All Forum Posts by: Andrew Hemminger

Thanks Joe!  I looked into paying the mortgage with a credit card and it usually comes down to:

- Will the bank that holds the mortgage allow it?

- Will the credit card company allow it?

Most banks won't allow it as they don't want to pay the high fee (my AMEX is like 2 or 3%).  However, there IS a company (Plastix I believe) that acts as the middle man such that you can get around the issue entirely.  Essentially you pay them (plus a 3 percent fee) and they ACH pay your mortgage.  This might make sense if you really want the points.  In essence, if you bumped your rent by 3 percent your tenant would be paying the fee anyways.  With that said, I haven't done any detailed math to see if it would make sense from a financial returns standpoint.

Hello everyone,

I'm in the process of moving my portfolio into a few LLCs. I've done a bit of research on business checking accounts but was curious if anyone on BP might have a recommendation based on personal experience.

Side question - is it possible to implement a hack whereby your mortgages get paid with a business credit card (i.e., to accumulate points)? I'm assuming no but figured someone from this group may have tried something similar.

Thanks!

Welcome Sergio!

Concord West of the Ashley condo complex

Originally posted by @Sarah Young:

Where is the property located?

Hello folks,

I'm looking for a reliable handy man or HVAC tech to troubleshoot a drainage issue that is coming from HVAC condensation.  Any recommendations?  The HVAC company that installed the new unit isn't being very helpful and I'm deployed to the middle east making it difficult to look into things myself.

Thanks!

Hello fellow BP investors, I am trying to do a favor for one of my co-workers. He owns an old row home in Old Town Alexandria Va. It started as a primary residence and turned into a rental so the numbers aren't great. I told him today that he might want to consider offering the home as a furnished, short term rental to increase his NOI. I'm not talking AirBNB as that strategy could become rather cumbersome, especially for he and his wife who are both military and often out of state. Something more like working with an agency for housing traveling nurses or some other form of professional. Anyone have any experience with such a strategy or have any recommendations.

Jeremy,

Congrats on your 'dilemma'!  This is a good problem to have.  With that said, it's hard to give you advice without knowing the full picture...is the investment property cash flowing?  How much?  Enough to still sufficiently cash flow if you refi the equity out?  I agree with Joe Villenueve but only if your numbers work and you are still cash flowing after the refi.

For health insurance, there are some options out there for you if you elect to leave your 9-to-5 job.  Health Savings Accounts (HSAs) seem like an interesting option, especially if you are young and healthy.  They earn returns on the funds you don't use each year (unlike a insurance policy where the unused money goes away)...you'd have to do some of your own research though as that is about all I know about them.  You could also join the National Guard or Navy Reserves (or Army if you prefer)...they both offer afffordable health care (Tricare Reseerve for Navy) and the service committments are part-time (one weekend a month) which might still allow you the freedom you are looking for.   

Best of luck!

@Harrison Chaires The Broadneck and Severna Park School districts are the best in Anne Arundel County. That is good for appreciation but drives up the purchase price of most homes to a point where they don't really cash flow. I used a VA loan for my primary residence...my investment properties are funded via conventional financing (20% down).

Hi Harrison,

Welcome to BP! I'm in the Navy as well (Reservist but currently recalled on active duty in Bahrain) - graduated from USNA in 2004. I live in Annapolis and invest in the area...my recommendation would be to start with a single family...multifamily is harder to find in Anne Arundel County. You can find some multifamily in Baltimore but you have to be careful picking the neighborhood. I have a handful of SFR rentals in Baltimore and like the cash flow they offer. Where are you working in DC?

Best,

Andrew