being completely paid off and its being rented at $850 a month.

@Elizabeth Colegrove The last time I checked I believe he owed like 60k on that home. I have never checked to see if the taxes and insurance are included, but I know he doesnt pay it at the end of the year so maybe it is rolled into the mortgage. I have power of attorney on him so it probably shouldnt be an issue calling the mortgage lender and getting all this information since I have power of attorney.

@Elizabeth Colegrove When I get done with this deployment this is something I will def dive into. I need to know the ramifications in case something happened. Hopefully its ALL gravy instead of a headache.

My Father has owned a home since 1995 and he purchased it with some sort of USDA Program or Farmers Market Home (Ive heard him talk about it). Its some sort of government loan that he qualified for based on his income. He is disabled and draws a small check every month therefore his payment is only like $200 a month. I dont like talking to him about it because nobody never likes to talk about the "What If" scenario....

Anyways,

My Father has that house willed to me, if something was to happen to him how would that work? Since I make way more money than that would they re-adjust the loan and base it off my income? Would I even be able to inherit the home? Or as long as the payment is getting paid do they even have to know something happened to him? Just curious, I would like to know all my options.

I put the address of his home on the "Rentometer" website and the rents in that area are like 750-850, so if I can rent it out and only have to keep paying the $200 loan that would be a great cash flowing home.

If anyone has any insight on this please let me know.

@Ned Carey I think you pretty much answered my question. In the Military we usually build like a continuity book on ourselves. In this book it has evaluation reports, physical fitness tests, transcripts, etc. Pretty much anything I would need that I have done in the Military I could grab from this binder.

I was just visualizing doing that but with the rental houses I plan on buying. Basically I was curious as to how you kept your information on your properties, but you explained it. Thanks, for your response.

Hello guys/gals

I was just curious if any of you guys have a Portfolio Binder/Continuity Book or something for you rentals?

IF you do, what type of documents do you have in this book?