All Forum Posts by: Jeff Patton

Thanks guy! I appreciate the feedback. Yes I know if there was another way to go without a business loan i would take it. We are running out of our home right now and are quickly out growing it. We plan on building on our home property, its sitting on 3 parcels that can be commercial. So big plus we wont have rent to pay. I believe we could have the USDA loan paid off in less than 3 years with no humps.

Mara, my fiance has just completed her bachelors in business and entrepreneurship and is preapproved. She is going through the application process now. she is eligible for the first time home buyers with 3.5 down, great credit score and we are figuring out what to pay her from our business. 

Projections for the business are 2 million annually in 5 years time. Then sell or hire out all positions to ease out of it. This is my fiances dream.

I plan to have 8 rentals buy 6 years with 2 paid off and start tackling to mortgages on the others at that point so get a total passive income.  I will have enough rentals to make 10,000 passive income every month.

Hey I am needing some incite from someone that has done this before. I purchased a home for 216900 in may of 2016, for us to live in and start our new business of boarding dogs. My mother in law (mom) co-signed to help me get the house. Mom is currently living in our 1500sqft basement. I came up with the idea to sell one of my properties that is 100% paid off to my fiance for 100k, so we could keep our asset and get the money to finish in the basement and 2 bedroom and a bonus room from the carport and garage.  My plan is to put 50k into refinishing our home and utilize the 1031 tax deferral clause with the other 50k.  I am currently going though an application process of a USDA loan of 150k for our business. I am currently full time in my business, will i be eligible for a 3rd mortgage? will the banks see me as unemployed? will i be able to use the 1031 and put 50k down on a new property if i am getting a business loan? will i be able to refinance my current home after remodel and purchase more rentals? I currently have 3 properties 1 paid off with rent at 1000, worth 100k or more. my current residents with 1400 mortgage, and another rental with a mortgage of 1000 renting for 2000, worth over 200k. I want our business to be our first priority but our house keeps running into problem. I recently got shammed by some guys clamming to be AAA septic tank disposal, to have find out from the next septic people i called. im having expensive septic issues and in terrible need of a new hvac and electric is costing us close to 600 a month:(  I am looking for any advice. I am 24 years old in Nashville TN and my goal is to be financially free by age 30 to start my next venture of raising my family.