All Forum Posts by: Cliff Rosa

Great topic, learned some good stuff.

BP at it again, this is information that I am looking for! I have heard from other friends and what not that having more than one credit card is benificial. Just needed you guys to verify it for me.

Thanks Jon for your POV. I understand the problems with credit cards and am well aware of the rules which is what has kept me responsible in using them.

Going to appy for another card tonight after work, Going to get the best possble one. Thanks again everyone.

I want to have all my ducks lined up in a row when I get back from this deployment in Iraq in 10 months to start flipping homes. Right now I have 740 FICO score. I only have 1 credit card with Chase and that is at $3500. I asked for a limit increase but they said that they will need to pull a credit report to raise it. I sent them an email back saying that it would be counter productive to do that and if they will raise it based on my excellent payment history. Ive read alot that Chase rarely raise limits.

So I wanted to know if I should go with a citi card or some other card that will be able to raise my total revolving credit. I was reading that BOA has a card that they will match what you deposit into the account with your credit limit, ex depost 5k and you will get a 5k limit. But they have a very high interest rate and no rewards so I want to look at something differnt. Are there any other cards that are similiar to that?

Last question, I am aware that applying for another card will hurt my score somewhat. But to what extent? And how long will it be effect?

Actually this is the last question promise!, I have heard about the shotgun credit card approval. Basically you apply to a bunch of cards at the same time, preferably the same hour or two and that will give you essentially way more credit cards and a really high limit. Any ideas about this?

Im about to go to bed, really looking forward to your suggestions, thanks BP!

The main purpose that has gotten me thinking to take the classes and because an real estate agent is that fact that it will save me thousands when I buy a property in closing cost. Are there any cons in becoming an agent? When they say, being a licensed agent, what does that mean? For those who have been in this game for a while would it be beneficial to become an agent?

I guess that different areas differ greatly. Just gotta look a little harder or expand the search area.

Trying to get my feet wet. Credit score of 750, no debt. Whats the probability of getting 3-5 loans for 3-5 apartments within a years time? What im trying to do is have roughly 3-5 apartments with loans on all of them in my first year. I have not bought any real estate yet, besides my owning my home, will I have a hard to get financing? Properties that I am looking at are all cash flowing. Say if I apply for one loan and than find another property a couple months later, is it possible to go to the bank showing them that I have positive cash flow on my first property and be able to get financing on the second?

Its hard for me to word it, but I guess what im trying to say is how many loans can I have out? What type of loans should I get?

Trying to figure a way in which one could essentially have less than a 50% operating expense. With the 50% rule is it true to say that every year you have your property you will incur 50% in expenses? Im thinking that over a period of about 20 years operating expenses will equal to about 50%. Usually within a 20 year period, major appliances have to be replaced, roofs etc which in turn equals about 50% in OE during those years. So im trying to hit this as a short term investment, 2 to 3 years. Is it possible to say that OE can be as little as 25-30% for just a couple years give that
1-Property is in good shape
2- Tenants are well screened
3 Property is purchased a a good price.
4. Low vacancy rates
5. Im the property manager and can do alot of "fixing"

I get this feeling that when I look at properties on the internet there is no way to close on a good deal. Its seems tho as there is some sort of hidden deal making that goes on between when a Realtor is asked to sell a home and when it actually hits an MLS. You know what I mean? Im going to bet that every Realtor has their investors business cards in their back pocket, when they are selling a home those investors get dibs first. If the deal is not worth it enough to make money then the investor pass on it and then you see it up on the internet.

Can anyone back me up on this theory? Essentially if a property makes it to the public then its not worth investing?

Well thank you for the responses. Ive read a whole bunch of books and articles. Each saying to make friends with the lenders, Im confident that I can do that but where would I start? I assume that the best place would be to go to the bank and ask him to be my friend?....Just kidding Seriously tho, I think the hardest thing for me to grasp right now is the whole friend making thing, its like going to a new school when you were younger, you didnt know anyone but there was that one person who was brave enough to play with you in the sand box and that opened more doors to other friends.

Being away I think is what is making me question it. But Im guessing when im out there looking for houses and going to the courts I will be able to find "connects" that I can get aquatinted with.

Getting into the whole game of real estate. Right now, I have about 10 months before I come home from Iraq and I plan to start investing in Real Estate. Going to try and learn as much as possible in the next year.

This is my situation. 20 y/o that owns his own home, never missed a payment on anything. No credit card debit, no car payment anymore. 25k in savings and I have a job. Currently my credit score is 735. By the time I get home I hope to have found that one really well priced home to buy and rehab.

My question is, how is it looking for me to get a loan? I would be comfortable with putting about 20k down on a 80k property and financing the rest. When I bought my home, my mortgage started about 2 months after I moved in. If I qualify for another loan, will I be able to have my mortgage start a month or two after I close? Say I put 20k down on the home, how likely would it be that I can get a equity line of credit as soon as possible, possibly the next day?