All Forum Posts by: Chris Jensen

@Mike C. I'm just a year into rehabbing in my spare time, so I will state loudly that I'm not an expert. But I'll share what I've done if it can help.

When I first set up my business account with my bank, they had me complete a personal financial statement and they pulled my credit report (they've only ever pulled my credit report this one time). That was to make sure they wanted to do business with me.

The first few homes I bought in my name so I could build a track record with the bank. Those loans relied on my credit report and were reflected on my credit history. Now I buy solely through the LLC. I still have to co-sign the loans (so I'm still personally liable for them), but the loans don't reflect on my credit.

My next step is to visit with the bank about not having me co-sign the loans. Or some other option. Honestly I haven't had time to think much about that yet.

Anyway, there's one perspective. Good luck.

@Jesse M. Ok everyone's thought it but I'm gonna say, just to add a bit of humor.  Just withdraw the cash and stick in under your mattress.  But spread it around so it doesn't give you back problems :)

Seriously, though, it sounds like you're looking for maximum value preservation and liquidity with minimum effort. I'll add my vote for a "high" interest savings account with an institution you're confident will be around if things really get hairy like 10 years ago.

Good luck!

@Monica Evans my move would be to always cover the wood floors with something (carpet, vinyl plank, etc). Reason is renters will likely have kids or pets or both, all of which can be very hard on floors. I'd wait until I was planning to exit that property, then refinish the floors and let them sell the home for you. Just a thought. Best of luck.

@Jenifer Levini very poignant response. I joined about a year ago and was full-in with BP, but then my rehabbing activities took off and something had to give. All about priorities and balance.

Interesting comments about the accuracy of information being shared on BP. While there's a LOT of very helpful information, one does wonder at the motives and quality of some of the postings. Just like the media struggles with sometimes, I've often wondered how many people innocently latch on to inaccurate material found on BP, then pass it on as fact, and then the cycle repeats. Interesting concept.

At any rate, congrats on your success.  And thanks for sharing your perspective.

@Tairsa Mathews, great idea about setting a daily goal around participating (giving and taking) in BP. Not so big that it's unattainable but big enough that it stretches you. Thanks for the thought. BTW, I'm from originally from Orem. Fun to make that unexpected connection. Best of luck!

@Darius Tracy, tweetable quote "BP is a refuge for those that get it."  Nice!  Thanks for the perspective.

@Ayne C., wow you have a lot going on! Your kids will be forever blessed by the time you're spending with them. What an example! And thanks for sharing how you fit it pursuing your REI passion with everything else. Keep it up!

@Dave Van Horn great thoughts, thanks for sharing. I love that your son is able to work with you in your business ventures. My father did that with his father, and I've always thought it would be neat to have that experience with one/some of my kids. Way to go. And thanks for the advice. Hone in, dive in, get help if needed. Perfect.

@Yonah Weiss thanks for the additional perspective. Great to hear everyone's individual reasons and approach. And thanks for being so giving with the specific knowledge you have.

@Logan Brown, from one busy dad and husband to another I hear you!  One day at a time, right?  And yes, giving much brings much.  Best of luck!