All Forum Posts by: Matt M.

Sorry I missed this one guys... didn't realize there were more posts.

Ali: I guess I mean in general, but my first few properties will be strictly rentals.

David: Excellent input; "borrow as much as you can for as long as you can". I like that.

Brian: interesting trick!

so sorry I didn't reply sooner, I didn't realize that somebody had commented in here.

Yes I plan to save the VA loan for the 'big boy' purchase, whether thats a HUGE investment property (15+ apartments) or my own home that I will calm down and retire in.

Sounds like you have an awesome plan for your investments also tho bud, thanks for the input.

Wonderful post..... lots of information within it.

Mike: The student loans show a balance, but I'm not sure if they were reporting a monthly payment or not? Like I said I wasn't thinking and didn't print that darn paper out.

Brian: So 45% for an fha? Very cool... that works for me. I can get that 48% down easily. I'm going to do a va loan on my 2nd purchase... where I really need to make it count since that will be the one that ultimately brings in the major cash flow and I'll want the best rates etc.

Thanks again for the input though.

Mike: Awesome awesome response at answering my question, and I totally understand and agree with what you are saying. The only reason I considered to pay off my principle faster was to get the property paid off, resulting in more net cash into my account.

John: I'm not a fan of debt either, and thankfully thru hard work and Gods help I've paid every penny off that I've owed over the years (except a stupid $47 electric bill I never knew about :rolleyes:). I only use a cc for credit building purposes and I pay it off in full every month, being careful not to exceed 30-35%. Thanks for your views on this also.

Kyle: I've been using annual credit report, and already did 2 of my scores and have 1 remaining... I've been staggering how I view them so that I can see at least 1 of them throughout the year.

Mike: So even though my student loans are SUPPOSED to be on-hold because I'm still in school, you are saying that they are still counting towards my DTI? And you are also saying that when I go for a mortgage, that my stupid loans might be what causes me to not get a house?

Aaron, I've heard of creditkarma but wasn't sure if it was legit... thanks for the heads up I might check that out.

Like a dummy i didn't print out my trans union report, and I have to wait another 365 days to access it now. So I'm going off memory now. But I'm nearly certain that it said 48% of my credit was in use right now...
Most of the loans started around 05, some of them in 07.... so they are a few years old. I'm still technically schooling though, so they SHOULD be delayed.... but I've still been making very small payments on them in the meantime.

^But what if said student loans push me to a wretched 48% revolving credit use?

When I trans-union, it showed 48% of my revolving credit was due to 5 accounts.. an the 5 accounts showed to be sallie mae crap.

If my revolving credit shows 48%, but the max allowed to get a house is 35% utilization, then it would appear that I'm sol? Or I'd just have to pay the higher rate until I can get a refi?

ya you want revolving credit @ 35% or lower typically, correct?

If that 48% revolving credit utilization due to my student loans is workable w/ a loan, what might I have to do to get that mortgage? Bigger down payment or something?

How do I find my TRUE fico score?

I'm thinking about getting a bigger line of credit in my credit card, like another grand or two, to try and bring that available credit up higher thereby reducing my revolving credit utilization.