All Forum Posts by: Chris LumLee

@Michelle Bulich No chance in hell I would submit that bid. I wouldn't bid if you paid me to do it.

@Rachel Luoto Congrats!

@Rahul Handa I'm too paranoid to live by the 4% rule. I like 3% better. That makes me feel more confident. A little tighter on the belt but to each his own.

@David Katz the properties I have cash flow more than that. So right now I'm paying more on one loan and once that's done I'll start using that money to pay down one of my other loans.

@Michael Vargas Build up cash reserves to weather any storm. That requires knowing all your numbers. Then save up for more properties. When everything is on a down cycle, then you "can pick up cigarette butts".

I took a personal line of credit. The interest rate is pretty high, though (just under 20%). The way they calculated my maximum loan amount was half of my documented income from my prior year's taxes.

@Ashley Hamilton holy smokes! I'll message you on the side.

Hi,

I'm thinking about starting a real estate investing business. I'm thinking about borrowing money from some friends to help finance purchases. If it's a private loan backed with a promissory note, do I NEED to give them 1099s or other tax-related forms at year end?

The desire to improve your life. You have that, then you can carving out your path forward.

Investment Info:

Single-family residence buy & hold investment in Memphis.

Single-family residence buy & hold investment in Memphis.