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All Forum Posts by: James Nix

James Nix has started 23 posts and replied 104 times.

Post: Credit issue that I don't know what to do about it

James NixPosted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 104
  • Votes 64
Originally posted by @Thomas S.:

@James Nix Is a perfect example of why I always recommend landlords take their tenant to small claims court to get a rulingr on file. 

 And you are a perfect example of why people are a little hesitant to post on here. This happen 8 yrs ago I was young and made some mistakes imma totally different person now. Furthermore, if somebody ask for help give your opinion to try to Help them not make fun of there situation or just don’t reply at all 

Post: Credit issue that I don't know what to do about it

James NixPosted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 104
  • Votes 64
Originally posted by @Russell Brazil:

You said it is 6 yeara old....when does it age to 7 years? It will drop off your report then.

 On credit karma this is exactly how it’s on there 

Opened: March 12,2012 (6 yrs, 1 mos)

Post: Credit issue that I don't know what to do about it

James NixPosted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 104
  • Votes 64
Originally posted by @Michaela G.:

Pay it off for your integrity, but only when it's been 7 years and has fallen off the credit report. 

The problem is that credit scores on charge offs are based on last activity date. So, if it's 6 years old it no longer has such a big effect. BUT, if you make a payment (even if you pay it all)NOW, your last activity date would be NOW and suddenly it looks like a recent charge off and the 7-year clock will start new. 

Paid charge-offs are coded the same as unpaid charge-offs, only the last payment date makes a difference. 

Basically, you get punished by the credit bureaus, if you make a payment on an old debt. 

 See that’s the thing the debt is actually 8 years old (2012) but it’s showing it’s only 6 years old. I guess that’s the last activity date on the debt. I never was against paying it off I just read exactly what you said about paying on it affect my credit in a negative way that’s why I wanted to know should I just go in with trying to pay a reduced amount on it 

Post: Credit issue that I don't know what to do about it

James NixPosted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 104
  • Votes 64
Originally posted by @Brad Smith:
Hi James. The ideal solution would be to negotiate a payoff at a reduced amount and have them DELETE the account instead of merely showing as PAID. Otherwise you could take a big hit to your credit score as a result. One way or another it has to go either via deletion or dispute removal.

 If You were to go this route what would be your start off negotiation price for a reduced amount on a $4700 debt? 

Post: Credit issue that I don't know what to do about it

James NixPosted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 104
  • Votes 64
Originally posted by @Ryan E.:

Why not pay off the whole 4700? 

 Never said I wouldn’t just was asking what would be the opinion of others on what I should

Post: Credit issue that I don't know what to do about it

James NixPosted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 104
  • Votes 64

Hey Everyone,

I'm currently in the process of looking for my first house hack on a duplex or a triplex. I'm planning on getting a FHA loan and are saving up for the down payment and reserves right now. But the thing is I have a 6yr old eviction on my credit report for $4700 which I don't know what to do about it going forward. I been doing alot of research on credit and cant seem to find the right solution. So my questions is

1. Should I call and try to negotiate the debt to pay a lump sum for it? ( also what would be a reasonable amount to start off with the negotiating to offer on that amount of debt?)

2. Should I go with a credit repair person to take care of it being as tho they are more eqipped with the knowledge to negotiate better? (This is the only thing that I actually have on my credit that's in collections)

3. Or should I go with just getting 2 or 3 secure cards  to start building my credit and ignore taking care of the debt (credit score-610)? (Because I have read that if I call to negotiate a old debt then it can become current and affect my credit in a negative being as tho I think its not affecting me now since its 5 yrs old)

I do want it off but Honestly I just don't know how to go about it. Any help would be greatly appreciated and thank you in advance for any suggestions      

Post: tenants complain of paranormal activity

James NixPosted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 104
  • Votes 64

Just curious, can you look up info such as if a person ever been murdered in a property your looking to buy like you do for taxes and etc? So I can try to avoid a situation like this 

Post: Analyzing A House Hack

James NixPosted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 104
  • Votes 64

@Brie Schmidt you really just helped me out with another problem I had lol. the thing is I wanted to get another property within a year period of the first property and i don't think I could save up a 20% down payment for it in that time. But i didnt know it was another low down payment loan out there besides the FHA

Post: Analyzing A House Hack

James NixPosted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 104
  • Votes 64

@Brie Schmidt thanks , and you answered it right I just asked it wrong. I should make sure its a good deal as an investment because I know I will be moving out and renting both units out in the future. 

Post: Analyzing A House Hack

James NixPosted
  • Rental Property Investor
  • Philadelphia, PA
  • Posts 104
  • Votes 64

Hey everyone

Ok so I'm analyzing a deal I'm interested in right now. My first deal will be a FHA loan so I will be living in the property with the tenant. The property is a duplex and as I'm running the numbers I have come up with a problem I cant seem to figure out. Should I be analyzing this duplex with the intentions on losing a few bucks a month (i.e $100-$300) of the cash flow since I will be living there and therefore will be contributing to the expenses? Or should I be running the numbers so conservative that the tenant will be covering everything? Which will make the a deal harder to find.