Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Elisha Mcginley

Elisha Mcginley has started 6 posts and replied 28 times.

Post: Credit repair

Elisha McginleyPosted
  • Lexington, KY
  • Posts 28
  • Votes 10
I agree that credit karma is a very useful app. A number of years ago, I had a bunch of credit cards that I used responsibly to build my credit, but when I lost my job, I used them to float me through my unemployment. Needless to say, I maxed them all out and found myself making about 7 minimum payments each month totaling about $200. I ended up calling a credit counseling service(the number was on one of my bills). They negotiated lower interest rates on my cards with the credit companies, they consolidated the debt, and I paid them my one monthly payment. My debts were paid off in three years by paying $20 extra dollars a month. Who knows how long it would have taken otherwise. My point is, maybe you could call your credit companies and ask them to lower your rates so you can put a dent in your principal balance quicker. They may do it because they realize you are attempting to settle your accounts, and it may sweeten the deal on both ends to make those payments via direct deposit. They will feel more comfortable with that arrangement, and you just have to remember and account for your fixed direct deposits. I had to cancel all my cards for the service, which gave my score a slight hit, but if you wanted to keep them activated, your score will improve once you are down to a debt of 1/3 of your limit. A great trick I learned for curbing credit card use is to put one in a ziplock bag, fill it with water, and freeze it. That way, if you decide to use it, you have time to think about what you are doing while it thaws. As far as the existing late payments go, I don't know if there's anything you can do but wait. A lending agent at my bank once told me that, when looking for a refinance(I'm assuming mortgage loans would be similar), they look at the current mortgage loan for the span of a year. He said to make all my mortgage payments on time for a full year, and I would have a lot more options.

Post: Home Equity Financing

Elisha McginleyPosted
  • Lexington, KY
  • Posts 28
  • Votes 10
I found this site and thought it might be useful when considering home equity for investments: http://www.thesimpledollar.com/best-home-equity-loan-rates/

Post: Fixed Cost Info

Elisha McginleyPosted
  • Lexington, KY
  • Posts 28
  • Votes 10
I'm in the research phase, and I'm trying to determine fixed costs for wholesaling estimates. I stumbled across this: http://www.bankrate.com/finance/mortgages/closing-costs/ I'm assuming some of you may have already stumbled across this site, so I was wondering if you find this information to be accurate. For anyone else, it may be a useful tool.

Post: Newbie in Eastern, KY

Elisha McginleyPosted
  • Lexington, KY
  • Posts 28
  • Votes 10
Hi Jason! I'm also new to real estate investment in Lexington. I'm trying to get my feet wet with wholesaling before venturing into flips and buy and hold. There is the Bluegrass Real Estate Investment Group here in Lexington. You can find them on facebook. The next meeting(my first one) is next Tuesday. If you are able, you may want to join and try to make it to the meeting to network. As I said, i'm new, but feel free to pm me if you want to help each other through the newbie process. Good luck!

Post: hi everyone

Elisha McginleyPosted
  • Lexington, KY
  • Posts 28
  • Votes 10
Natalia Collini thank you for your response! most people don't understand the serious nature of lyme. it's frustrating to be treated like you have the flu when you are dealing with something so life encompassing. i've changed my diet and take supplements for maintenance, but i've recently discovered hyperbaric chamber treatment as an aggressive treatment paired with a laser treatment to drain my lymphatic system(to help with the herxes). it made the most note able difference of any other treatment i've tried. unfortunately, it's pretty expensive and not covered by insurance. i'd love to connect with you and have you in my network. even though we are both newbies, we may be able to help each other with creativity. :)

Post: contracts

Elisha McginleyPosted
  • Lexington, KY
  • Posts 28
  • Votes 10
I'm not an expert, but from what I'm learning, you should find a real estate attorney who is familiar with wholesaling to look over your contract, just to make sure it is 100% legal. You could then ask them any other questions you might have.

Post: First home loan advice, specifics to look for:

Elisha McginleyPosted
  • Lexington, KY
  • Posts 28
  • Votes 10
I'm pretty sure you have to live at the property to get an FHA loan, and with those you have an added mortgage insurance. If you do intend to go with the FHA, make sure you know how much you will be paying on mortgage insurance and include that with your monthly expenses. Good luck!

Post: save for down payment or pay off debt

Elisha McginleyPosted
  • Lexington, KY
  • Posts 28
  • Votes 10
Something else to consider is if you have a 401k, you can take loans out at a lower interest rate than your school loans, the principal and interest go back into your account, and the money comes out of your check before taxes(if you have it set up that way). i don't know if it's better as far as tax returns go, but it is your money, if you find yourself in a crunch. sometimes it's a matter of moving money as opposed to saving or spending it. that's a tough decision. good luck!

Post: Long Term Buy and Hold Plan

Elisha McginleyPosted
  • Lexington, KY
  • Posts 28
  • Votes 10
I'm also in Lexington, also new. I also want to eventually get to Buy and Hold, but I'm currently focusing on Wholesaling to get my foot in the door, by learning first hand how to find deals, networking, and making some money to save up for down payments. I've been reading this book http://get.biggerpockets.com/nomoneydown/, which seems to be a good overview to get started in different facets of real estate investing. I also joined the local REI. If you would like to connect and help each other, feel free to pm me. As I said, I'm also new, so I am not able to give sage advice, but we may find ourselves working together somewhere along the line, and it may be good to bounce ideas and things we learn as we are learning about real estate investment. Either way, good luck!

Post: Wanting to be a good wholesaler

Elisha McginleyPosted
  • Lexington, KY
  • Posts 28
  • Votes 10
Thank you all for the great advice! It's really helping me wrap my mind around a concrete plan. Much appreciation!