All Forum Posts by: James Sargent

Thanks for the responses. As of last year, I am filing as an Scorp on my primary business. Due to lack of knowledge, I had previously filed single member LLC not separating personal and business finances. I believe that is what hurt me.

Is the refinancing for a BRRR (in order to get approved) based on personal finances and taxes or the asset? I know I was denied a HELOC before even though I had 300k in equity for my personal property, due to filing personal and business together. I made a mistake of selling a buy and hold due to not knowing the requirements of refinancing the income property after personal money and hard money was tied up. I would appreciate the feedback

Would you keep me updated on your next meet up. I missed this last one and would like to connect

Any plans for a future meet up in this area?

Thanks for your reply @Michael Seeker. So I am understanding that there is a possibility that I could owe lower if I pay back balance early. And that I would need those monthly payments in cash reserves to pay back interests. I will contact the lender of choice and get it explained  in detail. 

I am trying to figure out exactly what I will be paying back or monthly on a loan and for those who have gone this route to offer some advice.  

Ex: 100k loan for 12 months @ 12% interest only, am I paying pack the interest only each month until I pay the loan off and how much would that be? Or am I just paying 12k on top of the 100k when I sell? If that is the case, with the 3 points included I don't think that is a good deal. I spent quite of bit of time of the phone with some lenders but failed to ask this question. Just trying to figure out what the 3's come out to. Thanks

I am interested in attending this event

Hi, I am a new Pro member as of today. I found BiggerPockets website last week and I've been devouring all the information and knowledge. Not sure how I never came across this site before. I've been reading real estate books for 10 yrs now but never understood how I would be able to do it. I am currently the owner of a small Electrical Contracting company with most of my work in Dallas.

I quit my job 3 yrs ago with only my last paycheck in the bank to work for myself and now have 6 employees. So I WILL take risks. Although it was a great decision, I'm really just making a living. I'm practically married to my company and have no freedom whatsoever. I rob my family by working 7 days a week anywhere from 10-14 hrs per day.

I am ready for some financial freedom and hope to meet people in my area I can learn from but also share with. I plan to do my first deal by the end of the year and then conquer the world. Because of BiggerPockets, I have only been sleeping 4-5 hrs a night the past wk. Thanks for reading