All Forum Posts by: Iris Olivas

@Muhammad Amawi  Hello!  

Do you still know a good property manager that you would recommend in Cleveland?

I am looking for one that does long term and mid term rentals.

Thanks!!

Iris

I plan on going through Fund n Grow to acquire business credit cards. I was wanting to liquidate them using Plastiq to use as a down payment for an investment property. However, my lender wants to see the funds in my LLC beforehand. Can my real estate holdings LLC loan money to my real estate acquisition LLC and pay it via Plastiq? It would be going from one business to another, but they both happen to be my own businesses. Anyone have any insight on this? Thanks!!

Quote from @Alex Gerondale:

Quote from @Iris Olivas:

Quote from @Alex Gerondale:

Quote from @Anthony Ng:

I just started with them. Going through my first flip. It is an interest arbitrage in the beginning. I haven't had my next meeting yet, but I guess through enough arbitrages, it accelerates the time it takes to get a down payment on a rental.

 Hello, already planned a consultation meeting with them. If you can, is it possible to offer up some numbers? Specifically on how much money you started with, how long did you need to do intrest arbitrage before your flip, and how much money did you need for your flip? Trying to determine risk before committing to them.

It all depends on how much income you have available each month, after you've paid all your bills. You should be having a second consultation with them to determine those numbers. They will be able to tell you what your flip size should be according to how much extra cash you have each month. Hope that helps!

I travel for work, so I'm not taking out a HELOC because I don't own a home. Nor am I comfortable with opening a Personal Line Of Credit based on advice from people I just met. They would need to prove their system works before I take such a high risk.

I have 23k in capitol to invest, originally saved for a home, and would be willing to put up 10k for their system to test the waters. I also make 3k a month in cash flow after paying the bills. 

I'm guessing my "snowball" as they call it would be built faster without having to pay down intrest on a debt. However, P2P lending sounds like a high risk of default. Would it not be safer to do this snowball with morgage notes?

The reason you would want to use a LOC vs just your own money is leverage and the velocity of paying down the LOC quickly; that is where the magic happens. Let's just say your flip side is $10k. You borrow that money and pay it down, and borrow it again, pay it down, over and over. So you are able to use that $10k many times, and you're able to that much faster than if you were just using your savings. By using your savings, you will be depleting that reservoir of money, and after 2 flips your snowball would fizzle out. Some debt can be good debt, if you are using it to purchase assets. It's all about a mind shift and seeing money in a different way. I hope you decide to try it!

Quote from @Alex Gerondale:

Quote from @Anthony Ng:

I just started with them. Going through my first flip. It is an interest arbitrage in the beginning. I haven't had my next meeting yet, but I guess through enough arbitrages, it accelerates the time it takes to get a down payment on a rental.

 Hello, already planned a consultation meeting with them. If you can, is it possible to offer up some numbers? Specifically on how much money you started with, how long did you need to do intrest arbitrage before your flip, and how much money did you need for your flip? Trying to determine risk before committing to them.

It all depends on how much income you have available each month, after you've paid all your bills. You should be having a second consultation with them to determine those numbers. They will be able to tell you what your flip size should be according to how much extra cash you have each month. Hope that helps!

@Ivan Aldana,

I never actually started using Plastiq! 😁

I ended up going a different route with my investments. Sorry I am not much help at this time. I may have to revisit this though. If you end up trying it out, let me know!

Quote from @Davis Hanai:

@Iris Olivas  I think I have seen both ways it to be done.  I believe most people do the income snowball as a personal thing since they get personal line of credits or IBC policies, but I think it can be done both ways.

 Thanks for your response!  :)

@Davis Hanai and @Kris Moulton,

I just started with Tardus. Still getting my Income Snowball set up, but I wanted to ask your opinion, would you set it up under a business LLC, since eventually that money will go into buying real estate for slow burning fuel or would you just set up your investments under a personal account? I keep going back and forth about this. I haven't really been able to get anyone's opinion on it.

Thanks for your input!

@Wyatt Johnson Hey! Thanks for the info!  I will certainly look him up!  I would love to join the meet ups! I recently joined the Billings group, but have not attended yet.  I get off work too late, coming from Hardin.   :/  I'll come find you guys one of these times though!  Thanks again!!

Can anyone recommend a good real estate CPA in Billings, Montana?  

Thanks!

Iris

Thanks @Sanat Bhandari!