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All Forum Posts by: James McCard

James McCard has started 3 posts and replied 273 times.

Post: My Very First Flip Just Went Live on MLS

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

Hell of a job for a first timer. I think you really knocked it out of the park - I will be keeping tabs here to see how you make out on this. Please do keep us updated on how you make out and the numbers after the sale!

Post: Need help making the leap

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

If you are looking in the CT area send me a PM I might have a line on one in the south end of Hartford 

Post: Ready to Jump Into REI....but...

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104
Originally posted by @Chris Szepessy:

I could be wrong, but I didn't think you had to refi to get rid of PMI. I thought it automatically "fell off" or you just called your lender when you thought you had enough equity in the home and they would drop the PMI if you did in fact have enough equity.

This depends on when the loan was done - some PMI cannot be eliminated meaning it is on for the life of the loan. Fortunately once I get to the 78% LTV it will drop off as my loan was processed before that change happened.

On my personal home I used Art Diedrick at Tiger home inspections. Why? He is one of my old customers at my last job. He was honest and very easy to talk to. 

That being said give him a call - Tell him Jim formerly of Midas sent you. 

Ryan... 

How much do they want to see in your cash reserves and do they care where it comes from? This is probably the hangup. Send me a PM or text and we can talk through some things. 

Post: Ready to Jump Into REI....but...

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104
Originally posted by @Nicole A.:

I might be confused, but if you have a lot of equity in your primary residence, then you wouldn't have PMI still. I wouldn't consider 20% or less of equity to be a lot.

I will comment as this has happened to me. When I bought my house I paid 145,00 for it - the appraisal came in at 185ish. I had an FHA loan and it goes based on LTV - so until my LTV is below 78% or 5 years (I needed to pay for at least 5 years even if 78% LTV was met before that). If I was to list my house today I would probably go in at 204,999. I owe 124k on it. So there is equity there - I am still paying PMI though. That being said my rental income from house hacking covers 3/4 of my mortgage.

Post: How do you earn/save extra money thread?

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104
Originally posted by @Hannah Krebs:
I went to school to be an auto mechanic. I don't use my degree at work, but I now do all my neighbors and my own maintenance! This saves me $60ish an oil change on my own car and makes me a little on the side.

We also have stopped using K-cups for coffee. Instead we bought a reusable insert for our Keurig and started making Maxwell House by the cup. It's not great, but we barely taste our coffee in the morning anyway! Now, instead of getting starbucks for a treat, I'll by a $5 box of fancy k-cups and have a latte at home on the weekends. That box will last me 2 months.

 It is great to see that hustle in you. Just remember that the bigger you go the more rewards there are and income streams. 

Post: How do you earn/save extra money thread?

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

@Jim K. that is an incredible thing. 

Post: Buying $40k rentals in Florida?

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104
Originally posted by @Jerryll Noorden:

@Jerryll Noorden is a great guy to watch. He is really a mover and shaker in CT and does things his own way. 

You forgot "Handsome beyond comprehension"! 

no no ^_^ seriously.

Thanks brother. What an awesome thing to say man!

 No sweat man I give credit where credit is due. You are out there same as me. 

Hustle, grind, repeat comes to mind. 

Post: How do you earn/save extra money thread?

James McCardPosted
  • Investor
  • New Hartford, CT
  • Posts 281
  • Votes 104

The below I copied and pasted from another thread here but this is what I do.

I am a master at side hustles so I have some ideas for you. I am not sure where you live but here is my current list - you do not need to do all these or any of them - I am just sharing with you to give you ideas how a small investment can pay off big time if you are willing to work at it.

Plowing snow - with a decent truck and a guy who likes to work I have made over 2,000 in one single storm. I was in the truck for 20 hours though. A cheap plow truck can be had for around 2,000 dollars.

Dump runs - If you have a truck for plowing snow you will also find a million and one uses for it in the summer. In addition to being helpful at Home Depot I use my truck to do dump runs for people. Often times it is trash and I just bring it to work the night before the dumpster gets emptied and load up our dumpster... on the flip side I have gotten some super high end pieces of furniture for my house this way. Nothing like getting paid to remove stuff and reusing it in your own house.

Mowing grass - this is one I am just embarking on - I have a commercial walk behind for my own property, a riding lawn tractor (actually 3), a push mower etc. So when Greg from my local meetup asked for someone to mow his property online I immediately volunteered.

Car flipping - I work at a garage and frequently find cars that need fixing. I will buy them and then resell them, occasionally I will do nothing other than wash it and take better photos. Other times there is more work involved. I like selling but hate working so I sometimes partner with a coworker - he is not opposed to doing work but hates dealing with people so it is a win-win for both of us. I also help friends and family sell just about anything and take a percentage or flat fee for selling there stuff.

Side work - As stated above I work at a garage - we always get our during the day work done first so at night I will work late and bring in a little bit of income helping friends and family with vehicle repairs.

Car detailing - this is pretty thankless and I am a perfectionist and you can't charge much for a detail and it takes me hours. I do not do things halfassed so it will probably take me an entire weekend to turn a car around.

Flea market flipping - my long time girlfriend has a fine arts degree - so she can refinish furniture in her sleep. I buy the stuff, she refinishes and relists it (she is also a photographer and good photos help sell.) I see my initial investment back plus 20% of the profit.

Now you can flip anything - I have bought and sold cars, phones, guitars, tablets and the list goes on. Anything that is undervalued or poorly written and has bad photos is an easy pickup.

I keep a little bit of money in a Netspend savings account (5% interest on the first 1k in the account). This is use as my emergency fund or to store cash that I want to deploy quickly. It is safe and FDIC insured.