All Forum Posts by: Darlena Jones

Go talk to your builder's supply company.  We buy most of our building materials from a local supplier - not Home Depot or Lowe's.  They know everyone building and who pays their bills on time.

Equity doesn't really exist until you sell the property - until then it's an estimate of equity.  It would be surprising if a bank would allow you to use equity as a downpayment.

Why don't you do a cash-out refi on the property so that the equity is now realized as cash?

Thank you!

So if a tenant pays their rent then its $3?  Does that automatically transfer into my checking account or is that another transaction?

How much is eRentPayment?  Is it $3/month flat unlimited units or $3/tenant?  

I would establish yourself with a bank ASAP and let them tell you what they'll accept.  Look at some of the smaller, regional banks.  In my area, those types of banks are very willing to work with real estate investors while the larger ones aren't.

Will it cash flow?  IMHO, that's the main criteria.

Excellent!  It's a good group of folks - very willing to help each other. 

Tax accountant definitely said we should set up an LLC to protect our personal assets. Her rule of thumb was, for ever $1M in inventory, set up a new LLC.

Hey Kevin - I'm from Springfield too! Consider joining the local REIA group

http://reinvestorgroup.com/