All Forum Posts by: Jeremy Roberts

@Quwan Booker - Since mom is aware of the plan, I'd weigh the ROI on the duplex vs. the money you save by paying back the loan early. Also, it's worth considering you are building a good credit history by paying back the loan early...like a solid line of credit. It is definitely a great thing to have family helping you out. Also, you'll still have $10-20k to build on.

@Keith Harper - Check out t

Talk to your mom with what you're considering. Don't burn a bridge with a loyal investor or family.

@Stacey Paulin - My intent is to do just what you said regarding parking my income and cash purchases. My wife and I don't intend to live in this house for more than another 4 years at most so, I figured having access to 80% LTV is better than 60%. That was all I was being offered for my investment properties. Short term, intent is to pay down HELOC and roll a cheaper property into it or purchase more depending on the market. In the meantime, I have an upcoming military deployment and my wife doesn't need my income so, game on! Thank you for the input.

@Dylan Mathias - Also, my wife has a long relationship with the lender (Wells Fargo) to the point they gave her a discount. I'm not unrealistic. Wells Fargo doesn't have the best reputation these last few years, but getting an interest rate that is below prime is pretty rare. We also have income right now that enables us to pay$3-5k off monthly and a three year "no closing" requirement. We'll have at least two more investment properties by then and that's if I'm slow. I retire from the military in 2021, so we are going to work on this thing. Thank you for the I put @Albert Bui.

That is definitely our approach. My wife and I have good income from our jobs and the rentals. We went 80% LTV and our floating rate is prime - .375%. If rates rise too high, we just pay off the HELOC and let it sit until they improve, but we have ourselves positioned for high interest rate tolerance. Thanks you.

I've seen much debate over the true value of a HELOC, but my wife and I went ahead and turned our mortgage into a first position HELOC. Not only do we already have $14k at our fingertips, but we were offered the entire amount at 3.2% fixed for the first year shifting to less that prime rate after that. The payments are $500 month less (mostly due to lack of escrow) than before and we have access to draw on it for 10 years. Are there any recent success stories out there using this strategy?

@Steve Snyder - I understand what you're getting at. I've only been on BP for nine months and have seen many repeat questions. I just think some of the new people lose out if all the heavy hitters are in the back room moving weight. If I wasn't deploying to another sandbox, I'd try getting a deal together worthy enough to try getting into those pockets (literally, bigger pockets). Until then, fly on the wall, my friend!

This is an unfortunate string of posts for new people who listen to the podcast and have hope for exiting the rat race. I consider myself smart enough to sit in a room and be smart enough to shut up. So, what are the low net worth investors supposed to do? Do I just grind it out locally in hopes to post a future success story that'll get me noticed by the folks who were smart enough to build after the RE crash while I spent 10 months in Afghanistan? Mostly, I'm upset it took me so long to get serious. So, I'm going to give you the respect you deserve and hope I'm on the guest list for a mastermind group @Jay Hinrichs chooses to attend. 

I always tell junior Sailors to "Remember where they came from." I feel it is key to future filled with less frustration and hate. I know you all are just frustrated, but don't disappear. Be part of the solution and bring a newbie or two along...just kick the ones who talk too much and don't listen 😁

Any issues this site has will be addressed by the people with the skills to fix it. 

@Julia Green - It seems you didn't have any issue renting it out. As long as it cash flows and rents easy, not only will you build equity and get past any downturn, but lenders should be able to help you leverage that equity. Although, I haven't heard of lenders turning down a loan because of a property's layout. Why would they?