All Forum Posts by: Jim Webster

@Kelly Iannone  & @Amy Beth - Following Dave Ramsey's principles got us into the habit of carrying cash. I see now how that has hurt us even though we have a great score. Shopping now for a credit card with cash back or other usable reward tied to it. Then to mortgage brokers to shop for a HELOC.

The input is much appreciated everyone, thank you.  

@Caleb Heimsoth

Thanks for your input guys.

I've been reading other threads where the challenge is accessing funds with poor credit.  The consensus is to fix the credit.  Our credit is about as 'fixed' as it can get.  

We have 2 credit cards besides our bank debit card.  Those 2 accounts are more than 5 years old and have been paid off and largely inactive for the past 4.  The rejection letters we've received essentially say we're not active enough.  We want to go about getting active without shooting ourselves in the foot.   

@Karl B. Mortgage lender or bank?  Or does it matter?   

@Jonathan Pflueger PITI is $1030/mo.

My wife and I both have 800+ credit scores (thanks Dave Ramsey).  No debt besides a mortgage for less than 50% of our $300+K primary residence.  (Thank again Dave)  $90K combined income.  

Recently caught the REI bug and lenders I've talked to will approve $40K-50K max due to the age of our accounts and lack of activity opening new lines of credit. I know maintaining 800+ is unrealistic and probably unnecessary in the investing arena. Primarily, we are looking for BRRRR and buy & hold properties and know rehab expenses are imminent.

Question - What's the best way to increase our lending limits without completely tanking our scores?     Also, we currently have @$30k in liquid funds, do we need access to more than $50K for these types of ventures?

Thanks for your input BP!  

Love the creativity Jay.  That's double-fisted giving.  Looking forward to hearing more about your projects on BP.  

Thanks Swanny,

Looked for the book on Audible, BP Store and my library.  Found it on Amazon and ordered it.  Also did a BP search and found a complete outline of the book by BP Pro member Ernesto Hernandez.  He also recommends it.  

Thanks for the help,

Gotta go now.  Podcast #238 is queueing up.

So far, I've been using the BP calculators to analyze single family homes.  Recently ran across a multi building, multifamily package deal that promises a great return (by the realtor) to an investor.  It's made up of triplexes, 4-plexes, and apartments.  Total 42 doors.  

My question: What, if anything, is different when analyzing multifamily projects than single family homes.

Thanks for your input, any guidance is greatly appreciated.

Great forum thread.  I've read through most of these replies and have learned alot.  Whether or not the perpetrator is actually caught and /or pays restitution, I agree with @Michaela G., this should certainly follow them in their future endeavors in the form of police reports, credit reports, IRS (creative!), your own records as a landlord, etc..  File the claim or not, with so many properties on the books, I find it difficult to believe that the landlord doesn't have attorneys, property managers, assistants or other staff to take this off his plate so he can pursue the highest and best use of his time.  

So you buy 1 rental, then another, then another....... at what point is it most advantageous to start an LLC? From day one? Do you need one for each property or can an llc hold more than 1 property?

Thank you for the info.