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All Forum Posts by: Ian Hutton

Ian Hutton has started 9 posts and replied 18 times.

Quote from @Jay Hurst:
Quote from @Ian Hutton:
Quote from @Jay Hurst:
Quote from @Ian Hutton:

Hey everyone thanks for the feedback, I did forget to mention I plan on buying more properties (which is why I’d like to reduce my debt) let me know if that changes any answers, but sounds like paying off the 88k 6.4% interest is the way to go 


 If you plan on buying new properties do not pay off any debt. You will just be trading 6.4% for 7.5%~. why do that??


 My thought behind it was to simply get rid of debt and take on less risk 


 sure, if you are deleveraging across the board but if you are going to turn around and buy a new property with leverage that does not make sense.  If you want less leverage simply put down the funds you would use to pay down the 6.4% rate on the new property so you are at say 60% loan to value on the new house. Rates are simply higher now then when you got the 6.4% so in a way that 6.4% is an asset (the primary REALLY is an asset at 2.9%).  


 Thank you that makes a lot of sense lol I was literally just listening to a podcast about this. I think that does make sense to do as cash flow to help build and acquire more properties is my main goal right now 

Quote from @Jay Hurst:
Quote from @Ian Hutton:

Hey everyone thanks for the feedback, I did forget to mention I plan on buying more properties (which is why I’d like to reduce my debt) let me know if that changes any answers, but sounds like paying off the 88k 6.4% interest is the way to go 


 If you plan on buying new properties do not pay off any debt. You will just be trading 6.4% for 7.5%~. why do that??


 My thought behind it was to simply get rid of debt and take on less risk 

Hey everyone thanks for the feedback, I did forget to mention I plan on buying more properties (which is why I’d like to reduce my debt) let me know if that changes any answers, but sounds like paying off the 88k 6.4% interest is the way to go 

Hey BP I’m debating about paying off my investment home first or primary property first. 
(A little background) 

Our primary home has a balance of $327,000 at 2.9% interest 

While our investment home has a balance of $88,000 at 6.4% interest 

I plan on paying off both back to back by recycling whatever extra income I have, but was weighing the pros and cons of which to pay off first. Thank you in advance 

Post: LLC before year ends

Ian HuttonPosted
  • Posts 20
  • Votes 7

Hey biggerpockets My dad and I bought our first home, but we still need to get ourselves set up as an LLC

Wondering if there's any benefit to setting this up before the year ends? Also if you have any recommendations as to who I can contact for getting an LLC set up with.

Thank you and hope to hear from you soon! 

Hey everyone!

My dad and I are at the final stages of purchasing our first rental and are in need of a Property Manager.

If anyone has any recommendations/ someone that is available, Let me know! 

Thank you in advance and hope to hear from you soon! 

Post: Lansing & Kalamazoo PM

Ian HuttonPosted
  • Posts 20
  • Votes 7
Quote from @Landon Allen:

I recommend @Drew Brown! You won't find another individual who goes all out for his clients quite like Drew does. Plus he's spectacular at sniping deals.

Awesome! Thank you I’ll be sure to hit him up! 

Post: Lansing contractor recommendation

Ian HuttonPosted
  • Posts 20
  • Votes 7

Thank you! I’ll be sure to hit him up! 

Post: Lansing contractor recommendation

Ian HuttonPosted
  • Posts 20
  • Votes 7

Hey! I’m wondering if anyone has a recommendation for a contractor in the lansing area? We’re currently under contract and hope to be closing in October, nothing serious just some cosmetic repairs. 

Thank you in advance! 

Post: Lansing & Kalamazoo PM

Ian HuttonPosted
  • Posts 20
  • Votes 7

Hi my dad and I are currently under contract for a property in Lansing and another in Kalamazoo. Does anyone know of a PM who can service both? Or a recommendation for one each? 

Thank you in advance!