All Forum Posts by: Elizabeth L.

@Mindy Jensen Thanks Mindy! I also have a home depot credit card I use, the only reason this even came up as an option is because I just hired my contractor and he's going to start next month, he said he takes credit cards so I can make my progress payments to them by card, so I just thought of all the points I could gain. I can definitely pay it off right away since my dad has the cash he was going to loan to me in the first place at 5%. Will write this on my calendar as soon as we start, I don't want to hurt my credit score at all. 

Thank you All, that all makes sense. I do have the cash I can borrow from a family member paying %5 interest, the work is estimated to take about 4-5 weeks and I hope to cash out refi as soon as I get it rented so I can pay off the loan. I was just thinking of all the travel points I could gain by putting the 40-50k on a credit card. I have the starwood amex card but the apr is so high so I thought maybe applying for one with 0% apr for the first 12 months. I have really good credit and financials so I hopefully shouldn't have a problem with the refinance but it's my first time doing this. 

I have a large renovation coming up in a month and thought it would be a good idea to pay for the rehab work on a 0% apr credit card in the hope of gaining thousands of points for future use. Just wanted to know if anyone out there has done the same thing? What credit did you use etc. I've seen a few with 0%APR for 12 - 15 months which gives me plenty of time to cash out refi in order to pay it all back. Thanks

@Mark F. Hi Mark, your way is probably much easier but my way also turned out to be not as bad as I thought. I'm still in the process but I found out after I hired an architect to do the plans that I was already zoned for a 3 unit home and someone used to live in the basement 20 years ago. Once the architect finalized the plans I hired a contractor who's going to start the renovations next month to finish the basement. If I wasn't already zoned for a 3 family then I would have probably gone your route and just added it to the 1st floor making a larger unit. Let me know if you want my contact information for my architect. Since your basement is finished, I think all you need to do is hire a contractor to finish the work. Not sure if you would need an architect for anything. Hope this helps. Thanks 

@Drew Slew Good information on the area, what's your opinion on the Union City market, do you think the area will continue to appreciate in the next 1 -5 years like you've seen on your condos? Every block is almost all multifamily homes. 

@Jake S. Hi Jake, thanks, where do you find flat fee listing brokers in another state?

Hi, 

I have a family member who wants to sell their rental property in another state so they can do a 1031 exchange. The tenant is moving out because they cannot afford to purchase the home. It's a nice family home in a good location and doesn't need any work. What you do as a real estate investor to find a buyer for the home so you wouldn't have to list with an agent? Do you suggest using BP community or listing on zillow as "for sale by owner"? I'm trying to find a way where my sister wouldn't have to use an agent and we could find a buyer ourselves, who could complete the transaction, and I could receive a kickback fee, if this is possible. 

Thanks 

@Alex Furini  Understood, thank you so much! 

@Alex Furini  Hi Alex, I have a few questions if you don't mind. I met with an architect who came out to see my property and he just got back to me with a proposal and he confirmed that I'm allowed to turn the basement into a legal unit. Once I sign his proposal then he'll be able to start the project. I was thrilled to learn that I can legalize the basement, at the same time this is going to be my first large project like this and will cost a lot of money, but I know it will be worth the return. Do you have any advice on anything I should be aware of or questions I should be asking before I sign the proposal to start? I've only done small rehab projects so this one makes me a little nervous. Thank you 

Hi, Is Union City NJ too far for him? Thanks