All Forum Posts by: David Goings

@Michael Noto Thank you for the info. 

@Upen Patel @Daniel Patton @Michael Noto not to hijack this thread but I'd like to expand Mr. Patton's question for my situation. 

I quit my job to focus 100% on real estate and since I have no W2 income will that effect my ability to refi the cash houses post project? 

Fine tuning my BRRRR strategy here. 

Thank you all in advance, 

- Dave

@Jeremy Pace and @JJ Conway thought of something to reignite this thread.

If I purchase homes with cash will the bank be more willing to provide me with a mortgage if its secured against said property? 

Still trying to avoid the W2 income and focus on real estate, gotta prove myself worthy to the banks. 

Be a decent strategy to BRRRR and keep my money liquid.

Thank you in advance, 

- Dave 

@Jeff Copeland Thank you both for the information. 

Curious that its not reported to the bureaus.

What methods are in place to keep the buyer honest? 

Short of losing the house through local legal means, guess id feel better if there were credit ramifications as well.

Thanks again, 

- Dave 

@Jeff Copeland i'd like to expand on @Daniel Patton 's  question please. 

Will the seller financing note be reported to the credit agencies? 

Lastly, being that the note can go as long as 30 years what happens if one party passes away? I'm predicting some kind of horrible probate experience. 

Thinking way ahead but.....just curious. 

Thank you sir! 

- Dave  

@Daniel Patton

Happy Friday to you all! 

I have read a lot of threads about whether or not its worth it to get a Real estate licence as an investor. Wanted to word the question from my own perspective..... 

In a perfect world I get my Missouri realtor's license...

Work for a Broker that leaves me alone for 2 years (experience per law) while I kick up percentages to them on all my deals. 

Improve network while buying/ holding / selling property those 2 years...

I then obtain my Brokerage license and i'm 100% free!   

Ultimately the benefits I'm seeing from obtaining licensing are...

1.) MLS access 2.) Lower commission costs on deals 3.) Network 

I feel all of these benefits can be achieved if I remain an individual investor.....So why do it? 

Sort of thinking out loud here but wanted to bounce it off you all. 

Thanks! 

- Dave

@Allen Proctor I too am considering obtaining my license. 

From the laws I've been reading you will have to work for a Broker at least 2 years before working totally alone. Thus having to kick up a portion of your commissions and work for them as an active agent. 

So those 2 years will be limited in terms of completing your own deals. 

Not to hijack your thread but it seems were in the same boat, i'm curious what everyone thinks????  

Thanks, 

- Dave

@Jeremy Pace and @JJ Conway Thank you all for the useful information. 

I think i'm going to like being active on bigger pockets. 

Stay tuned for the million more questions ill have in the future.....

For now ill stick with using my cash until I can prove myself to an investor. 

Good business to you all, 

- Dave

@Daniel Singh I was able to obtain a rental through a Bank when I was in the Army with W2 income. 

The flip was completed 100% with my cash, bought and sold within 8 months. 

Thanks, 

- Dave    

Jeremy, 

Thanks for responding so quickly! 

I do receive some pension money but it is not a significant amount. 

I guess my best bet is going to be building a relationship with a private investor or simply continue using my own money? 

Thanks again, 

- Dave