All Forum Posts by: Jeff C.

I'll need to speak to my CPA about income from primary residence not qualifying as income. Thanks for bringing it to my attention. It makes me wonder how this affects how lenders see AirBnB / STR income.

Is your CPA also a loan officer? Because if he isn't, he probably isn't the best person to ask about how income is calculated for the purpose of qualifying for a mortgage. See the linked section from FannieMae on rental income and scroll to "ineligible Properties".

B3-3.1-08: Rental Income (10/02/2019)

Here's another idea that I have been using as additional income to offset my DTI... while also able to write-off some of my other expenses....

In my primary home, I have a dedicated office space where I run my other businesses. I have been "renting" out the room to my businesses. The rent amount is equivalent to my mortgages. Also, some of my utilities (phone lines, internet , cellphone bills, etc... even my car payments) are also directly paid by my business... and All are a huge biz write-offs. This significantly reduces my DTI... while also, showing a bigger cashflow. Win-win

A few weeks ago there was an Arctic blast coming through our area, lows in the teens expected.  I had a tenant move out and at final walk through they said they would leave the keys on the counter when they left.  This house has separate locks for the side door and front door. When I went over to make sure the heat was on before the chill came through, I realized they had locked the glass storm door in the front of the house so my key wouldn't work there and I went to the side door and realized I had a Hillman/Kwikset key on my ring but that the deadbolt lock was a Schlage.  WE HAD CHANGED THE LOCK AND I FORGOT TO UPDATE MY KEY RING.  In a panic I started trying every loose/unmarked Schlage key I could find.  I had no luck and was locked out!  I called my handyman and got on his schedule for the next morning.  He called me and let me know it was the easiest lock he'd ever picked.  He turned the knob and pushed the door open, deadbolt wasn't locked.  Extra set of keys was on the counter.  

Share your stories below!

@Jeff Cagle

Jeff you getting a little jealous or what's really going on here?

Did you lose a bet on a shady businessman and project it on to Mike?

I've personally been apart of and witnessed him PROVIDE the capital to help a newer investor do a deal. I've even seen him provide the deal and commission.

Does he raise money also? Of course he does. All his articles tell us that we should be as well.

If he's trying to be sneaky he ain't very sneaky!

GL with your anger.

@Dan H.

Once I know that Popeyes is definitely interested, I can go back to the seller and say, $600K won't work, how about more like $450K? 

Didn't see any point in negotiating hard if Popeyes isn't ultimately interested. I already know what worst scanerio is and am using that in my financial assumptions. Any discount would be a cherry on top. 

I really look squinty eyed at posts that make statements like, "I went from $460,000 in debt to 863 doors in just 5 months!"

That's just numbers I made up but I think some of these posts are fabricated too. I've purchased a number of properties and just can't comprehend how someone could even identify that many potential properties and write offers on them in that period of time, let alone do a fraction of that many closings. So I just assume it's bullcrap. It may all be true but sorry, I can't believe it.

Basic logic here, if I may.

If you are still here, then obviously you see more good than bad.

Live is full of ****** compromises. So compromise :)

@Natalie Kolodij I get this and expected this response.

I guess what I'm getting at is I know at least one of the members being alluded too here and they are genuine and their free advice has helped me jumpstart a life that will alter my wife and I's entire future.

And I've continued to get advice even after stating that I will not be investing in others' deals because my money is tied up in my own.

Often times passion for industry, passion for teaching and passion for succeeding aren't exclusive from each other and easily separable. I know cause my mind works in a similar fashion.

I'm a major skeptic and analytical but if something is 25% promotion by nature and 75% inspiring that's pretty typical and something I'm thankful for when it comes from a genuine heart ❤️

I don't know why you think I submitted it myself. I did not. People who know me submitted it and the city approved it. I've done so much for the city of Cincinnati. You can apply for a "proclamation" but they don't give it willy-nilly to just about anyone.

Everytime i say this someone hates on me.   If people only knew the truth - its all the little deals that go back to the banks during corrections... the big deals just keep on working.   GC