All Forum Posts by: Jeremy Roberts

@Jacob Rhoads You are definitely starting in the right place. I think not only should you partner with a professional to learn their side of the business, but it would be worth it to find an investor you trust to partner with on your first deal. You'll start getting the returns you're looking for...some money, education, and experience with less risk.

@Chris Rich Would you mind sending the details to me? [email protected]

The bank is going to want to know your residency status, past, present, future. Depending on how long you stay will impact what they lend. If you're up front with them, they'll let you know what they allow. I'm a fan of the HELOC for future investment potential so I think it's worth trying. All the bank can say is no...maybe their competitors won't.

I see the following adding to a potential downturn. Increasing prime rates, partial dismantling of Dodd-Frank, and Fannie Mae increasing allowable debt to income for new purchases to 50%. All things being equal, our banks will always take chances to make more money and our government has set the precedent that they will not hold the banks accountable. Also, houses in my area have returned to bubble level prices.

In reality, I'm always looking for deals and there are some good ones in my area. I'm active duty military with a deployment a couple months away, so this is a factor in my strategy. Maybe I can use this time to help others build their holdings. 

Creditors will sometimes post the date they obtained control over the debt. If you contact them, they are supposed to provide you with the loan origination documents as proof. Again, don't admit to owing the money or the statute of limitations s can start over. Refer to it as an alleged debt. I read a lot and like to recommend good books. Take a look at Debt Cures by Mark Trudeau. I'm sure there are others, but I liked this one.

@Jason DiClemente There definitely are some deals out there. I guess that is where I'm struggling with this one. The bank isn't going to review the HELOC for 10 years so I think we'll have access to the same amount for the whole time. We gave them first position so the loan is for $184k on a house worth $230k. My thought is I can be a buyer when most become sellers within the next year or two.

My wife and I have been saving money and paying down debt waiting for the market downturn. Is this the best strategy or should I be looking to build my portfolio? 

We currently own three SF rentals cash flowing around $500 per month each. We've also paid our primary residence down so we could get a HELOC for future investments.

@Tony Marcelle I guess the best question to ask is "what will it take for me to move forward with my investing career? 

Every state has a statute of limitations on debt collection. As long as you haven't acknowledged owing the debt, your liability may be gone. I think the real issue is your brother. Do you care about having a relationship with him? If so, pay it off so you can more easily build your business, forgive your brother, but don't forget what he did. It would be worth telling him how much he has hurt you over this issue. Make sure he knows you can't be there for him financially in the future since he can't be trusted and won't take responsibility for his choices. Police reports, lawsuits and credit repair isn't going to fix family. If we allow past hurts to effect us, we struggle moving forward. Good luck. Post your deal on BP! If it's really a deal, the money will show up.

Welcome to BP! You're in the right place. As you can see already, there are so many ways to start out. In my humble opinion, network with people so you can find out who you like and where your niche is. Also, learn about you and why you want to do this. Simon Sinek has a great book called Start With Why. If your passion exists for this business, you'll get through any adversity you face as you learn. Good luck and keep sharing.