All Forum Posts by: Cliff Mitchell

https://1drv.ms/b/s!Au6TDQj1vm4uwwSVet54-gmgf0Td

See the link for the revised report.  Let me know if you have any questions or issues.

It seems like I should pull the trigger on this and get started with the rehab quick.  I'll drive by it today at lunch anyway.

Thanks again!!

These is great feedback thanks!!  I'll make the adjustments and re-run the numbers and then re-post.

I'm planning on using a heloc on my primary residence to get this funded.

Bear with me.

Thanks again,

Cliff

Just need to get started and make sure I understand how all of this fits together.

Tear me up here.  Let me know if I'm being unreasonably conservative or what.  I don't mind constructive criticism at all.

Thanks in advance!!

Cliff Mitchell

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Coming in here a bit late, but my question is, does the QI need to be available for the close of the original property, or for the close of the replacement property(s)? I am currently under contract to sell our rental property, and will clear around 100k, (of which we plan to use around 50k to purchase several new properties and the rest will be used to do some "fixing up" of our homestead), so for the partial 1031, do I need to have the QI at the first close or the subsequent close(s)? Also, since we are using half of the proceeds to fix up our current house, if I keep up with our receipts and such, would the proceeds be deductible from taxes? Thanks in advance!! Cliff Mitchell

there is no question that I could've made some different choices regarding my credit.  But that's a whole different story there.  It's part of the reason that I'm looking to acquire additional income streams.

In any case, do you guys know of any way I can leverage what equity I have?  I suppose I could attempt to get a second and then use that money for a few down payments.  Loans are still cheap even with bad credit.

Shoot me some ideas!!

Thanks for the quick reply Stephanie!  I went to Texas Tech, so I'm quite familiar with Lubbock myself!!  

I should mention, we do already have a HE loan on the property in Henderson with quicken loans.  They are pretty easy to work with for sure.  The 50k I've mentioned is what else I estimate I'd be able to get with a second HE loan.

Hello everybody!!  I live in the boom/bust roller coaster environment of the Permian basin and my profession is as an architect.  I really like my job and the company I work for and have no plans on leaving, but would definitely like to supplement my income with some additional rental property.  

This leads to this post.  My wife and I have inherited a house in Henderson, NV that we've been renting out since 2010.  It has been a great little bit of additional cash flow for us, but we haven't taken full advantage of the equity that we have in it.  We'd like to buy another property, (eventually wind up with around a dozen or so), and be able to rent them out for around 500$ per month positive cash flow.  The rub is that we don't have very good credit.  I have been listening to the BP podcast a lot lately and it has gotten me motivated to make some better use of the equity that is available in this rental (conservatively there is 50k equity), and use it to leverage the purchase of another or couple other houses to get rented out.  We've been using a property management company for the duration, and I suspect that they would have a pretty good idea of some deals to be made.

I'm just not sure how to utilize this equity that is available.  Can anybody give me some thoughts or suggestions?  I can give more info if it's needed.

Thanks in advance!!

Cliff Mitchell