All Forum Posts by: Daniel Lehman

The position I'm in with being able to get a VA loan I'd definitely be able to buy a rental sooner than later. The bank wants to see about 6 months of mortgage payments in my bank plus closing costs. So if I didn't have this car $294 car payment/month, I'd be able to save up for all that relatively fast. I'm looking into selling/trading in the car for something less expensive. The payoff amount is $8900 but if I continued to make the minimum payments I'd be done by April of 2020... So I'm going to try and ditch the car; even if I'm losing out on $2-3k from a trade-in I'd still be saving money because there's about $6000 in interest over the life of the loan... Ridiculous, I know.

well guys, I think it's unanimous. Lol. I'm currently paying $294/month.  And I bought the car (Honda civic) Bc I need something reliable for my 70 minute drive to work. But perhaps if I sell the car and get something for around $2-3k it would be reliable enough. I'm putting about 3k miles a month driving. So I should look into selling. 

I agree. As badly as I want to get investing in my first property, I realize that I won't make a higher return than 24% from an investment so I'm definitely leaning towards paying off the car loan first unless I can get someone to refi it. 

So I have a car loan with about 4 years left. The interest rate is at 24%. I have been building my credit up and I'm around 700 now but when I tried for a refi i was denied. Should I pay off my car loan first before I pursue getting my first rental with a VA loan? It seems to mathematically make sense that I payoff the loan first because of the high interest rate but if someone has a strong argument for acquiring my first property then i'm all ears!

 Hey Mike, thanks for your introduction. I was wondering what those distinct advantages are in the self storage world. 

 Hey Jerry. We've already met in person and you're currently working with me about my va loan haha

 I have listened to that podcast as well as many others. That was one of my favorite podcasts so far - so much expertise came out of him my head was spinning, ha. But yes, I definitely want to maximize profits and reduce expenses as much as I can so I'll take that strategy into consideration. I may even have to listen to that podcast again.

 No Dan Lehman.... we are NOT kidding you. lol

My cousin/partner and I are in the process of looking for our first multifamily rental. We have agreed to have a primary focus on buy and holding multifamily rentals with a secondary focus on fix and flips. We have another cousin who is currently in school for interior design and we both agreed to utilize her as our ID.

I know we'd be able to use her on fix and flips but I'm wondering the best ways to go about using her as our ID for fix and flips and for our rentals if feasible; not just in the technical sense, but a legal one as well.

Thank you for your reply. Yes, nice last name lol. And just to mention, I got qualified for a va loan so that makes it even better. 

I appreciate your organization of your reply and I'll definitely be adding those to the questions I'll already be asking.